Wife and I in our mid 50’ss with not much super. Looking to downsize from a family home worth about $1.6M into an apartment block, Purchase price $950K including costs. We are both still enjoying working so should we look to place the funds into a managed fund where we can get access or our super? thanks

Hi Marcus,
I’m not a financial adviser, this is just my opinion. I don’t see this to be a great option for you. Your family home will likely increase in value at a superior rate to the apartment and the capital gains on your family home are tax free.add to that the process of selling and buying will chew up the best part of $100,000.

I’d love to see you go and get a second opinion and some professional advice
Best of luck
Regards
Scott

Hi Marcus,

You should get some time with a financial planner and your accountant. With +/- $600k to play with, there will be a few options to consider, depending on your overall circumstances. Do you:
i) Invest in personal names;
ii) put as much as possible into super;
iii) part of each (and where on the sliding scale)?

It all depends on debt position, retirement timeframes, retirement plans (i.e. what do you want to do when you retire), lifestyle plans in the meantime.
What risk profile do you sit in? I would guess towards conservative, but it is a very individual question.

While it can be tough finding someone you are comfortable with, you do need the right advice. Having an accountant and financial planner that can work together in your best interests is key. If they are independent of each other, can be beneficial. Be prepared to pay for the advice, to make sure they are keen to look after you properly.

Too much money to take pub advice.

All the best.

Hi Marcus,

Depending how far into your mid 50’s you may be able to access your super now - or at least be very close to it.

I’d encourage you to sit down with a financial adviser who can help you work through what is right for you.

If you don’t have much super now, you’ll obviously need to be thinking of how you are going to support yourself in retirement. A debt free house is the usual starting point, but over and above that what lifestyle do you want to lead?

Super may not be the right thing for you now but likely will in time due to the tax breaks available, this should be in your plans.

I’m happy to discuss further with you if you’d like. I’ve got clients all over the country and we use phone/email/Skype to communicate.

All the best.

James
james.wrigley@firstfinancial.com.au
03 9909 5800