Superannuation. Is it one big Scam

[Free Agent]

Now I ask this because I haven't had my morning coffee and want my superannuation now and not when I'm on my death bed when I'm too old to enjoy it. What a scam this is. Most people would be lucky to even get to 70 years old. I doubt I will make 70. This is a government scam is all about taking our hard earned money. Tell me how it isnt. Oh but you going need it they say when you are old. Life is to short to restrict money we earnt. When I'm old, get f**ked you pyramid scamer prick. I will take it on the chin with my saving then. Don't need government to hold my money. Why do we wait for its too late. Most ridiculous thing in life is paying for superannuation. What's the whole point of it if half don't make it to 70. I've known quite a few who died before they could even touch this money.
Is there a way we can access it beforehand as I want to completely cash out this scam 100%. I don't want my money going to the fat cats up in government smoking cigars and eating biscuits with my money. It's a joke and we are all fools to believe it. F**K superannuation. There I said it.

Now I'm going to have my morning coffee.

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[74561347]

 

[Power Raid]

Now I ask this because I haven't had my morning coffee and want my superannuation now and not when I'm on my death bed when I'm too old to enjoy it. What a scam this is. Most people would be lucky to even get to 70 years old. I doubt I will make 70. This is a government scam is all about taking our hard earned money. Tell me how it isnt. Oh but you going need it they say when you are old. Life is to short to restrict money we earnt. When I'm old, get f**ked you pyramid scamer prick. I will take it on the chin with my saving then. Don't need government to hold my money. Why do we wait for its too late. Most ridiculous thing in life is paying for superannuation. What's the whole point of it if half don't make it to 70. I've known quite a few who died before they could even touch this money.
Is there a way we can access it beforehand as I want to completely cash out this scam 100%. I don't want my money going to the fat cats up in government smoking cigars and eating biscuits with my money. It's a joke and we are all fools to believe it. F**K superannuation. There I said it.

Now I'm going to have my morning coffee.

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super is important for people who are useless with money and spend it before they earn it or subscribe to commitments like betting, pay tv, tattoos, booze, ****, expensive mobile and internet plans, insurance, hire purchase, credit cards, car finance etc before they can "really" afford it.

but why would you take out super when you can set up your own super tax free (vs 15% in super), pay zero management fees (vs management fees and transfer fees), access your funds anytime (rather than on your death bed) etc by setting up your retirement overseas (completely legal).

The issue though is one has to be disciplined and active.


I would say for 90% of people, suck it up and thank Paul Keating for saving the from themselves.

 

[adammania9]

The older I get the more I see how useless a big portion of society are with money. If the government just gives everybody their super with no limitations, we'll be stuffed in time

 

[Stratton_Gun]

I do think if you want it, you should be able to access it

However it grows at a good rate apparently

 

[Peter Sidorkiewicz]

You don’t need to wait til age 70 to access your super. If you retire at age 60, you can access it then. If you plan on continuing to work, then you can access at age 65.

If you’re dying before those ages, then your either unlucky with illness or your living a fast life and it’s probably best that you don’t have access to your super.

 

[Catgirl]

Most people would be lucky to even get to 70 years old. I doubt I will make 70.

Yeah, as mentioned above, you can access your super at preservation age (60 for most people) provided you are fully retired or working less than 10 hours per week. Not sure where you're getting 70 from.

This is a government scam is all about taking our hard earned money. Tell me how it isnt. Oh but you going need it they say when you are old. Life is to short to restrict money we earnt.

You didn't "earn" your super though. It's an additional payment, not a deduction from your wages, that your employer is legally obliged to make. The reason for the establishment of super in the first place was to cushion the strain an ageing Australian population would have on the welfare system. If you're keen to be solely reliant on the Aged Pension while nearly a majority of Aussies are of pension age in 30 odd years, just say you want a recession and be done with it.

When I'm old, get f**ked you pyramid scamer prick. I will take it on the chin with my saving then. Don't need government to hold my money. Why do we wait for its too late.

For one, interest you'd get chucking your money in a bank vs in a super fund is not even remotely comparable.

Provided your employer contributes regularly and provided you are with a decent super fund with low fees, compound interest should see your super balance almost double every 8 years. Just by sitting there. You just don't get those sorts of returns in a bank account, and your bank savings proooobably won't keep pace with inflation.

Government is also not holding your funds, super funds are separate entities.

