Hi all,
I have not really bothered to look into my superannuation and understand what it all means, i am delusional with anything involving number and figures.
I have heard throughout my working career, make sure you are contributing more into your super for when you retire. only up until now i have been intrigued in what my super is really doing for me.
Would any of you scholars know much about superannuation? i know i can go and visit a adviser and he can direct me where it is best for my money to grow.
Things i need to know is what is suited for my industry.
What further contributions should i out lay?
What degree of risk is it?
Replies
Mule. There's 5 things you can do which will make life easier for you, and not take up too much of your time.
1. Think about consolidating all the super funds you have into one or two accounts that you actively manage. it's really easy to consolidate online now - most funds will give you the ability to do this without having to fill in a form (you can use an ATO site as well). If you've lost contact with some super funds then grab your TFN and head to this site for a free search service: https://superseeker.super.ato.gov.au/SuperSeekerWeb/Super/PrivacyAg...
2. Make sure you nominate a beneficiary on your account (call your fund for a form or download one from their website).
3. Understand how much insurance you have so you can think about if you need more or less insurance.
4. Where to invest? The super fund you keep will probably have a risk profile online which will guide you to a diversified fund that, for want of other information and seeing an adviser, is better than not even thinking about it. Unless you're over 60 this will most likely be a growth or balanced diversified fund.
5. Make sure your fund has your correct postal and email address.
Tidy up your affairs first, then think about the other stuff.
Hello
If you are good with the internet. You can google what funds have had the best returns
I'm with australian super and they have been performing well.
I think industry super funds are great.
The government has super co contribution. If you put in $1000 extra in your super they'll put in $500.
It used to be dollar for a dollar up to $1000 but I think it's only 50c out of the dollar up to $1000.
Its basically free money, at the very least I would do that.
As far as strategies go, it depends how old you are. If you are older, you don't want to lose risking money that you'll need soon so you take a conservative option. Most funds will have a standard setup which generally performs just as well as a high risk option.
Whoever you choose, you can talk to your super company about what option is right for you.
First of all it depends on what industry you work in.
Super does fluctuate with the markets but I believe you're not taxed on your Super until you begin drawing on it. A back-up plan could also be to begin looking at the property market. If you buy in the right areas you can begin making a decent amount off it, depending on how quickly you pay it off and what the rental rates are at.
Playthedoors.No:1,2,5 i have already completed recently, i had multiple super scattered throughout.No;3,4 i will look into asap.
Osiriden; I am with AMP super leader, i will also look into dollar for dollar so to speak. i am 35 yr old and that was going to be my next question regarding how conservative should i go?. i do know i am in the moderate to safe bracket..not much risk
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Sirsuper: I am in the engineering/mechanical field, i have been with AMP since 95 when i started my apprenticeship. ihave already bought my first property this year , i will not be buying another any time soon, maybe in 5 yrs.
AMP Super Leader from memory is an expensive fund. You're may also be paying commission to an adviser that you've probably never met.
If you're going to stay with AMP you should take a look at their newer Flexible Super fund.
You may be able to transfer any existing insurance you have from AMP fund to AMP fund, but call AMP up first and double check.
One of the things I've done over the last few years is go halves in any pay increase I get with my super.
E.g. if you get a 4% pay rise, keep 2 % and direct 2% into super via your employer. Before you know it you'll be contributing an extra 10% of your salary into super each year and you won't miss a dollar.
If you're going to go down the path of the SMSF as per Fong's cousin, I'd definitely see and adviser and accountant.
Frankie i totally agree in what you have said "bricks and mortar " my father was always hounding me to buy my first home at the age of 19, i was more interested in chasing the fluff around town, He also said fluff will still come once they know you have plenty of green backs in your sky rocket, but i still would not have changed my path. I would be a wealthier man then i am now if i had listened to him..
thanks yobs,
AMP is who i have been with from day one, i guess i need to look deeper to find out what suits my needs. in the new year i will definitely be contributing more than i am now. i really appreciate your input Ptd, any more info the better.
Hi Mule,
I was in AMP years ago but found all the chargers way way too much, jumped to Australian Super and not looked back, You can do all sorts of stuff with your super, split it, high/low risk, International shares, local shares, property you name it. In me 30's I use to try and read what was happening and put my super in what I thought was going to do well @ high risk (my thinking was I'm in my 30's if it stuffs up I have time to mix it) worked well for me, BUT I have an interest in property/shares from a young.
Reading between the lines if in AMP and you being delusional with anything to do with numbers, I suggest jump to Australian Super, read up (it's worth it).
Also look into what playthedoors had to say.
Good luck.
snapper
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