Forum

 
  Back to OzPolitic.com   Welcome, Guest. Please Login or Register
  Forum Home Album HelpSearch Recent Rules LoginRegister  
 

Pages: 1 2 
Send Topic Print
Australian compulsory superannuation is a scam (Read 864 times)
Laugh till you cry
Gold Member
*****
Offline



Posts: 16619
In your happy place
Gender: male
Australian compulsory superannuation is a scam
Jun 3rd, 2024 at 12:57pm
 
The only people being enriched are fund managers and their salespersons.

Compulsion never works. People should make their own decisions on how to invest that money.

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://melbourneinstitute.u...

Quote:
... Without change there is a real possibility that, superannuation savings will be inadequate for retirement, expectations will be crushed, and the age pension will be put under considerable strain. The system, therefore, will have failed. ...
Back to top
 

Please don't thank me. Effusive fawning and obeisance of disciples, mendicants, and foot-kissers embarrass me.
 
IP Logged
 
freediver
Gold Member
*****
Offline


www.ozpolitic.com

Posts: 53243
At my desk.
Re: Australian compulsory superannuation is a scam
Reply #1 - Jun 3rd, 2024 at 5:00pm
 
I agree with LTYC on this. I put mine into a self managed fund, using the most budget option I could find. I could save myself over $1000 per year in administration costs, and a whole lot of time, if it was not in compulsory super, and I would invest the money in exactly the same way.
Back to top
 

People who can't distinguish between etymology and entomology bug me in ways I cannot put into words.
WWW  
IP Logged
 
John Smith
Gold Member
*****
Offline


Australian Politics

Posts: 78311
Gender: male
Re: Australian compulsory superannuation is a scam
Reply #2 - Jun 3rd, 2024 at 5:51pm
 
I never put anything in mine. I'll invest my own money my way.
Back to top
 

Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.
 
IP Logged
 
freediver
Gold Member
*****
Offline


www.ozpolitic.com

Posts: 53243
At my desk.
Re: Australian compulsory superannuation is a scam
Reply #3 - Jun 3rd, 2024 at 6:12pm
 
Most people don't have a choice.
Back to top
 

People who can't distinguish between etymology and entomology bug me in ways I cannot put into words.
WWW  
IP Logged
 
Grappler Racist Filth
Gold Member
*****
Offline


Australian Politics

Posts: 90413
Proud Old White Australian Man
Gender: male
Re: Australian compulsory superannuation is a scam
Reply #4 - Jun 3rd, 2024 at 6:12pm
 
Laugh till you cry wrote on Jun 3rd, 2024 at 12:57pm:
The only people being enriched are fund managers and their salespersons.

Compulsion never works. People should make their own decisions on how to invest that money.

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://melbourneinstitute.u...

Quote:
... Without change there is a real possibility that, superannuation savings will be inadequate for retirement, expectations will be crushed, and the age pension will be put under considerable strain. The system, therefore, will have failed. ...


You know - when you actually put your mind to work instead of your mouth running on meth fumes - and stay away from your ridiculous Hamas-Luvvin' lies and such - I could be persuaded you actually think some times.

The system will never work while ever governments come sailing in and telling people to draw down their super whenever there is a crisis, and while ever it is in the hands of managers who reap profits from it while not actually giving a damn.

Every single person on part-time casual will retire with a pension and not much else..... Every Single One!

I've offered my solution - Grappler's One-stop Shop - and all we hear is deafening silence.

Smith thinks sometimes too, in between bouts of foot in mouth - I long ago worked out how much paying into a super fund would cost me over a lifetime - so unless you are on one of those massively preferential ones (you now what I mean, wink, wink - the stolen 230Bn), MOST of you given all the pitfalls of modern life under 'progressive' western governments, will end up needing pension to supplement.

