Question for the servicemen amongst Myswag

[achjimmy]

Appreciate a bit of imput. Son has  been accepted into the Army  .Goes next year. Just looking at setting up his accounts and working out his super.

He has a current savings account. We were looking at getting him a def bank or def credit union account for his pay and a CC. Move the bulk of his pay into his savings?

Also what's the go with def super? Is it different to private super?

[Teabag]

PM Sent

[chookduck]

achjimmy,

I left the RAAF after 33 years of service last year - all of it good.  Just in case you have not seen the website have a look at http://www.militarysuper.gov.au/  Hopefully all your questions can be answered there.  However, super contributions in the military are mandatory and begin at 5% of your after tax salary.

[bushbandit]

Just for interest what corp is he interested in ?

[swanny]

Just for interest what corp is he interested in ?

Theres only 1......RAINF....!!!!

[CRW]

Theres only 1......RAINF....!!!!

Sorry Swanny, the Royal Australian Navy is the Senior Service, followed by the Royal Australian Army and in last position is the Blue Orchids LOL


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[02-SR5]

Theres only 1......RAINF....!!!!

As muscle bound, shaved leg'd, security guards.

[Beatle]

There is no Royal Australian Army. 

For the young bloke's Super, it's all pretty much automatic, though these days he will be able to make some choices within the fund (agressiveness of investment).  A warning though, it's very hard to find a decent Financial Advisor who knows anything at all about Defence superannuation. Defence super is entirely a different animal to regular super.

Yes RAAF is the junior service, but the second oldest air force in the world.

[areyonga]

I have just left defence and they have a private firm of financial advisors under contract to give free advice to all defence personnel, uniformed and civilian, State Super Financial Services SSFS.  I was a business manager and used them a lot .
PM me if you want to know more.

Trevor


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[swanny]

As muscle bound, shaved leg'd, security guards.

You forgot the mountain bike...haha....none of that rubbish for me im an old soldier.....Hmmmmm security guards, smells like a POGO comment...lol

Swanny 

[Beatle]

I have just left defence and they have a private firm of financial advisors under contract to give free advice to all defence personnel, uniformed and civilian, State Super Financial Services SSFS. 
Trevor

About time!  Would have been handy 6 years ago...............

[02-SR5]

You forgot the mountain bike...haha....none of that rubbish for me im an old soldier.....Hmmmmm security guards, smells like a POGO comment...lol

Swanny 

Yep, and and proud of it.

When deployed overseas, I go to work knowing the infantry guys are on gun piquet and I am doing something constructive and actually making a difference, not just sitting admiring my "guns", siting behind the gun, thinking about if they should to chest or legs in their next gym session.

Signed,

Poag $$$$$$$ ;-)

 

[achjimmy]

Thanks Guys, especially Teabag and Areyounga

His enlisted as a cavalrymen, wanted to join the Army since he was about 7or 8 and never waived from that. Got accepted straight up immediately (before final exmas) which was good. So his finished his HSC just spending (spending being the word) his time being a young lad till Feb.

I just want to make sure we set him up so he saves some money, plan is to get him into a good car after twelve months and start saving.
Re the super I just don't understand it. 5% contributions is below private. Do the ADF kick in more?

[Mace]

Isnt the 5% a compulsory employee co-contribution above the mandated employer 9%?

[02-SR5]

Are you going to hold his hand through training too?

He will get more than enough financial advice through his basic training too.

He will have a completely different outlook on life within a couple of weeks of joining.

It will change again when he leaves Kapooka.

It will change again when he leaves his IET training, then depending if he gets posted to Darwin (2 Cav Regt), Townsville (3/4 Cav Sqn) or Brisbane (2/14 LHR QMI) it will change again.

Has he stated where he wants to get posted. Don't believe everything say at the recruiting office.

Let him enjoy his first couple of years in the Army. He is going to get drunk, wake up in strange places, get a tattoo and waste first year buying Xbox's, big screen TV's and a car.

