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The Bar For non Automotive Related Chat |
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#1 | ||
FF.Com.Au Hardcore
Join Date: Jun 2010
Location: Desert City
Posts: 2,326
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So, I'm planning on retiring in 2.5 years when I'm 58 (born before 30 June 1963) and apparently I can access all of my super then, if this is correct. I believe my financial situation is looking pretty good.
In a nutshell:
I don't need someone to tell me to start investing in this and that, my focus before I retire is my Superannuation and cash. I'm not after financial advise over the forums but can I see a financial advisor but pay by the hour, what I want to do is lay out my finances, detail my plan and see if I'm on the right path or completely wrong. I don't want a financial advisor that charges me an ongoing monthly extortionate fee. I currently know some people that are paying 3k a month for advise and to me that is just a rip off and I won't be paying anyone that. I'll pay $250-500 and hour but I want it all over in no more than two hours.
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2017 Mustang GT (Magnetic) |
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#2 | ||
FG XR6 Ute & Sedan
![]() Join Date: Oct 2006
Location: Bibra Lake WA
Posts: 23,026
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https://www.moneysmart.gov.au/invest...ancial-adviser and https://www.moneysmart.gov.au/invest...l-advice-costs Note also that most industry super funds have free or low cost have seminars that might give you sufficient information to answer your questions. Many also have independent advisory services available to members e.g. https://www.rest.com.au/member/advice
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regards Blue Last edited by aussiblue; 13-12-2018 at 01:33 PM. |
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#3 | ||
^^^^^^^^
![]() ![]() Join Date: Jan 2005
Location: online - duh
Posts: 9,634
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Yep, your fine IMHO, and you know that.
This hasn't happened by accident. What do you expect a Financial Advisor to do, just reassure you? I don't know that I'd pay anything for that. Just my 2c .
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#4 | ||
irregular member
Join Date: Jun 2005
Location: NSW
Posts: 1,457
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Can't wait to see the build thread on the F6!
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#5 | |||
FF.Com.Au Hardcore
Join Date: Feb 2005
Location: Sth Coast NSW
Posts: 1,512
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Quote:
Covers just about everything - financial advisors - who to use, what super plan should you be in, taxation (a biggie for you ?). Maybe you need to get some debt happening, and so on. |
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#6 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,052
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TBH, that doesn't sounds like a lot of super for someone retiring so (relatively) young, but then, I've probably been brainwashed by all the articles over this year saying you need $1mil+ *each* put out by the super industry.
I'd be more inclined to see an accountant that specialises in super/SMSF, because with her income, she's going to be paying a lot of tax. You may want to look into ways of minimising this to make the most of the next 10 years of her earning … eg. a family trust, voluntary contributions from her to you, etc. |
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#7 | ||
FF.Com.Au Hardcore
Join Date: Mar 2005
Posts: 7,698
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I went to a presentation by my Super fund a few weeks ago and they were saying that if you own everything, no debt then $50k to $60k per hear is all you need and the older you get the less you will need (obviously)
As far as financial advisors go, the bloke I talk to is listed in the Top 500 richest people in Australia, how many 'run of the mill' financial advisors can claim that - I always laugh at 'financial planners' who don't seem to be very wealthy hahahahaha
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#8 | |||
FF.Com.Au Hardcore
Join Date: Jun 2010
Location: Desert City
Posts: 2,326
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Quote:
This is the info I'd need for a financial advisor. I may be in luck as my super fund has just been taken over by another fund and they will provide free advise from qualified financial planners. As I said in my OP I just need this sort of guidance not a planner that wants to skim a few K a month off me and try and get me to invest in all sorts of schemes.
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2017 Mustang GT (Magnetic) |
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#9 | |||
FF.Com.Au Hardcore
Join Date: Jun 2010
Location: Desert City
Posts: 2,326
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Quote:
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2017 Mustang GT (Magnetic) |
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#10 | |||
Thailand Specials
Join Date: Aug 2009
Location: Centrefold Lounge
Posts: 49,086
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Quote:
Forget about retiring in 2.5 years we'll do it in 12 months. We've got a hookup in South America who sells 'investment grade' goods, we just need some spondoolies up front to pay for bribes at the docks. |
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#11 | ||
Thailand Specials
Join Date: Aug 2009
Location: Centrefold Lounge
Posts: 49,086
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P.S Centrelink/DHS offers a free service to people looking to retire free of vested interests of 'financial advisors' who have a vested interest in selling you a product they're going to get the most commissions on.
They'll lay out all your options minus the bias - Financial Information Services: https://www.humanservices.gov.au/ind...mation-service |
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#12 | ||
*barks incessantly
Join Date: Jun 2016
Location: SA
Posts: 1,556
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Pump all your funds into some penny stocks.
