Not long ago, we read about the Qld Government raiding the super funds as they stated they were $10billion in surplus. No super fund can be in surplus. The fund consists of member contributions and asset growth. There is no surplus. The government simply tells us there is, and we just cop it sweet. https://www.abc.net.au/news/2016-05-24/qld-government-could-raid-superannuation-fund/7440278 And then they tell us that we've paid you too much, now pay it back, peons.... https://www.abc.net.au/news/2018-11-15/qsuper-members-worse-off-over-administrative-errors/10497438 How would you like to get a bill for 290 grand due to "errors" We, the public are getting ripped off left right and centre, and no bastard does a thing about it. Probably because peons are designed to have no power... The sad thing about it is, if NSW (and I presume the same applies to all states) politicians dont receive a certain percentage in asset growth, they top it up out of Treasury funds. What a freakin lurk... Superannuation...Im glad I cashed mine in....if youre under 40 in Australia, you mightnt see yours............ Good luck.....
I recently retired twenty odd years early. Got bored, and now work part time for cash flow. Basically I work to go out for dinner, holidays, or just the hell of it. Another story however. I am resigned to never see my super, and by the time I can it may be worth bread and milk. Who knows? This country is going to change greatly in the coming decades.
Have both. Self managed I placed a lot of property money in before the rules changed. Will probably roll the other into it some time soon. We will be a lot better off than most, not griping about our situation, we have been lucky. The question is, will your super stay in step with the cost of living in lets say 20 years? Super contribution really needs to increase but the government realises they would be unable to dollar match even the smallest rise. Self managed is still a solid option for increasing contribution, but the Gov are even looking at further changes here. You see the government is losing revenue as the population ages. But neither of the two major parties have the balls to call out the elephant in the room. GST. Lack of it. The retarded version we have of it, and the states role in delivering it. The GST has to increase. Just not under the current system. This is my opinion only. The current system is about 60% effective at revenue collection and distribution. Kind of like riding a bike with flat tyres, you get there eventually but inefficiency uses up any excess that could be aquired. The states are the flat tyres. Total waste of time and money. Get rid of them. Howard stuffed the GST, either out of fear or ego, doesn’t matter he f’ed it up. By allowing self serving fools to tinker at a simple system just to get it passed basically shut down any chance of bi partisan changes to keep up with the current times. It is now a political tool, and should never be. It should be part of doing business which ever side of center you sit. Anyway, soapbox away.