COVID-19: Early Release of Superannuation

Discussion in 'Superannuation' started by Roswell Crash Survivor, Apr 1, 2020.

  1. Jason1

    Jason1 Well-Known Member

    Joined:
    Aug 9, 2019
    Messages:
    911
    Likes Received:
    994
    Trophy Points:
    93
    Location:
    Qld

    Like I said buddy, If you Qualify for hardship to be able to raid your super lol The chances of you having the money in a few months for the purpose of paying the bet are slim.

    Why would any one in their right mind take a bet with that person under their own admittance are in a position where they qualify for hardship like you have? lol

    And its not an assumption, you said you were taking advantage of the super covid clause and that requires you to present hardship.

    Then combined that with, how the fuck would you even prove the winner anyway? seriously the outcome of that would be 10-20-30 years? when you would know for sure, come on.

    PS was clearly speaking figuratively with the bet thing to begin with, But if you want to make an issue of it, Ive outlined why I wouldn't take your bet, even if I wanted too.

     
    Last edited: Apr 7, 2020
  2. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    20,464
    Likes Received:
    3,546
    Trophy Points:
    113
    Location:
    昆士蘭
    @Jason1, have you actually looked at the criteria? And you don’t need to provide evidence. I’d say most people would be hard pressed not to qualify so the notion that only financially incompetents would access it and therefore would make piss poor decisions is Irrelevant here.
     
  3. heartastack

    heartastack Well-Known Member Silver Stacker

    Joined:
    Sep 2, 2010
    Messages:
    1,325
    Likes Received:
    849
    Trophy Points:
    113
    Location:
    Idaho
    You don't need to provide evidence? What were they thinking...
    I'm with Hostplus, double damn.
     
  4. Golightly

    Golightly Well-Known Member Silver Stacker

    Joined:
    Oct 4, 2013
    Messages:
    1,463
    Likes Received:
    60
    Trophy Points:
    48
    Location:
    Newcastle
    Oh Shit,
    2 days ago I logged into my super for first time in forever, (host plus)
    I changed out of their balanced default share whatever into cash and gov bonds (latter being trash) with a small position in un hedged intl shares just for a giggle.
    This choice was only because everything looked bad, huge 10-12% anual growth over the last few years but I just don't think that will continue.
    I would pull the cash out and buy BTC or whatever, I never expect to receive my super in 28 years anyway
    The Gov will pilfer it for some reason of their own creation.
     
  5. Oddjob

    Oddjob Well-Known Member Silver Stacker

    Joined:
    Aug 19, 2018
    Messages:
    4,021
    Likes Received:
    4,860
    Trophy Points:
    113
    Location:
    Oz
    Well that won't do their reputation any good. Members will rightly gets the shits and when they can I suspect many (as some have noted here) will move their super funds to another fund. Let's see how the ACTU / union bigwigs react to an industry fund puling this stunt!!!

    Whilst I'm not saying it can't happen, but as a super fund only invests $ contributed by wage / salary earners, the risk is all yours...not theirs if the investments they have put your money into (or if you have selected a special type of investment) tanks...unit prices go down thus so does your super balance. As the super fund is only clipping the ticket on the way through for mgmt /admin fees, unless they have engaged in some form of highly leveraged investment (ie borrowed to invest, not just invest super fund received) or mgmt have done something underhanded I can't see why a super fund would go belly up....and given it's a industry / union fund, I suspect the union movement would lean on one of the other industry funds to "merge" rather than let itfall over.

    Just remember, one of the key red flags for any kind of business sailing close to the wind is when directors resign suddenly. As HostPlus has two ex politicians Peter Collins (ex NSW Liberal Leade) and Mark Vale (ex Nats Leader & Deputy PM) on their board, if they jump ship, then it's worth having a close look.
     
    Silverling and XB like this.
  6. Silverling

    Silverling Well-Known Member Silver Stacker

    Joined:
    Aug 13, 2017
    Messages:
    1,162
    Likes Received:
    1,054
    Trophy Points:
    113
    Location:
    NSW
    This should be outright against the law. The thing is there are retired people like me who live off their super funds. Let say you are a half intelligent investor and you had a tummy rumbling that told you to go to cash. So now you are protecting your nest egg by being in cash because your tummy tells you it's going down further.....much further. Your plan is to ride it out in cash as long as it takes but in the mean time you are drawing down on your capital. Whoops, I've just incurred a major emergency that requires a large lump sum withdrawal. By law I am entitled to do this but hang on, my dip shit Super fund is restricting my cash out? Why? It is my money!

