Based on the The Association of Super Funds of Australia’s 2024 data the average super balance based on your age bracket can be found here:
https://www.unisuper.com.au/compare-super-funds/how-much-sup…
That seems right to you?
My question is: based on your age bracket are you below are above these average?
Even that asfa number seems low, although a much more realistic one, wonder whether the average is pulled down by students and immigrants with barely any super
Nah, for most of these they assume you will own your primary residence unencumbered (i.e. not renting and no mortgage). Even then they assume it will be topped up by the aged pension.
Where's the option "I'm Crypto bro, never had super" ?
It includes likely age pension payments so is a reasonable guide.
needs more sgements. im at 10m and dont want to be lumped with below 3m please.
feel dirty now
Ha ha!
Yes, it's obvious that the poll should start from $2m as the average ozbargainer has over $3m in super, which is why the government is choosing to tax super balances over $3m.
That’s the average whirlpooler.
True, I apologise.
Ozbargainers have $20m+. Not like those whirlpool peasant fanatics.
$3m option should be called the @jv
@jv: He's also not he first (or last) politician to have a generous super scheme. You've missed your calling.
He's also not he first
That doesn't excuse him from stealing other people's money and exempting himself…
Is all taxation stealing
He is stealing people money under the guise of 'taxation' but making sure it does not affect his own super which will be way in excess of 3 million and not even his own money…
@jv: Just remember what super was originally intended for. It’s not an inter-generational wealth building vehicle, it’s just meant to keep you being less of a burden on society before you kick the bucket.
@jv: So you think taxing people a tad more if they have over $3 million in their Super is stealing? Stop drinking the Trump Kool Aid.
@try2bhelpful: Taking somebody's money that does not belong to you is stealing. Especially when you exempt yourself.
Why should Albo be exempt when he will get $10,000,000 of tax payer funder super over 20 years?
Is that a philosophical question?
No, I just want to understand where taxation stops and stealing starts in your esteemed opinion.
@Randolph Duke: Oh I know the answer to this, everything's normal right up until Albo is involved and then everything is crimes and unforgivable and post count increases.
normal right up until Albo is involved
So you're OK if Albo decides he wants add onto your tax bill the unrealised capital gain of your home and then exempts himself from the $5m house he bought recently???
I doubt it…
So you're OK if Albo decides he wants add onto your tax bill the unrealised capital gain of your home and then exempts himself from the $5m house he bought recently???
I doubt it…
Why would Albo's house be subjected to a super tax and is now being exempted? Are other peoples secondary homes purchased outside of super now subjected to this new tax policy that is being introduced?
So you're OK if Albo decides he wants add onto your tax bill the unrealised capital gain of your home
Yeah, I love it - probably the main reason I voted for him - no point having your own property if you can't add a bit onto the tax bill
@jv: Sure, why believe me when you can listen to the version of me that you've invented in your head?
That's worked out so well for you with Albo and Dan. Created thousands of normal comments, which of course is the point of the exercise.
Shouldn't you be more concerned that Albo is going to blow up the Moon and then he gets to eat at any restaurant he wants and you personally have to run down there and pay for it on your credit card? Why aren't we hearing about that while you're mining your fertile imagination of crimes Albo is about to commit?
which of course is the point of the exercise
why?
Is it "the version of me that you've invented in your head" ??
@Crow K: Dan and Albo have occupied JV’s head rent free for years, but unlike most investments, that space isn’t gaining value, it’s just cluttered and declining. At this rate, JV should start claiming a capital loss instead of whining about taxes
@JIMB0: Which is really what makes it all the more bizarre, because why would Albo buy a $5 million property when he already has his rent-free stay locked in for another thirty years?
@Crow K: Given how the Liberals are slipping, JV’s head’s about to get pretty crowded with Labor leaders living rent free. I'm sure Jacinta already visits on the odd occasion. Wonder if he’s ready for the noise!
@JIMB0: I feel like she has had a lot of time to get used to it, given the eclectic nature of their comments thus far..
@JIMB0: Dear Lord the Victorian State LNP are a total rabble. Infighting, suing each other, using the Handmaid’s Tale as a how to book. Both Deeming and whatshisname who is the Opposition Leader have had NeoNazis turn up to support their causes.
As Dutton found out at the Federal election if you propose to be the replacement Government you have to have some idea on how you intend to govern. You need policies and a vision on how we go forward as a society.
Victoria was meant to be the graveyard of the ALP in the General Election. Did not happen. I suspect whatshisname is beginning to sweat a bit.
