Quote:
Originally Posted by Ruination
I am 23, I have been working since I was 15.
When I finished my apprenticeship as a Carpenter in 2012 I started working for a new construction company, in which I also chose to start a new superfund with a different company.
I went to roll over all my previous super into my new one. I HAD ABSOLUTELY NOTHING.
Basically, all my super went into paying all these stupid fees just to have an account.
I was gutted because I actually thought the idea of super was great.
Even as a tradesman on higher wages now, I still fail to see the great idea of it, and am against super in all forms.
I get that I am young and understand that I shouldn't have much super right now, but how are young people supposed to accept that super is good for them, when in their first 5-10 years on average wages, they have nothing to show for it?
In my eyes, superfunds are thieving snakes.
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Sounds hard to believe that you had nothing at all.
Try using the ATO's tool to track down lost Super....
https://www.ato.gov.au/Calculators-a...s/SuperSeeker/
As of last year all Super funds have to offer what is known as a "mysuper" product. These are designed to tidy up some of the excessive fees or other conditions that have previously made many Super funds unsuitable for those who don't know much about it/don't have any interest in shopping around or comparing.
Generally industry funds are good way to go, but the gap between them and retail funds is now closing with competition and legislation to make all funds fairer to all people (eg mysuper, as per above)