Jump to content

Super help please - in over my head!


  • Please log in to reply
8 replies to this topic

#1 missjoads1234

Posted 13 November 2012 - 12:41 PM

Went into our bank today as it's high time we consolidate all out super funds into one, ive been meaning to do it for ages  wink.gif

After 15 mins i was way in over my head! Call me ignorant but i obviously know nothing about super and all it entails, as apparently you can do so much more with super than i knew.

Could someone please tell me what it all means. This lady helping me was telling me all about investments, shares, insurance etc. I really dont know what to do with our super once its consolidated.

I dont know which plan to pick as well. Ok lets be straight - i know nothing basically ok?!  biggrin.gif I thought our money went away by employers into a nice little account and we access is when we retire. Oh how wrong i am.

Thoughts/help??

#2 LoudMuffin

Posted 13 November 2012 - 12:52 PM

Before you even look indepth at what you want to do with it, pick the super fund you want to put it all in.

Call them all and get them to each send you a PDS compare fees, insurances, investment structure and earnings for the last 10 years or so. Choose the one you think will work best for you and go from there.

I'm sure there are people out there who can do all the leg work for you if you're willing to pay for it original.gif

#3 harryboy

Posted 29 November 2012 - 06:27 AM

It can be as complex or easy as you like. At its simplest, pick a fund that has low fees and a solid performance, and then within the fund you will be given investment options. At its most complicated, you can start your own superfund and be in charge of your cash.

#4 Weirdly Sane

Posted 29 November 2012 - 06:31 AM



https://www.moneysmart.gov.au/superannuation-and-retirement

lots of helpful information here original.gif

#5 Feral-as-Meggs

Posted 29 November 2012 - 07:13 AM

You get a choice of funds, and within the fund you get a choice of investments.  

Super funds can also provide you with life insurance, total and permanent disability insurance, and income protection insurance.  This will cost extra but it comes out of your pre-tax income so it can work out better than getting insurance separately.

The main things to think about when deciding are:

Fees - what are you going to be charged every year, and how does this add up over the life of your super.  Some people find that industry super funds suit them best on this issue.  

Performance - how did the fund go over the last few years in comparison to others.

Risk v security - this is where the different types of investments come in.   Obviously the safest investments is cash in the bank, but it won't stay ahead of inflation.   Shares and property will have more potential for growth but can go backwards as well.  The idea is to have a mix of investments that suits your risk profile.  

Your risk profile will depend on your personal preference and when you intend retiring - people who want to retire in only a few years will generally favour security over growth, in case there is a big downturn in the market in the next few years.    Younger people should generally go for more growth, as any losses should balance out over time.  Your fund will probably have a few choices ranging from Conservative to Balanced to High Growth - you don't actually have to chose the investments yourself.

You can even chose options which guarantee that they only hold ethical investments (Like no tobacco or gambling).  

Insurance - what would your family need if you pass away or are permanently disabled?  Most people start with the amount it would take to pay off the mortgage.  

Hope this helps

#6 FeralRebelWClaws

Posted 29 November 2012 - 08:52 AM

I really need to consolidate my super... I know I have lost super, plus super in a mirade of accounts.

I think I have about 4 different super accounts? *facepalm* I keep saying I'll do it and then I don't!

I'll wait until I start my new job next year and then I'll put it all into that super account. I just need to get all the details of my super accounts together first.

I don't even know where to start with consolidating it though, do I contact the super I want it to go to and they do it or do I inform all the others I want it moved to super XYZ.

Sorry to hijack your thread OP :/

#7 PrincessPeach

Posted 29 November 2012 - 09:01 AM

QUOTE (PussyDids @ 29/11/2012, 08:52 AM) <{POST_SNAPBACK}>
I don't even know where to start with consolidating it though, do I contact the super I want it to go to and they do it or do I inform all the others I want it moved to super XYZ.

Sorry to hijack your thread OP :/


There is a tool on the ATO's website where you can search for lost super, so that would be the best place to start.

Then once you know what fund you are going to roll everything into, contact them & let them know you have super that you wish to roll into your account with them & they should send you the documents you need to fill out.

#8 Lainskii

Posted 29 November 2012 - 09:05 AM

QUOTE (PussyDids @ 29/11/2012, 09:52 AM) <{POST_SNAPBACK}>
I really need to consolidate my super... I know I have lost super, plus super in a mirade of accounts.

I think I have about 4 different super accounts? *facepalm* I keep saying I'll do it and then I don't!

I'll wait until I start my new job next year and then I'll put it all into that super account. I just need to get all the details of my super accounts together first.

I don't even know where to start with consolidating it though, do I contact the super I want it to go to and they do it or do I inform all the others I want it moved to super XYZ.

Sorry to hijack your thread OP :/



There is a link on the page, you'll need your TFN. When you have all the details of the funds, ring them and ask for a current statement/information  - this way you'll find out if you have any death/TPD cover (which you may want to keep). Also ask about the fees as the new one you get with your new job may not necessarily be the best.  

To consolidate, all you need to do is pick which one you want to stay with and call them, most super funds will do the work for you, all you'll need to do is fill out the forms they send you and get certified id. They send the info off to the other funds and get the money transferred across for you.

