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General => General Discussion => Topic started by: achjimmy on December 07, 2013, 12:43:51 PM
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Appreciate a bit of imput. Son has been accepted into the Army :cheers:.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?
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PM Sent
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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/ (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.
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Just for interest what corp is he interested in ?
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Just for interest what corp is he interested in ?
Theres only 1......RAINF....!!!!
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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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Theres only 1......RAINF....!!!!
As muscle bound, shaved leg'd, security guards.
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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.
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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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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 :cheers: :cheers:
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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............... >:(
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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 :cheers: :cheers:
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 $$$$$$$ ;-)
:cheers: :cheers:
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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?
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Isnt the 5% a compulsory employee co-contribution above the mandated employer 9%?
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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.
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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.
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24 years and still serving, and some things never change.
Lid....hahaha..... ;D ;D ;D
Swanny :cheers:
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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.
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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.
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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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I stuck with DFRDB, lucky choice at the time.
Rub it in mate, I was/am one of the silly ones that changed.....:-(
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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.
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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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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 ?
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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 ?
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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Rub it in mate, I was/am one of the silly ones that changed.....:-(
I changed to MSBS, and sooo much the better for it too. But it depends on how many years you serve.
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Well us 'Blue Orchids' better sort this mess out - again. If you go to Army's website at http://www.army.gov.au/Who-we-are (http://www.army.gov.au/Who-we-are) you will note the term used in both the rising sun badge and in the description of 'who we are' is The Australian Army , no Royal prefix.
Beatle is correct in saying that some of Army's Corps use the prefix Royal as seen here http://www.army.gov.au/Who-we-are/Corps (http://www.army.gov.au/Who-we-are/Corps)
Anyway, in the long and the short and the tall, all ships and landbased units are simply targets for air power anyway. Basically you treat them as stationary targets with a small amount of drift. ha ha.
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Gee i hope it is more than 5% cause if so that is rubbish
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Gee i hope it is more than 5% cause if so that is rubbish
You simply cannot compare normal Super and Military Superannuation. They are completely different, calculated different, administered different, paid out different, different acts of Parliament. For example, take a look at the death benefit component of the military super scheme. Then there's the fact that when you retire, the portion of super you decide to take as a pension never runs out (live to 150yo they keep paying). If you have dependents, portions of the benefit roll over to them.
Believe me, Military (uniforms) Super probably rates second only to politicians super package.
Similarly, when looking at Defence (uniforms) salaries, and they are published in the public domain, you need to consider a whole range of benefits as well as the actual pay packet.
Now, remind me again why I got out........... ??? ;D
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Just retired from CPS 3 months ago. SSFS are my financial advisors and also I have money invested with them. They are in fact owned by the NSW State Govt and therefore do not charge outrageous fees. They are consultants to Commonwealth schemes and they are well worth talking to. Did my retirement plan for free and review your strategy every 12 months as part of the service.
Good luck to you sone - sounds like he will get some good advice.
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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Achjimmy,
I hope your young bloke enjoys his service. We have a young bloke who went away to kapooka 2 n 1/2 years ago, a kid that only ever wanted to serve but lacking drive otherwise. Did his training there , and had his passing out parade which was a proud day for family,moved onto Albury way for more training and is now based at Brisbane. The Army has been good for him giving him a bit of drive [and a little money in the pocket to buy a 4x4]. He was a kid [19] when he went away and now is maturering into a fine young man. He has gained a ticket or 2 along the way that will be useful in civilllian employment. The service men and women of Aust certainly don't do it for the money , but for the love of serving.
02 SR5 is right in his line that he will probably get drunk [tick]get tattoo [tick] xbox [tick] big tv [tick] new 4x4 [tick] and I hope he is investing in protection as I am sure that he can't keep it in his pants.
I hope that your young bloke enjoys his journey and we say thanks to him and all the others currently serving or before them.