Superannuation

So after my ‘I’m Back’ post which meant nothing, lets talk about something.

Superannuation.

I went for some drinks tonight with some friends/ex-colleagues. Superannuation came up in the conversation. Now this is something I feel like I’ve learned enough about, but have developed strong opinions on.

One thing I’ll say is I’m from Australia. Currently our superannuation rate is 11.5%.

Over the years learning more about it is, I just want the choice as to whether I want to engage in the superannuation infrastructure that has been setup in Australia.

Super was designed for a specific generation that does not have the financial acumen required to manage their own money so they put it on the government to setup super to manage it for them.

You are required to pick a super fund or self manage your super fund.

All I want is the choice to have neither and have the additional 11.5% of my pay given to me so I can do what I want with it.

There are 2 points to my argument.

A dollar today is worth more than a dollar in a years time, its called time value of money and you can look this up and look up the formula. Basically the dollar now is worth more than a dollar in a years time so why would I spend 40 years working waiting for my super which is going to be worth way less in the future.

The other point is it adds an additional cost for any business of 11.5% which then gets passed on to the consumer. So EVERYTHING would be 11.5% cheaper if the superannuation infrastructure did not exist.

So what do you think?

Give the option to have the 11.5% given straight to you? Or get rid of it all together and the price of everything reduced by 11.5% in these high inflationary times?

Or just stick to the same shit…