Super. / myLot

Australia

June 6, 2016 3:16am CST

I received an update on my superannuation a couple of weeks ago. I don't have much but the company I'm with achieves excellent results. I had a few questions like 'how do I get it?" and "do I pay tax?" Today, I finally rang them and i just need to fill out a form and in about 3 weeks I will receive my super in a lump sum. Hooray!! I could have had it 3 years ago!

Wouldn't you think they could advise their clients.

6 people like this

7 responses

Belle Starr (Iz)

@BelleStarr (61463)

• United States

9 Jun 16

I had to look up the definition of superannuation, I guess it is like our 401K or 403B. Congratulations.

2 people like this

MsTickle

@MsTickle (25180)

• Australia

12 Jun 16

I will have to look up what your 401K is now. thanks for the congrats.

1 person likes this

bonnie

@bunnybon7 (50970)

• Holiday, Florida

23 Jun 16

yes I figure it is the same

2 people like this

Gus Kilthau

@Ceerios (4698)

• Goodfellow, Texas

23 Jun 16

@MsTickle - Very nice. In fact, very super. My last employer did about the same thing for me, and it was good to get a nice slug of money as I went out the door.

1 person likes this

MsTickle

@MsTickle (25180)

• Australia

24 Jun 16

Congrats to you. I finally sent off my paperwork today and can't believe how easy it was.

1 person likes this

MsTickle

@MsTickle (25180)

• Australia

25 Jun 16

@Ceerios Oh really?

1 person likes this

Gus Kilthau

@Ceerios (4698)

• Goodfellow, Texas

24 Jun 16

@MsTickle - Paperwork is easy these days. I remember how tough it was to handle those heavy stone tablet things that we had to write upon by hammering stuff out with steel chisels. Also, the postal charges were horrendous. Oh yes...

1 person likes this

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ShannyBananny

@shaggin (74988)

• United States

13 Jun 16

That is great you can get it in 3 weeks time! What is a superannuation exactly?

1 person likes this

MsTickle

@MsTickle (25180)

• Australia

14 Jun 16

It's money that I've been saving over many years for my retirement. Part of my wages was paid into a super fund for me to use when I retire. It's been invested in many areas and earned interest so it grows. Many folk end up with a small fortune, mine is not so much.

1 person likes this

MsTickle

@MsTickle (25180)

• Australia

23 Jun 16

@bunnybon7 Yes, it is.

bonnie

@bunnybon7 (50970)

• Holiday, Florida

23 Jun 16

@MsTickle sounds like a good bit to me. is that 50,000 dollars?

1 person likes this

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Jabo

@jaboUK (64346)

• United Kingdom

12 Jun 16

So basically they have had your money for three years and been earning the interest off it! That's not right, but it's still great that you are getting it.

1 person likes this

MsTickle

@MsTickle (25180)

• Australia

12 Jun 16

Not quite. For some time, I have been paying a small amount into a fund while I was working. After doing some research i found out that I have been able to claim and withdraw it for the last 3 years, It's about $50K.

1 person likes this

MsTickle

@MsTickle (25180)

• Australia

14 Jun 16

@MsTickle The interest comes to me.

1 person likes this

Jabo

@jaboUK (64346)

• United Kingdom

14 Jun 16

@MsTickle Fair enough, that's good.

1 person likes this

Judy Evans

@JudyEv (381739)

• Rockingham, Australia

14 Jun 16

That's great news. I guess if you'd known earlier you would have just spent it. Now you've got all that pleasure to come. :)

1 person likes this

MsTickle

@MsTickle (25180)

• Australia

14 Jun 16

It will pay for a new water tank and pump and the rest will go into a term deposit.

MsTickle

@MsTickle (25180)

• Australia

14 Jun 16

@MsTickle Oh, and I need some new guttering.

1 person likes this

Judy Evans

@JudyEv (381739)

• Rockingham, Australia

14 Jun 16

@MsTickle AHHH! Stop now before you have it all spent!

1 person likes this

myLot Prince (LOL)

@trivia79 (7827)

• El Segundo, California

6 Jun 16

what do you call it? retirement fee?

1 person likes this

MsTickle

@MsTickle (25180)

• Australia

6 Jun 16

When a person is working, their employer pays into a superannuation fund part of their wages. This money is invested in various ways so the amount is growing. When the person retires they can claim their money. It can be quite complicated to explain in full.

3 people like this

myLot Prince (LOL)

@trivia79 (7827)

• El Segundo, California

6 Jun 16

@MsTickle mmm, how long should a person be employed to be eligible for that? i mean, should i work at least 20 years?

1 person likes this

MsTickle

@MsTickle (25180)

• Australia

12 Jun 16

@trivia79 It's an Australian thing.