What is Superannuation ? [ Superannuation Australia explained in detail ]

[@11MinuteClassMoney]

( Video Feedback ) Did you learn anything new in the video? 😉 Tell us what you would want to see in the future videos and we'll make them for you.

[@jeanettegoff9508]

Would like to understand the different investment options superannuation funds have, in particular the difference between growth and ethical investment ?

[@Vxneji]

great video for students just entereing the workforce who have no idea wtf a superfund is

[@Sebeerful]

Me an Australian watching an American explain how my super works here in Australia

[@11MinuteClassMoney]

Did it help ?

[@MrSupernova111]

Me, an American, baffled at the comparably amazing retirement program in Australia. Research how 401k programs work in the USA. You'll feel much better about your country's retirement program after learning about the American system.

[@googlerskinflavoredpopsuckers]

@@MrSupernova111 not when the stock market crashes and you lose your super... nothing is protected and alot of people suffered here because of it. the whole system is corrupt and the only ones that got anything was the super guys... not the worker that was owed that money.

[@MrSupernova111]

@@googlerskinflavoredpopsuckers . I fail to see how that's worse than in the USA.

[@googlerskinflavoredpopsuckers]

@@MrSupernova111 when you retire with nothing, on an economy that is costing double the american dollar, you'll see the negatives. the fact remains that the people that didn't get hammered in the gfc was the same morons that lost over 50% of everyone's retirement funds... i mean, why is everyone's future resting on a so called think tank that only worries about their next pay check instead of ensuring they make intelligent decisions? i don't know much regarding the 401k, but i can tell you, the superannuation is at the mercy of the market manipulators, and if they decide they want to crash the market, it's not the manipulators that suffer....

[@zoneteiko2995]

Why is your channel so underrated? Why can’t these types of videos get millions of views

[@obswervo]

Ain't that the case with informative videos :)

[@mhjyuti]

Quick note. The employer doesn't pay. There is a 9.5% minimum deduction essentially from your income which is the payment into your Super.

[@MrSupernova111]

Amazing! The USA needs a program like this! Our retirement programs are a mockery compared to the Australian retirement savings system. Also, great explanation! Thanks!!

[@googlerskinflavoredpopsuckers]

what they don't tell you is your superannuation is actually invested in the stock market. it hurt alot of workers, especially lower to middle class workers, because the global financial crisis caused by the very people that were meant to be assisting your nest egg were banking on the housing loans that crashed. huge amounts of money were lost in the gfc, and people STILL haven't recovered. there's alot of retirees that are suffering on a pathetic pension paid by the government because the super they were supposed to have was halved, or worse, during the crisis, and nobody was ever held accountable. super as an idea is good... super in practice is just a way for the banker mates of the government to get rich faster.

[@leemo2000]

@@googlerskinflavoredpopsuckers wrong. You choose how your super is invested. Low, medium, high risk. Problem is most people take no interest in understanding their super.

[@Bobbydazzlla]

@@googlerskinflavoredpopsuckers None of what you've said is true at all. Who's paying YOU to say this???

[@stephanieyamada7667]

learnt so much from this!!

[@11MinuteClassMoney]

thanks steph :)

[@kunalchitnis184]

Very informative.. Thank you for creating this

[@11MinuteClassMoney]

thanks kunal :)

[@jeremiahsimbiken9827]

What information do i need to provide to move my superannuation from one fund to another if i have a new super fund ?

[@11MinuteClassMoney]

You will need to provide the ABN of your new super fund and your member account number. Plz keep in mind it can differ among super companies.

[@zach54321]

what happens if i checked my bedroom and i cant find my superfund

[@gujh03]

Check again.

[@yugalbhatia1989]

Great Video :)

[@11MinuteClassMoney]

thanks yugal

[@injanhoi1]

Interesting question. Does the 10.5 percent employer contribution come out of the employer's pocket? From an accounting point of view is the compulsory contribution the employer has to make on behalf of their employee an expense to the company?

[@alice5515]

When you apply for the job you’ll be told a salary and it’s just a known in Australia to make sure it’s plus super, not including super. Otherwise it’s obviously 10% less than the wage

[@mardinoy6518]

What will happen if you don't work for more than 2 years, as well as no contribute to the account, will I still have to pay the admins fees?

[@11MinuteClassMoney]

Unfortunately yes.

