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How much super have you got floating around
OK, so we're all supposed to be responsible about our retirements. But a great many Australians have abandoned funds out there from one job we've worked in or another.
So c'mon, fess up, how many funds have you got?
I'm slightly ashamed to admit to having three, but not ashamed enough to fix it... *sigh*.
So c'mon, fess up, how many funds have you got?
I'm slightly ashamed to admit to having three, but not ashamed enough to fix it... *sigh*.
Views: 21
Replies to This Discussion
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Permalink Reply by jacquesk on -
Hi JG
Just make sure they all have your tax file number so you dont get slugged with the 43% tax rate come the new financial year.
I have 2 funds. Something I also need to fix. It is one of the few things I have left to do to get my finances in order along with getting a will done. Interested in a "Fatcat Finances Pledge" that we agree to get our super in order by the end of July? Anyone who doesn't has to shout dinner.
The main point about super for me is Do I have enough? Looking at the calculators at many sites its a big fat NO. Even with the pre tax contribution it is an area I need to work on.
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Permalink Reply by colleen curran on -
I concede I have two and both have my tax file number on them and both are industry, I think having industry funds is excellent as you do not get slugged anywhere near as much in fees. I am currently debating with minister for Workcare, Tim Holding, Funny how things suddenly are so blinking obvious when it happens to ourselves.
Since 1997 I have been on workcover as result of a fall at work, I had a great job that I loved very much and was on a good income if not a fantastic one BUT once we go onto workcover contributions to workcover payments cease. I had been paying $50 per week in myself as well as work payments. Having anticipated retiring at 70 with a fairly healthy super I was forced to retire in my 50's with minimal amount of super.
I beleive that the payments to super should continue even when we are on workcover and even if it means taking it from our payments to do so.
I turn 65 in 8 weeks and I am worried sick about how I shall survive, I know I will but still I am a born worry wart.
Colleen
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Permalink Reply by JG on -
Low Fees are good but they've got to match it with high returns!
The lack of super when on work cover is a real problem that someone's going to have to tackle sooner or later.
Have you contacted your local member about it?
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Permalink Reply by DNABeast on -
I'm not even sure how many I have. I should probably track them all down. Working for myself I'm not sure I have enough to make rent this week let alone saving for the future. I'm crossing my fingers and hoping for an apocalyptic future when money means nothing and men live and die by the sword. Oh, except I'm also putting off sword fighting lessons.
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Permalink Reply by JG on
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Like PJ O'Rourke said, the end of the world never arrives before your exams.
Seriously if we were talking about social equity we'd scrap super and have a decent pension kicking in at 70 (means tested on a sliding scale).
But that's way to hard for our political parties.
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Permalink Reply by Bandwidth on -
An issue with a means tested pension is that those who contribute the most, higher income earners paying higher taxes, are the ones who receive the least benefit.
Also a pension fund is an easy target for any Govt who is running a bit short, and then has to be funded by future generations. There used to a Defence force Retirement Benefit Fund, which was built using caontributions from members and the Govt of the day decided they nedded the money and now the Defense retirements are funded from internal revenue.
The best thing we can do for future generations is to teach them financial planning from a very young age and continue that through the education system.
We encourage kids to do well at sport and education etc but how well they are doing financially is almost a taboo subject. The best lesson I read and taught my children is "10% of ALL we earn is ours to keep forever" from "the richest man in Babylon"
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Permalink Reply by Miffy on -
Bandwidth, this is all too true - kids learn NOTHING about money at school, which is a shame really. Why couldn't learning about money be built into a Maths curriculum, if only to make it a wee bit more interesting?
I agree - the best move the government could make would be to introduce a "money" subject at school, where kids could learn the value and management of money. It's something we all need to survive in life, yet it is, as Bandwidth say, a taboo subject in schools.
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Permalink Reply by Bandwidth on
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If the govt teach people how to manage their financial affairs such that they become self sufficient then there will be less need for these people who are no longer "battlers" to be dependent on the welfare system.
Once this happens the govt loses a level of control over that area of the population.
Maintaining a level of ignorance of an area that you have "influence" over is a control mechanism.
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Permalink Reply by Manish Dev on -
:) I'm as guilty as you are JG... I don't even know how many I have from previous jobs...
Manish
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Permalink Reply by colleen curran on
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I am sweet and innocent of this felony (smile) BUT I have found it infuriating that over the past 12 years I have wanted to contribute to my Super fund but have not been able to. I have been on Workcover and not working therefore not able to contribute to my Super.
I have contacted a range of people, including the Minister, Tim Holding to try and get something done on this matter but all to no avail. It will not help me now but given how the Government are calling out for us to be responsible I feel this is one way they could put some action instead of hot air into the subject.
If a percentage of super payments went into our Super fund I would not be concerned as I am now that my Workcover is stopping and I will be going onto the pittance they call an aged pension. I am fortunate to have been in a position to put aside a little to tide me over but many people are not so fortuate.
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Permalink Reply by Manish Dev on
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OK, this post got me doing something about my lost super.
For anyone else who wants to be doing the same, the ATO lost super site is a good place to start:
http://www.ato.gov.au/individuals/content.asp?doc=/content/33301.ht...
Then there is AusFund, which is the "unclaimed super fund":
Unclaimed Super
Good luck to you.
Manish
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