The best bit of advice a parent can give his child before the leave home and join the Army. Either keep it in your pants, or invest in protection.

This is the biggest problems young soldiers have, both ladies and young lads.

24 years and still serving, and some things never change.

[02-SR5]

Oh, the super we have is called MSBS.

There is a compulsory 5%, with the option of the employee paying up to 10% if they choose.

[swanny]

24 years and still serving, and some things never change.

Lid....hahaha.....

Swanny

[muzza01]

Oh, the super we have is called MSBS.

There is a compulsory 5%, with the option of the employee paying up to 10% if they choose.

I stuck with DFRDB, lucky choice at the time.

[mackie]

Are you going to hold his hand through training too?

He will get more than enough financial advice through his basic training too.

He will have a completely different outlook on life within a couple of weeks of joining.

It will change again when he leaves Kapooka.

It will change again when he leaves his IET training, then depending if he gets posted to Darwin (2 Cav Regt), Townsville (3/4 Cav Sqn) or Brisbane (2/14 LHR QMI) it will change again.

Has he stated where he wants to get posted. Don't believe everything say at the recruiting office.

Let him enjoy his first couple of years in the Army. He is going to get drunk, wake up in strange places, get a tattoo and waste first year buying Xbox's, big screen TV's and a car.

The best bit of advice a parent can give his child before the leave home and join the Army. Either keep it in your pants, or invest in protection.

This is the biggest problems young soldiers have, both ladies and young lads.

24 years and still serving, and some things never change.

Not entirely spot on, with plan Beersheba in full swing, those units are not entirely the norm, 3/4 cav will retire at the close of 2014 and wait to be reborn as a choco reg, 2cav is no longer in Darwin, as it's mounting hq will take up residence in Townsville as the 2nd acr. Any questions on the cav side of the house, shoot a pm, currently a proud serving stinger.

[CRW]

There is no Royal Australian Army. 

For the young bloke's Super, it's all pretty much automatic, though these days he will be able to make some choices within the fund (agressiveness of investment).  A warning though, it's very hard to find a decent Financial Advisor who knows anything at all about Defence superannuation. Defence super is entirely a different animal to regular super.

Yes RAAF is the junior service, but the second oldest air force in the world.

I would suggest you check your facts, there is indeed a Royal Australian Army and it's in service ?


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[Teabag]

I stuck with DFRDB, lucky choice at the time.

Rub it in mate, I was/am one of the silly ones that changed.....:-(

[02-SR5]

Not entirely spot on, with plan Beersheba in full swing, those units are not entirely the norm, 3/4 cav will retire at the close of 2014 and wait to be reborn as a choco reg, 2cav is no longer in Darwin, as it's mounting hq will take up residence in Townsville as the 2nd acr. Any questions on the cav side of the house, shoot a pm, currently a proud serving stinger.

Oh, I didn't know that.

Thanks for sharing.

[willow2093]

Mate, MSBS is in the top 5 superfunds. The more time you do in the service the more the government pay in. The downside is that you can not continue to pay into it when you discharge. You can rollover you contributions but the government contribution stays there until you are 65.

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[Beatle]

I would suggest you check your facts, there is indeed a Royal Australian Army and it's in service ?


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Happy to be corrected, but as far as I am aware the 'Royal' is applied to parts of Army.  e.g. Royal Australian Regiment, Royal Australian Army Chaplains, but I've never heard of the whole organisation referred to as the Royal Australian Army?   It's been RAN, RAAF and AA (not RAA) for as long as I can remember ?

[CRW]

Happy to be corrected, but as far as I am aware the 'Royal' is applied to parts of Army.  e.g. Royal Australian Regiment, Royal Australian Army Chaplains, but I've never heard of the whole organisation referred to as the Royal Australian Army?   It's been RAN, RAAF and AA (not RAA) for as long as I can remember ?

Always under the impression it was the RAA, apologies if I am wrong, confusing if parts are Royal but the whole entity is not


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