Sue from Melbourne asked:
I am 65 years old. My partner recently passed away unexpectedly - he was in control of our finances. We currently have $3M in Superannuation, and the house we live in is paid off. The Superannuation proceeds are split 40% cash and fixed interest and 60% balanced. I have an accountant that manages our Super, but I'm unsure as to whether I should take a more active approach in managing my Superannuation. I currently get a monthly payment of about $10,000 a month in my account which more than meets my daily needs - I still help out my children and grandchildren where I can. Just wondering if this is the right investment strategy?
We asked both Matthew Ross, platinum adviser of Roskow Independent Advisory and Shane Pinkerton, gold adviser of Fiducian Financial Services, who were both more than happy to oblige.
Top answer provided by:
Matthew Ross
Matthew’s response:
The right investment strategy is one that you understand and have the utmost confidence in which is why your next step should be to seek truly independent financial advice. Now that you are 65 years of age the minimum pension you will need to draw is about to increase to $150,000 per annum (from $120,000) – what you need to understand is that this doesn’t mean you need to take more risk with your investments. Now that you are in control of the finances it’s important that you understand what level of risk your portfolio is exposed to and also have a plan in place that shows you how much you can help your children and grandchildren out and when. The last thing you want to do is make a costly error, so please seek professional guidance as soon as possible. I would recommend taking the time to meet with at least 3 or 4 financial advisers so you can choose one that you will enjoy working with the most.
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