Wherever there is big money lying around, you will find grifters.... simple rule.... look at those who work in 'government'.....
Back to top
 

“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
― John Adams
 
IP Logged
 
freediver
Gold Member
*****
Offline


www.ozpolitic.com

Posts: 53243
At my desk.
Re: Australian compulsory superannuation is a scam
Reply #5 - Jun 3rd, 2024 at 6:27pm
 
There is a view among a lot of older people that there was some kind of deal, or that they deserve to be looked after by the government in their old age because they have been paying taxes all their lives. That is, it is not a type of welfare. I am not sure if the government ever encouraged this view, but it is a toxic one, as it encourages people on low wages to live beyond their means.
Back to top
 

People who can't distinguish between etymology and entomology bug me in ways I cannot put into words.
WWW  
IP Logged
 
Grappler Racist Filth
Gold Member
*****
Offline


Australian Politics

Posts: 90413
Proud Old White Australian Man
Gender: male
Re: Australian compulsory superannuation is a scam
Reply #6 - Jun 4th, 2024 at 8:41am
 
A bigger share of the pie for older people for putting up with this elitist madness for most of their lives.... if would be all right if the time from the late 1970's had been billed as a comedy show to which a person could go or not - but when it became a matter of being forced on an unwilling and uninformed populace......

I think a decent retirement is owed to those who've taken it all on the chin.....

It's not welfare - it's an earned right......
Back to top
 

“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
― John Adams
 
IP Logged
 
freediver
Gold Member
*****
Offline


www.ozpolitic.com

Posts: 53243
At my desk.
Re: Australian compulsory superannuation is a scam
Reply #7 - Jun 4th, 2024 at 8:50am
 
Grappler Racist Filth wrote on Jun 4th, 2024 at 8:41am:
A bigger share of the pie for older people for putting up with this elitist madness for most of their lives.... if would be all right if the time from the late 1970's had been billed as a comedy show to which a person could go or not - but when it became a matter of being forced on an unwilling and uninformed populace......

I think a decent retirement is owed to those who've taken it all on the chin.....

It's not welfare - it's an earned right......


Yes, that is a good example Grapps. Because of people like you we are not allowed to manage our own retirements funds.
Back to top
 

People who can't distinguish between etymology and entomology bug me in ways I cannot put into words.
WWW  
IP Logged
 
Laugh till you cry
Gold Member
*****
Offline



Posts: 16619
In your happy place
Gender: male
Re: Australian compulsory superannuation is a scam
Reply #8 - Jun 4th, 2024 at 9:10am
 
Grappler Racist Filth wrote on Jun 4th, 2024 at 8:41am:
A bigger share of the pie for older people for putting up with this elitist madness for most of their lives.... if would be all right if the time from the late 1970's had been billed as a comedy show to which a person could go or not - but when it became a matter of being forced on an unwilling and uninformed populace......

I think a decent retirement is owed to those who've taken it all on the chin.....

It's not welfare - it's an earned right......


GTTF and his forebears have spent their whole lives on welfare and paid zero taxes.

The injuries to his chin were from falls while drunk.
Back to top
 

Please don't thank me. Effusive fawning and obeisance of disciples, mendicants, and foot-kissers embarrass me.
 
IP Logged
 
Frank
Gold Member
*****
Offline


Australian Politics

Posts: 59063
Gender: male
Re: Australian compulsory superannuation is a scam
Reply #9 - Jun 20th, 2024 at 9:17pm
 
By the time you hit the age of 60, you're looking more closely at retirement. According to the FY22 ATO report, the median superannuation balance leading up to this age, from 55 to 59, was $155,127. This compares with the average for the same age group of $265,739.

This is a key time to reassess your financial strategies, as you might be starting to consider winding down from work.

Progressing to 65
Moving from age 60 to 65 is an essential phase. Some decide to retire during this time, which impacts their super balance as they start to make withdrawals from their designated super fund. During this period, from ages 60 to 64, the median balance in FY22 was $177,981, while the average balance was $341,585.
https://www.fool.com.au/2024/06/20/average-superannuation-balance-at-60-65-and-7...

How can that be after a lifetime of super?

Back to top
 

Estragon: I can’t go on like this.
Vladimir: That’s what you think.
 
IP Logged
 
Gordon
Gold Member
*****
Offline


Australian Politics

Posts: 21870
Gordon
Gender: male
Re: Australian compulsory superannuation is a scam
Reply #10 - Jun 20th, 2024 at 9:37pm
 
Except when you have an employer who chips in way over the mandeted minimum.

Apart from my own investments, I have nearly enough to retire in a super fund just from an employer that was chipping in 33%
Back to top
 

IBI
 
IP Logged
 
Laugh till you cry
Gold Member
*****
Offline



Posts: 16619
In your happy place
Gender: male
Re: Australian compulsory superannuation is a scam
Reply #11 - Jun 20th, 2024 at 9:47pm
 
Gordon wrote on Jun 20th, 2024 at 9:37pm:
Except when you have an employer who chips in way over the mandeted minimum.

