Starting Super.

Hi guys.
I know I made a similar thread a long time ago, but wanted to get some updated advice.

I work as a personal trainer / sub contractor. I get paid in cash and/or direct deposit, so I have no super fund.

I'm 22 years old.

I think I really need to open a SuperFund. I'm not sure how to go about it, what I should look for, how much to contribute etc...
This has been in the back of my mind for some time now, but I have been focusing on other investments as well as procrastinating heavily.

Any help is appreciated.

Thanks guys!

Some light reading to get you started:

Superannuation

Super decisions: step by step guide through super maze - Australian Securities and Investments Commission

Superannuation Home

You're too good to me

That actually made it all sound pretty straight forward, which I'm not really used to.

I like the idea of having a fund which can also pay for life insurance etc... Since I don't have any of that either :S

I guess I would be looking at a retail fund (maybe an industry fund??) I'm not really sure what's available, and what I really need in a fund.
Any recommendations or tips?

Hi Compleks,

If your looking at insurance don't forget to compare the cost of insurances in different funds.

There was a report last year which said that differences in insurances could be up to 5 times more expensive in different funds, hence shop around.

Cheers,

Dan

PS Before making an investment or insurance decision speak to your FPA registered Financial Planner.

A superfund is a must, but pointless if you don't plan to contribute to it. I've seen so many self-employed people who in there 40s - 50s have no super and no other assets to show for it.

You really have to make the effort to contribute each month and stick at it.

check this out it should help ou decide how much is enough in retirement.

My super simulator

just note that you will have to adjust for the fact that it automatically thinks your getting the 9% SGC.

Cheers for the help.

Where abouts should I go to search for a fund? I tried the investsmart site, but the search options are pretty lousy.
I didn't realise there were so many super funds...

Hi Compleks,

There are more superfunds than you can poke a stick at!

You can start - Chant West

Cheers and good luck!

Dan

if your not after a financial advisor just stick your money in any of the large industry funds. They are all pretty much offer the same investments & insurance, cost the same and perform the same.

AustralianSuper - the superannuation fund for all Australians - AustralianSuper is a good industry fund, they will even let you have direct asx 200 share holdings! which is a big plus.

Thanks guys.

I'm thinking I should just sign up with AustralianSuper (thanks young gun) and set up a regular contribution plan of maybe $100 a week.
I hope to be getting a 'real' job soon, so then I will have more money being deposited by my employer.
I'll also try to drop some excess cash in there whenever possible, but I want to focus most of my attention elsewhere for now.