Superannuation Discussion + market volatility

[Cossie]

Where do you start if youre thinking about moving Super funds?

Aus Super, you don't need a SMSF, let them, as in the super fund do all the work, we are each taking 10% per year and still have more than we started with over 10 years ago.

I also regard us as hipsters, even though we may be a bit older we still have a nice income to enjoy our travels, lifestyle and our retirement, can't be better than that.

You don't have to fly 'first class' to have a first class life style, there is far more to life than status credits, frequent flyer points and trying to get the best possible outcome from any deal going. But, of course ymmv.

 

[VPS]

I just didn't want the hassle of a SMSF and I'm in a government super so happy to be in the same one as the pollies.

 

[Pushka]

Aus Super, you don't need a SMSF, let them, as in the super fund do all the work, we are each taking 10% per year and still have more than we started with over 10 years ago.

I also regard us as hipsters, even though we may be a bit older we still have a nice income to enjoy our travels, lifestyle and our retirement, can't be better than that.

You don't have to fly 'first class' to have a first class life style, there is far more to life than status credits, frequent flyer points and trying to get the best possible outcome from any deal going. But, of course ymmv.

I think 10% might not happen this year but yes, I agree in all other respects. SMSF was great when I was actively involved in it but have run out of puff after 20 odd years. Oops. Sorry JT.

 

[Cossie]

I just didn't want the hassle of a SMSF and I'm in a government super so happy to be in the same one as the pollies.

Good for you, our defined benefits schemes, besides our Aus Super funds aren't quite as good as the pollies, but they are very close. I didn't like having to contribute years ago, but I'm so glad now that I was forced to as part of my employment conditions.

I've been retired for nearly 8 years, I caught up with some one recently that I worked with years ago, when we got outsourced on the 1st of April 2000 no less, he was advised by the person he consulted to take all his super from his CSS fund and invest privately, he told me that was a huge mistake and doubts he'll be able to retire comfortably in the near future, if at all.

Needless to say that adviser was getting a cut of where his investments went!

I honestly believe that advisers have their own interests at heart before considering you needs, harsh maybe, but I've seen it too often, commission is a big driver......... So why would anyone trust them?

 

[Quickstatus]

Aus Super, you don't need a SMSF, let them, as in the super fund do all the work, we are each taking 10% per year and still have more than we started with over 10 years ago

Yep AUSsie Oi Oi Oi

Can also confirm the 10% per year.
I jumped ship from AMP many years ago.

Have 2 super funds - AUS and First State Super. I think time to consolidate

Good for you, our defined benefits schemes...

Needless to say that adviser was getting a cut of where his investments went!...

I honestly believe that advisers have their own interests at heart before considering you needs, harsh maybe, but I've seen it too often, commission is a big driver......... So why would anyone trust them?

If financial advisers are so good with money why are they working on a commission.

Wish I was on a defined benefit

 

[Quickstatus]

The average super fund amount for women at retirement age is awful.

Quoted averages:

About $150k for women and $300k for men and for a couple $400k??

If on an average super likely to also be drawing a pension at some time in retirement - and sooner rather than later

 

[amaroo]

SMSF obviously aren’t for everyone, but if you’ve got a decent amount and some interest in controlling your investments - it might be a good fit. It all comes down to circumstance and interest level.

 

[Quickstatus]

SMSF obviously aren’t for everyone, but if you’ve got a decent amount and some interest in controlling your investments - it might be a good fit. It all comes down to circumstance and interest level.

Nah I know the CEO of IFM Investors, a fund manager owned by the group of industry super funds incl Aussie. He’s working hard for me. Actually a CL and WP1 with all that travel doing deals on my behalf.

I went to AUSsie after dumping AMP because I wanted a SF trustee that is not conflicted by the presence of shareholders. I’m glad the move to AUSsie was validated by the Royal Commision

AUSsie - if they can properly look after the super of low income people they can look after mine.

Not to say there are not excellent financial gurus out there. But I’m happy where I am

 

[amaroo]

Hence the words in my posts ... aren’t for everyone, interest, might be, circumstances, interest level.

Nothing is a one size fits all concept.

 

[JohnM]

The problem with “average” is that half are below average.

