31, with 38k super, with ING direct would it be bad to switch? In terms of the selling/buying again fees
Base income per yr is between $80k pre tax
Comparing funds with https://applecheck.chantwest.com.au/Authentication/LaunchApp…
Looking at Aus Super and https://www.australianethical.com.au/super/
Or who do I talk to about it and how much does that cost? Risk is high growth
When you move money - they wud sell the investments and you pay CGT on the gains i.e. say $100 portfolio and gains $40 - you loose $6 i.e. get $94?
I believe you should be able to roll over your super or aggregate your super into another eligible superfund with no tax consequences. I did, but best to check with your old and new superfunds.
The super fund carries any tax implications.
Transferring funds from 1 super to another is very easy.
Sign up to the new fund. Click on the button that says "consolidate my super". Supply the account number and super fund number of the redundant account. The new fund does the rest
All the people who have negged me - you are mistaken totally. When you will move your money, there will be tax that come out of it. Good luck !
@CheapSticks: Reference please.
I had a $400k balance in MTA super and when I moved it to FSS there was still $400k. If there was any tax paid then the super fund wore it.
You aren't realising any capital gain and your money is still tied up. There's no reason a tax event would be triggered.
@brad1-8tsi: I called AustralianSuper and doubled checked as this was the case when i moved my money from another fund to AustralianSuper it wasnt the whole amount. The tax adjustment happens every 30 June apparently ( i didnt the specifics before the call to them).
Clearly your experience says otherwise so bit confusing.
@CheapSticks: It could be that different super funds do things differently. eg: some pay any applicable taxes behind the scenes and others are up front.
i'm with iNG Super for the access to the stock market.. believe ING Super has the cheapest fees to buy ETFs or stocks.
when it comes to financial products.. the product features and the fine print determine what's best for you.
I believe ChoicePlus from HostPlus is quite cheap. No idea what ING charges in comparison.
https://hostplus.com.au/investment/understanding-your-invest…
You might also wish to check that the superfund you wish to move to has the various investment options you like. If your investment option is making a nice return then the fee is worth it in my opinion.
Pension funds usually don't do double digits APY while many only set their targets at ~7% to 9% APY. Most of them can't even do that. Changing from one fund to another fund isn't going to make a difference when they all perform poorly.
imo better off turning off life insurance fees and job insurance. I ended up saving $500+ per year.
Switch to higher risk investment types as well.
Sure if you got cash position and no liabilities/dependents
Have you got enough set aside to be able to not have insurance? That $500+ year saving is going to be nothing compared to the amount you'll need if you get sick and can't work.
I was (and still am) paying about $45/month (so about $500/year too) for income protection. A couple of years ago, I got sick and the policy paid out over $100k/year for almost two years while I couldn't work. Honestly, without it, I probably would've been screwed big time. Insurance is one of those things - it's "a waste of money" until you actually need it.
Fair enough. When I looked into I was wondering why there was little growth in my fund. Had a look and that was taking a decent percentage and stifling growth.
It's really all personal choice, but just wanted to let you know using myself as a real life example. Even though I had insurance and I am relatively young, I did (like a lot of other people) doubt that it would ever happen to me.
There should be no penalty for changing super funds. Call Australian Super and confirm that with them.
It is usually a straight forward & simple process that should incur no penalty. Check out their investment options, you can put all in one or spread it over a few.
Dont take the insurance.
So you'll foot the bill for mtg repayments, bills etc if something happens and they don't have insurance?
Industry funds are a good place to start with super.
Super funds are not allowed to charge exit fees anymore. There might be fees relating to investments but most of those are deducted from the returns themselves.
Ensure you have your insurance set up as you want it BEFORE moving your super. Most super funds have something called 'insurance transfer' which will involve some paperwork to see if they can match your current insurance with the other provider. Don't move super until the insurance has been offered and accepted by the new fund.
Changing super funds does not mean the insurance goes with it. They are different companies, so many people don't understand this about super (have worked too long in super).
Australian Ethical and Australian Super are two different companies.
You might want to take a look at Australian Super or HostPlus instead - the industry funds are generally considered the better option.
No real downside to moving. Make sure you move everything in to one account though. A lot of people buy life/TPD insurance through their super.. if you have three funds you’re probably paying three times as much in insurance and admin fees which is eating in to what you could be saving.
A financial advisor can tell you more for your specific scenario. Something like the barefoot investor is a good starting point to increase financial literacy with a fair bit of information on super.