LBRY Block Explorer

LBRY Claims • superannuation-scam-in-australia

9faba666a48366090d3f72cfae6762a365944e6e

Published By
Created On
18 Feb 2020 04:13:55 UTC
Transaction ID
Cost
Safe for Work
Free
Yes
Superannuation Scam in Australia
Superannuation in Australia is where the government force people to save 9.5% of their salary in a so called “Super Fund” that generally cannot be accessed until the person retires. For a man in his 30s like myself, the retirement age will be 67. There has been talk of raising this to 70, but it’s hard to know what future governments will do.

...

Superannuation Steals My Money

Despite what the government say, I would be far better off investing my own money privately. I know this for a fact. My super funds have performed extremely poorly over the last 10 or so years.

...

During the 2007-2008 global financial crisis, not only did my super not increase, it was decimated ... Nearly all investment options have an associated fee. For example, the “Growth” category at Sunsuper has a “base fee” of 0.39% p.a. and a “performance fee” of 0.09% as at June 30, 2017 (https://www.sunsuper.com.au/members/investments/investment-fees).

...

Superannuation Steals My Freedom

Not only does compulsory superannuation steal my money, it steals my freedom. By forcing people to give up a tenth of their salary to invest in some mysterious investment option, you are robbing them of their freedom. Why can’t I be trusted to invest my own money? Why must the government force people to put their hard-earned cash into an under-performing black hole for 35 or 40 years?

The government would have us believe that the main reason they need to force us to save is that it takes pressure off the pension system. In Australia, once you reach retirement age, you can apply for the Age Pension. As at June 30, 2017, the payment rate per fortnight for a pensioner with a partner is $609.30 (https://www.humanservices.gov.au/customer/services/centrelink/age-pension).

...

To make things worse, some employers have crushed my freedom even further. I work for a university which forces me to put my superannuation payments into a particular UNIversity SUPER fund (hint, hint). I cannot choose otherwise – despite my protests.

...

Here's a quote from Chris Richardson of Deloitte Access Economics:

"While many super discussions avoid this issue, the system is, by its very nature, a restriction on individual choice. The government dictates the minimum level of contributions and how the money can be spent. Even voluntary super savings are subject to compulsion – they cannot be withdrawn until [retirement]."

Benefits the Rich More than the Poor

Australia’s superannuation system actually costs the government about $32 billion a year. This is made up of lucrative tax concessions that benefit the rich much more than the poor. Australia’s income tax system is proportional, that is, if you make more money, you pay more tax at an increased tax rate. Superannuation, on the othe
...
https://www.youtube.com/watch?v=RoKoRS2eszE
Author
Content Type
Unspecified
video/mp4
Language
Unspecified
Open in LBRY

More from the publisher

Controlling
VIDEO
WOKE
Controlling
VIDEO
NEGAT
Controlling
VIDEO
DAILY
Controlling
VIDEO
MISSI
Controlling
VIDEO
IS RE
Controlling
VIDEO
ADELA
Controlling
VIDEO
FIVE
Controlling
VIDEO
YOU
Controlling
VIDEO
HOW T