Anyone know the busiest over 55s or retirement forum.
palaceboy said
09:19 AM Oct 5, 2018
I'm in the process of retiring from work, about to place my 140 days accumulated LSL and hopefully leave at the end of that time After June 30th next year. In the meantime, I've been seeing financial retirement planners. Not been too impressed with the two I've seen thus far who seem to be pushing their own managed yet varied portfolios and schemes for retirement income to me. Haven't got past the first free interview with either of them yet.
It really is the biggest step of your financial life retirement, I thought home buying was, but this is actually bigger, especially with the way Australia has its superannuation system setup.
From my looking thus far, it seems the Whirlpool forums have the best-detailed information re superannuation on their forums, but I wanted to talk lifestyle as well as in-depth detail about super. I've also got the complicating factor of some UK pension from way back in the 70's so I'm talking about this stuff on the British Expats forum as well where I've been a member since around the year 2000. There are only a few people on there as well that are interested or fit the criteria. I've been in Aus since 1980 so well and truly feel mostly Aussie by now.
Haven't noticed a retirement thread on here, so figured I'd ask if anyone knows a busy kind of forum that fits the bill for pending and post retirees? The ones I've looked at thus far on the net seem very quiet.
I've got a lot of questions about this 300K downsizing superannuation tax-free top up. I've half an idea it's not as good as it's cracked up to be..... but need some shared knowledge and input to read and discuss it. My trepidation about it is once you've done this, all of your finances are basically under scrutiny.
LLD said
10:00 AM Oct 5, 2018
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.
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.
Farmhat said
03:30 PM Oct 5, 2018
Hi palaceboy, try this one. (It's American though)
http://www.city-data.com/forum/retirement/
Joe.
-- Edited by Farmhat on Friday 5th of October 2018 03:31:33 PM
fwdoz said
04:03 PM Oct 5, 2018
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 said
05:46 AM Oct 6, 2018
Thanks guys, I reckon I will do a seminar or two. Had a quick look at the American forum, they had some interesting things to say about their retirement villages becoming gentrified. I'll definitely use that National Seniors site. I think now that the best place for "swapping" ideas about retirement could well be that Whirlpool forum. Which is Australias answer to Reddit.
Haven't got past the first free interview with either of them yet.
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
palaceboy said
08:52 AM Oct 6, 2018
Izabarack wrote:
palaceboy wrote:
Haven't got past the first free interview with either of them yet.
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
Thanks Iza, thats the kind of information and feeback I'm after. I didn't know that financial institutions actually assessed you financial risk profile, that's why I went to the financial/retirement planner. The one I went to quoted us 3,300 AUD to set up a financial plan if we wanted to go ahead, I think that's fairly typical though.
There's lots I want to discuss beyond the grey nomad lifestyle for retirees, Like downsizing v staying put, potentially AirBNBing out our place whilst on the road. Where to downsize to. I've got Ballarat in mind personally as it has the same kind of vibe in it's center as around here in Melbournes Inner North, with the bonus of any move releasing 60 to 70 pct more cash. Amenity for us is more important than climate, at this stage anyway. There again something on the road may surprise us and pull us there.... hence another reason for our pending lap.
What did others before me do? varied I guess, some would have downsized some would have just locked up and left there place intact. It's really quite daunting planning for this next stage of life. I dont remember feeling this wary when I bought my first house. I guess with retirement your potentially changing "Everything" that you've known before.
rockylizard said
09:36 AM Oct 6, 2018
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
Izabarack said
12:46 PM Oct 6, 2018
palaceboy wrote:
The one I went to quoted us 3,300 AUD to set up a financial plan
Nice work if you can get it, for mostly a cut n paste jobbie.
As for the rest of your concerns and thoughts, the one thing you really cannot plan or organise is how much time you have during which to enjoy the retirement. Don't leave the retiremtn too late.
Iza
Magnarc said
02:54 PM Oct 6, 2018
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.
palaceboy said
01:20 PM Oct 7, 2018
Great advice, thanks everyone. Will keep on researching and thanks for the tip Phil :) Back to the half life that is night shift tonight, for the last spell before I probably pull the plug circa Late Jan next year when I take all of my LSL and hopefully dont go back in July when its all used.
Still got two at home, 24 and 20. Have to work out how to entice them to leave as well lol.... Which I think could well mean moving, dont really want to but may have to dammit. They wont want to follow us to a rural town.
Cheers guys.
-- Edited by palaceboy on Sunday 7th of October 2018 01:20:54 PM
sandgrooper1 said
01:01 PM Oct 8, 2018
Another forum that has not been mentioned here that I visit occasionally;
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.
JayDee said
01:23 PM Oct 11, 2018
As of this time last week we have never been better off in our lives.
Although like many we have taken a huge hit in the last few days due to the most unpredictable finance item, that being the Share market.
But... have only experienced a paper paper loss.
We dismissed our Financial Adviser a few years ago, and now control our finances ourselves.
