Parents should stop asking schools to do their job. You think a 15yo gives a toss about compounding interest and the difference of share trading in a bear market?
Don't think that it's not for a reason. Research the beginnings of governemnt education, its indoctrination not education. It's funny because a grade 7 from 100 years ago is far smarter than the majority of high school graduates from now.
Whether you like Superannuation or not it is the system we have in place now and there is no changing that. The thing everyone needs to realise is that Super is a system that you need to engage with to get the most out of it. As someone working in the industry what i recommend is that you call your super fund as i know for a fact that many fund will give financial advice on the phone for free.
I started my super in 1987. I took a genuine interest in it around 2006. Best thing I ever did to educate myself. I have my kids fully involved in theirs from the first day of employment. Get involved.
Clearly, everyone who is contributing to any form of Social Security or National Insurance needs to learn about the benefits, the costs, the risks, and the options available. It is very risky to be putting your money into something for years or even for decades without asking any questions, or seeking any education or independent advice. Why do most people spend more time planning a 2-week vacation than a 20-year retirement?
I'am 65 years young. Ready to be kick out. After 30 years of work my super it's not good enough. Royal Commission actions again those super companies nothing happens, no-one was punish. No one was send to jail, to send a message to crooks. They get their wages over a couples of months, but not changes happened. I believe the most you ask to financial advisers, the most you losse. In my case I trust to my super company, and the only thing I know is they get better money than me, for administrations fees. Governments know that. And the only thing I can do it, is don't vote for them. It's too late for me to do something. I know i'am not the only one we are millions in the same position. Solution to me is maybe back where I came from. It's sad after more than 30 years of work.
Superannuation should be frozen against any and all taxes full stop! It is meant to be a nest egg for retirement the recipient worked hard for. Why is superannuation eaten up by fees and taxes? Whats the point? Fluctuations in economy, banking and Government agencies changing laws and fees. Again, Australian Workers are being violated and robbed every day! It needs to STOP! Maybe these "promise me more" agencies should FOOT THE BILL!
Unfortunately this is a huge issue. Fees are just too high should be capped at no more than 0.1% and should be tax free. There are talks of increasing tax on super which labor will do via franking credits. Our future is stolen from us by taxes
Super pays taxes at 15% because the contributions are treated as tax deductions. Your work claims 100% of the contributions and is in the case of a company avoids paying 30% tax for that deduction. Likewise if you are making personal contributions your marginal rate might be 45%, claiming a tax deduction for that money means it's only taxed at 15% in the superfund. The earnings of your fund are taxed at 15% and then when you draw a pension the earnings and pension income is tax free. You think the contributions and earnings should all be tax free and then the pensions tax free, if you think that isn't going to benefit the wealthier more then you're mistaken.
Why on earth would someone ever leave an industry fund. 2 minutes research shows they have lower fees and better returns than crappy bank run retail fund. Also why run multiple accounts when 5 minutes on "mygov" they can be consolidated. People need to take some responsibility.
Why should people pay fees to learn about their superannuation? Shouldn't superannuation be explained in-depth for free considering that it is a government service after all?
Industry funds are a better option than retail funds. AMP has consistently pissed my investment up against the wall. All of the previous board and senior members should be locked up and stripped of their assets. They lied and stole my money.
One key point to remember is that there is no free lunch, Be very careful putting your money into an industry fund and being charged Lower fees becuase these lower fees come at a cost, the investments are not activley managed and many people have the potential for severe losses if we move into a recession or another GFC. I understand everyone seems to feel enlightened after the royal comission, however i would argue that mnay people still have no idea what they are invested in. Be careful guys
Then there is that other problem: we cant know for certain that a fund which outperformed the market last year will continue to outperform this year and so on.
Every Australian worker should be forced to watch this 12 minute video. Its an eye opener. I changed to an industry super fund 6 years ago. But before that i was in a retail fund that stole all my money. They are criminals.. thank goodness im only 38.. but i feel like allot of damage has been done.
Sucking into people’s retirement money to ameliorate all the capital and income risks? Thus was never considered as part of the superannuation wages trade off
Why not just put all into an Alaskan style Permanent fund that pays dividends? With as much as everyone is putting in, everyone could easily have $5000 per month in retirement for the rest of their life. No fees or consolidated single fee. Still is an independent company but highly regulated.
