Super, Have you got enough ? - Page 2

Franco Cozzo · 28-06-2014, 10:29 PM

Quote:

Originally Posted by BHDOGS

Yeh thats the idea but the amount of cashed up old people who stash money away so they can still draw the pension and get there freebies is rediculous but its ok you see even tho they dont need the money they earned it by working and paying tax regardless of how much it ****s future generations is irrelevant as we all know its all the young peoples fault because there greedy or whateva it is the old people rave on about these days.

My Nonna goes by the theory if she didn't take out all of her pension out of her bank account on the day it goes in, she would lose it.

Wog cash only economy haha.

Old wog cash economy probably worth more than the mining industry in little jars around Melbourne's Northern Suburbs haha.

Shonky. · 28-06-2014, 10:35 PM

Quote:

Originally Posted by buggerlugs

Super, Have you got enough ?

one of the better calculators around, as it incorporates welfare (pension) payments in the background

http://qsuper.qld.gov.au/members/cal...ome.aspx?body=

Dash is right, Super is a Gov policy that will provide for the future. Gov policy to put more of your employers money into your pocket, albeit for consumption at retirement.

bobthebilda · 28-06-2014, 10:41 PM

Anyone who is ****ed of with super, should just set up a smsf. The best thing I have ever done. A little more work than usual, but it saves alot of money by not allowing the big boys to cream of the fees. Best thing of all, (within guidelines of course), you can pick and chose where you want your money to be invested.

Remember, super isnt an investment, its just a vehicle with which to hold those investments. You can basically hold the same investments personally, as you do in a super account, but the tax advantages of the super vehicle are so much better.

Shonky. · 28-06-2014, 10:41 PM

Quote:

Originally Posted by Yellow_Festiva

True, I dare say it wouldn't be passed on in full.

The second point is also very true... The super companies don't make it easy come time to move money! Know that first hand...

The Super industry has a long way to come compared other parts of the finance industry, but SuperStream should see some of the frictions you rightly point out improve. That and the financial engineering going on with the products (like the introduction of self invest options that allow access to equities, TDs etc, that will provide a better option to SMSF for a lot of people)

iCat · 28-06-2014, 11:33 PM

Mine's doing ok. I've had to put away 5% for years. It'll do me well.

BHDOGS · 28-06-2014, 11:42 PM

Dont make me post the you cant handle the truth pic again.

AU1XLS · 28-06-2014, 11:46 PM

Quote:

Originally Posted by BHDOGS

Dont make me post the you cant handle the truth pic again.

No don't make him do that

BHDOGS · 28-06-2014, 11:57 PM

exactly and i will im ******* crazyyyyyyyy

**ebxr8240** · 29-06-2014, 12:55 AM

As long as you do SOMETHING ! I have friends in there late 60's with sfa cash and RENT !!
The STUPID part is there combined income was higher than ours..
Like the old saying goes.. It doesn't matter how much you earn !!
It's what you do with it !!
Work for the money or make the money work for you..

**buggerlugs** · 29-06-2014, 07:44 AM

Quote:

Originally Posted by Lukeyson

I am stoked my employer pays 15% super,and I am worried its not enough because as others have said, who knows what rule changes will come in before I retire in 2051.... hmmm

Sorry Lukeyson, but when 2051 comes around they will have changed the retirement age to 82.5 years.............

zilo · 29-06-2014, 09:59 AM

Quote:

Originally Posted by buggerlugs

Sorry Lukeyson, but when 2051 comes around they will have changed the retirement age to 82.5 years.............

I say 2021 not 2051.....

Franco Cozzo · 29-06-2014, 10:28 AM

2051 retirement age will probably be 172 lol.

castellan · 29-06-2014, 01:19 PM

Quote:

Originally Posted by BHDOGS

Yeh thats the idea but the amount of cashed up old people who stash money away so they can still draw the pension and get there freebies is rediculous but its ok you see even tho they dont need the money they earned it by working and paying tax regardless of how much it ****s future generations is irrelevant as we all know its all the young peoples fault because there greedy or whateva it is the old people rave on about these days.

I remember a old dude next door back in the 80's owned 4 blocks one with a rental on it and his own home on another the two others just land, this was what he had worked for so he had something in his old age to fall back on.

Now come one in the form of PM Bob hawke ideas he had to sell one block because old Bob and co worked out they could make a lot of money out of people like him, that had did the right thing and saved his whole life, that was the year that the ALP had there only year in the black surplus ever i think.

If the gov want your money they will get it to prop themselves up for sure, death duties are coming back as well and why is that ? well they have to so as to prop up there busted *** failures and also giving a hell of a lot of money to other nations your money to make themselves look like santa claws.
Now did the aussie people give the go ahead to give massive amounts of our tax money to go to other nations just so that lot can build up their own armies.
So who is the fool that gets the wrong end of the pineapple shoved up where the sun don't shine.
They are taking us all for fools bro. they are criminals and are get away with it all.
I would not trust them and they have not any regard for the truth. it's all just a game to them lot and they will walk all over anyone at the drop of a hat, get in trouble with the taxman and see who is your friend and all the while seeing them lot roll out the red carpet for trash who are not even citizens and have no intentions of blending in as one of us at all.

