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New to InvestEd + retiree investment planning queries

Discussion in 'Introductions' started by Austromyrtus, 27th Jun, 2009.

  1. Austromyrtus

    Austromyrtus New Member

    13th Jun, 2009
    Sydney NSW
    I am a 60 year old retiree, new to InvestEd. I joined to learn more about the scope of investments available to me. I currently have an industry fund allocated pension which is mainly in cash at this stage. I am researching options for gradually increasing my exposure to growth assets. I have seen financial planners but they prefer to put me into SMSF, wrap accounts or commission products while I prefer to stay either with industry funds or low cost retail products, preferably where I would be able to include term deposits and possibly some exposure to index funds within a low cost allocated pension product.

    1. I am aware of resources on the websites of SelectingSuper, SuperRatings and Chant West. Also Product Reviews – Superannuation Funds Superannuation Funds Reviews for Australians where people have recorded personal experience with individual super funds. Does anyone know of other useful information resources/assessment please covering allocated pensions in industry funds or low cost retail products?

    2. This is probably a silly question but is there any way at the retirement stage, to retain tax/potential Centrelink advantages but escape from the restrictive and expensive allocated pension, annuity or SMSF framework? Often I think life would be much easier if I could just invest directly in term deposits along with some LIC’s but I don’t want to set up a SMSF!
    Thank you
  2. AsxBroker

    AsxBroker Well-Known Member

    8th Sep, 2007
    Sydney, NSW
    Hi Austromyrtus,

    Welcome to InvestEd!

    1. The fees are usually related to how the portfolio is setup. I'm sure with the sheer number of superannuants, every super fund would have grudging members on that website.

    2. Welcome to the Superannuation Industry (Supervision) legislation, also known as SIS! I don't know what you classify as "restrictive" as there are many things that can be done. Many super and allocated pensions let you invest in term deposits and listed stocks if this is what you choose.



    PS This is general information. Before making an investment decisions speak to your FPA registered Financial Planner.