Can you not role it over to a SMSF and take control of it. No way I would leave my super money in the hands of unknown 'experts' to invest it for me.
Can you not role it over to a SMSF and take control of it. No way I would leave my super money in the hands of unknown 'experts' to invest it for me.
which is why I have never believed that my super money will be there for me by the time I reach 67 ( if I do )Originally Posted by MeMock
the super fund industry is just another banker wanker high paid scam who is quite happy to take fees for doing fcuk all - how much of the share price bubble is being propped up by this cash
If you torture data for enough time , you can get it to say what you want.
^
Many people have Lost heaps of their Super Money by giving it over to Private Investors to manage .
The Managers always get their Management fee regardless of whether the funds performs or not. Way business works.
Financial Advisers make their money this way, it's a mine field out there sourcing a competent Adviser. How do we Know. ?
Hence why I leave it with our Managers to deal with because they are In House and have done the Job since our Super Fund kicked off many moons ago.
I would hate to have to deal with this Issue myself. I'll just go with the flow.
You are in a different boat. Good luck doing your own Investing.
It's not tax free because you have already paid the taxes, every pay day you pay tax, then you pay into your fund. Funds profits are taxed, then they have the nerve to tell you, you are too stupid the take care of your on money.Originally Posted by terry57
What next, penalties/taxes when you withdraw too much from your bank account, it's your money in the first place.
Think of it from the other end, rich investors being told they can't access their investments, because that's what your super is an investment.
In my case, No.
As an employee of the Fire Service one cannot move his money out until he retires.
Once one retires you can do what you want with it.
Some guys have done exactly that chasing higher returns investing in more aggressive funds.
Some have lost a shit load by doing this. I'll bet there are a heap of guys shitting bricks right now because they have exposed their money chasing higher returns.
No way I'm risking the Stash by chasing the big dollars. Im very happy getting conservative returns.
Two years ago our fund returned 11 odd %. I know one guy who was investing outside in Australian Shares and they returned 20 %.
Last year we received 6.3% and this year who knows. Maybe nothing.
Over the life of our fund given ups and down in the market we have averaged 7.5 % which is not to shabby.
If that same guy is still in Australian shares he is in deep shit.
As of March 15, 2016, I have 97Century Threads.
America = Social Security
UK = Retirement Pension
It depends on how many years contributions one has made. I don't think, as a male, one can start drawing ones pension til reaching the age of 65 on top. I may be wrong?Originally Posted by Storekeeper
The current maximum UK state pension for a single person is around £116 per week, about $8,000 per year. It is payable at aged 65 years but after 2017/18 it will be 66 years old.
It will rise in two years or so under the new regime to around £151 per week, $11,000 per year.
In Australia the maximum rate for Age Pension for a single person is $782.20 per fortnight ($20,337.20 per year). Age Pension is not the same as the Superannuation discussed earlier. Age Pension is what you are entitled to if your income and assets fall below the means test level.
"The problem with quotes on the Internet is that it is hard to verify their authenticity." - Abe Lincoln.
Yes lots of people fell for the 40,40,40 scam.
Work 40 hours a week for 40 years and hopefully get 40% of what you couldn't live on in the first place.
Most western countries state pensions don't pay enough to qualify for a retirement visa in Thailand, a 3rd world country and it's getting worse.
^ ^
I'm hoping these Guys do know the difference between a Superannuation fund and a State pension.
I'm sure they do.
Christ, I hope I never have to survive on a State pension.
^^
Hasn't Australia stopped Expats claiming a State Pension. ?
One must be residing in Australia X amount of the year to get it.
Also to qualify for it one must be living in Australia unbroken for two years I think.
Wrong. You pay no regard to the earnings component. My pension is more than 33% greater than this.Originally Posted by Seekingasylum
Jim one doesn't have to have an annual income equal to 800,000 Baht per year. Just having 800,000 Baht in a fixed term account is sufficient with no other means of support is enough for a 'Retirement Extension'.Originally Posted by jamescollister
what is that, and how does it work ?You pay no regard to the earnings component.
Yes they must now live 2 years either side of 65 to claim the state pension overseas.
They killed all overseas disability pensions a few years ago, friend of mine, wife 2 houses here, some bad investment advice after a car accident in Melbourne, had to return.
Died in a dosshouse 12 weeks later, 2 others, big time jobs, self funded retirees, self manage funds.
Both have wives and homes here, lost big time 2009, both back in OZ getting their 2 years up.
They could change the rules tomorrow, no pensions or super paid to non residences, you have no say.
From memory around about 1975 the National Insurance Act was passed so as to allow earnings related contributions ( compulsory) to be made instead of a flat rate amount for all who were employed. This results in higher pensions being paid to those who contributed from 1975. Class Four contributions were introduced and this was for people who were self employed. My own contribution record reflects periods of both employed and self employed work.
I had paid into private pension funds as well and claimed these after the age of 50. My father had paid huge contributions during his working life and had a very big pension. Unfortunately he died following an accident at the age of 65. I took my pensions as soon as I could to make sure that I had as much money from them as possible during my life. As qualified financial adviser working for a well known bank I could not have recommended that others did what I did with my pensions. Theoretically, they should not be touched until proper retirement age so as to maximise the amount payable. I acted because of my experience of my father dying young but I now know I did the right thing. What is the point in having a gigantic pension when you are 70 if you die when you are 71 ?
^ I know a couple of Brits in Huahin who receive the additional payments.
^^^
You'd be surprised at the (high) amount some folks get out of state pension... it really depends on the country and circumstances.
What is it about you fucking pedantic Taffies? Of course it's more complicated than I set out but my reply was to give the basic maximum for those who may not have accrued benefit under SERPS etc of which there are fucking millions. The guy wanted an idea of the basic state pension allowance and when it was payable, for fuck's sake you retarded valley fucker.
In any event, anyone employed in public service who paid NI contributions at a reduced rate would not qualify for any enhanced payment under the old scheme and would only receive the current rate of £115.90 per week - i.e. policemen, teachers, civil servants and armed services personnel.
Under the new "unified scheme " the maximum will be £151 per week ( as currently proposed ) and that includes fucking sheep shagging twats like you even with with your SERPs, so fuck you. There will be losers under the new scheme and that includes folk who paid more into their SERPS.
Also, those public servants will not be entitled to receive the max allowance in 2017 because of their reduced contributions but I don't think a septic would be too interested in that, you Welsh twat.
I think you are getting a Tad emotional here Jim.
Gaining access to ones Super will never be a problem simply because it is ones own money.
Regards a State pension,
I recon you are on the money, they have already talked about phasing it out and that's why Super is compulsory for all Australians. They want us all to provide for our own retirement.
All Australians living in Thailand on Australian pensions are living a slippery and uncertain existence.
The Government could wipe that out with the stroke of a pen and I recon it ain't that far off.
Hence one must be secure in the knowledge he can provide for himself financially and Fuk the State Pension.
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