Apart from my own investments, I have nearly enough to retire in a super fund just from an employer that was chipping in 33%


You shouldn't be taking advantage of a mentally retarded employer.

A guy who claims to have saved enough to retire already drives a Lada SUV knock-off?
Back to top
 

Please don't thank me. Effusive fawning and obeisance of disciples, mendicants, and foot-kissers embarrass me.
 
IP Logged
 
Daves2017
Gold Member
*****
Offline


Australian Politics

Posts: 3391
Gender: male
Re: Australian compulsory superannuation is a scam
Reply #12 - Jun 20th, 2024 at 11:39pm
 
I'm not a fan of compulsory Super
It's the work of Paul Keating to give workers a pay rise without them getting any extra money in there hand each week.l
Typical communsim b.s where your dear leader's know what is best for the money you earn and your just a pleb and should be grateful.


Paul Keating is one of the worse treasurers to ever serve this country.
Back to top
 

Win or die?

Tomorrow we fight!
 
IP Logged
 
Grappler Racist Filth
Gold Member
*****
Offline


Australian Politics

Posts: 90413
Proud Old White Australian Man
Gender: male
Re: Australian compulsory superannuation is a scam
Reply #13 - Jun 21st, 2024 at 1:19am
 
Frank wrote on Jun 20th, 2024 at 9:17pm:
By the time you hit the age of 60, you're looking more closely at retirement. According to the FY22 ATO report, the median superannuation balance leading up to this age, from 55 to 59, was $155,127. This compares with the average for the same age group of $265,739.

This is a key time to reassess your financial strategies, as you might be starting to consider winding down from work.

Progressing to 65
Moving from age 60 to 65 is an essential phase. Some decide to retire during this time, which impacts their super balance as they start to make withdrawals from their designated super fund. During this period, from ages 60 to 64, the median balance in FY22 was $177,981, while the average balance was $341,585.
https://www.fool.com.au/2024/06/20/average-superannuation-balance-at-60-65-and-7...

How can that be after a lifetime of super?



With those paltry sums, people should have been looking at other strategies.  I - and the Eld Gel separately - figured out long ago that super was a scam apart from the early tax deduction it gave.  I worked out that I was losing around 75c in every dollar I 'invested' in super - so unless you are on the gravy train super - forget it.

It's worse than a joke.

$300k @ 5% annually will return you $15k - less than the pension.  It's a joke, and is even worse for the part-time casual who moves from job to job - during 'down times' they lose via fees and charges without being able to top up - same as when sick or injured.

Our politicians of all parties have royally screwed the workers - but it won't affect them!
Back to top
 

“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
― John Adams
 
IP Logged
 
Grappler Racist Filth
Gold Member
*****
Offline


Australian Politics

Posts: 90413
Proud Old White Australian Man
Gender: male
Re: Australian compulsory superannuation is a scam
Reply #14 - Jun 21st, 2024 at 1:30am
 
freediver wrote on Jun 4th, 2024 at 8:50am:
Grappler Racist Filth wrote on Jun 4th, 2024 at 8:41am:
A bigger share of the pie for older people for putting up with this elitist madness for most of their lives.... if would be all right if the time from the late 1970's had been billed as a comedy show to which a person could go or not - but when it became a matter of being forced on an unwilling and uninformed populace......

I think a decent retirement is owed to those who've taken it all on the chin.....

It's not welfare - it's an earned right......


Yes, that is a good example Grapps. Because of people like you we are not allowed to manage our own retirements funds.


Deal or No Deal?  Can't see how you work that last out.... it's not a gracious gift - it's a reward for years of working and putting up with the shenanigans of our Great Leaders - that last alone is good enough reason to double the pension NOW!  Take it out of the politicians retirement fund stashed in the Caymans...

As for political parties - never in the field of human conflict has so much been owed by so many to so few....  now then - about that Warfare - the Mau Mau at Mt Warning still acting up - and that beach closure in Queenslund to suit Mau Mau claimants up there .... good enough examples for you?

And this is only the beginning.... you thought it was the beginning of the end ....
Back to top
 

“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
― John Adams
 
IP Logged
 
Pages: 1 2 
Send Topic Print