Beg pardon, but that is median not mean (aka 'average'). Sometimes they can be almost the same, but many times there is wide variation between the two measures, making them very different things.

 

[VPS]

Good for you, our defined benefits schemes, besides our Aus Super funds aren't quite as good as the pollies, but they are very close. I didn't like having to contribute years ago, but I'm so glad now that I was forced to as part of my employment conditions.

I've been retired for nearly 8 years, I caught up with some one recently that I worked with years ago, when we got outsourced on the 1st of April 2000 no less, he was advised by the person he consulted to take all his super from his CSS fund and invest privately, he told me that was a huge mistake and doubts he'll be able to retire comfortably in the near future, if at all.

Needless to say that adviser was getting a cut of where his investments went!

I honestly believe that advisers have their own interests at heart before considering you needs, harsh maybe, but I've seen it too often, commission is a big driver......... So why would anyone trust them?

My "financial adviser" wasn't happy when I rolled over my super from his fund to the Government one and said I was wasting my money (his money I think) I wish I was on the defined benefit too but imagine some of those people have been in the same job for forty years and some of them are soooo boring.

 

[JohnM]

A very good trustworthy accountant or financial planner.

But therein lies the dilemma, does it not?

'Trustworthy' and 'accountant' or 'financial planner' has, in many recently demonstrable instances, been shown to be an oxymoron, has it not? Money - trough - snouts...

Ultimately, I think the evidence indicates, you can't rely on someone else without you being in the driver's seat - ie. it is imperative that you understand the fundamentals, even if you get someone else to do the leg-work.

Going in, saying - in effect - 'I don't understand this stuff and I don't want to, so do it for me' (ie. unsupervised) is a recipe for potential disaster IMHO.

I'm no accountant or financial whiz, but my (unexpressed) starting point is: 'Nice to meet you Smiley, but I don't trust you one little bit!'

YMMV.

 

[VPS]

I've used my accountant for years and he has been great even before I started thinking about retirement and he has provided great advice but then encouraged me to make sure his advice was correct by doing some research (which I probably didn't do enough of and didn't start salary sacrificing early enough but made up for it in the last few years) Got to love the constitutionally protected funds that you can salary sacrifice as much as you want.

 

[JohnM]

Got to love the constitutionally protected funds that you can salary sacrifice as much as you want.

Those things are bl**dy criminal!

My brother was doing the same until he retired in July.

 

[Denali]

The problem with “average” is that half are below average.

What’s the average for male 50?

Average 50 male was approx $170k and I'm well above that. Female was $90k, I'm guessing the child rearing years are a killer. I don't feel so bad about only getting interested in my super at this point.

Hubby, retired at 56, monitors his super daily, attends seminars, regular super health checks ect. Which is why he's now retired

 

[Quickstatus]

IFM Investors - Asset Portfolio

All you airport lurkers and road warriors are nicely contributing to my super.

Look up the assets that my industry super is earning an income from. I should say “Thank You” . I should not neglect to thank all those consumers about to use electricity in NSW this morning

Super is a very long term investment. It should be invested at least partially into long term assets not speculative shares

 

[Quickstatus]

Average 50 male was approx $170k and I'm well above that. Female was $90k, I'm guessing the child rearing years are a killer.

Hubby, retired at 56, monitors his super daily, attends seminars, regular super health checks ect. Which is why he's now retired

That’s not a lot....

An obstetrician mate retired at 56 as well so he could go surfing. He said his wife works and that’s very ok from his point of view.

 

[Denali]

That’s not a lot....

An obstetrician mate retired at 56 as well so he could go surfing. He said his wife works and that’s very ok from his point of view.

Funny that, my husband happy that I remain at work also, while he spends his days indulging in hobbies

 

[Quickstatus]

Hobbies need minimal distractions to maximise satisfactions especially for Blokes ( who can only do one thing at a time)

 

[Bindibuys]

New to this thread, but glad my husband is an accountant (by trade) and looks after our family SMSF. Our only beef at the moment is that he works for an American Bank, and they want to know every share movement we intend to make, and want to approve it before it is made. Completely understand if we were buying/selling any banking related shares, but they can go jump if they think I am going to tell them all of our investments.