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Tips for setting yourself
up for retirement

Ways to make more of your life in retirement

See the long-term effect multiple fees can have on your
final super balance


For years, Patrick thought paying $5 a month in super admin fees on four accounts – or $20 – wasn’t worth worrying about. Consolidating his super into one account when all he’d be saving was the same as about four cups of coffee a month seemed unnecessary.


Audrey, on the other hand, kept to one super fund and paid $5 a month in admin fees in total.

Ten years on, the difference Patrick's multiple admin fee made to his final balance is very clear.

10 years ago



Funds 4 1

Super Balance






^ Annual administration and insurance fees



Super balance before fees  $323,258  $323,258
Fees (Incl. lost compound earning)  $32,652  $24,662
Final balance  $290,606  $298,596

Audrey’s final balance is $7,990 more than Patrick

Before you consolidate your super

Before you consider consolidating your super, weigh up the benefits and features of your other super funds against your chosen super account and compare the fees of your fund(s). Don’t forget your insurance and make sure that your chosen super will provide you with the appropriate cover to replace any cancellation of insurance cover that will occur by consolidating your account(s). In addition, if you made personal contributions and intend to claim a tax deduction, ensure the 'Notice of intent to claim or vary a deduction for personal super contributions' is received and actioned by the existing super fund before you consolidate your accounts.

We also have a few handy tools

Retirement forecaster

Budget calculator 

Small change, big savings

View our tools

What's next?

How can I grow my super?

Explore how you can boost your super and retire with more.

Find out more

Contribute to your spouse’s super

Explore how contributing to your spouse's super could benefit you both.

Find out more

Catch up on your super

Explore how you can catch up and boost your retirement savings.

Find out more

Related products and services

Easy to manage pension account
MLC Masterkey Pension Fundamentals

Easy to manage super
MLC Masterkey Super Fundamentals

Advise-managed portfolio
MLC Wrap super solutions

Important information

The examples above are for illustrative purposes only and are not an estimate or guarantee of your account. Neither Kaiden nor Jen is an actual customer of MLC.
ASFA superannuation account balances by age and gender Oct 2017. Table 1: Average superannuation balances by age and gender, 2015-16.
The example assumes both Kaiden and Jen’s current age is 60 with no regular income; they’re looking to retire at 70. Their starting super balance is $214,897 and they both pay $60 p.a. in administration fees. Jen has a balanced investment option while Kaiden has a cash investment option. Investment return for Jen is 4.8% and Kaiden’s investment return is 2.7%. The tax on earnings for Jen is 6.5% while for Kaiden it’s 15%. Investment fees for Jen are 0.5% and for Kaiden are 0.05%. Both Jen and Kaiden pay $100 in insurance fees. For both Jen and Kaiden, the CPI is 2% and the cost of living rise is 0%. Investment options and returns assumptions are based on ASIC’s MoneySmart Superannuation calculator.