The analysis showed that daily unit prices of major super funds for balanced superannuation fund options showed a typical return of at least 10.5 per cent for 2024, with some funds recording nearly 12 per cent returns.

Some high-growth investment options, which use higher-risk strategies, were reporting annual returns as high as 15 per cent.

“These returns for 2024 are a great result for working Australians who stand to enjoy a higher standard of retirement living thanks to our world-class superannuation system,” ASFA chief executive Mary Delahunty said.

“While strong international share markets have helped propel returns over the last 12 months, it’s the consistent, sophisticated portfolio construction that deliver terrific long-term results regardless of what is happening on the markets.”

The typical annual return over 10 years for balanced options is over 7 per cent, an investment result far more than returns after tax from term deposits, and well ahead of inflation.

“This is what our superannuation system is all about – delivering great results, year after year, to help Australians have the retirement they deserve,” Delahunty said.

“There can be a lot of noise around super, but this – the consistent delivery of strong, long-term returns – is what matters to Australians.”

In light of 2024’s bumper year, ASFA encouraged superannuation account holders to take a moment to do a quick check-up on their retirement savings.

“Investing as little as one hour to make sure you’re on track to achieve your desired standard of living in retirement will reap dividends in the years ahead,” Delahunty said.

“This can be as simple as going over your latest statement, thinking about your risk appetite and whether it aligns with your current investment option(s), and considering seeking financial advice from an expert.”

ASFA recommended that people check their super online, take note of what they currently have, and understand what they might need as a balance to retire.

“The ASFA Retirement Standard is a great tool for this and has just notched up 20 years of capturing the costs of essentials like health, communications, clothing and household goods,” Delahunty said.

It is also important to make sure contact details are up to date and that members have nominated a beneficiary.

“It’s also important to consider maximising your super contributions. You can have a total of $30,000 in tax-deductible contributions (including any employer contributions) to your super fund this financial year, so if you’re not going to hit that ceiling through your employer’s contributions, consider topping it up yourself and then claiming a tax deduction in your next tax return.”