Great video Owen. Is it possible to do a video on defined benefit schemes. I'm a public servant in PSS. There is a lot of information out there about super but a lot of it is not relevant to me as the structure/model is a little different in defined benefit funds compared to general accumulation funds
when super first started in the 80's , i remember well, we went without a payrise , and it was effectively put into super. so, its even more fitting, when you say its your money.! it definately is! yet i find it strange listening to co workers who have no interest in it whatsoever.......they dont realise how tax effective it is, yet theyll complain about the amount of tax they pay ! only thing is its locked up for a long time, but then again the compounding returns can be massive.......another thing people dont understand.........compounding !!
Insurance in super is such a huge 'Balance eroder'. Group life insurers make hundreds of millions of dollars annually from charging super members insurance that they don't even know they have. As members age into their 50's the premiums for death / TPD / IP insurance becomes huge and may cost members $3/4/5k per annum which really erodes your balance. Imagine if this money had remained in your account and had compounded with interest. Please check and cancel any unwanted insurance in super ASAP as you may be costing yourself tens of thousands of retirement dollars. I personally cancelled all insurances just before my mortgage was paid off. I have calculated that my wife and I are probably $50k better off for having done this in our late 40's. Also instruct your children that are getting new jobs etc to check their super and cancel any default unwanted insurances. Under 25's should need to manually opt into insurance because of new laws but still check !
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Great video Owen. Is it possible to do a video on defined benefit schemes. I'm a public servant in PSS. There is a lot of information out there about super but a lot of it is not relevant to me as the structure/model is a little different in defined benefit funds compared to general accumulation funds
when super first started in the 80's , i remember well, we went without a payrise , and it was effectively put into super. so, its even more fitting, when you say its your money.! it definately is! yet i find it strange listening to co workers who have no interest in it whatsoever.......they dont realise how tax effective it is, yet theyll complain about the amount of tax they pay ! only thing is its locked up for a long time, but then again the compounding returns can be massive.......another thing people dont understand.........compounding !!
Insurance in super is such a huge 'Balance eroder'. Group life insurers make hundreds of millions of dollars annually from charging super members insurance that they don't even know they have. As members age into their 50's the premiums for death / TPD / IP insurance becomes huge and may cost members $3/4/5k per annum which really erodes your balance.
Imagine if this money had remained in your account and had compounded with interest.
Please check and cancel any unwanted insurance in super ASAP as you may be costing yourself tens of thousands of retirement dollars.
I personally cancelled all insurances just before my mortgage was paid off.
I have calculated that my wife and I are probably $50k better off for having done this in our late 40's.
Also instruct your children that are getting new jobs etc to check their super and cancel any default unwanted insurances.
Under 25's should need to manually opt into insurance because of new laws but still check !
By what age, we can withdraw super tax free?