Hi everyone, I have read previous posts re super however and now paying as much as possible into my super. I'm currently with Aus Super (they apparently have been fined & concerned about stating with them). Any suggestion of a super fund and allocation for someone retiring in around 4 years. I would be really gratefull.
Suggestion Changing Superannuation Co
Shells123 on 11/10/2024 - 16:01
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I’d bank my super that most funds have been fined in some way shape or form…
concerned about stating with them
Don't worry they are too big to fail. Plus they hold your assets in trust therefore even if they go bust as trustees everything should be there and easily transferred
Any suggestion of a super fund and allocation for someone retiring in around 4 years
Depends on what you are in right now. It also depends on your balance. If you have $2m balance in in Aussie share index then you'll be getting like 2.8% + franking credits which is like $70k a year not including capital appreciation you'll be laughing.
retiring in around 4 years
Unless you are planning to die in the next 10 years, you will probably live for another 30 years+. Place a small portion (12 months living expenses worth) in conservative and leave the rest in growth.
for someone retiring in around 4 years.
See a licensed and credible financial advisor….
Why? There's 80k qualified superannuation experts on ozbargain.
Fair enough…
I retract my statement…
Any suggestion of a super fund and allocation for someone retiring in around 4 years. I
whats your current investment choice in Australian Super, with such a short time remaining till transitioning till retirement?
No point suggesting a fund that might be lower cost for full index fund investment, when you're currently invested in something conservative for exampleEg both myself and wife with Australian Super,
Currently been assessing/reading, and
- hers is moving hers to Hostplus to be able to select lower cost indexed fund tracking options.
- mine likely to stay with AusSuper but migrating to Members Direct for some future CGT benefitsboth have more than 4 years till retirement though
Of all the super funds out there, I dont think Australian Super should be a worry due to any 'fines' though. Their size, track record, and relatively 'low' fees (for fully managed funds anyway) are why they are a popular choice.
If you dont want managed funds then theres clearly other options in the top super funds list like Hostplus, ART etcThanks so much everyone, I have $95,000 bal & was in a position a few months ago to start paying in $3 k per mth . Its low bal because had low paying jobs & break in working.. I have some shares outside super & will do some more research Eg Hostplus index funds etc. Checking AppleChrck as suggested….
The good news is that even if you bump up the balance to $250k over the next four years, you will still be under the asset test, so will qualify for a full age pension (and the concessions including healthcare). Remember to apply well before your due date, Centrelink take ages to work these things out.
Are you an immigrant? Can you claim another pension from your home country, such as the UK?
And you might be able to apply for a Seniors Card right now, which will start getting you some benefits straightaway.
On the other hand, will you have any debts or a mortgage or rent when you go into retirement?
Some useful advise and calculators on this site https://www.noelwhittaker.com.au/calculators/ to help you work out the income and expenses for your retirement, and the standard of living you can expect.Thanks so much, I will look at Noel Whittaker again. No overseas affiliation. A couple months ago I got the seniors card. No debts & house fully paid. Focusing on super and will do some more research.
Australian Super gives you access to Chant West AppleCheck 3-fund comparison tool. I suggest Unisuper and Hostplus as a starting point.
Invest it all in BitCoin.
Is that what your licenced and credible financial adviser told you to do?
Rekt Financial Services - incredible results?
I was recommended to go to a particular financial advisor a few years ago, cost a couple of thousand he advised pay into super each year until retired but also wanted me to use him ie pay him $300 monthly fee to invest with his company. I ran away.
Instead of paying for professional and licenced advice you rather rely on free advice from qualified ozbargainers who barely know you?
I have worked in the Super and investments space for over 12 years.
There has been none that I have worked in or otherwise dealt with that have not been fined or have enforceable undertakings applied by APRA.
MOST of the time, it is an (or series of) error, be it admin, or systems, or just the fund diligence. I have only met with real planned and executed fraud once in that whole time.
ALMOST all of the time the fund is required to calculate the impact on customers (if any) and remediate (if required).
I am not with Australian Super but it (one of its key model portfolios) is one of the better consistent performers as far as growth is concerned.
What is your approx balance
@Shells123
Alright I hope you atleast look at this as I went to grab it for you - firstly, the advice others gave about speaking with a GOOD financial advisor is generally best - as there's far more to things than just choosing the right fund, assets - as you have a few years left there are things you can do BEFORE then.
As far as the fun goes - have a look at this site - it's done by one of the leading users of a financial retirement sub on Reddit - is VERY highly regarded - the website is basic but the spreadsheet is excellent:
https://lazykoalainvesting.com/comparing-indexed-options-bet…Don't get too caught up in management fees - even between the cheapest and most expensive you're probably looking at a 1-1.5% difference maximum, and do you think that is the most you could maximise? This is not to say ignore it but a multi focus approach will give you the best results.
Also do NOT fall into the trap of putting too much of your assets in defensive assets e.g cash, bonds - this is a trap many retirees make, you still want to have the majority in growth assets (IMHO).
FWIW this is also an excellent site to use to round our your investing prowess - again this is done by another normal Aussie user, so they have no agenda to push etc
https://passiveinvestingaustralia.com/Thankyou for the info, much appreciated. I will have a look at the sites suggested.
Thanks for saying thanks, most do not.
You can use gov's super comparison tool to pick one that works for you.
https://www.ato.gov.au/calculators-and-tools/super-yoursuper…
When I picked mine (and from time to time I come back to check again in case things change), I filter out (exclude) restricted funds and also only list performing funds. I also sort the list by annual fee ascending and pick whichever works best for me from the top results