Starting Super.

Hi guys.
I know I made a similar thread a long time ago, but wanted to get some updated advice.

I work as a personal trainer / sub contractor. I get paid in cash and/or direct deposit, so I have no super fund.

I'm 22 years old.

I think I really need to open a SuperFund. I'm not sure how to go about it, what I should look for, how much to contribute etc...
This has been in the back of my mind for some time now, but I have been focusing on other investments as well as procrastinating heavily.

Any help is appreciated.

Thanks guys!

 

You're too good to me

 

That actually made it all sound pretty straight forward, which I'm not really used to.

I like the idea of having a fund which can also pay for life insurance etc... Since I don't have any of that either :S

I guess I would be looking at a retail fund (maybe an industry fund??) I'm not really sure what's available, and what I really need in a fund.
Any recommendations or tips?

 

Hi Compleks,

If your looking at insurance don't forget to compare the cost of insurances in different funds.

There was a report last year which said that differences in insurances could be up to 5 times more expensive in different funds, hence shop around.

Cheers,

Dan

PS Before making an investment or insurance decision speak to your FPA registered Financial Planner.

 

A superfund is a must, but pointless if you don't plan to contribute to it. I've seen so many self-employed people who in there 40s - 50s have no super and no other assets to show for it.

You really have to make the effort to contribute each month and stick at it.

check this out it should help ou decide how much is enough in retirement.

My super simulator

just note that you will have to adjust for the fact that it automatically thinks your getting the 9% SGC.

 

Cheers for the help.

Where abouts should I go to search for a fund? I tried the investsmart site, but the search options are pretty lousy.
I didn't realise there were so many super funds...

 

Hi Compleks,

There are more superfunds than you can poke a stick at!

You can start - Chant West

Cheers and good luck!

Dan

 

if your not after a financial advisor just stick your money in any of the large industry funds. They are all pretty much offer the same investments & insurance, cost the same and perform the same.

AustralianSuper - the superannuation fund for all Australians - AustralianSuper is a good industry fund, they will even let you have direct asx 200 share holdings! which is a big plus.

 

Thanks guys.

I'm thinking I should just sign up with AustralianSuper (thanks young gun) and set up a regular contribution plan of maybe $100 a week.
I hope to be getting a 'real' job soon, so then I will have more money being deposited by my employer.
I'll also try to drop some excess cash in there whenever possible, but I want to focus most of my attention elsewhere for now.

 

BT Super for Life :. Super and Banking

Any thoughts on this fund? I just came across it now while doing some banking (I'm with westpac).
I just watched the demo video and am having a look through the PDS now. I'm curious about the customised insurance options. I'm not really familiar with the different insurance policies, but I think in my line of work it's probably a good idea to at least have some income protection insurance.
I'm not sure what else is available or customisable in their fund, but I would be interested to hear some opinions on this fund and the various insurance policies.

Cheers.

PS. What do you think about being able to 'control your investment mix'? The level of control in the video didn't seem particularly special.

 

Hi Compleks,

Cute video, looks like BT is scared with Asgard coming along and being their new best friend...

I wouldn't call 4 investment options mind blowing.

At 0.99% it's similar to Virgin Super (Low fees) though with lower buy/sell spreads.

The linking is a good idea, I can see my MLC stuff through my NAB online so it'll probably be a matter of time when other banks do it as well.

Cheers,

Dan

PS Before making an investment decision speak to an FPA registered Financial Planner.

 

So I'm tossing up between the BT Super and Australian super funds.

BT Super for Life :. Super and Banking
&
AustralianSuper - the superannuation fund for all Australians - AustralianSuper

I'm not much good at comparing these sort of things and was hoping for some input.
What do you guys think of these two funds?
Which would you choose?
Will there really be much difference in the long run?​

 

Anyone... ?

 

I am with super for life from BT. However, I intend to change into an industry super fund in the near future. To be honest, they seem way cheaper in every way then any retail fund I've seen.

 

Oh, thanks eddyl.

I like the idea of having it all in one place, and the convenience (the BT fund that is). But not if it's going to be significantly more expensive, or if its performance isn't as good as other alternatives.

I don't know. There are just too many options.

 

Sorry eddyl, did you mean that the BT super for life fund or an industry super fund is cheaper?

Why have you decided to change funds?

 

Industry super funds are quite a bit cheaper in general. A cursory investigation will show this in most cases.

I am going to change funds at the end of the year, because I'm currently with bt super for life because that is who my employer endorses. But will change if I decided to move job etc.

 

Fair enough.

Thanks for the help.
Bothe the BT and Aus Super funds seem to have pretty comparable insurance plans, which is good. I'm not sure how to really compare the fees accurately, or the performance.
But I don't see there being a big difference... ?

 

Okay, I figure I should just bite the bullet and open with the BT Super For Life fund.

I figure I can change funds later if necessary.
It will also be easy to see where my money is since it's all managed under the one account.

I need to do something... so here I go!