Dong Ha, Vietnam Superthread

[Axver]

65 year old me is going to really hate that 25 year old me does not give a shit about super, nor has really done anything about it whatsoever. I know some money's gone into an account somewhere and that's about it. At this stage, I'm kind of just aimlessly hoping I'll do very well out of this academic gig and not need to stress about retirement. In reality, I presume around the age of 40 I'll have a big "oh fuck fuck FUCK" moment.

 

[bono_212]

Is that
some form of retirement plan?

I have been set up with a 401k through work. It's already got like $1500, it's very exciting to think about.

 

[Alisaura]

Living off the govt. pension after retirement - Do Not Want.

Spent the afternoon on Phillip Island yesterday; had some lovely cheese at a winery (the wine was apparently nice too), peered at Seal Rocks and watched some impressive waves while getting blasted by wind at the delightfully-named Nobbies.

 

[Axver]

Is that
some form of retirement plan?

I have been set up with a 401k through work. It's already got like $1500, it's very exciting to think about.

Because I'm lazy, here's Wikipedia:

Superannuation in Australia refers to the arrangements which people make in Australia to have funds available for them in retirement. In Australia, superannuation arrangements are government-supported and encouraged, and minimum provisions are compulsory for employees. For example, employers are required to pay a proportion of an employee's salaries and wages (currently 9%) into a superannuation fund, but people are encouraged to put aside additional funds into superannuation. The minimum obligation required by employers is set to increase to 12% gradually stepping annually from 2013 to 2020.

Superannuation in Australia - Wikipedia, the free encyclopedia

Spent the afternoon on Phillip Island yesterday; had some lovely cheese at a winery (the wine was apparently nice too), peered at Seal Rocks and watched some impressive waves while getting blasted by wind at the delightfully-named Nobbies.

I really need to go to Phillip Island one of these days.

 

[bono_212]

So its pretty much the same as social security?

 

[Axver]

I thought social security referred to government payments like old age pensions?

 

[bono_212]

Reading again or seems like a mixture of both social security and a 401k.

I don't believe employers are required to pay into a 401k, but I could be wrong.
My employer puts 3% of my income into my 401k automatically, this costs me nothing. I opt to put 6% of my check in each week, my employer matches that at a further 4.5%, so each week a value equal to 13.5% of my income each week goes into a retirement fund that is invested in (hopefully) stable sticks, bonds, etc.

Social Security is like a tax almost, so much of my check goes in to the fund each week and then when I retire, I'm supposed to get back what I put in to it, but by the time I retire there will likely be nothing left. Thankfully, I have the 401k

 

[Axver]

I think then that this 401k thing is similar to how super is run here, except that here it's mandatory. Then our regular taxes and other government earnings (like customs receipts) fund the government welfare system, which includes old age pensions alongside the dole, disability pensions, single parent benefits, etc.

(Incidentally, I find it very quaint that you refer to your pay as your cheque. Teehee, cheques. How ... ye olde worlde.)

 

[bono_212]

I am not salaried so I do get paid in weekly checks ;-)

 

[Alisaura]

I hadn't been to Phillip Island for many years, but I liked what I saw yesterday. Except it took a solid hour to get off the island at 4:30-5:30pm (I don't think traffic lights exist there), and another 2 hours to get back into Melb thanks to road works. Maybe you should go on a weekday if you can!

I actually got paid by cheque while I was working for a solicitor in Canberra... it was a huge pain in the arse.

 

[Slopsy]

Reading the last few posts has only just reminded me that I have super in two different funds and I should probably combine them.

I wish I could just have the money now. I could really use it!

 

[Axver]

I am not salaried so I do get paid in weekly checks ;-)

That's so weird. When I do tutoring, I'm essentially a temporary casual, and that's paid electronically straight into my bank account. Unless you're getting paid cash-in-hand to dodge tax, I can't imagine anybody in Australia or New Zealand receiving their pay any way other than electronically. Cheques have essentially disappeared. I'm pretty sure I could count on one hand the amount of times I've handled a cheque in my life.

 

[bono_212]

Well, I do get direct deposit now, but eh.

 

[Axver]

It does confuse me that Australia and especially New Zealand are well ahead of the rest of the world when it comes to electronic funds and EFTPOS. We're normally completely behind the times! I can't imagine carrying significant amounts of cash on me, and cheques are something from my grandma's days. If I remember correctly, EFTPOS isn't commonplace in the US, is it?

 

[bono_212]

Not sure what that is.

But, direct deposit checks are very common place.

And yeah, I pay my rent via check because they charge a service fee to pay with card.

 

[cobl04]

Pretty sure EFTPOS is even more common in the States than it is here.

Reading the last few posts has only just reminded me that I have super in two different funds and I should probably combine them.

I wish I could just have the money now. I could really use it!

I have about four different ones. And I don't even know what they are.

 

[Axver]

Not sure what that is.

But, direct deposit checks are very common place.

And yeah, I pay my rent via check because they charge a service fee to pay with card.

EFTPOS is where you use your regular debit bank card (the one you would use at an ATM to withdraw money) to pay electronically at shops, like you would with a credit card.

Pretty sure EFTPOS is even more common in the States than it is here.

Nah it's not. New Zealand's #1 in the world for EFTPOS uptake by a mile, then Australia is #2. At least that was the case a few years ago, when my father had the stats via his work at a major New Zealand bank.

