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The Forum > General Discussion > Where to now, retirement questions

Where to now, retirement questions

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G'day there JINXY...

Congratulations, you're now eligible to re-join the human race! Seriously, I did a bit over 32 years with NSWPOL retiring as a Detective Sergeant. The job together with the Association, were kind enough to fund several professional consultations with a well known company, who specialised in post retirement financial advice.

My wife and I found it very helpful, though thoroughly bewildering and ambiguous, trying to come to terms with the Government continually moving the taxation goal posts as it were? With certain tax concessions, and the rules being continually amended on specific classes of investments. A most puzzling exercise all round we found?

Moreover I had a 100% war pension, from my military service overseas, paid through DVA. Though not taxed, any income derived from investing that pension, was taxed. So the whole deal proved to be relatively complex for us as I said, we needed to include that income into the equation as well. Anyway, we seem to be OK and I'm in my mid seventies now, and we live quite comfortably to use that old cliche. Nevertheless I would urge caution, whatever you decide to do my friend.

Best of luck to you and enjoy your well earned retirement.
Posted by misanthrope, Monday, 5 December 2016 11:42:38 AM
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Nobody can guarantee any % return.

As you have no experience with investments, look for something with a government-backed fixed return.

Alternatively consider buying a house/unit if you have the funds. If you are a bit handy with tools, buy something that you can improve.

Let/rent it out yourself, set a fair rent, not looking for top rent as moving tenants cost you money.

Give them a deposit book to a rent account into which nothing else is paid. (They will probably use an internet deposit)

Do not expect anybody to live in something you would not live in.

Do your own maintenance if it is within your capability.

You will not become a 'millionaire' but you are unlikely to lose money/capital and you will have an income.

Look around, there may be small towns near you where houses are cheap but rental accommodation is in demand.

Get a good accountant!
Posted by petere, Monday, 5 December 2016 1:17:40 PM
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I agree with kirby 483.

If you do get an advisor make sure that he is not on a commission with any products he suggests. My original advisor declared right from the start that his income was in no way related to any kick-backs and was only fee based. I could talk to him at any time on the phone and he visited me regularly at home and why I eventually couldn't afford him. Many years ago I walked into my local bank for some advice and quickly walked out again when I realised that only recommended bank products were mentioned. Look at CBA and the millions they have offered to their customers for bad advice after they were found out. For this and other reasons I now do my own research and invest accordingly. I think there are probably some good investment letters out there that do make recommendations following their own research, but these will cost you and of course they tend to cherry-pick their successful investments examples when spruiking their products and expertise.
If investing was easy we would all be rich !
Posted by snake, Monday, 5 December 2016 1:37:36 PM
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Very interesting replies. I do have a house which is being rented out and the financial advisor has advised us not to pay out the home loan until I reach 60 as the loan amount would be money I can use to increase my wealth whilst the tenant pays off the loan. I will be 56 when I officially retire and can access about $195,000 tax free in January. The rest (majority)of my super will be taxed if used until I turn 60 then it's all tax free. Very interesting times ahead. P.S I already have 3 motorbikes so at least I don't have to spend any money buying one.
Posted by Jinxy, Monday, 5 December 2016 2:31:57 PM
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As an adjunct to my last two posts I have always been a bit of a fan of Roger Montgomery, who runs his own fund and is often sought for his always very logical reasons for liking a particular stock or his opinion on current market conditions on Sky or similar TV presentation. As an example he can be found here on Youtube expressing his views in a very eloquent and articulate way that shows how his method of investment works for him. I always take note of what he has to say and it might prove of interest to some others here.

https://www.youtube.com/watch?v=HjdU9bqEoFI

An awful lot of people invest in real estate, but like anything else, it doesn't always go up in value. As an ex builder I would not want the worry of tenants and certainly wouldn't want the hassle of constant maintenance. It also means a rather illiquid investment with most of your money tied up in it. However it works for a great number of people so depending on circumstances should be considered as an investment, but bear in mind stamp duty, conveyancing, rates and agents fees.
Posted by snake, Monday, 5 December 2016 2:44:25 PM
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Jinxy, welcome to the big dilemma.
Look at what assets you are likely to have when you reach pension age.
If you are entitled to the old age pension you may find that the
solution can be quite simple.
For now just open a couple of fixed deposits and think about it.
I can tell you this much; the way things are looking now, no one has
a clue about what to do. My son is a financial advisor and I think he
is looking a bit worried about it all.
He just does not want to talk to me about it.
He knows what I have and he has not suggested any change.

Most advisers are linked to major companies as they generate the
research information for them. When you get your super make sure no
one investment in a bank is over $250k and if it is in large banks
keep it well under that amount in each. Subsidiaries such as St George
are counted with Westpac as one institution.

I do not have the solution and I have been looking for it for years.
Posted by Bazz, Monday, 5 December 2016 4:01:57 PM
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