Ask Paul: I'm 74 - should I change super funds?


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Dear Paul,

I  have been with First State Super for 35 years and it is now called Aware. I am 74 and thinking of retiring.

I would like to take your advice and sit in a low-cost super fund. Can you advise if AustraliaSuper is a better fund? - Anna

ask paul clitheroe should i change super funds in my 70s

Anna, "better" is a difficult description when comparing a fund like Aware to a fund like AustralianSuper. Both have performed very well for their members. AustralianSuper has won many awards from Money and Aware was the Best Super Fund for 2022 in Money's Best of the Best awards.

Looking at long-term results, both funds have done a great job. It depends on which option you choose, but if we look at their balanced fund returns or growth returns, both have performed very well.

Frankly, with these huge funds, the reality is they invest in a very similar way in very similar assets. When you are looking after hundreds of billions of dollars, there is a pretty straightforward strategy.

They seek to own quality assets globally. This would include shares, bonds, fixed interest, property, infrastructure and so on.

Whether you go with AustralianSuper or stick with Aware is not really the key issue.

It is most important to choose the investment option that suits you best. Over the long term, a growth option should outperform a balanced option and conservative option should be lower.

This makes sense as risk is highest in growth and lowest in conservative. I'm 66 and my super is in a mix of balanced and growth. I hope to be around for a couple of decades, making me a long-term investor, so the long-term assets in growth and balanced options suit me best.

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Paul Clitheroe AM is founder and editorial adviser of Money magazine. He is one of Australia's leading financial voices, responsible for bringing financial insight to Australians through personal finance books, the Money TV show, and this publication, which he established in 1999. Paul is the chair of the Australian Government Financial Literacy Board and is chairman of InvestSMART Financial Services. He is the chair of Financial Literacy at Macquarie University where he is also a Professor with the School of Business and Economics. Ask Paul your money question. Unfortunately Paul cannot respond to questions posted in the comments section. View our disclaimer.
Cheng Ang
May 11, 2022 9.22pm


I am a retiree and my superannuation is invested with FirstChoice Wholesale Allocated pension.under CFSW Enhanced Index Con

And CFSWS Index Conservative.

I would appreciate if you would comment on both the funds and whether i should continue to stay with them and how efficient they are for a retiree like myself.

Thank you for your advice



Money magazine
May 12, 2022 9.40am


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