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Judy P.
Judy P.
Beaumaris, VIC
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The new super rules are confusing. I have around 500K in super now, am 54 years old. What should I do next?

8 years ago
Comments

As z broker my only advice can be to see a recommended Finacial planner - there is too much at stake to not pay for advice.

Responses

The only thing to do is talk to a Financial Planner. If you don't have one, I can recommend a very good one who is local to you.

Hi Judy,
It appears with your current balance and age that you will not be affected by the proposed changes as they relate to relatively high contributions and balances around $1.6m.
I would also suggest that you speak to a financial planner but I would aim to pay their flat upfront fee and then take their advice to your accountant.
If you are working full time or you have some funds available understanding your investment choices and risks is vital to achieving the best you can for your retirement
Good luck
Scott

Put in as much as you can tax efficiently and consider more if you can afford it. Put a sound investment strategy in place until you are 90 and make sure you only pay for advice you need

8 years ago

Thanks appreciate your feedback!

Hi Judy,

You are nearing preservation age and ultimately retirement so in terms of what you should do next perhaps start considering:
What age would you would like to retire?
What is your ideal retirement income?
How long do you need this income to last in retirement?
Where are you planning to live in retirement?
If you get a gauge on these aspects it should make it easier to start to plan the finer points like superannuation. Legislation will always be tricky because the law and tax systems are complex.
It may also be a good time to review your estate planning with family so as you can enter retirement feeling completely in control of your financial situation.
A good quality Financial Adviser can help you but you should understand why you are seeking advice and choose someone you trust.

I hope this helps, let me know if you have any questions.
Stuart Christie
https://au.linkedin.com/in/stuartjchristie

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