Australian Superannuation Sucks or does it

[Super Nova]

I am getting old enough to really start to understand (or fear) how my retirement funds are going. I made the mistake of not investing in super until I was quite old. Mid 30's.

I have been watching my super fund in Australia just go backwards or stagnate or climb a little year after year. It's bloody crap. It could be just me and the fund I have it in.

However since I came to the UK I get a state penion that is not means tested (if I stay) and I was lucky enough to part of penion scheme that has out performed the Aussie one even though I have been in it a shorter time.

I have been reading that you guys need to really put a lot more into super these days to make it a liveable income on retirement.

What is the state of play on super?
What is your experience so far?
What is/should the government do to address the needs for super for an aging population?

[freediver]

You can't expect the government to fix the sharemarket.

I think they are going overboard with super. Yes you need a lot to retire on, but most people would rather have it invested in their house, business and directly in shares etc than in super. I think that if you can prove you have enough secure savings you should be able to opt out of super completely.

[Super Nova]

You can't expect the government to fix the sharemarket.

I think they are going overboard with super. Yes you need a lot to retire on, but most people would rather have it invested in their house, business and directly in shares etc than in super. I think that if you can prove you have enough secure savings you should be able to opt out of super completely.

I agree. If you opt out, you should get the tax deferal as if you did contibute.

[Viking King.]

One of the big problems that occured with super so far as the worker is concerned, when "Workplace Agreements" came into place it also removed the ability for a great % of worary sacrifice into super, today when you get a job 99% of the time it will be on a casual basis therefore only the company/business have to pay the 9% super, they don't allow you to contribute because it means they have to do paperwork and extra money transfer.
Also, be very aware of the insurance part of your super fund policy, you may have it added without being asked, not a problem, only couple dollars each week, it is for if you are injured, suddenly unable to continue working through a build up of illness and injury over the year and blah blah blah, even though the policy says it will pay, they have the right to reject any claim, therefore taking your money for no other reason that to fill thier pockets, one CEO in USA paid himself more than $800 million in bonus money for one yrs activity.
Super isn't really worth the effort, put your money into long term deposits and just turn it over at the due date.

[IQS.RLOW]

WTF?

English please. You are worse than HBS gay

[IQS.RLOW]

It would be nice to be able to direct your super contributions into something other than a labor stooges pocket but unfortunately the labor govt govt set it up so they have their mates leeching off everyone

Try setting up a SMSF and you will see how the leeches have made it so they can't suck the life out of the average worker where they would have been better chucking it into the bank if they had the chance

Fucking labor scum

[Viking King.]

It would be nice to be able to direct your super contributions into something other than a labor stooges pocket but unfortunately the labor govt govt set it up so they have their mates leeching off everyone

Try setting up a SMSF and you will see how the leeches have made it so they can't suck the life out of the average worker where they would have been better chucking it into the bank if they had the chance

Fucking labor scum

Dear Wank a lot,
what absolute proof do you have that labor set up super funds?
What proof do you have that Labor is taking from the funds?
What proof do you have that rules put in place are not Lib rules so that the CEO of the fund gets richer and richer ripping off the little guy trying to save for a reasonable retirement?

I bet you can't find shit, even the shit you have dribbling out your mouth.
As I made mention of some time back, the Liberal party chose not to fight and stay in power because they had no ideas and no plans for the global recession, gov't know ahead of time when shit is about to hit the fan, the Lib party had no brains with all the ministers put together to keep Australia on top, I believe that when the next one occurs, we again will be on top and the world will again look to Australia for advice.

[Viking King.]

Get on track with at least a little bit of what goes on around instead of just going "FUCK LABOR"

[IQS.RLOW]

Youre an idiot and FUCK LABOR

http://www.thepowerindex.com.au/circles ... 0110928466

The industry super funds grew out of the union movement in the 1980s and many major funds have former Labor identities on their boards. Today they command billions of dollars of superannuation savings.

Super was always a liebor gravy train ride for their union mates

[Viking King.]

Not good enough, show me proofthat Labor started it.
But, as said, when libs get in they change all the rules for the CEO to get all the money,
99% of the time it will be a Lib jerk as a CEO, why? because that's what the Lib party do, the favour money makers who rip off the little guy.