Superannuation

[Adrian_Trischa 6]

So I had a very distressing phone call with my superfund yesterday who informed me they wouldn't be able to release my funds into an american retirement fund. It would stay in Australia until preservation age. I'm 24 so thats not for at least another 3o years.

I saw another post from someone who said that if they surrendered their citizenship, they were able to have the funds released into a different investment? Can someone clarify this?

[bt1 42]

So I had a very distressing phone call with my superfund yesterday who informed me they wouldn't be able to release my funds into an american retirement fund. It would stay in Australia until preservation age. I'm 24 so thats not for at least another 3o years.

I saw another post from someone who said that if they surrendered their citizenship, they were able to have the funds released into a different investment? Can someone clarify this?

I am not sure about the latter, but I know when I left Australia to move to the US, I had the same issue as you. They would not let me touch it until I turn 60. If anyone has any other experience, I too would like to know. Thanks

[Tinchen_ 21]

hi.maybe someone in the regional forum knows something about that????

maybe a MOD could move the thread to the Australia forum, so you might get a bit more specific answers.

good luck

[Harpa Timsah 13,258]

Why can't it sit in Aus until you need it for retirement? I don't understand the concern.

[Lainie B 465]

Why can't it sit in Aus until you need it for retirement? I don't understand the concern.

That's what I am planning to do. Seems a drastic step to give up your citizenship so the money can sit in the US instead of Australia. The money would be getting a better return in Australia, at least for now. Anyway Australia won't let you be stateless, so you wouldn't be able to give up Australian citizenship until you get your US citizenship so you have a while to think about it.

[Touch of Treble 39]

Money in Aus is going to grow at a better rate then in US. Is there a strong reason why you would need to bring it over? If there isn't, leaving it in Aus could be the better long-term idea. I made sure mine was settled into a low maintenance account to minimize my fees and there it shall remain till I am old enough.