is collecting slowing or still GFC hanging arond

[ausjack]

hehe sounds like the building game

[Goldseeker]

In regarsds to super.   My super rollover has been up and down just like a new brides knickers and I have lost, then retrieved, gained a wee bit and lost it again.

It depends on how what instructions you gave to your Financial Advisor or whoever.

At the present, I am sick and tired of the constant movement of my super, gains and losses that is, and having to pay for fees on top of the losses and the gains.

Now, I am withdrawing the lot and buying a second house for rent.

My coins etc will now become my controlled super until I depart this world for the next.

To say that Super was a con I can't believe that.   Super is a savings for the future and one can surely control the amount of growth and losses by simple instructions.

[Fulvio]

Super is a savings for the future and one can surely control the amount of growth and losses by simple instructions.

Oh come now... you credit people with far more ability than they actually possess.

Super was designed for one thing only. To get the government off the hook for supporting an aging population for longer and longer as demographics change. As such, all it ever needed to do was provide an equivalent income to the pension. Most people looked at the numbers being thrown around by the industry and saw visions of lotto win-sized lifestyles.

None of this hyped-up BS was ever remotely achievable by the average punter. And if you had enough nouse to beat the game, well you didn't need super in the first place. I've known people who you could dump in the Simpson desert stark naked, and they'd be sitting in your driveway in a Rolls by the time you got home. People like that aren't in need of support, they make their own luck.

For the overwhelming majority, super will fail to provide what they were sold. And as the government continues to claw back any and all benefits they can think of, these people will be worse off than someone who blew every penny on their way to the pension. Look at the current move to axe the benefits card... the value of that is considerable, and losing it will hurt people significantly.

[ausjack]

disagree sorry GS it was and is a con and a bloody good one at that WE should have set it up like the poms where the money is there, high risk investments on other peoples money just isn't right, but totally agree a house is better :good: They knew what they were doing when they set it but they didn't think about the future..funny that :laugh2: Can you refuse to have it taken out of your pay, no I don't think so so to me it's just like another tax
I never paid as I could see the writing on the wall all those years ago so they only got what they stole from me

[Goldseeker]

Everyone to there own opinion.

If it wasn't for compulsory super contributions when I was in the Army for 21 years, then I would basically have nothing now.

When I went into my second career, Super contributions were compulsory and then I salary sacrificed as a result.

Here I am now, buying a second house and I have never been so well off.

If it wasn't for compulsory super contributions, I would have most probably wasted the money on other things.

[ausjack]

I'm really glad that it worked out well as I don't think it's gonna work out that well for a lot of others and especially people like me that get hurt and then screwed again and again and again and now that I've been forced on to DSP the bloody gov is attacking it as well and not to mention wanting to increase GP visits so there goes even more..what a great country we live in..just so much like the US and it makes me sick, and they have the hide to say they are here for people like me, yeah right..sorrry, this shit just gets me down a bit as I really am sick and tired of being screwed with nothing I can do So glad I get to see the GP tomorrow and see about some bloody anti-depresants amougst other things

[Fulvio]

I would have most probably wasted the money on other things.

isn't that a failing of the education system? If people were taught what money is, and how to manage and use it properly, there would be no need for expensive blanket schemes like super.

Oh, but wait... knowledge is a weapon, isn't it? Better to keep the consumers dumb and malleable, so they keep consuming and wasting.

Yeah, I know, that's cynical.. blame Jeff. :diablo:

[dreamcatcher]

Everyone to there own opinion.

If it wasn't for compulsory super contributions when I was in the Army for 21 years, then I would basically have nothing now.

When I went into my second career, Super contributions were compulsory and then I salary sacrificed as a result.

Here I am now, buying a second house and I have never been so well off.

If it wasn't for compulsory super contributions, I would have most probably wasted the money on other things.

Glad it's worked out well for you Goldy. If I'd known you were so financially secure I wouldn't have given you that discount on your last purchase from me!! haha

With regards to super I'm in my 30s and don't have much.

