That will probably be pushed back when the baby boomers start retiring and the super funds come under pressure with more people withdrawing than members contributing.
This is kind of a pet hate I have. Super funds only make sense when you have more people paying into them than withdrawing. Super funds being a business still need to make a profit to pay investors, wages, brokers, and building associated costs and lawyers. That is kind of the reason why I have my own self managed super fund under my wife and my name that that we purchase government bonds.
It's not perfect by any measure, but its a small price to pay to know that we don't need to pulled over the coals when the whole thing falls in on itself.
>Super funds only make sense when you have more people paying into them than withdrawing.
It feels a bit like you might be confusing the difference between a pension fund and a super fund. A super fund only pays out to you what you put in (plus hopefully profits from having your money invested). Provided the fees they charge cover the fund's running costs it doesn't matter if there are more people withdrawing than paying in. You only get your own money back, they aren't a ponzi scheme where old investors are paid out with money from new investors.
>Super funds being a business still need to make a profit to pay investors, wages, brokers, and building associated costs and lawyers
You might want to research some low cost funds. There are lots but as a starting point https://www.ingdirect.com.au/rates-and-fees/superannuation-f... This sort of thing will likely cost you much less than whatever you accountant is charging you to oversee your self managed fund.
You also use to be able to access it all when your renounced your citizenship. But not anymore, which means I have paid all that out over 12 years and can't do anything with it until I'm 65. It won't grow for me, as I don't pay taxes or superannuation in Australia anymore.
When the company I was working for transitioned to the Czech Republic, they wanted to convert our pay over to the Czech koruna 1-1 conversion (laughter). At the time all the CEO/CIO where all getting paid in Euro's. They made it out so easy that we could easily get our super/retirement money from the Czech government when we retired. Granted nothing against the Czech people (love ya) but trying to keep track of a super fund in another country when you don't speak the native language (HA) would be more time than its worth.
Bumped into the CEO/CIO after I departed a couple of years and they offered the position again but agreed that they would never see their retirement fund from the Czech system.
It will depend on your specific fund but the funds already in there should be invested in some way. If they aren't doing a terrible job the money will grow even without you putting more in.
This is kind of a pet hate I have. Super funds only make sense when you have more people paying into them than withdrawing. Super funds being a business still need to make a profit to pay investors, wages, brokers, and building associated costs and lawyers. That is kind of the reason why I have my own self managed super fund under my wife and my name that that we purchase government bonds.
It's not perfect by any measure, but its a small price to pay to know that we don't need to pulled over the coals when the whole thing falls in on itself.