Help! I have lost my super.

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Q. Hello I have lost super and I have been told that I could use this to buy a house for our retirement.  I am 55 and my wife is 51 we are renting and would like to have a house that is ours what can we do. thank you.

Josie answer: A common problem with billions of dollars lost.  However, it is not really ‘lost’, just too many people not caring enough about their superannuation.

Super funds contact you on a regular basis, but if you have changed address it is very easy to forget.  You have worked very hard for your money and great to see you have finally mustered up some energy to find all those lost superannuation accounts. Read more

Superannuation or Mortgage?

 

Q. Should I pay off my mortgage first or salary sacrifice into super?

Josie’s Answer: Good question and very difficult to answer.  It all depends on your priorities, your savings discipline and your spending patterns. Read more

Superannuation Warning - “Is your employer paying your superannuation”

Q. On your radio program you mentioned for workers to check that their co-contributions are being paid as per the ATO rules.

Could you please give a little more info?

Read more

Money Matters Interview - Senator Nick Sherry

Last Sunday on the show, we interviewed the federal Minister for Superannuation and Corporate Law Mr Nick Sherry…

Kel, (Our radio show anchor and web guy) has been a little ill since the interviewed aired so apologize for the delay in the posting of the audio.

For those of you that tuned into Money Matters Sunday you’ll notice that there’s an extra 3 minutes of audio on the podcast….I’d like to say it’s bonus content, but it’s just the raw unedited version of the interview….

you can listen to the interview by clicking the play button below or choose the download option and listen to it later…..This is a must listen for anyone concerned about your Superannuation…. Read more

I am 60 and have $100K in super. Should I leave in super or withdraw?

Q. I have approx $100,000 in Superannuation and I want to retire at the end of the financial year this year. I turned 60 at the end of May. Do I have to invest in a particular income stream for it to be tax free or can I withdraw my Super & put it into, say, ING at 7.9% & draw a small income from this & still be tax free? Do I pay tax on the interest the money earns in the account? I would appreciate your advice.

A: Thanks for the question and congratulations on seeking advice and doing your homework.   Far too often we see people making financial decisions without really understanding the impact on their future wealth.

In order to be sure your income will be tax free, it needs to stay within the superannuation environment.   It is common for people to transfer their super to an account based pension (previously called allocated pensions) which is simply the vehicle used when you start drawing an income from superannuation. Read more

My son is now at Uni and I am worried about fees eroding his super savings

Q. My son worked at Macdonalds for 4 years and has a superannuation with employer contributions. He is now doing full time study at uni. Should he do something with this superannuation before it is eaten away with fees?

A: I just love it when people are conscious of fees within their superannuation fund. As you know there are far too many people who simply don’t care and then years later wonder what happened.

Just wish they understood that if you are in the wrong super fund, fees can easily strip 20% of your final retirement benefit (just imagine a slow drip from a tap - very soon the bucket is full and in this case the bucket belongs to the financial institution and in some cases, the financial planner). Read more

I was born in 1964. I heard they will be stopping the age pension?

Q. Can u tell me, at what birth year does the aged pension stop. I was born in 1964 and need to know whether I will receive the aged pension.

A: A great question and I suspect many people reading this question will think you have gone bananas. Most Aussies have the attitude that it is their god given right to receive the age pension as they have paid taxes all their life.

A fair point, but there is only so much money in the Government kitty. Remember they are simply managers of the tax we have to pay them.

A huge problem facing most Governments is Read more

We are quitting work and travelling around Australia. How will it affect our super?

Q. My partner and I regularly listen to your financial advice segment on Radio 4GR Toowoomba on Sundays. Congratulations on a very interesting show.

We are aged 57 and 52 respectively, currently working full time and we each have superannuation policies. Later this year we plan to resign from our jobs and go on a working holiday around Australia for an indefinite period.

We are both going to roll over our superannuation policies. Also we plan to set up an ABN as this seems to be a requirement of some of the farms on which we are going to work.

In order to avoid fees eating up what we have saved in our superannuation policies we are going to make regular payments into our respective policies.

We have two questions

1. are there any tax advantages in making payments into our superannuation policies from our joint ABN account; and

2. is there a set % requirement based on the gross as to what we are required to pay into our superannuation policies e.g 9% or as self employed is that up to us.

We hope you can help. Looking forward to your reply

Josies answer: Thank you listening to Money Matters and I greatly appreciate your feedback. I am having so much fun and thoroughly enjoy answering questions on the radio and this website.

It is obvious there is such a great need for this type of service. Read more

I am business owner and I am questioning my accountant’s advice.

Q. We are business owners and our accountant has us pay a designated amount into super each month. We are reluctant to do this at the moment and have that amount lose money immediately when banks are offering over 8%. Should we try to delay these payments?

Josie’s answer: I am finding that many people are asking similar questions. Why put my money into superannuation when they might get a higher return by investing in a cash management account or term deposit outside of super. This is where a little research and homework will make it a lot clearer and thank you for asking this great question.

When thinking of superannuation, do not think of it as an investment. This is a common mistake. Superannuation is simply a trust which offers amazing tax concessions. For example, if you had a family trust, would you be asking the same question? Probably not.

Firstly, I will discuss the tax benefits. Lets say your monthly contribution to superannuation Read more

Does an employer have to pay Super to someone who is working 24 hours per week?

Q. Does an employer have to pay the superannuation guarantee charge to someone who is working 24 hours per week?

Josie’s answer: Yes, they do, however, they are exempt from paying super for the following:-· employees paid less than $450 in a calendar month· those aged aged 70 years or more· employees less than 18 years of age and working less than 30 hours per week· non resident employees· employees who are paid for domestic or private work, less than 30 hours per week. Read more

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