I love being in New Zealand and being able to pay for literally anything by EFTPOS, rather than having to put up with the stupid limits you find in Australia, like how most places don't let you use EFTPOS for purchases under $10. Any shop in New Zealand that either doesn't support EFTPOS or enforces a limit/fee will very quickly have to either change or close. Nobody carries cash.

 

[Axver]

Unrelated to anything, but I was just looking at my old Horrible Music Hour list on RYM and I was wondering whatever happened to John, as in Irishteen. Anybody know what he's up to these days? Is he still around anywhere? I haven't seen him on here for ages, but I don't have him on Facebook or anything.

 

[bono_212]

So it's just the same as using your debit card for credit? Yeah, that's the only way I spend money. I have cash sometimes, but not often enough. Especially for when I'm in a place like Chicago. Cash is definitely more handy in a big city, though not as safe, obvs.

 

[Axver]

Yeah. I like having a debit credit card. I don't want an actual credit card, but being able to use my debit card as if it's a credit card online is bloody handy.

I feel SO awkward if I have more than $50 in my wallet. Don't like it. Yet it seems especially in Europe people still use cash and don't like using card; I know a number of Europeans who've come down here and had a bit of trouble controlling expenditure because they were using a card and didn't feel like it was "real money" (I'm sure Charlotte will chip in that she's the other way around and finds cash to be like "play money"). I hate using any note higher than a $20 - handing over a $50 makes me feel really conspicuous.

 

[Reggo]

all my funds are electronic.

Today, I learned that Thor is Captain Kirk's dad. Mind = blown.

 

[Vlad n U 2]

Unrelated to anything, but I was just looking at my old Horrible Music Hour list on RYM and I was wondering whatever happened to John, as in Irishteen. Anybody know what he's up to these days? Is he still around anywhere? I haven't seen him on here for ages, but I don't have him on Facebook or anything.

He still seems relatively active on last.fm (his last play was 4 days ago), so I guess you can try throwing him a PM on there?

 

[cobl04]

Huh, there you go. It shits me how in this country many little shops, like cafes or whatever, either don't have eftpos, or have $10 limits.

When I was in the States you could pay for nearly everything by credit card, that's what I meant.

And yeah, a debit credit card is the best. I don't want a credit card, cos I don't wanna spend money I haven't got, so a debit credit card is the perfect thing. Can still buy stuff online like I would with a credit card like tickets or DVDs or whatever.

 

[liamcool]

That's so weird. When I do tutoring, I'm essentially a temporary casual, and that's paid electronically straight into my bank account. Unless you're getting paid cash-in-hand to dodge tax, I can't imagine anybody in Australia or New Zealand receiving their pay any way other than electronically. Cheques have essentially disappeared. I'm pretty sure I could count on one hand the amount of times I've handled a cheque in my life.

I think the only time I've actually deposited a cheque was when the tax office decided to give me back a whole bunch of money (like $1100?) and weren't comfortable doing that size of deposit electronically. I mean, to me that makes zero sense because it's way more secure electronically than through the mail, but whatever.

 

[liamcool]

Huh, there you go. It shits me how in this country many little shops, like cafes or whatever, either don't have eftpos, or have $10 limits.

When I was in the States you could pay for nearly everything by credit card, that's what I meant.

And yeah, a debit credit card is the best. I don't want a credit card, cos I don't wanna spend money I haven't got, so a debit credit card is the perfect thing. Can still buy stuff online like I would with a credit card like tickets or DVDs or whatever.

I mean, yeah, I find it fucking irritating as well, because I hate having cash in my wallet (the one time I have $200 in my wallet and I'm on my way to the bank to deposit it I lose my wallet GODDAMNIT), but at the same time, I look at the EFTPOS figures for my work sometimes. When we're doing a $4000 transaction, a $2 charge to the company is nothing. If you're a small time barista though and selling coffees for $3, being charged $2 for the use of EFTPOS is going to kill your business damned quick.

Now, if the people behind EFTPOS charged say, $0.02 instead of $2, they'd still make a bucketload of money (because it's now a pretty ubiquitous way of purchasing things) and the small companies could offer it as well.

(conversely, American Express is a pain in the arse due to the fact they use percentages, instead)

 

[Axver]

I wonder if EFTPOS fees are lower in New Zealand than Australia? Because literally any cafe that wants to stay in business there will very happily take EFTPOS for your $3 cup of coffee. The $10 limits so common in Australia are completely unheard of in New Zealand.

I think the only time I've actually deposited a cheque was when the tax office decided to give me back a whole bunch of money (like $1100?) and weren't comfortable doing that size of deposit electronically. I mean, to me that makes zero sense because it's way more secure electronically than through the mail, but whatever.

Pretty sure the only times I've ever done it were when I won monetary awards at university and it was simply easier for me to ask that they post me a cheque than fill in all the paperwork they required to do an electronic transfer. (I've no idea why they needed so much more paperwork than anybody else.) The ATO's been happy to give me my tax back electronically but then I've never got back more than a few hundred dollars.

 

[cobl04]

Ax some Kiwi bloke called Roy Montgomery has a new album out

 

[Axver]

I presume it's just ambient or experimental stuff? His Scenes from the South Island is reasonably evocative, albeit not something I want to play often.

 

[cobl04]

"Ray Montgomery made some of the most innovative music to come out of New Zealand in the 1980s and 90s, exploring post-punk, drone, and solo guitar, but practically vanished at the turn of the century. He returns with a trebling, chiming score to an imaginary movie about 60s Britrockers, Badfinger."

 

[Axver]

Hmm. Cheers for the heads-up. I'll see if I can find it but I can't say I'll be expecting all too much.