Superannuation! SMSF? Industry? Institutional?

[amaroo]

Re: Oz Federal Election 2013 - Discussion and Comments

Mine didn't - but there was no longer any investment in shares ...

Know many people that achieved the same.

Horses for courses....

 

[Pushka]

Re: Oz Federal Election 2013 - Discussion and Comments

I wasn't regarded as a baby boomer when I was born. That group was for people perhaps 10 years older than me. The Vietnam Vets period. And that stayed until the last, maybe 10 years ago when suddenly people born in my decade were also labelled as baby boomers. Most of you lot like to blame the baby boomers for a lot of issues here? Why? Our expectations are not grandiose at all. Until a few years ago - very little employer contributions. We don't expect to receive the pension - we know we have to fund our own retirement. But which somewhat disappeared down the toilet with the GFC.

Mine didn't - but there was no longer any investment in shares ...

Well, I can't complain too much - in the years previous to that those same speccie shares did have some nice CG. Now, we've changed our investment strategy; and surprisingly those high dividend shares (TLS; CBA etc) seem to have experienced the nice CG that speccie shares used to do. Nice outcome for us!

 

[medhead]

Re: Oz Federal Election 2013 - Discussion and Comments

I wasn't regarded as a baby boomer when I was born. That group was for people perhaps 10 years older than me. The Vietnam Vets period. And that stayed until the last, maybe 10 years ago when suddenly people born in my decade were also labelled as baby boomers. Most of you lot like to blame the baby boomers for a lot of issues here? Why? Our expectations are not grandiose at all. Until a few years ago - very little employer contributions. We don't expect to receive the pension - we know we have to fund our own retirement. But which somewhat disappeared down the toilet with the GFC.

I don't know when you were born. But I would have guessed late 60s/early 70s. If that is correct no one considers you to be a boomer. Baby boomers are those children born during the post world war 2 baby boom 46 to early 60s, one definition says 1964. Australian government says 46 to 61.

One extract of Birth rates in the USA shows an increase in births rate of about 19 per 1000 people in the 1920s and 30s to 26.5 per 1000 at the peak of the boom. This dropped off to about 15 per 1000 in the mid 1970s. Of course the birth rate was around 30 per 1000 at the start of the century.

The super guarantee has been around for 25 years. That certainly isn't a frw years ago. If you haven't been getting employer contributions for more than a few years there is something wrong.

 

[Pushka]

Re: Oz Federal Election 2013 - Discussion and Comments

I don't know when you were born. But I would have guessed late 60s/early 70s. If that is correct no one considers you to be a boomer. Baby boomers are those children born during the post world war 2 baby boom 46 to early 60s, one definition says 1964. Australian government says 46 to 61.

I wish I was born in the sixties.

The super guarantee has been around for 25 years. That certainly isn't a frw years ago. If you haven't been getting employer contributions for more than a few years there is something wrong.

And I've been working for waaayy longer than that. And as you get older you remember the "early days" better than the recent ones.

I am only a perky young thing in my mind. My oldest "child" is 28!

 

[medhead]

Re: Oz Federal Election 2013 - Discussion and Comments

I wish I was born in the sixties.




And I've been working for waaayy longer than that. And as you get older you remember the "early days" better than the recent ones.

I am only a perky young thing in my mind. My oldest "child" is 28!

You're definitely well in the boomer category then.

We're all perky young things forever.

 

[Pushka]

Re: Oz Federal Election 2013 - Discussion and Comments

You're definitely well in the boomer category then.

We're all perky young things forever.

But there's the thing. When I was growing up we weren't referred to as baby boomers. That was most definitely for the older teenagers and young adults.

 

[medhead]

Re: Oz Federal Election 2013 - Discussion and Comments

But there's the thing. When I was growing up we weren't referred to as baby boomers. That was most definitely for the older teenagers and young adults.

Generations are defined in retrospect. Certainly the uS data shows a birth rate boom up to 1960, above 24 per 1000. A prolonged boom.

The alternative would be Gen X, the generation that followed the boomers. Your choice.

 

[Pushka]

Re: Oz Federal Election 2013 - Discussion and Comments

Generations are defined in retrospect. Certainly the uS data shows a birth rate boom up to 1960, above 24 per 1000. A prolonged boom.

The alternative would be Gen X, the generation that followed the boomers. Your choice.

Hmmm. Don't like that one either. Maybe I'll consider my peer group as 'special generation'. After the notorious BB'ers but before the dreaded Gen X'ers.

 

[RooFlyer]

I'm a bit puzzled at some of the statements about 'rules' of SMSFs up thread.

Many years ago I set up a SMSF. Trustee is my consulting company of which I am sole director. Auditor comes from my accountant's firm. Can't say what the cost of running the Fund is exactly, as the bill is wrapped up in their bill for the consulting company. But I would guess maybe $400 / yr.

