My current super balance is?

[numbercruncher]

Your kidding are'nt you.

Can you find any evidence that they will give money from super for medical, or loss of job etc.

Not a "We may" give some back, but actual examples please.

Dave

Have a crack at google its a wonderful service.

Superannuation fund trustees and RSA providers administer the release of benefits on the ground of severe financial hardship according to a simple objective test as well as a subjective test. That is, to be granted an early release you must:

There are only very limited circumstances where benefits may be released on specified grounds. These are defined in Regulations cover expenses in respect of:

medical treatment for the member or his/her dependant where the treatment is necessary to treat a life threatening illness or injury, or to alleviate acute or chronic pain or acute or chronic mental disturbance, and where such treatment is not readily available through the public health system;
medical transport for the member or his/her dependant to access treatment necessary to treat a life threatening illness or injury, or to alleviate acute or chronic pain or acute or chronic mental disturbance;
modifications to the family home and/or vehicle to meet the special needs of a disabled member or his/her disabled dependant; or
palliative care or death, funeral, or burial expenses for a member or his/her dependant.
In addition, it is possible to have an amount released to a member to prevent foreclosure of a mortgage, or exercise of a power of sale over the member's principal place of residence.

http://www.apra.gov.au/Superannuation/Early-Release-of-Superannuation-Benefits.cfm

I cant be bothered finding specific examples of joe blows who have used these rulings to access there super, im sure you can if your interested.

 

[Kathmandu]

From the same site, http://www.apra.gov.au/Superannuation/Early-Release-of-Superannuation-Benefits.cfm

"Superannuation fund trustees and RSA providers administer the release of benefits on the ground of severe financial hardship according to a simple objective test as well as a subjective test. That is, to be granted an early release you must:

be in receipt of a Commonwealth income support payment, and have been so, continuously, for the last 26 weeks; and
satisfy the trustee/RSA provider that you are unable to meet reasonable and immediate family living expenses."

And add in the delay of getting on the benifits in the first place and it's more like 30 weeks before applying, and then how long till payment.


"If you satisfy both of the above tests, the trustee/RSA provider may, in any twelve month period, release to you one lump sum payment. The lump sum payment is to be no more than a gross amount of $10,000 and no less than $1,000 (or the balance of your benefit if it is less than $1,000)."

I take it that you will be taxed on the amount they release, so could be as little as a maximum of $5800, hope that'll keep the wolves at bay and pay those medical expenses.

Dave

 

[numbercruncher]

Davo,

Im not implying that super is a substitution for medical or employment insurance, just merely pointing out one of the benefits of super.

Im assuming your anti super ?

 

[adobee]

Your kidding are'nt you.

Can you find any evidence that they will give money from super for medical, or loss of job etc.

Not a "We may" give some back, but actual examples please.

Dave

I would consider super my best investment I make about 32% immediately on anything I put in it and it cant be touched should something happen in my business life.. Plus the government gives me an extra $1500 for $1500 I put in thats 100% return..

 

[Kathmandu]

I am not Anti -Super as such, it's just that when I invest in something I want to have control of how it is invested.

I also want to be able to use those investment's to borrow against for more investment's, and to be able to use money's from my investments to spend on things for my enjoyment now, not when I retire.

I plan on retireing in a couple of years in my early 40's, due to my investments so far, whereas if I tipped all my spare money into super, I would have to work until I retired at 65

It's all very nice getting 32% and a goverment contribution this week, but if you can't use it or access it, it's neither here nore there until you retire.

If I was closer to retirement age, my thought's would be different, but at a young age, it does nothing for me.

Dave

 

[theasxgorilla]

Isn't the highest preservation age 60? If we consider that the government is trying to get us all to work at least until 65, or even longer if possible, 60 is a form of early retirement, relatively speaking.

 

[Flying Fish]

Basicially if you lose an arm or leg you can access, but i believe there are still hidden fees. Anyone of young age should forget about it, because, you would waste your youth putting money in the hands of a government that may, and already has, done, a back flip.

Forget, only contribute if on the rock and roll.

 

[hilly1981]

There are people that are saying that they dont wish to inject additional funds into their super cause the rules will change again in another 10-20 years time.

Why does it appear that people with that argument assume it will be for the worse? The changes to the super laws in the past 10 to 15 years have become better and better. Who knows they may be fantastic in 20 years time. That is just a risk you take.

Also with those who argue that you should really utilise your money now and invest and therefore set yourself up to retire in your 40's, that is up to the individual.

You will have those who would get bored and want to go back to work to challenge themselves, and others that are happy to sit around or travel. I know personally I would go nuts not working even if I had plenty of money in the bank.

There is no right or wrong way about this. Your money, your decision.