My husband was bitten by dogs and was not able to work for more than 3 months. He got nothing from CBUS. While, if that happens to me. I will get 3k a month from my Super.
CLOSE DOWN THE WEALTHY SUPERANNUATION INTREST, FEES, ADMINISTRATION, AND CHARGES INDUSTRY IMMEDIATELY,,,,. ONLY HAVE THE AGED RETIREMENT PENSION, with those less fortunate in life paid a little more. in tern they spend a little more at the shop's, unless the utility's go up at the same time as the pension is increased etc, utility's know the timing to increase, just at the time pensioner's get an increase etc.
The answer is not always to change to another super fund. Most super funds have many investment choices and one may suit you better. Markets go up and down. To reduce risk never put all your eggs into one basket. Eg a SMSF investing in one property earning income from one tenant. Even though most of you feel Financial Planners are evil, there are many who can help you, so that you don't live with regret at age 67, because you did not know better. I am a Financial Planner and I am a good person. We are not free or cheap, but we are better value than the free advice you get from a call centre employee
I pay super for almost 20 years I m a retiree I got for my super $22,000 from on $8,000 from other one y used to pay 20 a week aerospace paid $75 intoy super I retired a work accident I. Get only a total ,$30,000. Not $300,000
Tax effective my a$$. 15% Tax on everything you pay in, then leaching fees and costs while you carry all the investment risk personally? I don’t think so.
you pay 15% tax on money you pay in if you salary sacrifice.. that money if you kept it would be taxed at your normal rate..30-40% depending what you earn..if you pay in extra money not salary sacrificed you pay no tax on it..in fact if you earn less than acertain amount the government will match your contributions up to $500....seems like you have no clue about super...like most of the numpties who can't be bothered educating themselves then moan when they are broke in retirement
Your superannuation is in safe hands and also earning better investment returns in an industry fund. Transfer your SMSF now and reap the benefits. A no brainier.
"Workers not engaged" in their super. I'm all for super funds not ripping people off, but if people aren't responsible for their own money, then you can't really complain about the outcome. When they scrap the aged pension people will start taking super seriously.
Crap...you can decide where they invest your money...domestic and international shares, infrastructure , cash, etc....unless you are in a crappy retail fund, then the banks just take all the profits...my industry super has averaged 9.7% growth for the last 3 years....4 times better than half the retail funds..infact I have more money in it now than when I retired ( at 60 )
The damn government is RESPONSIBLE for insuring the safety of the community and country as a whole, I mean what do we pay taxes for???? Don't tell me that ohhhh its the fault of the Super fund your in, we as the customer should do our research because you're basically telling me that YOU as the government take no responsibility for anything that is being done to you by these Super funds and you all are just going to idly sit by and allow it to happen, but we're going to lead you (the people) to believe that we're doing right by you by informing you.......PFFFFFTT! I call BS!!
Financial literacy needs to be taught at school.
Anthony Coert AMEN!
Totally agree.
Parents should stop asking schools to do their job. You think a 15yo gives a toss about compounding interest and the difference of share trading in a bear market?
Anthony Coert lets start with the miricle of compound interest as the # 1 lesson !
Don't think that it's not for a reason. Research the beginnings of governemnt education, its indoctrination not education.
It's funny because a grade 7 from 100 years ago is far smarter than the majority of high school graduates from now.
Whether you like Superannuation or not it is the system we have in place now and there is no changing that. The thing everyone needs to realise is that Super is a system that you need to engage with to get the most out of it. As someone working in the industry what i recommend is that you call your super fund as i know for a fact that many fund will give financial advice on the phone for free.
I started my super in 1987. I took a genuine interest in it around 2006. Best thing I ever did to educate myself. I have my kids fully involved in theirs from the first day of employment. Get involved.
Superannuation didn’t start until 1992. It’s literally talked about in the first part.
@@JD-wy6ps *compulsory super
@@JD-wy6ps LOL ......i had super in 1986........it was there.
There was little to get enthused about super when the RBL was around. I also took active interest from 2005.
Clearly, everyone who is contributing to any form of Social Security or National Insurance needs to learn about the benefits, the costs, the risks, and the options available. It is very risky to be putting your money into something for years or even for decades without asking any questions, or seeking any education or independent advice. Why do most people spend more time planning a 2-week vacation than a 20-year retirement?
