Retirement
Super advice for every stage of life: Part 3
Members in their 60s still have time to markedly improve their super balance by up to $35,000, an online investment adviser has explained.
Super advice for every stage of life: Part 3
Members in their 60s still have time to markedly improve their super balance by up to $35,000, an online investment adviser has explained.
Stockspot’s Fat Cat Fund Report said super fund members in their 60s still have time to improve their superannuation stockpile by moving to a fund that charges fees of just 0.5 per cent, as compared to those funds charging fees on the balance of over 2 per cent.
According to Stockspot, members in their 60s should be looking to protect their life’s earnings to date by utilising more defensive assets such as bonds and cash, which can mitigate against potentially falling asset prices.
Three tips to get the best out of your superannuation in your 60s:
1. Move into balanced or moderate funds – As members near retirement age, the main aim should be to preserve wealth accumulated over a lifetime of work.
2. Pay less than 1 per cent in fees – Despite getting closer to retirement, members can still save $35,000 by paying less for their superannuation.
Stockspot said that super fund members in their 60s can add an additional 7 per cent to their fund’s earnings by choosing a low-fee option at this late stage of their working career.
According to the research, members could spend up to 10 per cent of their life’s savings on fees in their 60s compared with just 3 per cent by choosing a lower-fee option.
3. Be wary of funds with high allocation to unlisted assets – Direct property and infrastructure can be difficult for super funds to sell if the market falls, which means members might struggle to access their funds.
To find out what you should have done in your 20s and 30s, click here.
To find out what you should have done in your 40s and 50s, click here.
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