SAHM - what do I do with my super?

[Honeybee]

Just curious, have been a SAHM for two years now, and don't anticipate returning to paid work for perhaps another 5 years.

Am I supposed to do anything with my superannuation? Is there anything I can do to stop my fund being depleted by fees and charges while I'm not putting anything into it?

Called my super fund and they said there's nothing I can do but leave the money there, or make some contributions myself.

does anyone know whether there are any options when you're planning on being out of the workforce for a long period of time?

thanks very much

hb

[danita]

im not sure what you could do other then to make regular contributions yourself. i have often pondered this question myself. i think even a little bit helps your fund.
sorry not much help here

[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!!