 

[YELNATS]

Also with those who argue that you should really utilise your money now and invest and therefore set yourself up to retire in your 40's, that is up to the individual.

You will have those who would get bored and want to go back to work to challenge themselves, and others that are happy to sit around or travel. I know personally I would go nuts not working even if I had plenty of money in the bank.

There is no right or wrong way about this. Your money, your decision.

Many of those who say they wish to retire in their 40's haven't thought about it much at all. They would still have on average 40 years to live on the limited funds they have accumulated only over 20 years or so. As such they would probably be forced back into the work force at some point. And they would have paid high taxes accumulating these funds outside superannuation.

 

[krisbarry]

I would consider super my best investment ..

Couldn't agree more...my super is also the best investment...and I am happy to continue dumping spare cash into this baby.

The rules state money can be taken out of super at 55 years of age and above.

So my plan is to retire at 55 ish!

 

[insider]

$0.00 for me

 

[Barrw]

not a cent more than i have to,
prefer to have hands on my $ to do as i please

 

[Kathmandu]

Many of those who say they wish to retire in their 40's haven't thought about it much at all. They would still have on average 40 years to live on the limited funds they have accumulated only over 20 years or so. As such they would probably be forced back into the work force at some point. And they would have paid high taxes accumulating these funds outside superannuation.

But some of us have

 

[krisbarry]

not a cent more than i have to,
prefer to have hands on my $ to do as i please

That is the danger and that is why Australians are useless at saving.

We spend all our dosh and more (credit)

Australians (well almost all of us) are piss poor at saving, hence super is a brilliant protection against continual errosions of savings.

Because I cannot touch it, it simply doesn't exsists.

I am like 99.9% of Australian's who have a savings account...there is always an excuse to dip into it for that CD/DVD, car, night out on the town, clothing, furniture etc etc.

I know that when I Bpay money across to my super it goes towards my future wealth and doesn't get touched along the way, and therefore there is also no tempation to spend it.

 

[TheRage]

Couldn't agree more...my super is also the best investment...and I am happy to continue dumping spare cash into this baby.

The rules state money can be taken out of super at 55 years of age and above.

So my plan is to retire at 55 ish!

Only if you meet a condition of release or you might have to wait until you turn 60.

Conditions of release include:
1) Retirement after preservation age where there is termination of employment and no intention to return to full time employment or part time employment.
2) Retirement after age 60.
3) Reaching preservation age but not retired- can access funds via non- commutable income stream (Transition to Retirement)
4) Permanent Incapacity
5) Financial HArdship or compassionate grounds
6) Permanent Departure from Australia- temporary visa holders only
7) Termination of emploment only any age but can only access restricted non-preserved benefits.

Preservation age for anyone born later than 1 july 1969 is 60. Therefore to access funds before 60 one of the conditions above must be met.

For what it is worth I do beleive that Superannuation represents a superior tax structure for investing. However I also feel that when the government can no longer pay age pension because 1/4 of the population are supporting the remainder, then Super will be an easy target for all sorts of tax. My view is to build up both Super and non super investments.

This is not financial advice.

 

[hilly1981]

For what it is worth I do beleive that Superannuation represents a superior tax structure for investing. However I also feel that when the government can no longer pay age pension because 1/4 of the population are supporting the remainder, then Super will be an easy target for all sorts of tax. My view is to build up both Super and non super investments.

This is not financial advice.

This is true but the government will also still want to keep super as an attractive option to put away savings for retirement. Increasing the taxes on these funds will start turning people away again.

If only we all had a crystal ball and could see what is going to happen.

 

[Barrw]

That is the danger and that is why Australians are useless at saving.

We spend all our dosh and more (credit)

Australians (well almost all of us) are piss poor at saving, hence super is a brilliant protection against continual errosions of savings.

Because I cannot touch it, it simply doesn't exsists.

I am like 99.9% of Australian's who have a savings account...there is always an excuse to dip into it for that CD/DVD, car, night out on the town, clothing, furniture etc etc.

I know that when I Bpay money across to my super it goes towards my future wealth and doesn't get touched along the way, and therefore there is also no tempation to spend it.

yes plnning for your future is necessary
once your money is in super its locked in circumstances change
and life needs to be enjoyed on the way

 

[professor_frink]

not a cent more than i have to,
prefer to have hands on my $ to do as i please

same here. Last thing I want is to be in a situation where I have enough to retire, and not be able to access it because the govt of the day decides to change the rules. Personally, I'd be very surprised if the govt in 30 years time allow people to access their super at 55 when they still want us as taxpayers to fund the ongoing cost of keeping the baby boomers alive.

 

[insider]

What happens to your super if you die young?

 

[Barrw]

What happens to your super if you die young?

you can nominate who it goes to