20k QFF Points for joining Australian Super

[froggerADL]

This could be the perfect time to setup a superannuation account for the little one and earn some points in the process. But I have this funny feeling she's not going to be struggling for money and her retirement will already be sorted before she starts working.

I'm pretty sure that your daughter's QFF points balance will be sorted by the time she starts working too

 

[get me outta here]

I know you've said in the past that you assume she will be OK financially. However, there are many things that can impinge on that assumption 50 years out till she thinks of retirement. The obvious one is the horrendous price of nursing homes for all her aged relos should they need it when there's existing money. I'd plan for the worst case scenario that she needs not to be reliant on others, especially as a girl.

.

This could be the pertect time to setup a superannuation account for the little one and earn some points in the process. But I have this funny feeling she's not going to be struggling for money and her retirement will already be sorted before she starts working.

 

[JohnK]

I'm pretty sure that your daughter's QFF points balance will be sorted by the time she starts working too

She's got quite a few already and assuming I don't touch those points she'll have quite a few when she starts working.

 

[Pushka]

Indeed. Nursing Homes suck up a lot of money in terms of bonds and then maintenance. It was the one time I was glad my mother was on the full pension as it was paid for and her Centrelink covered all but around $100 a month. And she had very little assets. People with assets “lose” a lot of money until the estate is finalised.

 

[Ekka]

Who is eligible?

Not everyone is eligible to make superannuation contributions, so far as I know.

 

[froggerADL]

Indeed. Nursing Homes suck up a lot of money in terms of bonds and then maintenance. It was the one time I was glad my mother was on the full pension as it was paid for and her Centrelink covered all but around $100 a month. And she had very little assets. People with assets “lose” a lot of money until the estate is finalised.

Yes, you're right. I hope to be poor when I'm elderly so I don't have the financial burdens of the wealthy!

 

[ellen10]

Yes I too am looking in to the super offer. Thanks for the shared info so far I will look in to it on the weekend.

 

[JohnK]

I know you've said in the past that you assume she will be OK financially. However, there are many things that can impinge on that assumption 50 years out till she thinks of retirement. The obvious one is the horrendous price of nursing homes for all her aged relos should they need it when there's existing money. I'd plan for the worst case scenario that she needs not to be reliant on others, especially as a girl.

I don't assume she'll be ok. I know she'll be ok. My only wish is that she does something good with her life and helps others.

Now regarding this offer I guess wife, mum and dad and brother can all sign up? That could be an easy 100,000 points for very little cost.

 

[love_the_life]

Who is eligible?

Not everyone is eligible to make superannuation contributions, so far as I know.

Nope, I don't meet the work hours test any more.

 

[love_the_life]

Indeed. Nursing Homes suck up a lot of money in terms of bonds and then maintenance. It was the one time I was glad my mother was on the full pension as it was paid for and her Centrelink covered all but around $100 a month. And she had very little assets. People with assets “lose” a lot of money until the estate is finalised.

Too true. Mother is not on the aged pension though she does get a Vet Affairs one, but in order to go into the local retirement village, she would need to sell the house. She doesn't want to as it is somewhere for the 'kiddos' to stay when we visit. As she can still manage at home, it's OK but we are concerned that the time will come when she or we will need to make the decision, especially as she's 96.

 

[GSP]

Hmmm. There is also a small risk that whatever fund you choose decreases significantly and so your $350 gets eaten more.

Would this be mitigated by selecting the 100% ccash option?

I only did a cursory look and didn't see a 100% cash option, the most conservative was the Staple product

I think the most conservative option would be cash.

Yes you are right, I looked at the "Pre Mixed" offerings rather than the "DIY Mixed" offerings" which does offer cash.

 

[Pushka]

Too true. Mother is not on the aged pension though she does get a Vet Affairs one, but in order to go into the local retirement village, she would need to sell the house. She doesn't want to as it is somewhere for the 'kiddos' to stay when we visit. As she can still manage at home, it's OK but we are concerned that the time will come when she or we will need to make the decision, especially as she's 96.

It’s quite distressing then, it’s a financial decision they have to make when they are at an age when they should be taken care of.

 

[GSP]

I've done the maths on this: 5 months of fees (with the modified cost) equals $42.15. Withdrawal (rollover to another fund) after 1 July does not attract the withdrawal fee.

That legislation hasn't passed yet and when (if) it does get royal assent then it is extremely unlikely to be 1 July for implementation. It takes several months to make the system changes and roll out. It needed to be passed in December for a 1 July date.

 

[lovetravellingoz]

It’s quite distressing then, it’s a financial decision they have to make when they are at an age when they should be taken care of.

Sorry but if people are worried about being distressed by needing to make financial decisions later in life, then they need to act earlier in life.

I don't understand why age should in itself to be a reason for not having to take hard decisions. You generally do not reach an advance age without having the time to influence where you are at later in life. Life is all about making decisions, and sometimes those decisions are painful ones.

Yes houses can be valuable assets, sometimes not. But why should they somehow be special? IMO the Australian property market is already distorted by too many special rules.

 

[risaka]

I've just signed up! I've followed the instructions on Flighthacks article and set up a one off $350 contribution. Will update again in 2-3 months time!

 

[froggerADL]

I've just signed up! I've followed the instructions on Flighthacks article and set up a one off $250 contribution. Will update again in 2-3 months time!

You might want to add another $100 to qualify for the points!

 

[risaka]

You might want to add another $100 to qualify for the points!

oops typo!

 

[love_the_life]

Sorry but if people are worried about being distressed by needing to make financial decisions later in life, then they need to act earlier in life.

I don't understand why age should in itself to be a reason for not having to take hard decisions. You generally do not reach an advance age without having the time to influence where you are at later in life. Life is all about making decisions, and sometimes those decisions are painful ones.

Yes houses can be valuable assets, sometimes not. But why should they somehow be special? IMO the Australian property market is already distorted by too many special rules.

In my mother’s case, she lives in a small country town and when the family, including brother from O’S visit we stay with her. She is worried that by selling and going into the lodge there would be nowhere for us to stay. We’ve said that we of course would manage but her wish is to stay in her own home as long as she can. It’s also the last link to my father and she’s been there for nearly 40 years. What’s so bad about that?

 

[EestiTiger]

Soooo. T&C's mentions to qualify, you only need to deposit $350 "within 6 months" of joining fund.

So join fund before offer expires, then wait until after July to deposit the funds, so hopefully exit fees have been abolished. You'll still have to pay some admin fees until you see the points hit your QF account. Not too sure they will be too happy overdrawing the account with fees until you deposit some funds...

 

[wannabeinvestmentbanker]

I would be very careful about participating in anything like this. I personally don't agree that any super fund should be able to make any inducements like this. Super is the most serious topic and investment you will ever make and the only positive I can see is if people genuinely take a look at what Super fund they are in, evaluate their performance (net of fees) and decide to make the move based on performance and asset allocation of the fund. By diverting even up to 350 on a significant balance you've accumulated, you are forgoing compound returns.

IMHO there are far easier ways to get 20,000 points if you're that desperate!