    My opinion is this and I have done this at least 4 times in the past.

    Liquidate everything in your present super fund to cash. Once done then you can change super funds very easily. Pick a fund, go online on their website. Do an ATO search of your super funds using your TFN and name. It will pick up your present funds with your current fund. Click join and withdraw in full, transfer into the new fund choosing the cash only method. I say cash only because markets are highly unstable right now and a single day doing the wrong sector can cost you 10's of 1,000's of $$$. Once you are settled in the new fund then you can think about allocating your capital, when you feel like it and pick what you want. By being in cash it can work against you too if share markets go up so be careful.

    Disclosure: I am just and ordinary Super investor. I will not tolerate any Super fund changing the rules after I have joined them. This is not to be considered as financial advice. Changing funds could affect insurance and other benefits and could be detrimental to your finances in general. Be careful and do your own research.

    Good luck out there, just remember, Super is really your money, real money that you can draw on after 60 years of age. I do it now and it works if you are with the right fund but if they told me that I can't withdraw lump sums anymore then I will flick them as quick as I took them on board. (Of course if the Government says otherwise then we have no choice.)
     
    Last edited: Apr 7, 2020
  7. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    20,464
    Likes Received:
    3,546
    Trophy Points:
    113
    Location:
    昆士蘭
    Don't let that worry you. The government has no need to steal anyone's super. It's not going to happen.
     
  8. Golightly

    Golightly Well-Known Member Silver Stacker

    Joined:
    Oct 4, 2013
    Messages:
    1,463
    Likes Received:
    60
    Trophy Points:
    48
    Location:
    Newcastle
    Curios statement, do you believe this because than can just print money anyway? I heard rumors of gov eyeing off super funds years ago, as if they will be able to resist.
     
    mmm....shiney! likes this.
  9. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    20,464
    Likes Received:
    3,546
    Trophy Points:
    113
    Location:
    昆士蘭
    Yep, sovereign governments can print money at will. If there is a problem it will be with State super schemes like QSuper.

    The rumours are most likely begun by those who don't understand how modern monetary theory works.
     
  10. Jason1

    Jason1 Well-Known Member

    Joined:
    Aug 9, 2019
    Messages:
    911
    Likes Received:
    994
    Trophy Points:
    93
    Location:
    Qld
    So roughly a month out from when this thread started.

    from using standard generic fund stocks of sunsuper as a gauge, if you had of cashed out to buy gold, you would have ended up roughly with an extra loss of about a $2015 on $10k from taking it out and turning into gold vs just leaving it there, using graph on market opening from the sixth of 6th April till today.
    due to stocks at the time were low and have since risen and gold was high and has since dropped.
    hopefully a lesson learnt for some who give advice for people to sell $10k of super while the market is low to buy something that was high, and a lesson for those who follow the advice of randoms on a forum.

    but then as predicted super withdrawals were wasted.

    https://www.abc.net.au/news/2020-06...s-spent-on-gambling-alcohol-takeaway/12306710
     
    Last edited: Jun 3, 2020
  11. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    20,464
    Likes Received:
    3,546
    Trophy Points:
    113
    Location:
    昆士蘭
    Without doing any figures by the looks of my portfolio my gold stocks are down further than gold over that time period.

    This is a short-lived correction. Once the turmoil in the US blows over and the market wakes up to the economic basket case that is our economy, gold price in AUD should move north again.
     
  12. Ag bullet

    Ag bullet Well-Known Member

    Joined:
    Dec 27, 2013
    Messages:
    1,303
    Likes Received:
    1,056
    Trophy Points:
    113
    Location:
    SE QLD
    If they don't want your super and they can print money at will, why do they need us to pay tax?
     
    mmm....shiney! likes this.
  13. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    20,464
    Likes Received:
    3,546
    Trophy Points:
    113
    Location:
    昆士蘭
    It has a two-fold purpose from my understanding. It forces us to accept the currency they issue and it is a method by which the government can control inflation and resource use in the economy by balancing the amount of cash between the public and private sectors. If the private sector starts to overheat for example, the government can raise taxes to increase the amount of cash that is removed from the system, if the private sector is in a recessionary phase, the government can increase the amount of cash in the private sector by reducing the level of cash it withdraws from the economy.
     
    leo25 and Ag bullet like this.

Share This Page