Life expectancy increases - do you have enough super?

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Permalink Reply by Linda Kathleen Schmidt on January 24, 2009 at 12:18

Dear Matthew

Just read another of your emails. I am there so I do know about it. I have maybe 20 0r 30 years left but really would prefer not to have to work again but am finding that I am having to. I am meeting lots of other folk doing the same. My research has taken me to letters written to supernnuation advice columns - this example is man 60 lady 62 have $1K in Super retired over 18months super dropped to $400,000 They cannot live on this in retirement so are going back to work Other caluclations on another web site indicate you need approximately $800,000 to have about $48,000 to live and that does not account for the inflation or erosion of the $1. When I was about 27 I was talked into taking out this fabulous insurance which would pay me a whopping sum of $20000 when I retired or was ill. I now say big deal. Actually it might just pay a deposit on some property or be a starter for the share market but is going nowhere otherwise. Linda

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Permalink Reply by ff123 on January 27, 2009 at 21:09

The whole Super thing is a scam - if you read the literature you find that in normal times the average return is 3% over inflation however a lot of funds charge 1-3% in fees after reading a few stories like you I think that it is just wrong we have all been sold another dummy

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