Super, Have you got enough ?

[buggerlugs]

http://www.news.com.au/finance/super...-1226966834635
Super, Have you got enough or is there better investments for your future out there ?

[LG17]

You can never have enough super as you really don't know what your lifespan will be.

[Yellow_Festiva]

I don't mind the concept of super, I hate the fact it's forced upon me.

I get that most people can't control their spending.. what about the people that can prove they have already thought about their retirement and can show that they will not be a drain on the system when retired?

What If I choose to retire early?? I don't plan (nor need) to work till I'm dead.. What loopholes do I need to jump through to get access to 'my' super at say 55, or 60?

I pay the minimum because I have to. Because I started from 15 I have already got a substantial sum, as does my wife.

I guess we can buy his and hers matching Ferraris with it when the government decides to give us back our money....

[ILLaViTaR]

lol another one of these threads, the moment one closes another one opens.

longevity levy would solve all. And another 3 longevity levy's on top would solve it better

[Smoke Pursuit]

Originally Posted by Yellow_Festiva

I don't mind the concept of super, I hate the fact it's forced upon me.

I get that most people can't control their spending.. what about the people that can prove they have already thought about their retirement and can show that they will not be a drain on the system when retired?

What If I choose to retire early?? I don't plan (nor need) to work till I'm dead.. What loopholes do I need to jump through to get access to 'my' super at say 55, or 60?

I pay the minimum because I have to. Because I started from 15 I have already got a substantial sum, as does my wife.

I guess we can buy his and hers matching Ferraris with it when the government decides to give us back our money....

The thing is you don't pay it. Your employer does.... If the government abolished super then do you think you would get a 9.5% pay increase the next day?

People seem to neglect their super and treat it like it is the governments money, but in actual fact it is your money....

[Yellow_Festiva]

Originally Posted by DASH GT

The thing is you don't pay it. Your employer does.... If the government abolished super then do you think you would get a 9.5% pay increase the next day?

People seem to neglect their super and treat it like it is the governments money, but in actual fact it is your money....

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...

[Smoke Pursuit]

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...

Plus you would have to pay more tax on it, and potentially more tax across your income depending on what bracket you were close to.

Super is a good idea I think, but for those of us who may not make it to retirement age it wont be any help. Least my kids will get it I guess!

[Mulga]

Super is still the most tax effective form of savings......there a lots of options to consider with your super fund and how it is structured i.e. If you are below 40 you may want to consider a higher yielding portfolio, the flip side is more risk, but there is potential to grow your balance over a short period. Most people don't pay attention to how their super is structured and in many cases this may be costing them potential growth. You can consider salary sacrificing into super as well.

[Charliewool]

Super in it's original form is a brilliant idea..
I say "original" because successive governments keep believing the trillions accrued to be THEIR'S! And they keep continually changing the rules to suit their needs?
Bloody well set superannuation rules in stone, by law NEVER allowed to be changed!
This would instil some confidence in the system.. And people would then tip in some of their own as well as the compulsory component.

[burnz]

Originally Posted by Charliewool

Super in it's original form is a brilliant idea..
I say "original" because successive governments keep believing the trillions accrued to be THEIR'S! And they keep continually changing the rules to suit their needs?
Bloody well set superannuation rules in stone, by law NEVER allowed to be changed!
This would instil some confidence in the system.. And people would then tip in some of their own as well as the compulsory component.

and now the gov is going to use our super to prop up any bank that fails,
knowing that some banks are over extended..

[buggerlugs]

Originally Posted by ILLaViTaR

lol another one of these threads, the moment one closes another one opens.

longevity levy would solve all. And another 3 longevity levy's on top would solve it better

Well if we could have a discussion like adults maybe it would stay open. That would be a change wouldn't it ?

[BHDOGS]

I dont plan on living till 70 to get my super id rather have it now do something useful with it in return for offing myself when i reach 70 sounds like a fair deal.

[BPXR6T]

I have more than enough super to get by, but you'd be a mug to put all your eggs in that basket and rely on super still being there 35-40yrs from now. How many greedy pollies and smart **** academics will there be between now and then seeking to screw you. Already the academics or "advisors" are talking about a forced annuity and the pollies are talking about upping the preservation age. Invest aggressively elsewhere and rely on super as a bonus if it's still there in 35yrs. I wouldn't dream of putting a single cent extra into super until I'm maybe five years out from the preservation age. Only then would I do it if the tax advantage is still there and by some miracle the grubs in Canberra have averted their greedy gaze.

[Crazy Dazz]

Originally Posted by DASH GT

The thing is you don't pay it. Your employer does....

Oh FMD.
And people wonder why the economy goes to water under Labour governments...
Do you believe in the Tooth Fairy as well?

Ironically, the only jobs I've ever had where "the employer paid the super" were before the introduction of compulsory super. In EVERY job I've had in the last 25 years I've had a package from which I decided how much super (subject to the 8.25% minimum in Australia) to pay.

And lets not forget all the self-employed people.

I have no problem with the concept of super, but as usual the implementation was diabolical.

WHAT exactly is the purpose of having an 18yr old put ~9% of his money into a fund he has no control over, where if he's lucky he'll earn around 1% (and if not will see his money ****ed away for him) for something he can't benefit from for 50 years??? Better off forcing him to save for a house.

Thats the stupid thing. I'm going to retire in the next 10~20 years and I currently have no plan other than paying off as much of my mortgage as possible.

[Stefan]

Originally Posted by DASH GT

The thing is you don't pay it. Your employer does.... If the government abolished super then do you think you would get a 9.5% pay increase the next day?

