Hi everyone, I have a question about my Super, I am 61, Lately I have been watching my super with AMP,( with them for many years) and it appears that half of my return goes in Fees and Charges? is this normal? by my calculations, and my hours being cut down, I think I will end up with less than I have now. Do I need to find another fund ?
Knowing AMP, you are probably paying pretty exorbitant fees which would be hurting your net returns.
I would definitely review your fund and look for a fund that can provide an appropriate asset allocation for you at the lowest cost.
If you would like, I can review your superannuation fund, show you the fees and returns, and offer a comparison with a better option. My office is just in North Lakes. If you would like to get in touch you can call me on 1300 200 012 or email email@example.com
AMP have traditionally been happy to charge their clients like wounded bulls......and for the majority of people unfortunately the costs are either ignored or the client remains blissfully unaware of the cost until something gives them a reason to look at their super....like impending retirement......
so you need to get some advice.....not only on your super but on developing a master plan for your retirement. this includes super but super is only part of the picture.
find someone who can discuss super, tax, insurance, asset management, downsizing, estate planning and a whole heap of stuff.......many advisors will do a bit of the whole picture but most wont be able to do everything for you.....and maybe you will end up dealing with a number of people to fill in all the blanks.....but at your age you need a plan to manage things moving towards and throughout your retirement. And the sooner you get this sorted the better.
And bear in mind that you WILL have to pay for this advice. And you should be happy to do so.
Because advisers who dont charge you for advice must be getting paid by someone......which means they are making money on commissions.......and you always look after who pays you.....so if the adviser can get a better commission from somewhere they might be motivated to steer you in a direction that might not be in YOUR best interests......
So discuss fees and commission and remuneration with the advisor up front!!!