I used to agree with putting extra into Super. I am actually contributing $200 a month myself into my Super, but I still think they will **** us over on it when the time comes to get it so I'm not throwing all my money at it. I am 44 and I think they will change the rules before I even get mine. I'd rather have control of my money with property or shares meaning I can sell them whenever I want as opposed to Super which I can't touch it until I am 67 and that's if I live long enough to even get it and the Government may change the goal posts along the way also. The Government has nothing left, they are ****ed. The only thing they have left is our Super, so watch for changes coming to that. Already adding another 15% tax for those with $3M in Super, give it another few years as I said and they will work out there are more people with $2M in Super than $3M in Super, so they will put in extra tax for those with $2M in Super. 5 minutes after that, they will work out there's even more people again with $1M in Super and they will hit those people also. I see my Super as play money if we are even lucky enough to get it when our time comes, invest your money elsewhere along the way and have fun with that.
I do agree that it would be foolish to not have significant savings and investments outside of super (for the reasons you point out - the big one having the option to access to capital before retirement age), there's a few things that need highlighting in regards to your assumptions though: - Nobody can predict the future and what the govt are going to do. What you can predict though, is what they are doing now and to make the best decisions based on it. I'm 7 years out from being able to access my super, and I've been hearing that "it's not worth investing in super because the govt..." argument my whole life. As long as you're above the average saver, you'll be fine no matter what happens. - Access to super is at 60, not 67. That's only 16 years away for you. You'll be shocked how quickly you get there. - Even 15% tax on earnings is better than the full marginal rate you'll be paying on earnings now, and the tax you're quoting is on the earnings - not the balance. There's never been any talk of taxing the balance. - You can have full investment making decisions within super, right down to the last dollar. like I said, super is a vehicle, not an investment. I completely agree with you that you should have substantial investments outside of super - mainly because it's a good idea to have the option of retirement prior to 60, but if you don't at least max out your concessional contributions you're really forfeiting one of the very last free kicks available to tax payers. Knowing when to save and when to Yolo is the great debate of our time. If only we knew how long we are going to live for, we could plan for the perfect retirement.
My same thought when I was at that age. Long time ago. I guess when you’re closer to 60, you then to look at it a bit. However by then, your balance may hit $500k and over in which case you are ineligible. In other words they’ve all worked it all …
I agree with all of that and thanks for clearing some of that up for me. A little bit of everything is better than not doing anything at all. I also didn't realise you could access your Super at 60? My Father in-law was born in 1957 and he could get it at 60, but my work mates are telling me at my age I can't access my Super until I am 67. I've never looked into the age part of it, but I know my Super is flying along and now I mention it, when I log into my Plum Super app on my phone, there is a Super Calculator there and I don't have to type anything in, but it says I will have $2.16M in Super when I retire at 67. Obviously if I am still earning the same money I am on now and more for the next 23 years. So maybe it is 67 for someone born in 1980 like myself and maybe there's where I got the I have to be 67 years old before I can access my Super from?
100% A little extra in Super, a couple of properties and some shares would be nice if you can afford it. I have a work mate that went all in for some Lithium shares that were the next big thing. $1M in, down to $300K at the moment. He is the same age as me and has no other investments and minimal Super now as he used most of his Super money and a bank loan to put $1M into those shares lol. Told him not to put all his eggs into one basket, but he knew best. Hopefully it turns around for him, his Wife wants to leave him because he's obsessed with these shares and he keeps buying more every chance he gets because it's at the bottom of the cycle lol.
pension age is 67. Retirement age (when you can access super) is 60. with the amount you have projected in super, you likely won’t be able to get the pension anyway.
Aaaaaaaaaah, I get you now! Yeah, definitely won't be getting the pension which is not a problem. Thanks again.
Are you only 53? From your posts I thought you were like 80? Olio. Sent from my iPhone using FerrariChat
The USA write-off GTC/4 is sitting at $131,500 on Pickles auction site. There appear to be only 2 bidders. Also a too-cheap-to-be-true K code Mustang, with lots of coats of shiny paint.
LOL - I am tempted by the C4. At that price you can justify the cost of a body-off chassis replacement. But it will always be a stories car. I'm betting there will be some good value cars in 2025, as the Labor & Democrat economic chickens come home to roost.
LOL, this is so true, especially the part about members complaining about the price of the restaurant. Like the saying goes, When the tide goes out, that's when you see who's swimming naked.
Beer > Champagne. Champagne's one of the most overrated things going around. Even more overrated than a Bentley Continental.