WTF?

Damn straight you'd get a pay rise!

You must be a joy to work for telling your employees that THEIR super is your money.

I suppose you pay Tax out of your pocket on your employees behalf too. Any cuts to income tax goes into your pocket?

[castellan]

I think super is another load of spin that can work but in the longrun it don't work as good as you think it will because it can't work and even old Johny Howard said as such.

If your nation goes to war you will pay for it in your super and anything other you could mention, it's to big to work well with all the ups and downs of an economy especialy with all the toe rags about and cunning crimials running around loose, we have not even sorted out the last criminal acts yet that drove us in to the so called meltdown so what hope do we have in the future, as they want to turn a blind eye to it all. it's all insanely criminal. and they were given warnings that what they were doing would bite back hard.

You could be much better off puting it into your first home and if you sold the house you should not be able to just go **** it up the wall that way you will save plenty on your house loan, just go do the figures, if you loan
$400.000 over 30 years what do you end up paying in total for your house.
If you have x amount of super you should be able to use it to get a house loan, it's your money, so they tell ya.
You could just leave it with the gov point of view that's fine and by doing it your own way you loose some insentive from gov's prefered position, and that's fine with me, because it's your money not theirs.

[b0son]

Originally Posted by burnz

and now the gov is going to use our super to prop up any bank that fails

wait, what??

[2011G6E]

I would actually prefer to be able to access my super right now to pay off my home loan and be able to chuck even more into super than I do now over the next fifteen years (assuming I am allowed to retire at 65).

It's your money, you should be able to do what you like with it, possibly within certain limits (such as paying off big debts well before retirement).

Seeing as how the damn government wants you to work till you are elderly they should let you enter your twilight years when they wheel you out of the workplace with some money left over and no debts. Despite the politician a while ago saying that retirees were "blowing their super on holidays and luxuries then going on the pension"...well pardon me Mr **** Breath..i], if I have worked all my damn life why shouldn't I treat myself to a few luxuries and trips before going into "serious retirement"?

Governments of all color over the decades have been positively slavered at the thought of getting their hands on the various super funds, totalling trillions of dollars, for "nation building" funding. They'd love to be able to access that cash just sitting there.

I also love the way one parasite in Canberra said they should raise the age at which you can access your super...so even if you had arranged things well and wanted to retire early, you actually couldn't as they wouldn't let you access your money...

Nice...

[superyob]

No!!!

[Stefan]

Originally Posted by 2011G6E

I also love the way one parasite in Canberra said they should raise the age at which you can access your super...so even if you had arranged things well and wanted to retire early, you actually couldn't as they wouldn't let you access your money...

You can retire any time you want if you can afford it!

We all would love to have access to out super at age 50, kick back relax, blow the cash then when the money runs out stick your hand out for welfare.

I'm guessing your a Labor voter, living in a airy fairy wonderland, where money grows on trees.

[ebxr8240]

I have paid super since 1980 contributed 4% for 10 years then changed to 9%..
Taking super early would encourage most people to buy MORE expensive homes rather than pay them off..If you need the money desperately now?? I suggest you have not budgeted or bought in excess of your means!!!
I didn't like super in the early years .. But I can see the benefits now!!

[zilo]

I have made a point of making sure I have no super at all.

No financial planners/funds/scammers.

Super is an obsession by little slave employees.

Employers (well me and people I know as employers) use the money in smarter ways.

makes no sense to put money in super if you have a mortgage or any other loan...

[Stefan]

Originally Posted by zilo

I have made a point of making sure I have no super at all.

No financial planners/funds/scammers.

Super is an obsession by little slave employees.

Employers (well me and people I know as employers) use the money in smarter ways.

makes no sense to put money in super if you have a mortgage or any other loan...

If you end up being a self funded retiree because you a good with money, well done to you, and this country needs more like you.

If however you run out of cash, I can only hope the government make a point of not giving you a hand out.

[zilo]

Originally Posted by Stefan

If you end up being a self funded retiree because you a good with money, well done to you, and this country needs more like you.

If however you run out of cash, I can only hope the government make a point of not giving you a hand out.

I will still get the full pension cause I don't actually own anything, but thanks for your kind thoughts.

[Franco Cozzo]

When us 90s babies get into our 60s (if we live that long lol) we will be the ones who will recieve the full benefit of super, I assume there will be no aged pension for us.

I chucked a bit extra into mine, government was doing a deal where they would match up to $1000 if you chucked in some $$$ into super, so I did it twice.

[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

[Smoke Pursuit]

Originally Posted by Stefan

WTF?

Damn straight you'd get a pay rise!

You must be a joy to work for telling your employees that THEIR super is your money.

I suppose you pay Tax out of your pocket on your employees behalf too. Any cuts to income tax goes into your pocket?

WTF...

No you wouldn't. Did you get a pay cut when super was made compulsory... No you didn't. Super is a tax on business to pay for peoples retirement.. It wasn't established for any other reason.

[Smoke Pursuit]

Originally Posted by zilo

I have made a point of making sure I have no super at all.

No financial planners/funds/scammers.

Super is an obsession by little slave employees.

Employers (well me and people I know as employers) use the money in smarter ways.

makes no sense to put money in super if you have a mortgage or any other loan...

Lol no the idea is to pay your mortgage off and end up with a decent super to live off at the same time, not a government pension. Not to mention you only pay 15% tax on super contributions. Lol!

[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.

[GasoLane]

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.

And you said all that without taking a breath !

From what I've read of your posts in the past few weeks you don't like anything much, perhaps if you don't have anything constructive to say dont bother saying anything.