Superannuation Discussion + market volatility

mrsterryn

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I deal with a lot of older people and currently you have to have had a pretty tough life to not be a home owner.
However, even lots of professionals in 40s are now struggling to get on ladder.
Not sure "tough" is right just difficult to obtain when there has been a divorce
Single parent , no child support, not wanting to rock the boat about child support due to my decent Commonwealth superannuation and not wanting to share. Ending up having to rent
That was well over two decades ago.
Fortunately now do own again and have reasonable income
I think for some people superannuation may end up being cashed out for purchase of a home and the having total reliance upon the Age Pension with the possibility of still having a mortgage
There is no penalty in doing that
 

JohnK

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How long does it usually take for superannuation statements to be released after 30 June?

My super balance has increased by around $2000 but not sure if that was all contributions or some earnings as well.
 
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CaptJCool

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Not sure "tough" is right just difficult to obtain when there has been a divorce
Single parent , no child support, not wanting to rock the boat about child support due to my decent Commonwealth superannuation and not wanting to share. Ending up having to rent
That was well over two decades ago.
Fortunately now do own again and have reasonable income
I think for some people superannuation may end up being cashed out for purchase of a home and the having total reliance upon the Age Pension with the possibility of still having a mortgage
There is no penalty in doing that
Sounds like my story....
except I was paying a bucketload of taxes, non-concessional super, child support and then an apartment loan, rates and private health and utilities ...(totalled around 85-87% of income) plus then spending on children when they were actually with me! And this actually without a car for a decade !

at that point I was living on the smell of an oily rag, and then eventually the loan was paid out..... and now it’s an abundance.... even if medical out-of-pockets (GST free) as you age go up and up! Makes some sense to prune back their income taxes to nothing but it seems cough about that we highly tax the people who are at the same time, paying home loans and raising children let alone running a car or two !
 

mrsterryn

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Ok so CPI has come in for the defined benefit.
3.5 % for the next six months. For the twelve month period I think the increase has been over 5%
For superannuation, continuing in this thread , what is a reasonable return for a year ?
 

andye

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Sounds like my story....
except I was paying a bucketload of taxes, non-concessional super, child support and then an apartment loan, rates and private health and utilities ...(totalled around 85-87% of income) plus then spending on children when they were actually with me! And this actually without a car for a decade !

at that point I was living on the smell of an oily rag, and then eventually the loan was paid out..... and now it’s an abundance.... even if medical out-of-pockets (GST free) as you age go up and up! Makes some sense to prune back their income taxes to nothing but it seems cough about that we highly tax the people who are at the same time, paying home loans and raising children let alone running a car or two !
Unlikely to get any party to suggest any significant taxes on retirees though. The relatively small issue of franking credits turned out an electoral liability.
 

CaptJCool

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Ok so CPI has come in for the defined benefit.
3.5 % for the next six months. For the twelve month period I think the increase has been over 5%
For superannuation, continuing in this thread , what is a reasonable return for a year ?
-2.5% ?

The long term average probably 6.5-8.5%
 

QF WP

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It has been confirmed: Superannuation fund returns ended the financial year in negative territory for only the fifth year since the inception of the superannuation guarantee in 1992. According to the financial year assessment issued by SuperRatings the median balanced option is estimated to finish the financial year at negative 3.3% largely as a result of market turbulence driven by factors such as the war in Ukraine and the continuing pandemic....
 

QF WP

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How long does it usually take for superannuation statements to be released after 30 June?

My super balance has increased by around $2000 but not sure if that was all contributions or some earnings as well.
The Trustees of each superannaution fund have to issue statements by 30th September (so 90 days). They need this time to audit the transactions, unless they get dispensation from ASIC/ATO for a delay (the date of which must be disseminated to fund members).
 

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