I spend maybe 5 hrs/wk on fund matters ( mainly portfolio buy/sells).

Have been moving from shares into commercial property over past 5 years.

The best thing to happen to SMSFs recently is the ability for the Fund to borrow! To me ANZ have the best such product. CBA is OK,, but they don't really want to sell the product. Anyone got a good bank for lending to Super Fund?

 

[amaroo]

I'm a bit puzzled at some of the statements about 'rules' of SMSFs up thread.

Many years ago I set up a SMSF. Trustee is my consulting company of which I am sole director. Auditor comes from my accountant's firm. Can't say what the cost of running the Fund is exactly, as the bill is wrapped up in their bill for the consulting company. But I would guess maybe $400 / yr.

I spend maybe 5 hrs/wk on fund matters ( mainly portfolio buy/sells).

Have been moving from shares into commercial property over past 5 years.

The best thing to happen to SMSFs recently is the ability for the Fund to borrow! To me ANZ have the best such product. CBA is OK,, but they don't really want to sell the product. Anyone got a good bank for lending to Super Fund?

+1 with commercial property - great returns. Particularly when you sit both sides of the lease agreement

We've found the best bank was ANZ. We have everything else bundled up with CBA however I agree - they're not all that keen to play with super.

 

[Cruiser Elite]

+1 with commercial property - great returns. Particularly when you sit both sides of the lease agreement

And icing on the cake is FF pts on rental payments.

 

[cove]

I had a lovely lady put me onto Esuperfund and it does not suit everyone. You use Commsec and/or ETrade and an ANZ V2 bank account to handle shares,bonds and hybrid securities. If you haven't ever used this form of stockbroking then this is probably not for you. They produce a trust deed,register you with the ATO and get the ANZ account started and open the broking account. The annual cost is $699 payable one year in arrears for the accounting and audit that covers the two of us.
I would believe less than 20% of the community could handle this but for folks who love doing things themselves it works nicely for the two of us for such a modest cost.
We are changing our risk profiles now that we are both over 60 so we invest in securities that can be sold daily and get settled in 3 days.
Two years on from the changeover I now know this was good for us.
If you are used to having your hands held do not go for this as it suits those who are self sufficient.
This was not meant to be a solution for everyone and remember to be careful with your retirement money as I hear about folks we know who don't have "enough".

 

[JohnK]

Re: Oz Federal Election 2013 - Discussion and Comments

Off Topic:There's your problem.

MLC is owned by the NAB and run by the NAB to make a profit for the NAB - anything you get is incidental to their aim.

I suggest you look at transferring to a member driven industry superannuation fund, or with that amount of investment, perhaps the newish ING "living Super" - where you can specify how you want to invest (invest in term deposits and the value will not decrease).

You might be right. Need to wait for the other 3 statements to see how they went.

I think I have MLC, AMP, Colonial and ING with current employer.

For many years the MLC nest egg was the best of the lot and now they have gone and changed it.

 

[Pushka]

Re: Oz Federal Election 2013 - Discussion and Comments

You might be right. Need to wait for the other 3 statements to see how they went.

I think I have MLC, AMP, Colonial and ING with current employer.

For many years the MLC nest egg was the best of the lot and now they have gone and changed it.

MLC was highly recommended a few years ago, I think by Paul Clitheroe's Money Mag.

 

[JohnK]

Re: Oz Federal Election 2013 - Discussion and Comments

MLC was highly recommended a few years ago, I think by Paul Clitheroe's Money Mag.

I have been with MLC since compulsory superannuation was introduced back in 1992.

In fact I was the one that chose the fund for our company at the time. Go figure! I am not so sure about their new product.

 

[ALH]

And icing on the cake is FF pts on rental payments.

please explain!

 

[JohnK]

Re: Oz Federal Election 2013 - Discussion and Comments

And yes, getting hands on it at 55 is nice after the years of just "watching" it.

I certainly hope they do not tinker with the age one can withdraw super benefits any further.

As I mentioned earlier that money would be next to useless to me at 65. It is just bearable at 59 but it would be better at 55.

In fact if there was a way to get a hold of that money now then I can pay off all debt and retire.

 

[cove]

Re: Oz Federal Election 2013 - Discussion and Comments

If the retirement age moves to 75 our Government will avoid a chunk of old age pension payments.

 

[cove]

Re: Oz Federal Election 2013 - Discussion and Comments

If you are over 50 it could pay you to consider joining National Seniors as you get with 6.87 million others who will vote in 2013. Your superannuation is your money so let's try to keep it that way!

 

[medhead]

Re: Oz Federal Election 2013 - Discussion and Comments

You might be right. Need to wait for the other 3 statements to see how they went.

I think I have MLC, AMP, Colonial and ING with current employer.

For many years the MLC nest egg was the best of the lot and now they have gone and changed it.

I suggest consolidating down to 2 or 1 funds.