Go hard or go home (if you still own your home after following my advice). You'll either end up super-rich or destitute. |
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#13 | |||
FF.Com.Au Hardcore
Join Date: Jun 2010
Location: Desert City
Posts: 2,326
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Quote:
Haha, no thanks. I’ve done that before trading the peaks and troughs and made a motza. I’m saving my coin now.
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2017 Mustang GT (Magnetic) |
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#14 | ||
FF.Com.Au Hardcore
Join Date: Dec 2014
Location: St Marys Tasmania
Posts: 3,556
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This is one thing I have no big worries about .
I don't have a lot of money to deal with other than my work Super fund and allowed only voluntary contributions or salary sacrifice . I missed out on the contributory fund before it was locked off So it's only 9.5% . One fixed term deposit nearly 20K starting from 8 K originally , a trading account where all my direct debits go out of and pay goes into and two small savings accounts averaging about 2.5% return . One has about 4K and the other about 7.5 K On the positive side .. The house is all mine , I have a few grand (just over $6000 )owing still on a personal loan when I re did the 130 y.o roof right through on the house that cost about $10,000 and I rejigged it a bit when I bought the XR6. Best bit is no credit card debt at all now after falling into the CC trap about a decade ago in vicinity of 5 k. I don't have much but also don't owe much . Secure job , house , additional health cover all sorted . I'm pretty lucky , so I'll leave the financial advisors to those who have much more than me to deal with . I have about 7 or 8 years work to go and will keep chucking in a few bob into my super as I go I think . I have promised myself a brand new car when I retire though . Hope they're still building Mustangs then !!!!!!.. |
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#15 | ||
Banned
Join Date: Jan 2009
Posts: 1,621
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it looks like to me that shares and real estate aren't doing good, gold/silver ok. there,s a lot of trouble in the world atm, a recession could be on the cards.
personally i had a bad experience with a financial adviser, and look at the banking royal commission, what a bunch of rat bags. i would learn about investing as i did. you can do better than most . |
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#16 | |||
Guest
Join Date: Aug 2018
Posts: 1,892
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Quote:
^^^^^^^^Plus 1 to this ^^^^^^^^^^^ As My accountant often tells Me. "The most expensive Advice you'll ever get, will be given for Free at a Pub/family gathering/ Car/truck show, or even the Internet. for that Matter.." Just find (or best to be referred to) a Good accountancy Firm, That's Independant & upfront about the advice (& Commissions they receive) I Use & have found this Company to be excellent.. https://www.rsm.global/australia/ |
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#17 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Location: Sth Coast NSW
Posts: 1,512
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The thing that sticks out for me is what Tax minimising you have in place - you'd be salary sacrificing into super of course. Otherwise I'd think the pair of you would be paying a fair bit. Pretty much as Boson as covered earlier.
A good advisor would cover all of that with you - and have multiple options. From my link earlier https://www.prosolution.com.au/tax-a...-interrelated/, 70% use an accountant, 15% use a financial advisor, accountants aren't qualified to give financial advice. Questions to ask a FA: https://www.prosolution.com.au/dont-...stions-to-ask/ And if you get hit by a bus tomorrow, some info on wills - some surprising stuff too, take note the info on super: https://www.prosolution.com.au/testa...y-trust-wills/ Last edited by snap0964; 16-12-2018 at 02:25 PM. |
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#18 | |||
FF.Com.Au Hardcore
Join Date: Jun 2010
Location: Desert City
Posts: 2,326
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Quote:
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#19 | |||
Guest
Join Date: Aug 2018
Posts: 1,892
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Quote:
You are at all times in Charge.. That's how it work Us at least.. |
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#20 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Location: Sth Coast NSW
Posts: 1,512
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Keep an open mind on that one - you might be restricting yourself otherwise. If you're presented some sensible ways to make that $150k work for you for a good return - you should consider them.
Having plenty of super is great, but it is always at the whim of every government to change it - maybe to your detriment. Plus they might in future 'ask' you to contribute to the nation's economy - at $500 Billion debt the money has to come somewhere. I remember recently one of the state (?) governments proposed a tax on savings - these are the idiots we elect. |
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#21 | ||
*barks incessantly
Join Date: Jun 2016
Location: SA
Posts: 1,556
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I am riding out my worst period of financial difficulty ever right now. Since October, my stock portfolio has plummeted by over 25% - this is the first time I've ever backed stocks that have floundered. I have made significant profits before - including some in the region of +200%. I've never experienced failure in the stock market and my only logical option is to ride it out - this isn't much fun.
I have also gone through three jobs in the past six months - moved away from one, end of contract for another and made redundant from the last. Things are pretty dicey right now. If you want my financial advice though, send me a PM. ;) |
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#22 | |||
FF.Com.Au Hardcore
Join Date: Jun 2010
Location: Desert City
Posts: 2,326
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Quote:
I feel for you JD. I’ve had good stocks in the past that have ended up bad. Usually when a takeover happens or on the odd occasion belly up too. Sent from my iPad using Tapatalk
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