Ruination · 29-06-2014, 09:56 PM

I am 23, I have been working since I was 15.
When I finished my apprenticeship as a Carpenter in 2012 I started working for a new construction company, in which I also chose to start a new superfund with a different company.
I went to roll over all my previous super into my new one. I HAD ABSOLUTELY NOTHING.

Basically, all my super went into paying all these stupid fees just to have an account.
I was gutted because I actually thought the idea of super was great.
Even as a tradesman on higher wages now, I still fail to see the great idea of it, and am against super in all forms.

I get that I am young and understand that I shouldn't have much super right now, but how are young people supposed to accept that super is good for them, when in their first 5-10 years on average wages, they have nothing to show for it?

In my eyes, superfunds are thieving snakes.

Shonky. · 01-07-2014, 12:31 AM

Quote:

Originally Posted by Ruination

I am 23, I have been working since I was 15.
When I finished my apprenticeship as a Carpenter in 2012 I started working for a new construction company, in which I also chose to start a new superfund with a different company.
I went to roll over all my previous super into my new one. I HAD ABSOLUTELY NOTHING.

Basically, all my super went into paying all these stupid fees just to have an account.
I was gutted because I actually thought the idea of super was great.
Even as a tradesman on higher wages now, I still fail to see the great idea of it, and am against super in all forms.

I get that I am young and understand that I shouldn't have much super right now, but how are young people supposed to accept that super is good for them, when in their first 5-10 years on average wages, they have nothing to show for it?

In my eyes, superfunds are thieving snakes.

Sounds hard to believe that you had nothing at all.

Try using the ATO's tool to track down lost Super....

https://www.ato.gov.au/Calculators-a...s/SuperSeeker/

As of last year all Super funds have to offer what is known as a "mysuper" product. These are designed to tidy up some of the excessive fees or other conditions that have previously made many Super funds unsuitable for those who don't know much about it/don't have any interest in shopping around or comparing.

Generally industry funds are good way to go, but the gap between them and retail funds is now closing with competition and legislation to make all funds fairer to all people (eg mysuper, as per above)

Yellow_Festiva · 01-07-2014, 06:59 AM

Could have been invested in a high risk option? I would be seriously looking into that. I remember that I had a super fund that wasn't charged fees because the balance was below a certain amount.

Mulga · 01-07-2014, 07:19 AM

Quote:

Originally Posted by bobthebilda

Anyone who is ****ed of with super, should just set up a smsf. The best thing I have ever done. A little more work than usual, but it saves alot of money by not allowing the big boys to cream of the fees. Best thing of all, (within guidelines of course), you can pick and chose where you want your money to be invested.

Remember, super isnt an investment, its just a vehicle with which to hold those investments. You can basically hold the same investments personally, as you do in a super account, but the tax advantages of the super vehicle are so much better.

I actually think that's one of the problems i.e. People don't treat super as an investment and therefore don't pay enough attention to it. Remember for most people super will be their largest pool of savings and they should treat it like an investment. There are many options with super funds regarding the split of the portfolio and how much risk you are willing to take. At different stages in life everyone should do a health check on their super. For those approaching retirement age, they may decide to put more of the portfolio in cash to protect their portfolio from market variances. An example of this was the GFC.

Crazy Dazz · 01-07-2014, 07:30 AM

Quote:

Originally Posted by Yellow_Festiva

I remember that I had a super fund that wasn't charged fees because the balance was below a certain amount.

That's correct, if IIRC it was around $1k limit?
But not sure how long that has been in place.
Also many funds include a life-insurance provision, and they can deduct the charges for that.

Unfortunately the governments "lost super" tracking is somewhat of a con. It doesn't track lost super, so much as lost people. ie A SF nolonger has your correct address, or failed to get correct details, rather than bother finding you, they simply report it to the government.
On the other hand, super funds are notorious for LOSING peoples' contributions, crediting them to the wrong account, or just god knows what. Sometimes the wallies in your payroll department don't help.
It's gotten much better lately, with it becoming more electronic and integrated. But in the past it was down to somebody writing a cheque, filling out a form, and posting it to your super fund, and somebody there processing it correctly. And because nobody checked their super regularly, mistake often went overlooked.

zilo · 01-07-2014, 08:05 AM

Quote:

Originally Posted by Ruination

I am 23, I have been working since I was 15.
When I finished my apprenticeship as a Carpenter in 2012 I started working for a new construction company, in which I also chose to start a new superfund with a different company.
I went to roll over all my previous super into my new one. I HAD ABSOLUTELY NOTHING.

Basically, all my super went into paying all these stupid fees just to have an account.
I was gutted because I actually thought the idea of super was great.
Even as a tradesman on higher wages now, I still fail to see the great idea of it, and am against super in all forms.

I get that I am young and understand that I shouldn't have much super right now, but how are young people supposed to accept that super is good for them, when in their first 5-10 years on average wages, they have nothing to show for it?

In my eyes, superfunds are thieving snakes.

Seen this before...they subscribe you to a stupid high priced permanent disability policy which eats up all your contributions.

that's where it all would have vanished into.

