SAHM - what do I do with my super?

[Taurean]

As you're not earning, you can do the co-contribution each tax year. Deposit $1000 and the government matches it (once your tax return has been lodged). Have a look at this (Mods, government site so I *think* it's ok) Super co-contributions. It might seem like a lot if money but you're getting $1000 for free - just like that *clicks fingers*. It's so worth it if you can do it

You can't stop fees totally but you can manage them better. Have a look at the Your Share website. They act as your 'financial adviser' and refund your compulsory fees and commissions back to you annually. It works a treat! Both DH and I have signed up for this and have both received cheques I received a $50 bonus when I signed up and DH gets a trail for referring me to Your Share

Remember with your super that it's there for the long haul. There is no point focusing on it too much right now as the market changes so much that what may seem like a lot in fees or financial losses can quickly change to massive gains with a market change. Super is long term and that's exactly why you can't get to it until later.

[Honeybee]

Thanks so much Taurean for your reply! Will go and have a look at the Your Share website. It would be great if we could do some co-contributions, will talk to DH about it.

Thanks also Shantelle!

[Taurean]

No probes hon My DH is a bit of a 'money' man and knows all these little things to save or make money. Both those things I suggested are fool proof though

[Arimeh]

I started a thread like this not too long ago. I received my super statement the other day, and with interest it has actually increased even with no contributions from me. And with fees taken out. I was worried that it would all be eaten up, but so far so good!!

[Fuzzywuzzy]

I started a thread like this not too long ago. I received my super statement the other day, and with interest it has actually increased even with no contributions from me. And with fees taken out. I was worried that it would all be eaten up, but so far so good!!

I think I posted this in your thread

Women and superannuation - taking control of your future This is the the government's superannuation section on the ATO website. It explains co-contributions and spousal contributions which are both ways to increase your super balance. I would also recommend shopping around for a super fund with low fees, industry superfunds generally have lower fees and provide similar returns to the retail funds. HTH

[Kitt3n]

Legislation may have changed, but when the co-conts were first introduced I am pretty sure you ahd to be in gainful employment to be elligible

What you can look into is a spouse contribution, where he can offset his contributions to your fund

[nic]

Legislation may have changed, but when the co-conts were first introduced I am pretty sure you ahd to be in gainful employment to be elligible

What you can look into is a spouse contribution, where he can offset his contributions to your fund

This is what always confused me too, that I had to be in some sort of paid work, even just a few hours a week, to access the co-contributions?? I always forget to ask the accountant at tax time too..Will try to remember it this year!

[Taurean]

Legislation may have changed, but when the co-conts were first introduced I am pretty sure you ahd to be in gainful employment to be elligible

What you can look into is a spouse contribution, where he can offset his contributions to your fund

Oh yes, you're right! Yes, co-contributions are only for low to middle income earners. I have done a small amount of work each year since having DD so I'm able to do it. Sorry for the incorrect advice HB!!