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NSW Self-funded Retiree - Benefit in Superannuation?

Discussion in 'Superannuation Law Forum' started by onyx, 12 September 2017.

  1. onyx

    onyx Well-Known Member

    30 November 2014
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    I am 70, retired and on the Commonwealth Health Card for Low Incomes ($22,000) taxable income. I have $200,000 in superannuation on interest only getting next to nothing.

    Is there any benefit for me to stay in super as by the time the fees come out I am going backwards?

    Thank you
  2. Rob Legat - SBPL

    LawTap Verified Lawyer

    16 February 2017
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    You would be better off directing your enquiry to a financial planner who is licensed to give advice under their Australian Financial Services Licence. Lawyers are not licensed to give this type of advice (unless they also have an AFSL).
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  3. Smiley

    Smiley Well-Known Member

    1 April 2015
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    I agree with Rob but add that you should see a minimum of three financial planners.

    Shop around, see what advice each planner has to offer, how much are they charging? Are there any trail commissions?

    If you end up transferring X amount into a pension or other financial product, bear in mind each financial planner is only qualified to upsell the products they are authorised to do so, as opposed to providing advice on the full range of products that is on the financial market, which is impossible for one planner to do so.

    I could go on forever but will not and leave you with one final comment. I assume you have worked hard for your superannuation, so I urge you NOT to make a decision based on seeing one financial planner.

    Best of luck

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