Most ridiculous thing in life is paying for superannuation. What's the whole point of it if half don't make it to 70. I've known quite a few who died before they could even touch this money.

You don't "pay" for it, except in respect to any applicable fees. Just go for a fund with low fees lol.

Another advantage of super is that you can get insurance attached to it, which most people would otherwise overlook. Even provided you do cark it at 60 or before, you don't think it's smart in this economy to have some sort of security in addition to your balance for your family/beneficiaries to fall back on?

Is there a way we can access it beforehand as I want to completely cash out this scam 100%. I don't want my money going to the fat cats up in government smoking cigars and eating biscuits with my money. It's a joke and we are all fools to believe it. F**K superannuation. There I said it.

Not "your money". It's an additional payment legislated purely for your retirement, and you have no entitlement to your entire benefit unless you retire or happen upon some sort of unforeseen circumstance like disablement/terminal illness. In which case, yeah nah good luck


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[Taylor]

The expectation for anyone under 40 should be that the age to access it tax free goes up a bit before we all get there. It's 67 at the moment. But that's almost four decades away.

 

[revo333]

I think it's something everyone should have to have, but with the way times are changing maybe people should be able to have access to some of it to add onto their deposit for their first home.

 

[Catgirl]

The expectation for anyone under 40 should be that the age to access it tax free goes up a bit before we all get there. It's 67 at the moment. But that's almost four decades away.

No tax is applicable upon withdrawal from your super from age 60 and up.

If you're under 60 but have still met your preservation age, there's a current low-rate cap (i.e. a tax-free threshold) of $225,000 as well. Could I ask, just out of curiosity, where you were getting 67 from?

I think it's something everyone should have to have, but with the way times are changing maybe people should be able to have access to some of it to add onto their deposit for their first home.

That's already in place - look into the First Home Super Saver Scheme.

This is why I find it really rewarding working in finance/super. There just seems to be so much that people aren't actually aware of or taught about.

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[Billy ray]

 

[Suspense]

Yeah, as mentioned above, you can access your super at preservation age (60 for most people) provided you are fully retired or working less than 10 hours per week. Not sure where you're getting 70 from.

70 is the proposed pension age from 2035 onwards. Obviously the current rules allow for earlier access, but as someone 30 years away from retirement, that is plenty of time for Government to continue to tinker with access to super. Preservation age has already increased from 55 to 60 during my work life.

You didn't "earn" your super though. It's an additional payment, not a deduction from your wages, that your employer is legally obliged to make.

It's an additional payment but it has to come from somewhere. Employers build the cost of super into their overall wage costings - it is effectively part of your wage (which you did "earn") that is provisioned for your retirement.

Keating:

It is worth reminding people that in every year the Superannuation Guarantee Charge (SGC) grew by a further one percentage point of employer contributions towards the 9 per cent target, unit labour costs fell markedly. This meant that the cost of superannuation was never borne by employers. It was absorbed into the overall wage cost. Indeed, in each year of the SGC growth between 1992 and 2002, the profit share in the economy rose. The growth in trend productivity over the period was so large it paid for generous wage settlements, including superannuation, while accommodating a higher and higher share of national income going to profits. And those wages and profits were paid consistent with an inflation rate of 2.5 per cent, on average, across the period.

In other words, had employers not paid nine percentage points of wages as superannuation contributions to employee superannuation accounts, they would have paid it in cash as wages.

Not "your money". It's an additional payment legislated purely for your retirement, and you have no entitlement to your entire benefit unless you retire or happen upon some sort of unforeseen circumstance like disablement/terminal illness. In which case, yeah nah good luck

It is absolutely your money - you just cannot access it yet.

 

[Taylor]

No tax is applicable upon withdrawal from your super from age 60 and up.

If you're under 60 but have still met your preservation age, there's a current low-rate cap (i.e. a tax-free threshold) of $225,000 as well. Could I ask, just out of curiosity, where you were getting 67 from?



That's already in place - look into the First Home Super Saver Scheme.

This is why I find it really rewarding working in finance/super. There just seems to be so much that people aren't actually aware of or taught about.

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67 is the age you can access your money without having to have retired first, but only currently.

I'm expecting those figures to get more into line with previous retirements historically where there wasn't 20 years after work to support.

If the government can decouple specific occupations, such as trades retiring earlier than office workers, I think it's even more likely that the retirement age for people currently under 40 will be closer to 75

 

[Catgirl]

67 is the age you can access your money without having to have retired first, but only currently.

