I'd continue my previous whinge here (www.seabreeze.com.au/forums/General-Discussion/Chat/Super-negative-annuation/) but it's pasted its reply by date.

Here's my latest... I have a super account which is 100% cash, guess how much money it lost for the year?

$1100... when did cash go down in value... when did we get negative interest rates? WTF did I mis?

$260 of that was
Basic TPD
Voluntary TPD
Asset Fee
Administration Fee
Inv Choice Fee
Contributions Tax

It's an industry super... fark it's REST.

I told them, written to them, faxed forms to the retards there, that I don't want ANY insurance... do they understand? NO

How much has my other Super lost this year? OnePath (www.onepath.com.au/home.aspx), One Path to farking ruin. It's lost 13%.

How did my personal investments do? + 8% and most of it is CASH!
Yeah I know manage your own super.

Do yourself a favour and have a look at how your being ripped.

I don't trust super because it is controlled by goverment rules and regs that they change at will. I don't trust either side of goverment and the greens even less, besides the whole show is run by beurocrats that multiply like bacteria on a good growth medium (our taxes)

Hence I have never put anymore than absolutely required into the goverments piggy bank they have been eying off for some time now.

And I too had quite a hard time convincing Australian Super that I didn't want their life insurance scam, it should be a opt in scheme, not a try to get out of situation after they decide for you... rant ... rannt rant

i dont know how people sleep putting their super into art! (collegue was talking about buying paintings) screw that.
Although I do like those posters of dogs playing pool....

kk said...

I don't trust super because it is controlled by goverment rules and regs that they change at will. I don't trust either side of goverment and the greens even less, besides the whole show is run by beurocrats that multiply like bacteria on a good growth medium (our taxes)

Hence I have never put anymore than absolutely required into the goverments piggy bank they have been eying off for some time now.

And I too had quite a hard time convincing Australian Super that I didn't want their life insurance scam, it should be a opt in scheme, not a try to get out of situation after they decide for you... rant ... rannt rant

True that

Stanos said...

I've been self managed the past 12 months and now look at super in a new light. You control it, you own it, you manage expenses, you make your own investment decisions and it's not that hard to beat those fee sucking mega funds. Of course there's paper work and it takes some time to set up and manage but I reckon it's worth the effort.

Yep been there done that, still doing to some extent. Just don't do it with your to be ex wife like I did. But if things don't head that way it is the best option IF you earn enough to cover the annual fees of having an extra trust and company, and the accountacy fees that go with it. Those fees alone add up to more than the average industry funds fees, but you do get to choose your own destiny more.

My gripe is more with the moving goal posts. My accountant recently tried to talk me into moving some investment property into super to "save me thousands" I pointed out that I am now already semi retired at 49 and kinda liked it that way. He said if I moved my investments into super I would not be benefit from the funds untill I turned 57, even then to a limited extent. Obviously no changes were made, remember accountants make heaps out of self managed super funds.

But the real hook is that the goverment of the day can change that age if they want people to stay in the workforce longer.

myusernam said...

i dont know how people sleep putting their super into art! (collegue was talking about buying paintings) screw that.
Although I do like those posters of dogs playing pool....

I don't know how people sleep relying on having money in their super account on retirement.

OK after speaking with REST over several hours, we've gone through all the details and the reason I lost.

It basically boils down to an asset allocation change.

I moved away from a diversified portfolio to Cash/Bonds... so while the FYTD of the diversified portfolio is 0.2%, me with my good luck moved it when it was -4.5% (the LOWEST point since!) that is what screwed me.

Putting it in cash/bonds made me recover most of the loss, or I could have just left it and made 2%

For those interested unit price history by week is here: rest.com.au/member/investments/super-options

My superannuation plan is a loaded pistol. Medical advances and super sound too much like Tithonus to me. [en.wikipedia.org/wiki/Tithonus]

Like seriously people, have you done the maths? You'll need millions.

Here's a pretty picture: