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Retirement and Super
Hi all, on the 4th of September I officially retire, unofficially I have been retired for 12 years. I had a fall at work and have been on Work-cover since 13th February either 96 or 97 not 100% sure unless I check.
Back to my concern, I have my larger, which is not much, super fund with HESTA and was hoping to have a reasonable amount to retire, at least enough to pay out my mortgage. With the downturn this past year my super has drastically backwards not forwards as hoped.
My dilemma is should I leave my super and hope we will get an improvement in the share market or should I withdraw it and in my ignorance try to invest it myself.
I have got a fairly good deal with my mortgage, thanks to my eldest son who financed it for me.
Back to my concern, I have my larger, which is not much, super fund with HESTA and was hoping to have a reasonable amount to retire, at least enough to pay out my mortgage. With the downturn this past year my super has drastically backwards not forwards as hoped.
My dilemma is should I leave my super and hope we will get an improvement in the share market or should I withdraw it and in my ignorance try to invest it myself.
I have got a fairly good deal with my mortgage, thanks to my eldest son who financed it for me.
Views: 2
Replies to This Discussion
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Permalink Reply by Bandwidth on -
Hello Colleen
One of the major mistakes the novice investor, I include myself in the past, makes is going to cash at the bottom and into shares at the top. My suggestion is think long and hard before you take on investing Self managed super. While we criticise the funds managers male sure you have a plan in place which can do better.
Jumping ship is fine if you have a serviceable boat alongside, a lifejacket is a very uncomfortable.
Ignorance is not a good place to start investing from.
If you want to go that way start learning now and when the time is right :-)
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Permalink Reply by AB on -
Too true - even the most experienced investor can't pick the top and the bottom of the market.
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Permalink Reply by Matthew Reader on -
I don't think it's a good idea to pull it out and invest it yourself, particularly since you confess your ignorance in these matters.
THis is a recipe for disaster, so I really think you should leave things as they are, and as Bandwidth suggests, start doing some research and once you're at a point where you know a lot more about investing, then start looking at your options.
And you never know, at that point your investment may have soared on its own ;)
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Permalink Reply by Miffy on -
I tend to agree with Matt - a base of no knowledge of investing is not a good point to start doing it yourself.
Have a look at your super fund's return over the past 5-10 years. Has it made money for you before this year? It most likely has done very well, as the market has been steadily rising for some time. In this case, then you just need to look at the last year as a blip, a natural part of the investment cycle.
If it hasn't, then it probably is best to take some action - a simple change of super fund is probably the best way to go. In your situation I'm not sure that cash is the way to go because it makes the money all too accessible and therefore tempting to dig into.
These sites have good info on funds:
Selecting Super
Super Ratings
Good luck!
Miffy
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