Lukeyson · 01-07-2014, 08:20 AM

Quote:

Originally Posted by zilo

I say 2021 not 2051.....

I wish it was 2021, but alas i am only 33

GT0132 · 01-07-2014, 09:14 AM

Super is great in that

- you can you get a tax deduction for the first $35,000 pa of capital invested each year. Sure, each contribution is taxed at 15% but thats better than the average income tax rate of 35%

- no tax when you take your benefit (if over 60)

- income generated by the money in your fund is taxed at 15%, not your marginal tax rate

- you can in most cases control it to some extent by changing the mix of investments to which the money is applied.

Downside is that the government can (and do) change the laws relating to super.-
i.e when you can access it, the application of income tax on the various components of it and the levels of contributions you can make to it.

Will I have enough of it? probably not and is why I invest outside super, mainly in real estate.

Iggle Piggle · 02-07-2014, 02:53 PM

Quote:

Originally Posted by Shonky.

...As of last year all Super funds have to offer what is known as a "mysuper" product. These are designed to tidy up some of the excessive fees or other conditions that have previously made many Super funds unsuitable for those who don't know much about it/don't have any interest in shopping around or comparing.

Generally industry funds are good way to go, but the gap between them and retail funds is now closing with competition and legislation to make all funds fairer to all people (eg mysuper, as per above)

Was wondering about 'mysuper', and also an Index Fund.

Would be interested in some people's thoughts on this video from 'The Checkout' crew (doesn't look like I can post a direct link to the relevant video, so you will need to scroll down and select the one titled 'Superannuation Funds'): http://www.abc.net.au/tv/thecheckout/clips/

Smoke Pursuit · 02-07-2014, 07:02 PM

Quote:

Originally Posted by GT0132

Super is great in that

- you can you get a tax deduction for the first $35,000 pa of capital invested each year. Sure, each contribution is taxed at 15% but thats better than the average income tax rate of 35%

- no tax when you take your benefit (if over 60)

- income generated by the money in your fund is taxed at 15%, not your marginal tax rate

- you can in most cases control it to some extent by changing the mix of investments to which the money is applied.

Downside is that the government can (and do) change the laws relating to super.-
i.e when you can access it, the application of income tax on the various components of it and the levels of contributions you can make to it.

Will I have enough of it? probably not and is why I invest outside super, mainly in real estate.

35k? Where's your fine print... Lol

**buggerlugs** · 02-07-2014, 07:46 PM

Quote:

Originally Posted by DASH GT

35k? Where's your fine print... Lol

It has just come in this 2014-15 financial year. Was 25k...........

Smoke Pursuit · 02-07-2014, 07:53 PM

Quote:

Originally Posted by buggerlugs

It has just come in this 2014-15 financial year. Was 25k...........

Not for everybody it isn't 35k...

Only for those who are 49 or older on the 30/06/14.

Under that it's 30k

This is only for the 14/15 year.

Shonky. · 02-07-2014, 08:04 PM

Quote:

Originally Posted by Iggle Piggle

Was wondering about 'mysuper', and also an Index Fund.

Would be interested in some people's thoughts on this video from 'The Checkout' crew (doesn't look like I can post a direct link to the relevant video, so you will need to scroll down and select the one titled 'Superannuation Funds'): http://www.abc.net.au/tv/thecheckout/clips/

Ha ha, that was a pretty entertaining video

The second half of it was all good advice, but the first which was trying to be sensationalist is a bit misleading.....

The other part of the returns equation is the risk one has borne to get that return. Without getting too boring the best way to compare returns is on a risk adjusted basis. For example it is possible for fund A to return 6% and fund B to return 8%, but for A to be a higher performing product. Fund A may have taken very little risk to achieve 6%, so perhaps you could say that over a 20 year period it may be expected to return 6% in 19 out of 20 years. Fund B on the other hand may have taken big risks to earn 8%. Perhaps it can be expected to return less than 8% at least half the time, so it underperforms in 10 out of every 20 years.

You must compare alternatives on a risk adjusted basis.

Think about being offered a 10% chance of $1,000 or a 90% chance of $500

MITCHAY · 02-07-2014, 08:20 PM

SuperStream changes (while challenging to introduce) should improve the super system considerably.

Remember folks, if you exceed the cap on super contribution you can expect a bill for it. A contractor at my work went over by 10k and got a bill in the thousands.

Also if you make contributions, the date that matters is when it was received by the fund not when it was transferred so late minute transfers to beat 30th June can be costly.

Anyways it would be really good if you can tap into whole or part of your super for a house deposit. I'm 27 and have a decent amount in there which with my savings would pay off a decent chunk of a house.

**aussiblue** · 03-07-2014, 11:41 AM

I had better have as I am now a self funded retiree living on my Super.

GT0132 · 03-07-2014, 12:11 PM

Quote:

Originally Posted by DASH GT

Not for everybody it isn't 35k...

Only for those who are 49 or older on the 30/06/14.

Under that it's 30k

This is only for the 14/15 year.

Ok, ok sorry guys.....I meant over 49 because thats my age bracket. Does it really matter, as my point still remains.