Investing in Super or shares at 63
Hi,
I wonder if someone could help? I am a single woman 63 years old and plan to retire at 67. I am in receipt of $200,000. I have only $57,000 in my super and rent. I have the promise of moneys in the future to buy a house but for the moment just need to top up my income so I can reduce my work hours slightly. Any suggestions of different income streams? Would appreciate the assistance.
5 comments
5 comments
A good Industry Super Fund will allow you the best of both worlds, you can Salary Sacrifice into it and it will allow you to manage your investments to a decent degree.
If you are going to continue working for some time you could suppliment your income with the cash you have access to and gain a tax advantage by salary sacrificing as much as you can of your wages to build up your Super. At 67 if you want to continue to work you can access your Super and transition to retirement, you may be able to do this now.
I did this with Q Super and it worked out quite well, my wife did the same thing, she actually moved some of her Super over into a Pension Account, kept working and continued to contribute into her Super Fund.
Most decent funds offer free coucilling services that will allow you to make an informed decision. That could be a good first step, again a reputable fund will offer advice without trying to use it as an opportunity to take advantage, take the information they offer but make your own decision.
I am not a financial advisor, I can only tell you what has worked for myself and my family. I have a small amount invested in income producing shares and found that overall it is not doing as well as my Super spread over three types of investment options.