Couldn't agree more.
Changed my SMSF back to a balanced industry super earlier this year, best decision yet. keep it simple. Always simple.
Agreed!!!
My SMSF is simple. Really simple. Better returns and a lot cheaper than an industry super fund.
I'am 65 years young. Ready to be kick out.
After 30 years of work my super it's not good enough.
Royal Commission actions again those super companies nothing happens, no-one was punish. No one was send to jail, to send a message to crooks. They get their wages over a couples of months, but not changes happened.
I believe the most you ask to financial advisers, the most you losse. In my case I trust to my super company, and the only thing I know is they get better money than me, for administrations fees.
Governments know that. And the only thing I can do it, is don't vote for them. It's too late for me to do something. I know i'am not the only one we are millions in the same position. Solution to me is maybe back where
I came from. It's sad after more than 30 years of work.
Superannuation should be frozen against any and all taxes full stop! It is meant to be a nest egg for retirement the recipient worked hard for. Why is superannuation eaten up by fees and taxes? Whats the point? Fluctuations in economy, banking and Government agencies changing laws and fees. Again, Australian Workers are being violated and robbed every day! It needs to STOP! Maybe these "promise me more" agencies should FOOT THE BILL!
it was never meant for the people.
@@richardminhle This.... ^^
@@svsdssp3196 Go away silly bot.
Unfortunately this is a huge issue. Fees are just too high should be capped at no more than 0.1% and should be tax free. There are talks of increasing tax on super which labor will do via franking credits. Our future is stolen from us by taxes
Super pays taxes at 15% because the contributions are treated as tax deductions. Your work claims 100% of the contributions and is in the case of a company avoids paying 30% tax for that deduction.
Likewise if you are making personal contributions your marginal rate might be 45%, claiming a tax deduction for that money means it's only taxed at 15% in the superfund.
The earnings of your fund are taxed at 15% and then when you draw a pension the earnings and pension income is tax free.
You think the contributions and earnings should all be tax free and then the pensions tax free, if you think that isn't going to benefit the wealthier more then you're mistaken.
Why on earth would someone ever leave an industry fund. 2 minutes research shows they have lower fees and better returns than crappy bank run retail fund. Also why run multiple accounts when 5 minutes on "mygov" they can be consolidated. People need to take some responsibility.
Insurance for certain industries isn’t covered by industry funds
everyone is led by greed... this is the biggest of our problems
Why on earth would someone even consider plotting their super in a retail bank.
Why should people pay fees to learn about their superannuation? Shouldn't superannuation be explained in-depth for free considering that it is a government service after all?
There are many free information sessions that super companies run.
Personal finance is not that complicated. I think what people need more is tax advice, which is different. Very good report.
FlowerGrower Smith agreed most of us overpay in taxes
Totally agreed!
Industry funds are a better option than retail funds. AMP has consistently pissed my investment up against the wall. All of the previous board and senior members should be locked up and stripped of their assets. They lied and stole my money.
The Low cost super fund is the way to go. Keep it simple. Do Not chase the "high returns" portrait by the retail super fund, or you may get burnt.
One key point to remember is that there is no free lunch, Be very careful putting your money into an industry fund and being charged Lower fees becuase these lower fees come at a cost, the investments are not activley managed and many people have the potential for severe losses if we move into a recession or another GFC. I understand everyone seems to feel enlightened after the royal comission, however i would argue that mnay people still have no idea what they are invested in.
Be careful guys
Government watch dog should scrutinize ALL non-performing Superfunds. Period.
Sam Sebastian Khor what if 96% of funds underperform the market over 10 years average?
Then there is that other problem: we cant know for certain that a fund which outperformed the market last year will continue to outperform this year and so on.
Every Australian worker should be forced to watch this 12 minute video. Its an eye opener. I changed to an industry super fund 6 years ago. But before that i was in a retail fund that stole all my money. They are criminals.. thank goodness im only 38.. but i feel like allot of damage has been done.
If everyone ditches retail funds sold by Big banks like ING, ANZ etc the problem could be easily fixed.
Pretty simple answer - be apart of a union or continue to be ripped off more by capitalism.
The D Shackle I love union's they have given us so much 👍
The good news is that everyone (members and non members) can invest in industry funds.
