How’d your super do?

[galarneauwilliam]

Interest earnings were $21713.05

Money in $15,100

Money out (fees and shit) $3400 is this a lot?

12.07% return. With Rest in highest growth/risk account. Is this also good?

Super balance now $209k and I’m 38 years old. Feels like a very privileged position to be in.

 

[somethingon]

@galarneauwilliam Just to give some variety

Accumulation. Age 63 and retired

Start $1982k

In (after tax) $1.2k

Direct fees $0.3k

Earnings $163k (8.2%: Balanced Aust Super)

Before anyone asks, have since moved max to pension mode.

To give a point in history, was $731k 1/1/2008

2008 was a crap year so back to $633k 1/1/2009 despite contributing $39k after tax

Lesson: it can grow fast in later years!

 

[galarneauwilliam]

@somethingon Very cool to hear it from that perspective. Sounds like a have a nice retirement money wise.

 

[diamondriver]

@somethingon Post tax contributions not capped at 25k

 

[somethingon]

@diamondriver Very few voluntary concessional made after that date, only 50k.

 

[aqstract]

@galarneauwilliam Investment earnings: $2,131 (Split 50/50 International shares/Aus Indexed)

Money in: $5,076 ($750 personal + government contributions)

Money out: -$704 (Tax + Fees)

Current balance is $17,118 at 22 years old working casual in hospitality earning approximately $34-39K/yr while studying full-time.

Edit: w/ Hostplus

 

[galarneauwilliam]

@aqstract 12.5% nice one mate!

 

[aqstract]

@galarneauwilliam Thanks for the calculation

 

[galarneauwilliam]

@aqstract No worries it’s an easy one!
Interest earned,divided by current balance, and then times it by 100 to get the % in case you didn’t know

 

[mcsterling]

@galarneauwilliam That’s pretty good to me, I was 22,000k in 14,000k in interest.

$3,600k in taxes and fees.

Currently have 220k in super at 34 years old.

 

[galarneauwilliam]

@mcsterling Nice work. Our taxes and fees were about the same! Do you have any insurances on your super?

 

[mcsterling]

@galarneauwilliam If you’re talking about income protection, death cover etc. yeah I do I’ve basically got enough cover to pay out debts if I die or if I can’t work cover me for a couple of years.

 

[galarneauwilliam]

@mcsterling I just have income protection. That’s enough to cover everything I need to contribute.

 

[mcsterling]

@galarneauwilliam Not aware of your relationship/ family situation, if you ever get in massive debt where if one is to die suddenly. Death cover will at least cover the debt so everything doesn’t have to be sold up.

You’ll loose it like the other insurances at 65 years old though.

 

[galarneauwilliam]

@mcsterling My super would cover about half our outstanding mortgage and on her own with a mortgage of $200k my wife would have a comfortable life paying the rest off. But you’re making me think we should talk about that as extra money would take away one stress is one of us passes.

 

[kiran20]

@galarneauwilliam Mortgage is the big ticket item, but don’t forget all the other bills.

Rates, internet access, etc all stay the same. You’d get a slight reduction in electricity and water usage, but they don’t drop by half. Groceries - it’s hard to shop for 1 without wastage.

It’s expensive to live as a single. And we haven’t even got into all the free labour you do at home. Can 1 person really do all the cooking, cleaning and yard work while working full time? Or would truly “comfortable” mean they have to hire a gardener/cleaner/food-delivery to help out?

 

[mcsterling]

@galarneauwilliam Everyone’s situation is different, over the years we’ve adjusted ours to suit the current situation.

For many years I had insurance through insurance line, then moved it all into one with AusSuper understanding it ends when turning 65. I would hope if I lasted that long we would have our shit together.

Personally we’re in $1.2million debt with the insurance coming out of my super not my pocket when I was with Insurance Line for many years.

For me, it’s good knowing if I dropped dead tomorrow, my family gets paid out to cover all debt.

 

[galarneauwilliam]

@mcsterling Sounds like you’re being smart about it.

 

[resjudicata]

@mcsterling This. Wife and I both have just enough Death/TPD to cover the outstanding mortgage so that doesn't eat into the bulk super balance. As higher income earner I have also have income protection.

 

[faithinchrist7]

@mcsterling 14k interest on 220k seems crazy high. That can't be after tax?

I'd believe investment returns, just not interest on cash.