Growing our superannation

Posted September 4th, 2018

I have neglected our superannuation - and so have decided that has to be our priority until retirement - we are 9 to 10 years from pension age.

I have set goals for the current financial year. I am doing this blog post to keep track and keep me accountable.

I have opened a Hostplus for both my husband and myself. I have transferred his three funds into his Hostplus fund. I have transferred my main fund and the major balance of my other fund to my new Hostplus fund. I cannot close one of my funds as I'm waiting for a co-contribution payment from the Government. When that is received I will transfer the balance to Hostplus.

My husband receives his SGC to his fund, and I have salary sacrificed a % to come from each of his pays.

I am not employed, so not receiving any contributions to my fund. My plan is to contribute $1,000 member contribution and $3,000 spouse contribution to my fund throughout the year.

I am also going to make monthly payments to cover the admin fee and insurance fee taken out of both of our funds.

In August I made a $200 member contribution and a $400 spouse contribution to my fund for July and August.

I also paid $6.94 in August for the July fees for myself, and $7.97 for the July fees for my husband.

My husband had his June SGC and July SGC and July SS go into his fund in August.

I have today paid $100 member and $200 spouse contributions to my fund for September. I have also paid $27.21 to my fund and $32.34 to my husband's fund to reimburse fees taken out in August.

I scrounged up all the coins I could find to fund the covering of the fees for us both. Will have to come up with a challenge to get these funds each month.

I have set a goal for the financial year - with SGC & SS contributions for my husband (less tax) and member & spouse contributions for myself plus growth. So I will see how I go at the end of the financial year.

I will also have to try and get the equivalent of a few days work so I can be eligible for the co-contribution from the Govt.

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