Shouldn't you be more concerned that Albo is going to blow up the Moon and then he gets to eat at any restaurant he wants
Yep, albos never come out and deny these claims so it's clearly true.
@jv: the home is part of this scenario somehow?? it is in a SMSF?? I know some farmers have shoved their farm in there to try to get out of paying much tax, so guess they will have to cough up more tax on the EARNINGS for balances over $3mil. It isn't on the balance, or the whole amount etc. I don't think your home can be put into super anyway, so that is a nonsense argument. Maybe you should actually clue yourself up on what the new tax changes really are, how they are worked out etc etc. Guess some of these people will have to take out some of the things in their super if the value is over $3mil…..I don't feel bad for them, sorry. It was a tax dodge and Howard and Costello caused all this in the first place. This is just reigning in the largesse handed out to the very wealthy by them. Unless YOU have more than $3mil in your super fund, not sure why all the angst about it? If you do, shut up and put up with the tax changes and thank your lucky stars you got away with less tax for a long time…..or reduce the balance holdings so it IS under $3mil.
the home is part of this scenario somehow??
It might be if you rent out a room and they decide to start taxing unrealised capital gains on other assets which is certainly quite possible with this thieving government…
@jv: oh, luv just give it up. nobody on here thinks this is the wrong thing to do. Guess the person with their own home (somehow???) in their SMSF needs to take it out then and stop mooching on the rest of the taxpayers
@souths123: Are you sure? I agree with jv - taxing any form of unrealised gains is a terrible idea and not indexing this 3m threshold is also a really bad idea. Surprisingly even the greens agree it should be indexed.
I only have a bit over 100k in Super and I still think this, even without a SMSF.
@sakurashu: You think it will never be indexed? Of course it will be. I am not upset with these changes at all. Much fairer for everyone. This is just tax evasion for the well off, thanks to Howard and Costello. About time it was reigned in! Totally unsustainable, same as franking credits paid out to people/entities that pay no tax…just a rort….again H & C did this….it was meant to be to offset tax paid on income earned, not as a cash handout. Started costing the budget $400mil, now closer to $15 BILLION…no other country does this. Same as negative gearing on established properties……all these are just greed run amok and costing our budget in a totally unsustainable way, only funneling money up to the rich.
Anyone bitching….too bad, so sad….suck it up. I only wish I was in this situation that I had this problem….and if I had to pay more tax due to these changes, so what??
@souths123: I think it will be indexed about as much as our existing tax brackets - so never. We will be lucky if they revisit it every decade realising that 3m isn't what it once was and use it as leverage in an election.
Also I don't think you understand franking credits - the tax has already been paid, why would it be paid twice?
Negative gearing places properties as an attractive investment option and should be reined back or limited to new properties to ensure we add to supply - but that is a completely different topic
it out then and stop mooching on the rest of the taxpayers
How are they 'mooching' if they have not made a profit and are taxed on money they have not earned? That is theft.
@jv: Theft is illegal. Why don't you report it? There's a new federal anti corruption body,AFP,state police,and the few spook depts as well.
@jv: Taxation changes are not stealing, particularly when Super was never meant to be a vehicle for intergenerational wealth transfer. As per usual the rich were rorting the system.
Personally I don’t think the public service should be exempt but that doesn’t mean changing the current system for others is stealing. Totally different point.
Taxation changes are not stealing
When they are taking something that does not belong to them, it is stealing.
@jv: This is a modification in a tax rate. It isn’t stealing to modify this. By your definition then all taxation is theft. Of course then we have no government services.
This is a modification in a tax rate.
No it's not. It is taxing unrealised gains.
Taxing money people have not received.
@jv: Funnily enough the financial advisors who manage people’s super gets their payments on unrealised gains every year. So you think that is theft as well? Funnily enough people arrange their Super so there is enough money to do that. As I said, it is a modification on tax is not theft.
As I said, it is a modification on tax is not theft.
Taking money that does not belong to you is theft.
@try2bhelpful: We are yet to figure out a way to de-escalate JV when she goes full Taxation Is Theft SovCit.
Here's hoping in another forum someone posts something like "Important: I need a serious answer on this and it's time sensitive, please reply with only on-topic helpful responses", which might distract her and keep them busy for another two dozen or so comments/ten minutes.
@jv: Come on. We pay ppl (especially the parasites at the top of corporations) money they haven't earnt, so this sounds more than reasonable based on that.
@try2bhelpful: Nah it really isn't, the correct modification to the tax rate would be to charge a higher percentage than 15 on amounts put into super when the balance is over 3m - not on taxing the amount that is already in there and guessing how much it has grown by to do so…
@jv: So a $500k/yr pension for our Prime Minister? Should we remove the PM's pension or significantly reduce it so the PM is more inclined to treat lobbiests better to score a bribe high paying job after politics?