[@leemo2000]

You still pay fees. You need to research super funds with lowest fees and move your super over.

[@Bobbydazzlla]

It's all about life choices I suppose.

[@RK-co7xq]

What if a temporary worker leaves the country ? What happens to their superannuation money ?

[@shadowmistress999]

maybe claim it if you're planning to leave more than five years? have you work it out? it's been nine months since your comment　😂

[@obswervo]

If you're permanently leaving the country, you can claim all that super.

[@Tim4141-v7u]

appreciate the vid

[@andrese.2102]

Excellent explanation! Question: can my binding death benefit nominated person live overseas?

[@11MinuteClassMoney]

Different super have different ways of verifying your nominated person. Please check with your Super company about the process of verifying your nominated person.

[@thevalayshah]

You pay 15% contribution tax when depositing super, and 15% when withdrawing?

[@Arshskp]

Is it necessary for employer to give super with salary? and what we can do if he is not putting super in our account?

[@leemo2000]

It's a legal requirement. If your employer is failing to pay I would contact Fair Work Australia for advice.

[@cfort27]

The stuff we learn after schooling 😂

[@MrSneakyCastro]

So many syllables for a PENSION

[@Jianfa88Tsai]

There’s a higher risks of being romance scammed or your bank account emptied (juicy target) if you accumulate a large lump sum to “yearly” personal contribute to superannuation/pension government account. Set up monthly auto direct debit from your bank account to personal contribute to superannuation account. You contribute the same amount via the two methods (monthly or yearly). However with the magic of compounding interests after 88 years of contributing to superannuation, you find that you gain a larger total sum in the end via the monthly contribution method. How much is this financial advice worth compared to the financial gains per human over billions of humans that live and die over Earth’s lifespan?

[@Perfection212]

They should let Australians withdraw some amount of their super even thought they are not yet on the prescribed age!What are they waiting for? A trip to the Nursing Home before they can have access to it?

[@LW-oh7rc]

With the current economic state, we should be able to use out superannuation to purchase property and vacant land, there's no better investment atm!!

[@TheModeler99]

That will release a huge amount of money into the real Estate market, causing inflation and raising prices everywhere

[@Andre_XX]

The single most unpleasant aspect of living in Australia since I moved here 35 years ago is managing my retirement funds. The whole system has been a total abortion of unnecessary complexity, rip offs and a huge army of advisors, managers and administrators all sucking their share along the way. It is a national disgrace. No wonder Australia is becoming a second-rate, also-ran economy heading for an Argentina-style collapse.

[@Andre_XX]

@@dgs3002 Yes, thanks, I am aware that vanguard is about to launch their fund, and I certainly intend to check them out. At the moment I am running an SMSF of a few investments, but it requires a small forest to be chopped down every year to provide the paper pulp for all the paperwork it generates.

[@Andre_XX]

@@dgs3002 I am running an SMSF to cut down on admin fees. Do you realise that the system sucks over 30 BILLION out of people's retirement savings every year in admin fees, investment fees, and fees for this and fees for that? What a gravy train Keeting's super has turned out to be.

[@MrSupernova111]

You must be kidding me. If I understand correctly (I'm American) you get free 9.5% contribution + return on investment on top of your salary. In the US, usually only full time employees qualify for such a program and even then the employee must contribute to the program out of their own pocket and the employer only contributes (matches) a pittance like 3-5% of the employee's pay.

[@shialabeouf8564]

Self-Managed Super Fund (SMSF) is making Australia a laughingstock to the world. Financial advisors are 100% scammers. Super Fund is a useless expense.

[@Andre_XX]

@@shialabeouf8564 Agreed!

[@ngahoang9600]

Good morning, Could you help me to figure out m situation? I have paid super fund for my workers by using Xero and by a quarter on 24th Oct 2022. my account was deducted automatically by SUPER CHOICE P/L. However, my workers have informed me that there is nothing in their super fund, I try to contact Super choice by email but it doesnt work, the email was auto-rejected. how can I contact Super CHoice to ask whether they distributed the super fund for my workers yet? And how it works, there is one worker who told me she has received Super Fund, just one, but I have paid for more than 30 workers. Looking forward to hearing from you. Much appreciated Valerie

[@11MinuteClassMoney]

Hey Nga , Best advice would be to contact the super companies.

[@Kevboris]

@ elevenminuteclass

[@Kevboris]

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