What have you done with your super?

[Arimeh]

Ok since I'm no longer working, and probably won't return to the workforce until DD2 is at school (I plan to study nursing next year instead so will be out by the time she is in school) I'm wondering what I can do with my super? At its current state, with no incoming contributions, I'm losing $52 a year with their fees - and there isn't that much in there to begin with - maybe $12,000?

So what do SAHM's who used to be workers do with their super to stop it getting sucked away in fees? Can we do anything? Can I transfer it into DH's super fund?

[mbear]

Just subscribing...in the same boat...i did read somehting on BB about this a while ago, but wouldnt know where to start looking.
Looking forward to hear replies....

[Indadhanu]

Shel is in the same boat now. I'm subscribing to see if anyone else has any others ideas, apart from spouse contributions (me putting in for her, and you get a small bit back on tax) which is all we've through of.

[lizh]

I'm sure that there are others more qualified than me but there is a couple of things you could do:

1. get your spouse to make a contribution into your account
2. make an after tax contribution to get the super co-contribution
3. look at what funds you've got your super in and transfer it to one which attracts lower fees

BTW - you can't transfer your super to your spouse

Liz

[Fuzzywuzzy]

I'm sure that there are others more qualified than me but there is a couple of things you could do:

1. get your spouse to make a contribution into your account
2. make an after tax contribution to get the super co-contribution
3. look at what funds you've got your super in and transfer it to one which attracts lower fees

BTW - you can't transfer your super to your spouse

Liz

:yeahthat:
This government website has some really good tips and advice on comparing funds Super - taking time out from work - Australian Securities and Investments Commission
Generally the industry funds have the lowest fees and still have a pretty good fund performance. There are retirement savings accounts kinda like a normal savings account but with super restrictions - most banks have a product along these lines. They have really low fees (maybe $20 a year) but only invest in cash so the earnings are eroded by inflation. An aggressive investment strategy is appropriate for many of us who have quite a few years until retirement.
Also if you have life insurance through superannuation it is substantially cheaper than outside super. The premiums will obviously make your super balance decrease further but it is great for cash flow if you can't afford the premiums (even better if you can make a contribution to your fund to cover the premiums)