Less than 5 years to retirement age of 60.
Semi-retired, no full time income.
Current financial status:
Living of savings and income until 60.
Q. Move part of savings into super as retirement age is near? If yes how much?
Bank Savings interest rate is ~1.1/1.2%….
Q. Move part of savings into super as retirement age is near? If yes how much?
Depends on your annual expenditure
Look up "How the bring-forward arrangement works"
Are you renting? If you are, maybe put the 800k into a PPOR?
I almost never recommend professional finance advice, but in this case, with substantial money at stake and the paucity of details, I suggest you find a paid for financial advisor.
Hide it under your bed..
Get the lot out of super
id imagine a ton of single people will die with assets in savings, due to changing demographics.
Your question lacks detail but if it was me, I'd put $5000/m into super and take advantage of any unused concessional contributions. I'd also buy $5k/m of VDHG.
You don't say what super fund you are with or how your current balance is invested or if you own your PPOR or rent so advice is near impossible
Thanks everyone for the tips/replies.
Some answers:
- monthly expenditure, 4K-5k
- super is with industry super fund :
Capital stable 25%
Conservative balanced 25%
Indexed balanced 15%
Balanced 17%
Shares plus 15%
Cash 3%
I own my own PPOR with my wife, also not working.
She cannot touch her super for many years.
This will burn a hole in your wallet for the next 5 to 30 years.
Reduce the risk by converting it to capital growth and/or income-producing assets.