Have saved on commission charges and also on franking credits. ( Do not want a Labor Gov.) plus capitol gain and of course losses.
But important that one does ones homework re Financial Advisirs.
We almost ended up in a life style village but the village owner did the dirty on us, so we got our deposit back and told him where he could put his village.
We have been retired for some 23 years now, and we still have to work hard to make a success of retirement.
But a lifestyle we would recommend to everyone.
Retire as soon as possible, it a great life.
Jay&Dee
palaceboy said
04:03 PM Oct 11, 2018
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
palaceboy said
04:06 PM Oct 11, 2018
. double post.
-- Edited by palaceboy on Thursday 11th of October 2018 04:06:59 PM
I'm in the process of retiring from work, about to place my 140 days accumulated LSL and hopefully leave at the end of that time After June 30th next year. In the meantime, I've been seeing financial retirement planners. Not been too impressed with the two I've seen thus far who seem to be pushing their own managed yet varied portfolios and schemes for retirement income to me. Haven't got past the first free interview with either of them yet.
It really is the biggest step of your financial life retirement, I thought home buying was, but this is actually bigger, especially with the way Australia has its superannuation system setup.
From my looking thus far, it seems the Whirlpool forums have the best-detailed information re superannuation on their forums, but I wanted to talk lifestyle as well as in-depth detail about super. I've also got the complicating factor of some UK pension from way back in the 70's so I'm talking about this stuff on the British Expats forum as well where I've been a member since around the year 2000. There are only a few people on there as well that are interested or fit the criteria. I've been in Aus since 1980 so well and truly feel mostly Aussie by now.
Haven't noticed a retirement thread on here, so figured I'd ask if anyone knows a busy kind of forum that fits the bill for pending and post retirees? The ones I've looked at thus far on the net seem very quiet.
I've got a lot of questions about this 300K downsizing superannuation tax-free top up. I've half an idea it's not as good as it's cracked up to be..... but need some shared knowledge and input to read and discuss it. My trepidation about it is once you've done this, all of your finances are basically under scrutiny.
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.
Hi palaceboy, try this one. (It's American though)
http://www.city-data.com/forum/retirement/
Joe.
-- Edited by Farmhat on Friday 5th of October 2018 03:31:33 PM
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.
forums.whirlpool.net.au/forum/150
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
Thanks Iza, thats the kind of information and feeback I'm after. I didn't know that financial institutions actually assessed you financial risk profile, that's why I went to the financial/retirement planner. The one I went to quoted us 3,300 AUD to set up a financial plan if we wanted to go ahead, I think that's fairly typical though.
There's lots I want to discuss beyond the grey nomad lifestyle for retirees, Like downsizing v staying put, potentially AirBNBing out our place whilst on the road. Where to downsize to. I've got Ballarat in mind personally as it has the same kind of vibe in it's center as around here in Melbournes Inner North, with the bonus of any move releasing 60 to 70 pct more cash. Amenity for us is more important than climate, at this stage anyway. There again something on the road may surprise us and pull us there.... hence another reason for our pending lap.
What did others before me do? varied I guess, some would have downsized some would have just locked up and left there place intact. It's really quite daunting planning for this next stage of life. I dont remember feeling this wary when I bought my first house. I guess with retirement your potentially changing "Everything" that you've known before.
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
Nice work if you can get it, for mostly a cut n paste jobbie.
As for the rest of your concerns and thoughts, the one thing you really cannot plan or organise is how much time you have during which to enjoy the retirement. Don't leave the retiremtn too late.
Iza
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.
Great advice, thanks everyone. Will keep on researching and thanks for the tip Phil :) Back to the half life that is night shift tonight, for the last spell before I probably pull the plug circa Late Jan next year when I take all of my LSL and hopefully dont go back in July when its all used.
Still got two at home, 24 and 20. Have to work out how to entice them to leave as well lol.... Which I think could well mean moving, dont really want to but may have to dammit. They wont want to follow us to a rural town.
Cheers guys.
-- Edited by palaceboy on Sunday 7th of October 2018 01:20:54 PM
Another forum that has not been mentioned here that I visit occasionally;
www.yourlifechoices.com.au
Some information on this site.
Cheers AL
As of this time last week we have never been better off in our lives.
Although like many we have taken a huge hit in the last few days due to the most unpredictable finance item, that being the Share market.
But... have only experienced a paper paper loss.
We dismissed our Financial Adviser a few years ago, and now control our finances ourselves.
Have saved on commission charges and also on franking credits. ( Do not want a Labor Gov.) plus capitol gain and of course losses.
But important that one does ones homework re Financial Advisirs.
We almost ended up in a life style village but the village owner did the dirty on us, so we got our deposit back and told him where he could put his village.
We have been retired for some 23 years now, and we still have to work hard to make a success of retirement.
But a lifestyle we would recommend to everyone.
Retire as soon as possible, it a great life.
Jay&Dee
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
. double post.
-- Edited by palaceboy on Thursday 11th of October 2018 04:06:59 PM