How Much Super Have You Lost . - Page 2

snappy · 01-01-2009, 09:37 PM

The boss is retired and sold the company . Which then folded i will look into it but i think it will be pointless.

GT0132 · 01-01-2009, 10:50 PM

Quote:

Originally Posted by snappy84

Like a few people here i never checked my super that was until a few years back anyway . This financial crisis has not affected my super one bit .
After 10 years of work with the same company a total of $17.53 has been paid to me

Since the early 90's employers have been required to make a contribution to a super fund on behalf of its employees of up to 9% of ordinary earnings....The contribution rate started at around 5% and maxed out at 9% from around 2002 or thereabouts and have been at that rate ever since.

The ATO administers the compliance of this so if you haven't had the correct amount of super contributions made then you should report it to them.

shane3 · 02-01-2009, 11:55 AM

I won't say that I've lost $8,500.00 but that's what I'm behind on last years super, I contribute an extra $50.00 a week to my super (on top of what work does), but due to the current situation I may have to cut it back to nothing, an extra $50 in my pocket at this point in time is better for us (wife and bubs).

vztrt · 02-01-2009, 12:17 PM

Quote:

Originally Posted by shane3

I won't say that I've lost $8,500.00 but that's what I'm behind on last years super, I contribute an extra $50.00 a week to my super (on top of what work does), but due to the current situation I may have to cut it back to nothing, an extra $50 in my pocket at this point in time is better for us (wife and bubs).

Wouldn't your contribution be pre-tax? I now I do but I do that as I get more in my pay at the end of the day....well enough for a couple packs of smokes lol.

The G6ET Spot · 02-01-2009, 01:23 PM

I had plans of semi retiring in 6 years, but after the loss of 10.2% in 07-08 and another 19.4% since then. I am now waiting to see what the market will be doing.

I may very well have to put it off for a few extra years.

TimSBR04 · 02-01-2009, 01:48 PM

Quote:

Originally Posted by ozmale42

Since the early 90's employers have been required to make a contribution to a super fund on behalf of its employees of up to 9% of ordinary earnings....The contribution rate started at around 5% and maxed out at 9% from around 2002 or thereabouts and have been at that rate ever since.

The ATO administers the compliance of this so if you haven't had the correct amount of super contributions made then you should report it to them.

There are other criteria which must be met too - such as age, residency, and gross earnings in a claendar month. If you earn less that $450 in a clanedar month, your employer is not obliged to remit an SG Contribution on your behalf. Also, if you've done some dodgy cash-in-hand work, you obviously can't expect to get Super.

Whilst I agree that you can utlilse the ATO to investigate and enforce your potential eligibility for Super, you should perhaps speak to your Employer first - as they may have contributed to the ATO's Special Holding Account (previously known as SHAR [Superannuation Holding Account Reserve]).

I'd also recommend using the ATO's "Find my Super" facility (try www.ato.gov.au). There are BILLIONS of dollars of unclaimed Super out there - simply because people have lost track of thier super - through moving house, etc. You may discover a gold-mine out there.

Keepleft · 02-01-2009, 03:19 PM

A couple of examples, not mine but related;

First figure balance at 30 Sept 08, second figure as at 7 November 08.
1. Challenger Guaranteed Income $120,435.54 - 120,184. (Not too bad).
2. Asguard eWrap Pension $134,124.23 - 119,412. (Eeeeek).
3. Asguard Allocated Pension $34,460.31 - $30,510. (Eeeeek x 2).

Will withdraw the monies, person-customer, young-ish, *cannot* afford to take such losses. Will next hang from the nearest tree the 'financial advisor' who suggested gurl keep the funds 'invested'. So, I'm with CNBC's Suzie Ellerman on this one. Not updated those figures yet, but expecting a few grand more loss.

Re housing prices/values etc, see this web (AUS), take time to read it:-
http://www.whocrashedtheeconomy.com/

gtfpv · 02-01-2009, 09:21 PM

Quote:

Originally Posted by Keepleft

A couple of examples, not mine but related;

First figure balance at 30 Sept 08, second figure as at 7 November 08.
1. Challenger Guaranteed Income $120,435.54 - 120,184. (Not too bad).
2. Asguard eWrap Pension $134,124.23 - 119,412. (Eeeeek).
3. Asguard Allocated Pension $34,460.31 - $30,510. (Eeeeek x 2).

Will withdraw the monies, person-customer, young-ish, *cannot* afford to take such losses. Will next hang from the nearest tree the 'financial advisor' who suggested gurl keep the funds 'invested'. So, I'm with CNBC's Suzie Ellerman on this one. Not updated those figures yet, but expecting a few grand more loss.

Re housing prices/values etc, see this web (AUS), take time to read it:-
http://www.whocrashedtheeconomy.com/

Thanks KeepLeft. i really enjoyed that link article . something i have believed and been saying for years and years . cheers.

mr smith · 02-01-2009, 10:37 PM

That link is spot on. I have put my money where my mouth is and sold my investment property and principal home in the last 18 months. I may loose but I am feeling confident I will not as things unfold. Plenty of people, including a good mate who is thinking the opposite, are racking up huge morgages buying property. I hope it works for him but I am worried he is just taking a gamble.
A real worry I have though is how does the working man get ahead for retirement?
I would like to see a government paid pension tied to a persons life taxation contributions, paying a decent rate non means tested. This would reduce the need for average workers having to worry about shares, super, investment properties, etc.

Green X · 02-01-2009, 10:55 PM

I'm 24 so don't have that much in super to let it concern me, on the market with the small amount of shares i have I'm down about $12,000 from where i was in August but saying that i didn't sell anything so I haven't really Lost anything yet!

Most of my Cash is in the bank earning rather average interest too i might add, I'm sure i could do things better but i don't have allot of knowledge in finance and i find it boring to make this worse 6 of my good friends are accountants or work in stocks, so I'm basically screwing myself LOL

**Captain Stubing** · 02-01-2009, 11:18 PM

I'm fortunate to be in a defined benefit super scheme. As I stay longer in my job, the multiplier goes up. So it ends up X times my annual salary.

Though they've recently changed the rules - I can change to an accumulative account, where I'd be relying on the stock market, but if I do I can't change back.

GT0132 · 02-01-2009, 11:34 PM

Quote:

Originally Posted by TimSBR04

There are other criteria which must be met too - such as age, residency, and gross earnings in a claendar month. If you earn less that $450 in a clanedar month, your employer is not obliged to remit an SG Contribution on your behalf. Also, if you've done some dodgy cash-in-hand work, you obviously can't expect to get Super.

Whilst I agree that you can utlilse the ATO to investigate and enforce your potential eligibility for Super, you should perhaps speak to your Employer first - as they may have contributed to the ATO's Special Holding Account (previously known as SHAR [Superannuation Holding Account Reserve]).

I'd also recommend using the ATO's "Find my Super" facility (try www.ato.gov.au). There are BILLIONS of dollars of unclaimed Super out there - simply because people have lost track of thier super - through moving house, etc. You may discover a gold-mine out there.

Yes agree with all that in the first paragraph, but I was talking generally.
His employer is no longer in business otherwise I would have suggested speaking to either the company's HR or Payroll person