Fancy retiring a millionaire? The Association of Superannuation Funds of Australia (ASFA) estimates that $1000 a week is required to maintain a ‘comfortable’ living standard in retirement, with a lump sum of $1 million dollars delivering approx. $1500 a week, well above the recommended threshold.

In order to achieve this, you need only contribute $379 a month to your super fund if you start at the age of 25. If you wait until you are 50 to start saving, that amount climbs to $3,137.

However, getting to the magical million requires choosing the right super fund, otherwise those hard-earned savings could be whittled away in fees. Here are three key areas to check:

Low costs make a difference

While it is important to compare apples with apples, a super fund with low fees such as EISS can make a sizable difference to the eventual return.

Being a not-for-profit fund, EISS members are only charged the actual cost of running the super fund. This allows EISS to offer lower fees compared to other higher-cost funds.

As an example, see the difference 1%pa in fees can make to an account balance over a 20 year period. No doubt you would prefer the extra $104,000 to be in your pocket, not in someone else’s.

Solid returns add up

As well as low fees, it’s important to find a fund which offers solid returns, in good markets and bad.

“In simple terms, EISS’s investment approach is to achieve solid investment returns whilst minimising risk. We don’t want to be the best performer one week and the worst performer the next - we believe that consistency and preservation of capital are key objectives for our members,” says EISS’s Chief Investment Officer, Matt Olsen.

“Over a rolling 12 month basis, the EISS MySuper Balanced fund was ranked 10th out of more than 60 funds in the 31 December 2014 SuperRatings survey.”

Online account access

In the old days, super funds posted members an annual account statement showing performance over the past year. Asking for a daily update was akin to asking for a trip to the moon.

Fortunately, the internet revolution means many funds, including EISS Super, now offer online account access, allowing the account balance and other details to be checked on a regular basis. After all, it is your money and you have every right to see how it is performing at any time.

If you really want the savings to add up it pays to take account of fees, returns and online convenience.

Choosing the right super fund and investments can make a big difference to your future lifestyle. The power is in your hands - click here for more information.

Sources

ASFA figures on retirement: http://www.businessinsider.com.au/heres-what-australians-need-to-earn-to-retire-with-1-million-in-super-2014-3

ASIC MoneySmart calculator: https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/managed-funds-fee-calculator

SuperRatings' December 2014 Fund Crediting Rate, Risk and CPI + Objective Survey