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detloc
Oct 13, 2003

Poofter? In the footy stands, [b]maybe[/b], but in the office? I think not!

froglet posted:

I have a friend who's a bit like this. Her story is that she invested some of her own money on top of the mandatory superannuation (Aussie retirement savings) contribution and reckons she lost it all in the 2008 financial crash. So she's fighting the man by shredding all the documentation that her various superannuation funds send her. Which is dumb, because she has at least 3 different superannuation accounts, all of which would be charging fees on her retirement savings and once the balance gets low enough (something like $2000) it will get sent to the federal government as an inactive account. She has the option of reclaiming it through the tax departments 'find my lost super' initiative, but in the mean time she's giving an interest-free loan to the Australian government and seems to think that this is a good idea as opposed to just accepting she lost a bit of money and just rolling all her super accounts over into the one that charges the least fees.

If you live in Australia, don't ignore the letters your superannuation sends you, check to see if you've got lost super from when you picked up a job at uni and if you have more than one account, pick the one that best suits you and roll it over. You can easily lose thousands of dollars just from fees charged on old accounts you don't use anymore.

When the crash happened in 2008 I got to hear all sorts of stories from people in their 50s who were incensed that their high-risk growth super plan had lost a bunch of money and suddenly wasn't returning 14% anymore. As if 14% returns could be achieved with 0 risk.

I'm also amazed at people in their 30s with half a dozen super accounts, paying fees for each, with no idea what they are invested in. I check mine on a weekly basis and have a single account with lowest possible fees. Makes a big difference over 40 years.

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