I do not have any money in super, it is all outside 90% property 10% cash
I only ever held stocks in super with cash...kept the lucrative property outside sure I may pay a bit more in income tax, but I get larger discounts on the CGT of 50%, versus only 33% in super
I do not have any audit fees as in super all properties have mortgages, albeit small, and positively geared money in offset accounts mean I am earning the equivalent of mortgage rates roughly around 6% the rents pay the equivalent of a decent salary no red tape, and total freedom to do as I like
of course most people do not have this freedom if they are on salary I have been self employed for half my working life it is a false sense of security to think one can rely on the 9% super to fully provide for one in retirement, with the tax office and everyone taking a cut from day one, and each and every year thereafter I would suggest for the younger ones, to buy the family home, then when close to retirement, downsize it and take the cash together with what is in super. The profit on the home is tax free and should reap a decent lump sum, as well as buying a smaller home. cheers ps they are talking about a lifetime in super for the average worker will reap less than $300k, earning 5% which is well below the poverty line, they will need a pension to survive.
