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  1. #1
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    Default Super - extra contributions

    SAHMs in particular - do you make any contributions to your super?

    Or does anyone make additional contributions?

    My stepdad is accessing his super to retire, and they have enough to pay off their house. It got me thinking I really should be putting something away. Im thinking even maybe just $500 tax every year? $200 would cover my insurance.

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    Default Super - extra contributions

    My husband and I both put in 5% of our annual income. I'd like to put in more but that's all we can afford, we put extra on the mortgage and that seems important at this stage of our lives.

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    blissfulfairy  (08-07-2015)

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    I do an extra $20 a fortnight, probably not enough but can't afford much more at the moment. Will increase it once we've paid off our loans!

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    blissfulfairy  (08-07-2015)

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    My mum lost all her extra contributions, which totaled about 10k (not much, but still) after the market crashed, so I won't be putting any extra on mine. If I do anything, I'll save some in an account.

    I also know of others who lost a lot of money putting extra.

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    Quote Originally Posted by hopeful1986 View Post
    My mum lost all her extra contributions, which totaled about 10k (not much, but still) after the market crashed, so I won't be putting any extra on mine. If I do anything, I'll save some in an account.

    I also know of others who lost a lot of money putting extra.
    You don't lose it unless you sell. In the meantime the growth you will see in your invested account will far outstrip the loss you will take keeping it in a bank account. Between now in your say 30s and when you access your super in your 70s you'll have made lots of gains and will be able to weather a downturn in the market.

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    blissfulfairy  (08-07-2015)

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    Quote Originally Posted by Acadaca View Post
    You don't lose it unless you sell. In the meantime the growth you will see in your invested account will far outstrip the loss you will take keeping it in a bank account. Between now in your say 30s and when you access your super in your 70s you'll have made lots of gains and will be able to weather a downturn in the market.
    Ok, thanks. I don't know or understand much of anything about super except what happened to my mum and some others. I might look into it more after what you've just told me. Thanks.

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    Acadaca  (08-07-2015)

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    We put extra into hubby's super while I am out of work. It's a stretch on one income which is relatively low as it is but I believe it will be worth it later on.

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    Im a SAHM for a year. I worked out how much I'd earn for a year then what the super would have been and when I go back to work next year it's been included in our budget to be replaced.

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    Quote Originally Posted by blissfulfairy View Post

    My stepdad is accessing his super to retire, and they have enough to pay off their house.
    This is why super IMO is a waste of time. Put all of your extra money into an offset account against your mortgage, it reduces the interest you pay during the life of the loan and you will pay your house off quicker, as you will pay less interest all together as you'll pay off your loan sooner

    With no mortgage having a slightly smaller super fund won't matter as you'll only then have living expenses, not interest repayments to a bank.

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    I just ran your $500 extra repayments idea through a mortgage calculator and at $20 extra a fortnight ($500 a year) on a $600,000 mortgage you'll save yourself 10 months worth of repayments and $18,114 over the life of the loan. Or $603.80 per year so you would have made $103.80 on top of the $500 a year you would have saved/invested in your loan.

    Increase it to $30 a fortnight you're saving $26,668 and 14 months off your loan.


 

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