Should we remove the PM's pension or significantly reduce it
Definitely…
Everybody should be using an accumulation fund and using their own money for Super, not relying on hard working people to fund the luxurious retirement of politicians…
Don't they also get free flights after they retire paid for by tax payers? If so, why?
@jv: To reduce corruption while providing competitive, but lower, compensation compared to the private sector for similar responsibilities.
but lower, compensation compared to the private sector for similar responsibilities.
We don't have public servants in the private sector.
@jv: Yes. Hence I said similar responsibilities. I have not worked as PM of Australia or a CEO of a large company, but I assume there are several CEO's who will have similar responsibilities to our PM while making significantly more.
End of the day, PM is a job. We want high achievers who will take a moderate pay cut over working in the private sector (doing it for the right reason), but we also want to attract competence and resilience to bribes.
On the plus side, if we pay them next to nothing, it will be easy to tell which ones are courrupt and living above their means.
I have not worked as PM of Australia or a CEO of a large company
They are not accountable in the same way at all…
we also want to attract competence and resilience to bribes.
If this was the case Woodside would not be approved.Our environment would be healthy & protected, Murdoch would pay a fair share of tax, and Gina ans Twiggy would be battlers.We wouldn't be the USA's simpering bitch.
Don't they also get free flights after they retire paid for by tax payers? If so, why?
What did they say when you asked them, jv?
I'm incredibly concerned about this and that's why all my replies are in good faith
It's so sad people don't take you seriously, especially when you have so much to offer
Average r/ausfinance member
Those $ values seem rather low for the age brackets
I thought you were joking but yes… they do seem pretty low..
Don’t get me wrong I’m still stressed out
Exactly why i made this post. It was from a reddit discussion on ausfinance
There's likely a lot of assumptions being made like average pay, no contributions other than mandatory, low risk options selected etc
Yeah, I've noticed here so many people avoid super "I don't trust it - the rules change" etc. Huge mistake IMO.
Very true. I wish I added to it lot sooner. Compounding shows it's true magic the more years you are investing. But fully understand when you are younger there may not be much money left aside to invest in. Prob main reason I never did but compared to mortgage interest rates vs super tax savings plus investment returns it's definitely worth putting a Little bit in
Above 400k max - what is this? A poll for amateurs?
Maybe missing 1 zero on each options
I know right.
SMSF yolo'd into beanie baby investments. The future is looking bright.
Yep. 400k? I reched that when i got my puberty
Switch future investments into Lululu
I mean it’s ozbargain. Pretty sure everyone has millions in crypto and not in their super balance
I fixed that for you:
I mean it’s ozbargain. Pretty sure everyone has millions in eneloops, powerbanks, lego, spare phone, retro consoles, expired noodle cup, triple xl condoms, and not in their super balance
What about our steam/Xbox libraries? They appreciate in value… Right?
Especially if ever never actually played them?
German poll would be much higher.
Why is that?
Hello @Baysew - please respond!
Bit late to start complaining now, you should have invested wiser when you were younger.
Yeah, I’m not very happy with my balance. Should be at least $10m by my age
You know 1000x leverage on a meme coin awaits you for the glorious 100B.
Not financial advice.
Is that 87 true or 87 lies?
Member Since 19/05/2010. So you joined Ozbargain when you were 3.
My parents gifted me an ozbargain platinum membership when I was born. Yours didn't?
I was born at a very young age….
Seems their IQ is static
Bro I'm 15, just started work as a check out chick and my super is currently at $6.5M am I going to be ok when I retire? 😭
Looking at the figures in that Unisuper charts, my wife and I have massively over saved for retirement. Not big income earners, but paid off our ppor by 39 years old, and saved hard since then always staying debt free. Just about to retire next year 60 years old, I’m glad we have excess as I like to invest low risk, worried about the never ending inflation eroding the nest egg value etc etc. I believe the figures given in that chart are best case scenario for a comfortable retirement. I have no worries spending every cent before heading off this planet, not too worried about growing the nest egg, the kids may just get our ppor in the end.
Few people have massively over-saved; the vast majority of people retiring now are somewhat under because the Super Guarantee commenced in 1992 so you need to be born in the '70s to have received employer super payments for your whole working life. If you're both 60 and jointly have $700K+ in super you'll likely enjoy comfortable retirement.
There are two age-segmented tables; one is current (average) balances, the other a notion of what your balance should be to retire on ASFA Comfortable