The alternative is to wait until the government introduces their new website (I think it is in 2013) and you'll be able to do it all online.

http://www.ato.gov.au/individuals/content....ias=superseeker

#9 FeralRebelWClaws

Posted 29 November 2012 - 10:24 AM

QUOTE (Lainskii @ 29/11/2012, 10:05 AM) <{POST_SNAPBACK}>
To consolidate, all you need to do is pick which one you want to stay with and call them, most super funds will do the work for you, all you'll need to do is fill out the forms they send you and get certified id. They send the info off to the other funds and get the money transferred across for you.

The alternative is to wait until the government introduces their new website (I think it is in 2013) and you'll be able to do it all online.


Thanks Ladies! That doesn't sound too bad. Though I like the idea of being able to do it all online!




1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users

 

What you need to know about ovulation tests

Most people who are trying to get pregnant know that the best time to conceive is in the few days after ovulation.

Surviving a miscarriage at sea

A cruise with your family is among the most absurd settings for a miscarriage, but it is certainly not the worst.

Mum of three denied tubal ligation because she's 'too young'

A 22-year-old woman who is pregnant with her third child has had her requests for a tubal ligation denied because doctors believe she is too young.

Slapped cheek syndrome a danger for pregnant women

When a pregnant woman is infected, the likelihood that her foetus will be infected is about 50 per cent.

The signs and symptoms of ovulation

If you're hoping to conceive, one of the most important things you need to know about is ovulation.

We all know 'mum guilt' - but what about 'dad guilt'?

I remember the first time I felt mum guilt, within days of having my first child. The feeling was so intense I rang my own mum to debrief, hoping she'd tell me I wouldn't feel this way very often.

Kristen Bell urges mums to be their own superhero

When it comes to motherhood, actress Kristen Bell is her own superhero and she thinks other mums should be too.

Pram review: GB Pockit travel stroller

In a world of ever-shrinking gadgets, it's no surprise prams are getting smaller. We put the record-holding GB Pockit through its paces.

The beautiful Bombol Bouncer is back

The gorgeous Bombol Bouncer is back - and boasts two chic new colours to boot.

Gadgets and accessories for wine lovers

Looking for a gift for the wine lover in your life - or just something for yourself?

Free ticket offer

Pinky Mckay joins us again at the Essential Baby & Toddler Show presented by Blackmores with her expert baby settling advice. Register now for your free ticket.

The adventure doesn't have to stop: here's how to travel with baby

The best part about our outdoor adventures? It makes my husband and I better parents, since we're happier while adventuring.

Woman crashes car to save mum and baby's life

A good samaritan saved a mother and baby from being seriously injured by crashing her own car into theirs.

Should you tell your boss about your postnatal depression?

Returning to work after having a baby can be daunting, and when you're experiencing postnatal depression or anxiety it can seem even more overwhelming.

TV noise can slow toddler word learning, study finds

Background noise from the radio or TV might be making it harder for your toddler to learn learn new words.

Teresa Palmer on her molar pregnancy and 'unsexy' conception

Teresa Palmer is basking in pregnancy glow as she awaits the arrival of her new baby.

 
Advertisement
 

Top 5 Articles

Advertisement
 
 
 

What's hot on EB

For the festival lover in all of us

Pre-book & Save 50%. Get your tickets now for Kidtopia Festival. 7-9 October 2016 Parramatta Park, Sydney.

Why drinking water can be deadly for babies

H2O is one of the necessities of life, but for babies a seemingly harmless amount of water can be fatal.

5 ways having a baby is different when you have older children

So much parenting advice is geared towards having your first baby, but what's it like having a baby when you already have children?

You can now make your own plush Falkor

Fans of The NeverEnding Story – of which there are certainly plenty – went crazy for these plush Falkors when they first went on sale last year.

Baby steps

10 things that will actually happen after having a baby

I thought I had prepared myself for motherhood. Then my baby girl arrived and knocked everything flat.

Having a baby: expectations vs reality

People love to warn you about what to expect when having a baby, but they can be way off when it comes to the reality.

Are we having fun yet? Thinking positively as a parent

Motherhood is wonderful ... except when it sucks.

The adorable smile of a baby seeing his mum clearly for the first time

There is no doubt seeing their child smile for the first time is an unforgettable moment for parents everywhere.

When breastfeeding doesn't go with the flow

Breast is best, except when it's not. And in our case, it most definitely wasn't.

'If you don't vaccinate your kids you're a bloody idiot'

The photos are heartbreaking and almost too difficult to look at, but Kayley Burke is begging other parents to take notice.

Why pregnant women should eat chocolate

In news that will make expectant mums jump for joy - and reach for a block of Cadbury - scientists have revealed chocolate could provide health benefits during pregnancy.

The baby born with an incredible head of hair

If you're in any way challenged in the follicle department, prepare to feel a jolt of envy - at a two-month-old baby.

The push for Medicare to fund lactation consultants

While meeting with a lactation consultant can make an enormous difference to a new mother, it's not a service that is available through the public health system.

Parents, this is how to cut grapes to avoid choking

One mum has learnt a harrowing lesson about the best way to cut grapes to make it safe for toddlers and little kids to eat.

Three truths about C-section mums

Lately I've been thinking about the caesarean stories and the brave women who birth their children with strength and beauty.

Help! My baby will only sleep in my arms

It's stressful to be the one who is holding your baby most of the day, but it's even more stressful to wonder, 'am I doing something wrong? Or am I creating bad habits?'

 

Free ticket offer

Essential Baby & Toddler Show - Sydney

The Essential Baby & Toddler Show, presented by Blackmores, will be held in Sydney on 23-25 September. Register for your free ticket now to save $20!

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.