Retirement Planning & Experiences

[hydrabyss]

Super projection calculators which project super balances from retirement over time based on various assumptions including wage inflation/price inflation/ fees/ fund performance/super withdrawals

The wage inflation assumption is 3.7% over the medium to long term and price inflation 2.5% over the medium to long term

At retirement, the price inflation would be the main factor affecting purchasing power. Wage inflation would then be moot.
Any comments?

I would use a higher inflation number to be conservative, although some of the things retirees spend money on may experience less inflation pressure.

 

[JohnK]

So I had appointment with ANZ's financial advisor.

Total waste of time as most on here have mentioned. Did not offer any advice.

So I applied for TTR with Australian Super. As luck would have it I didn't fill out form correctly. Apparently I answered that I had super with Australian Super not another super provider so my TTR application is pending until I send them a form with the missing parts.

And as is always the case with JohnK's luck my super balance has fallen by around $12000 which has scared me. If I take money out of current Super it will leave arpund $30000 balance and very little hope of recovering the $12000. Am I likely to get the $12000 from TTR account? Probably not. I need the money but this little exercise will have to wait for now.

Sigh! All these obstacles. I need a beer or 3 soon. Four days until Thailand trip.

 

[Quickstatus]

So I applied for TTR with Australian Super. As luck would have it I didn't fill out form correctly. Apparently I answered that I had super with Australian Super not another super provider so my TTR application is pending until I send them a form with the missing parts.

Easiest if your TTR is with the same super provider that holds your accumulation account. a TTR is just an account.
Your TTR will continue to earn investment earnings as though it is in the accumulation account - so long as the investment criteria are the same.

 

[Pushka]

And as is always the case with JohnK's luck my super balance has fallen by around $12000 which has scared me. If I take money out of current Super it will leave arpund $30000 balance and very little hope of recovering the $12000. Am I likely to get the $12000 from TTR account? Probably not. I need the money but this little exercise will have to wait for now.

Sigh! All these obstacles. I need a beer or 3 soon. Four days until Thailand trip.

That's everyone's luck right now. I haven't looked at my balances since the war began.

Aus super can be a bit tricky to get stuff sorted but it finally does.

It's quite hot in Thailand right now! Even the staff are commenting.

 

[Quickstatus]

I haven't looked at my balances since the war began.

Yes, often better to not look. Not a good idea to knee jerk and suddenly change investment options within a super fund

 

[andye]

I have a related dilemma.
After inordinate delays, my UK pension funds have rolled over into our SMSF just days before the war.
Sitting in cash at the moment (which has worked out well so far), but when to invest a substantial sum?
Slightly complicated by the fact that although it's smsf, everything has to go through the advisors
Planning on splitting into tranches after the obligatory financial advice comes through

 

[hydrabyss]

Yes, often better to not look. Not a good idea to knee jerk and suddenly change investment options within a super fund

I have very little in super so was not concerned at what it would show so was pleasantly surprised it was only down a small amount like 2.5%.,
I must admit when it comes to super I know very little but in my research on retiring recently came across being able to change investment options.
I do wonder how many people don't use super as part of their retirement plan.

 

[JohnK]

Yes, often better to not look. Not a good idea to knee jerk and suddenly change investment options within a super fund

I look often. That's my motivation. See balance go up, not down but yes everyone in same boat.

I did look at OnePath's TTR product and it didn't excite. Australia Super looked good and if Im not mistaken fees are around $170/year so good to spread my eggs in 3 baskets rather 2 baskets.

@Pushka I don't mind the heat. I can just picture myself sitting in Sports bar after we come back from golf drinking San Miguel light with ice. Then hopefully tend to roses and hydrangeas in village. Will pay brother in law to build a 5th garden bed. Haven't yet decided what goes there but maybe some colourful perennials like mum has in Sydney.

 

[Happy Dude]

"fees are around $170/year"

Is that good, bad or other for TTR or pension account?

Starting to look into these accounts more seriously and not sure what to expect vis-a-vie fees.

 

[Quickstatus]

so good to spread my eggs in 3 baskets rather 2 baskets.

then you are paying 3 fees instead of one.

"fees are around $170/year"

industry funds often much better in fees.
"profits go to members"

But I caution against choosing on just the basis of fees.

 

[JohnK]

"fees are around $170/year"

Is that good, bad or other for TTR or pension account?

Starting to look into these accounts more seriously and not sure what to expect vis-a-vie fees.

I don't know but that sounds reasonable to me.

@Quickstatus I didn't just look at fees. The Australian Super Balanced TTR returned over 8% last year which I think is ok considering Im planning on taking out the maximum 10%.

And if I salary sacrifice up to $32,000/year the income tax saving will be a bonus.

 

[Pushka]

I don't know but that sounds reasonable to me.

@Quickstatus I didn't just look at fees. The Australian Super Balanced TTR returned over 8% last year which I think is ok considering Im planning on taking out the maximum 10%.

And if I salary sacrifice up to $32,000/year the income tax saving will be a bonus.

Make sure you don't go over the cap which includes SG and salary sacrifice.