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Super contributions..
Answered 4 years ago
Just curious for those working- what does your work contribute? Is it the standard 9.5percent? Do you consciously make your own contributions aswell? I’m quite late to the game and am starting to look into my finances in general.
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ANSWER
4 years ago
My company contributes the standard 9.5%. A lot of older employees seem to salary sacrifice every year up to the annual limit of 25%. Something about paying less tax that way. I personally think super is a wrought.
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REPLY
4 years ago
Sorry, annual limit of $25,000.
REPLY
4 years ago
rort. Why is super a rort
REPLY
4 years ago
How on earth is super a rort? There probably won’t be a pension in 40-50 years so what will you live on?
REPLY
4 years ago
Do you honestly believe that you will receive all the money you have in super in your life time? By the time we reach retirement age, which will probably be pushed up to 80 by that time, we may live an extra few years after that and will most likely never get to live off it let alone enjoy it.
REPLY
4 years ago
My dad worked his whole life, was in the generation where they were told paying taxes would provide them with an old age pension, had $100,000 to retire on in super.
That's like 2 years lower average wage? Pfft where's that meant to get you. And then scomo says that we shouldn't be so entitled to expect a pension!
Ugh country fucked
That's like 2 years lower average wage? Pfft where's that meant to get you. And then scomo says that we shouldn't be so entitled to expect a pension!
Ugh country fucked
REPLY
4 years ago
Exactly. My father worked as a public servant for many many years. Was told he could retire early and access his superannuation at 56. 56 rolls around and they say oh sorry rules have now changed. Wait until you are 67 to access your hard earned cash. They just keep changing the rules so we get less of our own money. It’s a pack of BS.
REPLY
3 years ago
Age pension age is 67. (For those born from 1.1.1957 onwards). The age you can access your super is earlier than that.
ANSWER
4 years ago
My employer pays the standard, and I pay a little extra of $25 per fortnight. It doesn't make much difference to my take home pay, but will add up in my super...
ANSWER
4 years ago
My employer makes 9.5% contribution and I am currently thinking about making extra contributions via salary sacrifice as I am over 50 and would like to bump up my super.
ANSWER
4 years ago
Wow you get it good in Aussie. Here in NZ employers only have to pay 4%!
ANSWER
4 years ago
I don't add anything to super, though we have our own fund we add to so we can access it and retire a bit earlier.
ANSWER
4 years ago
My husband is a public servant and gets 15%. When I was working I got the standard 9.5%.
ANSWER
4 years ago
Pretty sure employer contributions are compulsory. We are self employed so do a lump sum of the maximum amount, usually $25,000 a year. You can match your employers contribution but only to a certain amount.