I work in super. 65 is the age you can access super irrespective of working status. Tax is not applicable to super withdrawals from 60+, which is what you were initially talking about


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[Taylor]

I work in super. 65 is the age you can access super irrespective of working status. Tax is not applicable to super withdrawals from 60+, which is what you were initially talking about


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As long as you have retired.

If you just want your money you need to be older or give up work.

I don't expect that trend to stop moving older and older.

 

[Catgirl]

70 is the proposed pension age from 2035 onwards. Obviously the current rules allow for earlier access, but as someone 30 years away from retirement, that is plenty of time for Government to continue to tinker with access to super. Preservation age has already increased from 55 to 60 during my work life.


It's an additional payment but it has to come from somewhere. Employers build the cost of super into their overall wage costings - it is effectively part of your wage (which you did "earn") that is provisioned for your retirement.

Keating:

It is worth reminding people that in every year the Superannuation Guarantee Charge (SGC) grew by a further one percentage point of employer contributions towards the 9 per cent target, unit labour costs fell markedly. This meant that the cost of superannuation was never borne by employers. It was absorbed into the overall wage cost. Indeed, in each year of the SGC growth between 1992 and 2002, the profit share in the economy rose. The growth in trend productivity over the period was so large it paid for generous wage settlements, including superannuation, while accommodating a higher and higher share of national income going to profits. And those wages and profits were paid consistent with an inflation rate of 2.5 per cent, on average, across the period.

In other words, had employers not paid nine percentage points of wages as superannuation contributions to employee superannuation accounts, they would have paid it in cash as wages.


It is absolutely your money - you just cannot access it yet.

Great points, but also worth noting Keating did back-track with the following:

"Workers are not getting real wage increases anywhere, and can’t get them. The Reserve Bank governor makes the point every week. So the award of an extra 2.5% of super to employees via the super guarantee will give them a share of productivity they will not get in the market – without any loss to their cash wages."

Super contributions don't erode wages. They simply stagnate wage growth. Which, yeah, not ideal. But there's a clear need to prepare for an ageing population, and having worked in the federal tax system at the peak of the COVID early release of super scheme, people are not as great at saving without regulations in place as we'd like them to be.

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[Catgirl]

As long as you have retired.

If you just want your money you need to be older or give up work.

I don't expect that trend to stop moving older and older.

Could you elaborate a bit on "as long as you have retired"? Unsure if you are saying tax applies to super withdrawals above 60 if you are still working?

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[Taylor]

Increasing the super contribution percentage is a great way to inject more money into the real estate and stock markets to lift values of existing owners while making poor people feel like they are getting something too.

 

[Taylor]

Could you elaborate a bit on "as long as you have retired"? Unsure if you are saying tax applies to super withdrawals above 60 if you are still working?

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Preservation age access has the caveat that you are retired or not working much at all.

 

[Catgirl]

Increasing the super contribution percentage is a great way to inject more money into the real estate and stock markets to lift values of existing owners while making poor people feel like they are getting something too.

But they ARE getting something provided they regularly contribute and don't cark it before retiring or turning 65. In the event one does cark it beforehand, their beneficiaries get the account balance and any applicable insurance payout. Doesn't disappear into thin air.

The benefits of super are huge if you're with a high-performing, low-fee fund and aren't reactionary to market downturns. Have seen people who retire with 350k odd in super to have that balance grow to over 1 mill. It happens. Gotta play your cards right.

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[BACCS]

I feel like there should be a system where you can prove you’re smart with money to justify accessing it whenever you want. It is a punishment to people who can actually use their money to build more wealth. I hate traditional finance and unfortunately I am forced to be exposed to it with my super.

 

[BACCS]

I work in super. 65 is the age you can access super irrespective of working status. Tax is not applicable to super withdrawals from 60+, which is what you were initially talking about


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So I could access it (after paying a tax) if I’m no longer working, but am instead earning a passive income to live off?

 

[Kram]

I feel like there should be a system where you can prove you’re smart with money to justify accessing it whenever you want. It is a punishment to people who can actually use their money to build more wealth. I hate traditional finance and unfortunately I am forced to be exposed to it with my super.

Like putting it all into bitcoin?

 

[Kram]

Only way I'd agree to early access is if it was for people to by their first home.

 

[Billy ray]

How much should people have at say ages 30,40,50,60?
Im sure ive seen this somewhere