Retired, Superanuation and Centrelink

The following info may be of interest. It is not financial advice, just facts and information around the age pension. There are also lots of information with regard to retirement.

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Originally Posted by rod1949

To all retirees. I've been retired for 12 months now and due to a payout I haven't needed to touch my super, I receive a Centrelink aged pension $500 per fortnight. I'm now considering accessing my super. So I'm wondering how/what you people in this same situation did, eg. did you stumble through the process with the assistance of Centrelink or did you use a Financial Advisers (as Financial Advisers cost money I don't want to pay unless really necessary) and if you used a Financial Adviser did they provided any information that could not have been obtained through Centrelink.

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Rod, I'm going to see my accountant tomorrow to begin the process. I'm pretty sure I have my bases covered but will gladly pay an expert to run his eye over my figures. My superfund is doing a good job but does not do the detail stuff.
As you seem to have survived the first year you will have a very good idea what your weekly budget should be. I'm going through the links Justonething supplied but I am next to useless in deciphering this type of stuff. It will be money well spent for the peace of mind for the next 30+ years of retirement. I'm hoping to finish up in December this year.

TT

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Originally Posted by rod1949

To all retirees. I've been retired for 12 months now and due to a payout I haven't needed to touch my super, I receive a Centrelink aged pension $500 per fortnight. I'm now considering accessing my super. So I'm wondering how/what you people in this same situation did, eg. did you stumble through the process with the assistance of Centrelink or did you use a Financial Advisers (as Financial Advisers cost money I don't want to pay unless really necessary) and if you used a Financial Adviser did they provided any information that could not have been obtained through Centrelink.

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My short opinion is to act with advice. You need Centrelink's position and then take it and seek advice from a Financial Planner.
You can then assess all information/advice and make decisions based on their recommendations. None of us know or want to know your personal position. But if you think you can and will do what you wan to do, you may disadvantage yourself. Drillit.

Thanks for all your replies. My main concern was how accessing my super as an Allocated Pension would affect my Centrelink Pension. To day I had a meeting with a Centrelink Financial Information Services (FIS) Officer all my concerns being put to rest which is a relief. The FIS officer was absolutely fabulous to deal with.

So now my question is (if any one wants to respond) to those who have/are on their super pensions what has/is you investment strategy been ie. just gone along with the balanced one offered by you super fund or have you done your own mix based on info provided by you super fund or financial advised?
Thanks.

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Originally Posted by rod1949

So now my question is (if any one wants to respond) to those who have/are on their super pensions what has/is you investment strategy been ie. just gone along with the balanced one offered by you super fund or have you done your own mix based on info provided by you super fund or financial advised?

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Rod, with respect this is an impossible question for us to answer.

only you know your risk appetite for investment,
your life expectancy -- based on your age, health, life style (smoker / non-smoker, etc), family history (parents / grandparents lived into their 90s or died in late 60s, etc)
desired annual income (made up of OAP and Allocated pension),
desire to travel, buy new toys for the shed,
provide financial assistance now to any kids or grandkids
leave a "pot of gold" for your heirs
plus lots of other factors.

At the risk of insulting you, do you know what an allocated pension is and how (in your situation) an allocated pension would be funded?
in broad terms do you want an allocated pension that pays a guaranteed minimum amount each fortnight, or one where the amount paid varies based on the investment return achieved by the fund manager?

these are all questions where a financial adviser should be able to help you.

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Originally Posted by Chesand

Several years ago, I went to Centrelink with my mother to sort out her entitlements after Dad died. We met with a Financial Information Services (FIS) Officer who was most helpful. He did not advise a particular strategy but outlined the ways of achieving the maximum allowable benefit. If these officers are still within Centrelink it could be a good starting point.

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This is a good service and one worth taking up. getting financial advice from a forum such as this will certainly bring out the crack pots and this thread is a good example of that, some posts have good tips some reflect the bias of the individual.

The original poster could start off by actually talking to his superannuation fund, most now provide some information for those over 65. Try to find an adviser who provides an initial free consultation, it may help to decide which direction to head in.