As for mu coins I don't expect them to be a great long term investment. I think prices will be flat for a long time. I prefer to buy and sell for short term profit. The ones I hold long term are there just for pleasure.

[keldaw]

when I retired ,I was told to see an investment guy and he would work out what to do with my super so I did that . and he invested it in different ways , coles shares, now westfarmers ,  and amp finance and first state finance company . BUT GET THIS
 he did not tell me that the first $ 105000.00 was tax free if I did not roll it over but just took it and put it in the bank at term deposit .
so after my super going down by $ 47000.00 in 3 years that is what I have done now , and at lease now I know what I will end up with each year .. ,, kel ,,
also my investment man gave us a 10% discount on a block of flats he has up on the sunshine coast for our holidays each year if we wanted it , when I asked him how long he has had them ? his reply was . and I quote " 8 months now that is my super for when I retire later on " I rest my case ..       ,, kel ,,















 ..

[JeffH]

Yeah, I know, that's cynical.. blame Jeff.

Fulvio,
Cynicism is not infectious. I think you developed that all by yourself.

[Fulvio]

Cynicism is not infectious.

That's highly debateable... :diablo:

[nealeffendi]

Everyone to there own opinion.

If it wasn't for compulsory super contributions when I was in the Army for 21 years, then I would basically have nothing now.

When I went into my second career, Super contributions were compulsory and then I salary sacrificed as a result.

Here I am now, buying a second house and I have never been so well off.

If it wasn't for compulsory super contributions, I would have most probably wasted the money on other things.

GS, were you in pre '86? Because the Commonwealth public servants super scheme back then was gold plated (from taxpayers pockets). The returns these days are not nearly so nice, once you take out inflation the  returns (after fees:pirate:) are pretty ordinary and won't be nearly enough to retire on.
The positive returns of the past few years are due to a massive credit bubble. Not just the US has been creating credit, China has created more credit in 5 years than the US in 240 years and the malinvestment is huge,  they have a property bubble with 80 million empty units, ghost cities.
China imports our coal and iron ore to build those ghost cities, once the construction stops then they won't need our raw materials.
When things correct there will be many super funds showing negative returns for the next decade. Some won't show negative returns, because they will have gone bust.

[Goldseeker]

In 1986 I was still in the Army and getting ready to leave.   I was contributing 5.5% of my salary each fortnight to Superannuation and that was compulsory for all serviceman and one could not increase that contribution.

When I left the Army in 1989, I retired with a fortnightly pension, indexed to inflation for life and by commuting 4 years of pension, I walked away with a golden handshake of $36K with a reduced fortnightly pension indexed to inflation for life.

When in 2012 our pensions were increased by the rate of inflation, my pension and all ex serviceman got a rise of 0.1% whilst parliamentarians etc got 3% at the same time.   My rise meant an increase of $0.67/fn.

To say that Public Servants super scheme were gold plated does not flow to serviceman.   All serviceman, at that time, 1986, were contributing to our own fund that was called the DFRDB Scheme.   We got paid our pensions from this fund and not from general revenue.

Cast your mind back when supply was declined to the Whitlam Government.   I was in PNG at the time and we were all told that we would be put on Leave Without Pay for an indefinite period as monies dried up.   However, Whitlam saw approx. $182M dollars in the DFRDB bank and tried to take it into internal revenue.   That soon stopped when the defence force threatened to rebel if that money was touched.   It was not touched.

However, later years, the money did come into general revenue and we are now paid from the Commonwealth Super Scheme.

I served 21 years for little pittance.   Parliamentarians serve a pittance for a lot.   So who is getting the money you talk about?

(Please be careful as this topic is well off subject matter and I am some of the cause of it, sorry).

[ausjack]

All good GS :friends: I just rant and rave sometime so please pay me no mind

[Ozcoins]

I will start a new topic to continue the investment discussion (although 'gfc' is pretty closely linked to investments)