Opened ING Living Super and balance has dropped

simplyme on 04/06/2015 - 01:22

Hi, I opened an ING Living Super account so that my husband can claim an offset in his tax. He put $3000 in the account a few days ago and today I have a deduction of nearly $20 for movement in investment values in period. This is very disappointing. I selected the option, "we choose" the investment products for you, due to it being fee free. I know super can be very volatile and I am not looking at making much interest, however, I didn't expect my balance to drop considering my husband's super seemed to be earning around 10% at the moment. Can someone enlighten me please?

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Comments

  • modsec802 on 04/06/2015 - 07:19
    +2

    Are you serious?
    Super is a LONG term thing and looking at day to day values doesn't make any sense. Of course it goes up and down over days. The important thing is long term gain.

  • martinj on 04/06/2015 - 07:34
    +6

    Your superannuation is invested in assets that can go up and down in value.

    Your balance has dropped by 0.66%, which is pretty normal. The Australia share market has dropped by 2.67% over the past 5 days but is up by 3.51% for the past year and is up 15% over the past 2 years.

    You shouldn't worry about day to day changes in your balance, as superannuation is a long term investment.

  • ESEMCE on 04/06/2015 - 08:05

    Summed up in the first 2 comments.

  • TheAviator on 04/06/2015 - 09:13

    If you want to avoid your super falling, invest in the cash option.

    Of course looks like you've chosen the fee free option which is half cash, half risky assets like stocks. And this is how that option works. Goes down, goes up. Doesn't just go up like a cash option (or savings account) would.

  • Dumax on 04/06/2015 - 09:45

    The problem the OP is having is abundantly clear once she used the word "interest". A super account is not a savings account - it is an investment which aims to generate long term growth, you cannot look at any period under many months in isolation.

  • simplyme on 04/06/2015 - 10:56
    -3

    Hi guys thanks for the input. Firstly, I do know super is a long term thing. I am very naive though and wasn't expecting to see the day to day up and downs in my account. I was expecting it to be adjusted six monthly like when one gets a statement. I will ring ING and find out over what period it gets adjusted according to the movement in investment values.

  • Edsanwong on 04/06/2015 - 13:53

    Totally agree with those first two comments

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