this post was submitted on 25 Mar 2024
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Can you elaborate on super being its own scam?
I worked in the superannuation industry for a while. I wouldn't say that super is exactly a scam but it's a terrible mess and the fees we pay on super in Australia are insane. Basically we have a lot of parasites taking a cut and that ends up making the standard funds poor investments. Median returns on the super funds are around 5.6% pa (over the last ten years for the standard "balanced" option) at a time when stock market tracking funds have appreciated by over 8% pa. A lot of that is being lost in inefficiencies and fees.
By comparison Americans with a 401k invested in the NASDAQ would have made 17.3% pa over the same period.
We're getting a terrible deal with superannuation, and for many it's the difference between retiring comfortably or retiring in poverty.
Are you comparing a balanced option against a 100% stocks option? That's hardly a fair comparison.
It's a fair point but my intention was to bracket the possible returns.