Go unions!
Sucking into people’s retirement money to ameliorate all the capital and income risks?
Thus was never considered as part of the superannuation wages trade off
Thank you for this video...
Yes, will remember what that financial advisors words at 6:00.
Why not just put all into an Alaskan style Permanent fund that pays dividends? With as much as everyone is putting in, everyone could easily have $5000 per month in retirement for the rest of their life. No fees or consolidated single fee. Still is an independent company but highly regulated.
My husband was bitten by dogs and was not able to work for more than 3 months. He got nothing from CBUS. While, if that happens to me. I will get 3k a month from my Super.
Forced to save into a poorly regulated system. Government should compensate us. Maybe then they would have some accountability.
CLOSE DOWN THE WEALTHY SUPERANNUATION INTREST, FEES, ADMINISTRATION, AND CHARGES INDUSTRY IMMEDIATELY,,,,. ONLY HAVE THE AGED RETIREMENT PENSION, with those less fortunate in life paid a little more. in tern they spend a little more at the shop's, unless the utility's go up at the same time as the pension is increased etc, utility's know the timing to increase, just at the time pensioner's get an increase etc.
The answer is not always to change to another super fund. Most super funds have many investment choices and one may suit you better. Markets go up and down. To reduce risk never put all your eggs into one basket. Eg a SMSF investing in one property earning income from one tenant. Even though most of you feel Financial Planners are evil, there are many who can help you, so that you don't live with regret at age 67, because you did not know better. I am a Financial Planner and I am a good person. We are not free or cheap, but we are better value than the free advice you get from a call centre employee
Union funds all the way.
Better half a loaf every year than the promise of a bread truck but only crumbs to be found
I pay super for almost 20 years I m a retiree I got for my super $22,000 from on $8,000 from other one y used to pay 20 a week aerospace paid $75 intoy super I retired a work accident I. Get only a total ,$30,000. Not $300,000
rest super are good, got financial advice for $490 5 years ago and now ive made $5000 on top of my super from work for every year for the last 5 years
its a bit insulting that the assumption is that "i" "wont" invest in "my" money effectively
My advice is: don’t follow financial advice from some random person on YT comment.
Tax effective my a$$.
15% Tax on everything you pay in, then leaching fees and costs while you carry all the investment risk personally?
I don’t think so.
you pay 15% tax on money you pay in if you salary sacrifice.. that money if you kept it would be taxed at your normal rate..30-40% depending what you earn..if you pay in extra money not salary sacrificed you pay no tax on it..in fact if you earn less than acertain amount the government will match your contributions up to $500....seems like you have no clue about super...like most of the numpties who can't be bothered educating themselves then moan when they are broke in retirement
@@paulmelrose1133 not sure it’s exactly as you describe.
Your superannuation is in safe hands and also earning better investment returns in an industry fund. Transfer your SMSF now and reap the benefits. A no brainier.
Good luck with your super everyone. Annnnnnndddddd it's gone.
Predators everywhere.
Which supper u r with? Pls let us know
Unisuper if possible but if not Australian Super or Hostplus
Very Informative
"Workers not engaged" in their super. I'm all for super funds not ripping people off, but if people aren't responsible for their own money, then you can't really complain about the outcome.
When they scrap the aged pension people will start taking super seriously.
All heavily weighted in finance and real estate. Enjoy the next ten years watching your grown go back to 0.
Crap...you can decide where they invest your money...domestic and international shares, infrastructure , cash, etc....unless you are in a crappy retail fund, then the banks just take all the profits...my industry super has averaged 9.7% growth for the last 3 years....4 times better than half the retail funds..infact I have more money in it now than when I retired ( at 60 )
The damn government is RESPONSIBLE for insuring the safety of the community and country as a whole, I mean what do we pay taxes for???? Don't tell me that ohhhh its the fault of the Super fund your in, we as the customer should do our research because you're basically telling me that YOU as the government take no responsibility for anything that is being done to you by these Super funds and you all are just going to idly sit by and allow it to happen, but we're going to lead you (the people) to believe that we're doing right by you by informing you.......PFFFFFTT! I call BS!!
No.
Wealth transfer from poor to unaccountable rich done by the unions and ALP who make a fortune out of this.
Unions and ALP didn’t make any money out of this.
Super companies did with fees.