Superannuation! SMSF? Industry? Institutional?

[cove]

Re: Oz Federal Election 2013 - Discussion and Comments

The amount of capital you need to retire varies sharply and depends on the lifestyle you desire and the age you choose to retire. In 1970 an amount of $100,000 to $200,000 was considered ok but that mostly ended poorly (so to speak).
It is a bit late at 75 to realize your money supply is running short.

 

[The Rok]

I don't think you can pull money out of your super to pay credit card debt. I think you need to have a mortgage and you need to be at immediate risk of losing the family home. You also need supporting documentation and letters from centerlink. One of my employees tried it a few years back, it was a hassle for them.,

 

[cove]

If you have a credit card debt that you cannot pay then you should cut the card up or put it away for safe keeping. Adjust your cost of living to as close to nothing for a few months and get the debt repaid ASAP.
At the point of realizing you have a credit card core debt you should do this and pass on frequent flyer point building. There is no need to boost the Big Four Banks profits.
A few months of pain will give you long term gain.

 

[Deleted member]

Re: Oz Federal Election 2013 - Discussion and Comments

Understand what you are saying.

I don't really want any advice. Transfer the money that is leaking out of super fund into a financial advisor instead. No thanks.

I just want out.

What is it you think financial advisers / planners actually do?
Do you have similar views on accountants?

 

[cove]

Re: Oz Federal Election 2013 - Discussion and Comments

GPH we need to be careful as hate sessions could start. I qualified as an accountant and company secretary so long,long ago.
Superannuation should definitely be a good part of a retirement plan along with at least 9 months of cash for emergencies,credit cards that get zeroed each month and the home mortgage at zero.
My friend who is a retired financial planner tells me you need 2 commas in your total savings plus accommodation that has no debt to retire in reasonable shape.

 

[JohnK]

But you are ready to retire at an age well before the majority of Aussies can afford to! Either you jest or it is time to get real & organised

Not jesting.

When you say real and organised are you referring to superannuation? I am not dumping any extra money into superannuation apart from compulsory contributions.

I don't think you can pull money out of your super to pay credit card debt.

It was just a silly thought.

Perhaps the interest only loan is not such a silly idea. Borrow now, pay off credit card debt and at 59 use the superannuation to pay out loan. I need to look into it.

 

[whatmeworry]

If you are in financial hardship you can drawn upon your Super. If unemployed for then 6 months you also drawn upon your super in certain situations.

 

[Deleted member]

Re: Oz Federal Election 2013 - Discussion and Comments

GPH we need to be careful as hate sessions could start. I qualified as an accountant and company secretary so long,long ago.
Superannuation should definitely be a good part of a retirement plan along with at least 9 months of cash for emergencies,credit cards that get zeroed each month and the home mortgage at zero.
My friend who is a retired financial planner tells me you need 2 commas in your total savings plus accommodation that has no debt to retire in reasonable shape.

Ironically this is something I already know. Hence the point of my post

 

[JohnK]

If you have a credit card debt that you cannot pay then you should cut the card up or put it away for safe keeping. Adjust your cost of living to as close to nothing for a few months and get the debt repaid ASAP.
At the point of realizing you have a credit card core debt you should do this and pass on frequent flyer point building. There is no need to boost the Big Four Banks profits.
A few months of pain will give you long term gain.

A few months of pain would be bliss. Unfortunately it is not that easy.

My frequent flyer hobby has replaced my gambling addiction. I am not going through life giving up everything I enjoy.

 

[The Rok]

A few months of pain would be bliss. Unfortunately it is not that easy.

My frequent flyer hobby has replaced my gambling addiction. I am not going through life giving up everything I enjoy.

Most things worth while are not easy. We are saving desperately to buy out first home now, so for the past 8 months we have been paying down debt & saving the deposit by sacrificing all the things we love. Used to go out for dinner 5 or 6 times when I'm home, now we go once if we are lucky, no spending on anything, we have lived like Scrooges, no holidays either. But we are now almost there and we know they the end result will be worth it.

8 months of pain for a life time of happiness is worth it to me.

If you don't want to give up your life style, just say so, but nothing in life is impossible, just the impossible takes longer.

 

[JohnK]

If you don't want to give up your life style, just say so, but nothing in life is impossible, just the impossible takes longer.

Life sometimes is funny. I have given up most things I enjoy(ed). Not a lot left apart from golf and Thailand.

Haven't given up on finding a solution though on how to keep both of the above going without getting in deeper.

 

[ComeFlyWithMe]

Life sometimes is funny. I have given up most things I enjoy(ed). Not a lot left apart from golf and Thailand.

Haven't given up on finding a solution though on how to keep both of the above going without getting in deeper.

You could start by consolidating your super accounts and sorting out your risk profile...

 

[cove]

One small step for man....
Yes we have a big part of our staff who have not changed their investment mix but we cannot give financial advice. Most do nothing even when prompted by a financial adviser.
We want the best for our people in retirement so we get them to go to adviser meetings but many are "no shows". We pay for bulk life cover as many cross that off their requirement.
Most now have a nominated beneficiary as well as death cover so that is a relief for us.
We have had 2 die and both had widows who appreciated the life cover.

 

[Shelf]

I've recently moved from a Govt scheme to a DB. I need to explore the pros and cons of the DB.