SAHM's - what do you do about your super?

[~*Niadalla*~]

Hi there, I'm wondering if anyone can give me any ideas as to what I can do. My super is being eaten away by fees I am not working and have no plans to go back to work anytime soon.
Is there a way I can freeze my super? What can I do to save my money? What do other SAHM's do?

[Ozstar]

I have been thinking about this too so will be keeping an eye on this thread.

[BabyQ]

same here...don't know what to do!

[briggsy's girl]

are you able to talk to your super fund about making your own contributions (maybe from DH's income or something) to keep it active and at least pay the fees that are being taken out? with the government co-contribution scheme, i think for every dollar you put in, you get an extra dollar added... might be something to think about...

my mat pay runs out next month so i'm also thinking about these things - will be contacting them soon-ish i think

[Astrid]

We saw a financial planner last year to help roll all our supers together (we had a lot!). All mine were rolled over into a new fund, at the moment we are going for high risk/high return on it for the next ten years. So there will be times with losses, but overall I should be ahead in ten years time. Will need to look at the last mail out to see if the fees are outweighing the interest though. The FP knew I was not working and may not be for a little while, so hoping he put me in the right fund.

I think spouses can make a spousal contribution to your fund, but you would need to chat to someone in the area to see if there is any benefit from that, as often in the early days you are better off putting extra funds into the mortgage.

[~Trish~]

We put mine into a fund with low fees and we make our own contribution into it annually to make the most of the government's co-contribution scheme.

[Miss E]

Look at putting it in a industry super fund where all profits are returned to members and the fees are low - usually around $1 per week (there is a website that lists all the industry funds if you just do a search on industry superannuation). Also have a look if you have insurance, if you do the premiums will be being deducted from your balance also. If you are going to move funds, make sure you check whether or not your fund will charge you exist fees. Some of the big corporate funds charge ridiculous exit fees, others don't, but definately worth checking first.

Like Astrid said it is all worth having a think about your investment time frame. If you are going to have your super invested for 10 years or more then you should think about having it in an aggressive investment option. Yes you probably will get a negative return every now and then, but over the long term your average return should be much higher. The government co-contribution is also a great way to top it up, but they have reduced the amount they will contribute this year. It used to be up to $1.50 for every dollar you put in, but now I think it is up to a $1.00 for every $1.00 you put in. But the catch is that you have to have been employed in some way in that given financial year to be eligible.

[Ozstar]

Some very good advice, thank you all. Think I will make an appointment with our financial planner.