JC Political Thread - For All Things Political Part 2

[AirStrike]

Absolutely, but be very mindful that many people are being ripped off setting up SMSF or being in a retail super fund.

Yeah I wouldn't touch the retail super funds.
Lots of the industry ones have very low fees and decent performance.
SMSF isn't for everyone, as you said there are generally additional fees and more work required on your own end. Industry super funds are great in that you can basically select your level of risk (how your funds are invested) and put it on auto pilot.

 

[VS 5.0]

Well done.

imho, definitely a great idea to pump as much as possible in to super as early as possible. Once the magic of compounding interest kicks in, and the annual interest becomes larger than the contributions, it’ll take care of itself.

My young bloke (19 y/old 2nd yr apprentice) is already doing that.

 

[shane_3800]

My young bloke (19 y/old 2nd yr apprentice) is already doing that.

Yea I wish I had been doing 15% from that age, I would be at like 250k by now.
If I can get to 700k by 55 I could start drawing some out and work casual.

 

[chrisp]

Yea I wish I had been doing 15% from that age, I would be at like 250k by now.
If I can get to 700k by 55 I could start drawing some out and work casual.

You may want to check your preservation age https://www.industrysuper.com/retirement-info/retirement-calculators/when-can-i-access-my-superannuation/#:~:text=If you were born before,there may be tax payable.

Not that it is a total block from being able to wind down from work earlier, but you might need an alternative investment to tide you over?

 

[shane_3800]

You may want to check your preservation age https://www.industrysuper.com/retirement-info/retirement-calculators/when-can-i-access-my-superannuation/#:~:text=If you were born before,there may be tax payable.

Not that it is a total block from being able to wind down from work earlier, but you might need an alternative investment to tide you over?

You can access super from 55 but you have to pay tax on it, so if it was to say supplement 2 days a week of work, it can make sense.
But yea it's 60+ for tax free.

 

[chrisp]

You can access super from 55 but you have to pay tax on it, so if it was to say supplement 2 days a week of work, it can make sense.
But yea it's 60+ for tax free.

I’m not across all the ins and outs of being able to access superannuation early, but you might like to read this… https://www.ato.gov.au/individuals-...access-to-super/illegal-early-access-to-super

 

[J_D 2.0]

Pump into it till you hit $200k then pull it and setup a SMSF and buy property just to annoy JD

$200k won’t buy you much property these days.

 

[MasterOfReality]

I think I missed the boat with super. Lost 5 years when I did post grad at uni, then I haven't paid myself super since starting my own company 5 years ago, preferred to direct that extra cash to paying off the mortage. I'm 44 and have just under $300k in it. I intend to retire at 55.

I was thinking of putting in as much as I can (without triggering extra taxes but I'm not sure if that is even possible with Div 293 or whatever it is) over the next 10 years as it does get pretty healthy returns, haven't looked into it all that much but am wary of governments messing with it. Will need to research more.

At the moment I'm treating super as a nice boost that comes on-line once I can access it, everything else is self funded from other investments.

 

[shane_3800]

I’m not across all the ins and outs of being able to access superannuation early, but you might like to read this… https://www.ato.gov.au/individuals-...access-to-super/illegal-early-access-to-super

I can't remember the entire details, but yea you might be able to work X amount.
But when the Spirit super people came past my work they said that you can access it at from 55, but the 55-60 window you have to pay tax.
Then from 60-65 there's another set of ruels.
Then 65+ is open slather.

 

[AirStrike]

$200k won’t buy you much property these days.

That’s the deposit. Would be looking at properties around the $750k mark factoring stamp duty, etc