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  1. #751
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    Quote Originally Posted by Wally90 View Post
    But that is OUR money. IMO they don't have any right to touch that or dictate when it's accessed. What about people who are labourers, welders etc who constantly lift heavy items as part if their job? Surely a 70 year old can't be expected to do that?
    It's not really our money. That is why as a finance professional I always advise against putting extra money in your super. Even if it saved tax dollars. False economy.

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  3. #752
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    Quote Originally Posted by Lili81 View Post
    It's not really our money. That is why as a finance professional I always advise against putting extra money in your super. Even if it saved tax dollars. False economy.
    How so? We do this every year and have always been advised to do it.

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  5. #753
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    Quote Originally Posted by Lili81 View Post
    It's not really our money. That is why as a finance professional I always advise against putting extra money in your super. Even if it saved tax dollars. False economy.
    I consider super as "our" money. It's held in trust for you and is a way of forced saving towards retirement. When you're young is normally doesn't make sense to put money towards super but definitely as you get older (and heading towards retirement) you should consider putting extra money there.

    By lifting age of access to super they're trying to encourage people to remain in work force longer, but also people who are still working then have to wait longer before they can commence tax effective strategies using their super.

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    Last edited by Night Owl; 21-05-2014 at 08:18.

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    Quote Originally Posted by Night Owl View Post
    When you're young is normally doesn't make sense to put money towards super but definitely as you get older (and heading towards retirement) you should consider putting extra money there.
    When I started my first "proper" job at 21, I do the maximum personal contribution so that I will never know any different. As opposed to starting off with the minimum contribution and going "oh crap, in 20 years time". Also meant I get the maximum contribution from my employer.

  7. #755
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    Quote Originally Posted by wannawannabe View Post
    When I started my first "proper" job at 21, I do the maximum personal contribution so that I will never know any different. As opposed to starting off with the minimum contribution and going "oh crap, in 20 years time". Also meant I get the maximum contribution from my employer.

    Definitely not a bad idea if you wont miss the funds and you were entitled to the Government Co-contributions, as you're building your retirement savings up early.

    Normally I would recommend younger clients contribute enough to get the maximum Government Co-contribution but then use their surplus money to invest outside super.

    The big big issue with putting money into super while you're young is accessibility. Young people generally have things they want to save for e.g. purchase of home etc. If you're putting large amounts into super early on when you then need the funds to buy a home you can't get it out of your super.

    Also if you plan to retire earlier then when your super can be accessed, you need to have built up investments and savings outside super.


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    Last edited by Night Owl; 21-05-2014 at 13:58.

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  9. #756
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    http://mobile.news.com.au/finance/mo...-1226925020644

    Did anybody else see this? Could he be anymore of an arrogant creep?!

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    Quote Originally Posted by Lili81 View Post
    It's not really our money. That is why as a finance professional I always advise against putting extra money in your super. Even if it saved tax dollars. False economy.
    I would love to know how it's not our money? I work "X" number of hours a week and get paid "X". Super is taken automatically from my pay cheque making it my money? That's what I always thought.

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    Just read TA's daughter got a $60 000 scholarship for a design school from one of his donors.
    and cutting education funding for the rest of the country 😡

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    Quote Originally Posted by Mummy12 View Post
    Just read TA's daughter got a $60 000 scholarship for a design school from one of his donors.
    and cutting education funding for the rest of the country 😡
    I just read that too. Free education for the rich, while the poorest and most vunerable members of society pay through the nose for any attempt to better themselves through higher education.

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