I found that Financial Advisors show little interest if you've got less than about $800,000-$1,000,000 in super and/or savings. Many friends found same. An account friend said same. I found out when my dad passed away and I had to re-do mum's finances. The planner was not interested. The person who'd set my parents up in the first place had long since retired. Un-surprisingly that business is no longer. My in-laws financial advisor when they sold the farm made many questionable decisions that we were fortunately able to reverse. They both died shortly afterwards so we were able to cancel all their investments. Some monies were invested in a business that the advisor had a personal interest in (not sure if it was financial as well). That business went bust about 12 months after we closed the investment.

I did all my mum's stuff and in doing so learnt a lot such that I handled all my own. Don't get as much as some people claim they are getting but nothing I have is risky. Also if I do lose the lot, I own everything and my part aged pension will go to a full one.

Downsizing can cost. If you like your house, location and your running costs (heating, cooling, land rates) are acceptable, then moving all all unnecessary furniture into a bedroom and closing the door can turn out to be a cheaper option. An uncle downsized. Sold up in Sydney as it was costing him too much to live in his old house. Bought a new modest home on the Sunshine Coast completed with all new white goods and lawn & garden. Only took a small amount of furniture and his car. Immediately drove his car into a dealership and got a new one.

He actually same more of his family on the Sunshine Coast as his grand kids used come and stay with him for school holidays and his daughter eventually bought a unit nearby.

I went to 2 different www.humanservices.gov.au/individuals/enablers/upcoming-fis-seminars-victoria/30966
Well worth it. First one I didn't learn anything other than to be re-assured I was on the right path. The second one was about my mother moving into aged care.

Also went to two different private seminars (ING was one, forgotten the other). They didn't even know tax or some Centrelink stuff. I quite often ask question that I know the answer to to see if I get the right answer. The ING guy got several wrong and didn't even know about Tax Offsets for Seniors.

You may find some information in this spot:

https://nationalseniors.com.au/

Have found some good information on certain subjects in the last 12 months.

palaceboy wrote:

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Haven't got past the first free interview with either of them yet.

 

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 My experience of a free interview is that interview is their opportunity to suck you in as a customer, ergo, not free at all.   My parents were sucked in by a "first visit free" ad in the National Seniors magazine and it cost them thousands in lost money.

My advice, find a financial institution that will set up an allocated pension stream that allows for a direct interest in shares.   The institution will access your risk profile, as required by legislation, and tell you how much must be put in defensive products and how much can be allocated to shares following paid for advice.   A direct interest in shares arrangement does away with at least one layer of fund manager and all the fees that go with that.   A direct interest in shares also does away with any need to pay for a "financial Plan" (saving about $2200) as your account will detail a fee for "advice".   You can do some shopping around by comparing how much an institution will charge for administration and how much for advice.

My Funds Under Management number is still going up despite an above minimum draw down for several years.   I saved a lot of money going in by not getting a financial plan and I keep an eye on fees and charges and the value of any advice I act on.

Iza

 

-- Edited by Izabarack on Saturday 6th of October 2018 07:08:32 AM

Gday...

My advice, for what it's worth, is to firstly have a fairly clear plan of YOUR intentions for what you will call "retirement" - what lifestyle do you see you living once you "retire".

Knowing what your intended 'lifestyle' will be, now do a budget that gives you as good an idea as you can on just how much you will need to live - either comfortably or frugally - for what you see as 'your expected life expectancy' living that lifestyle.

Do you want to enter a 'retirement village' or similar - either now or one day soon-ish.

Will you need a new vehicle? caravan? overseas trip? medical requirements? perhaps a lump sum needed soon.

Knowing that, know as best as one can, just how much you will have in 'liquid funds' and assets. Also, are any of those assets likely to change - eg downsize a home - or become 'liquid' assets if necessary.

Determine what you feel is your 'risk profile' - just how much do you want in 'guaranteed' investment/s, how much in 'managed' investments and how much in 'growth' investments - eg are you cautious and not keen on exposure to the better return but volatile share market etc.

Knowing all that, THEN you can go to a financial adviser and tell them what you require - NOT asking what they are selling. Get them to tell you how they will fund YOUR lifestyle from the funds you have. They should be able then to determine what investments will provide you with a reliable income to allow you to live your anticipated lifestyle - or that you may need to just change your mind on the lifestyle you wanted.

Other than that, retirement is not the fear that so many of us have. I am now 10 years retired and began wondering whether my money would last and if I could live on the reduced income compared to my 'working life' income.

YOUR retirement is just that - YOUR retirement. No matter how much information you gather, or life-stories you hear - it all comes done to YOU, YOUR fund availability, YOUR lifestyle, YOUR risk profile, YOUR health and all those unknowns the world will throw your way.

I find,  10 years on, that all my fears were misplaced - life is great.

[edit: OH, and most importantly, all that stuff I have suggested you do BEFORE going anywhere near a financial adviser - WRITE IT DOWN ... and take it with you. Otherwise, you will not remember all of it when they begin asking questions/making suggestions]

Cheers - John

-- Edited by rockylizard on Saturday 6th of October 2018 10:23:24 AM

Hello Eddie I see that you are in Melbourne we have been with our financial advisor for 15yrs and they are very good we are more than happy with the results we have got through them. If you are interested in seeing them ring 03 9561 9699 and ask for Chris Leishman. As far as I know the first visit is entirely free.

Good luck,

Phil.

Another forum that has not been mentioned here that I visit occasionally;

www.yourlifechoices.com.au


Some information on this site.

Cheers AL

I have stopped working for a living since 50, more than a decade ago. In that time I have managed my super and savings myself with the help of a very good tax accountant. Never used a financial adviser, as all the ones I met (quite a few in the early days) were only promoting investments that gave them the most in commissions. Always ask them what commissions they receive if you were to follow their advice. They are obliged to disclose that and you'd be surprised to learn that their commissions are not always dependent on the performance of your investments, but on the capital you put in. To me that stinks! Hone your skills by studying how to invest your hard earned money. Rely on your own instincts, if it's too good to be true, then it probably is. Don't rely on someone else to make the decisions for you, they don't necessarily have your interest at heart. I learned about investing myself. Lots of reading including paid subscriptions to Eureka report, Motley fool etc. I limited my scope to those areas of my specific interest only based on my risk tolerance. For example, direct investments only, no derivatives. No overseas investments etc. The accountant helped me set up the most tax effective structure as well as best asset protection. Super is only a tax vehicle, not a goal. Sure, made some mistakes, but always learnt from them. Diversify, diversify, diversify and don't be greedy. Know when you've made enough, then pull out. We made a killing out of the GFC by pulling out early (that party had to end sooner than later) and then swooping in to pick up the bargains.

Thanks for the feedback, I know of Motley fool but not heard of the Eureka report, so will spend some time looking at those. My own personal issue right now is a 6 figure redundancy payout from Aus post, who keep shifting the goal post. I'd just made my mind up to take my LSL next year and leave after that, and blow me down, they've put the carrot back on the bloody table again. 3 years this has been going on. My issue, my problem, but wont it be a killer if they start giving them out again 9 months after I've left.

Was all signed up and ready to go last September 29th, and they pulled the plug 3 weeks before hand, because they confirmed the Amazon contract.


Golden Handcuffs, i think is the term. Dammit. I'm taking the LSL anyway now stuff erm.



Cheers again guys.

-- Edited by palaceboy on Thursday 11th of October 2018 04:07:41 PM