Retirement Plan

Viewing 5 posts - 1 through 5 (of 5 total)

CarmelDrovandi
Participant
@carmeldrovandi
Join Date: 2002
Post Count: 1
October 31, 2003 - 10:19 am
[:0)]
Has anyone got a good idea of what my husband and I should do with our super after we retire? So far various financial advisers have told us
(a) sell Manly investment property (I dont want to!) and
(b) buy an allocated pension and pay around $6000 per annum in fees (whattalot!)
I think we’ll keep the property but what will we do with our super money of about $150,000?
Any suggestions very gratefully received
Donegood
hilary
Member
@hilary
Join Date: 2002
Post Count: 146
October 31, 2003 - 12:28 pm
carmel, buy quality shares – max of 3 – and write out of the money covered calls on them to get monthly income, this is relatively easy and takes very little time.[]
C2
Participant
@c2
Join Date: 2002
Post Count: 518
October 31, 2003 - 1:59 pm
Hi Carmel, What is your time frame before you retire, do you own the IP debt free and do you own your own home? You need to explain a little more to get the type of advice your looking for.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
Billfromoz
Participant
@billfromoz
Join Date: 2003
Post Count: 381
November 1, 2003 - 6:56 am
G’day Carmel…
Sounds as if you are talking to a Financial Planner that is tied to an Insurance Company.
In selling your Manly property where were they suggesting you invest the proceeds?…maybe into something like “Portfolio Care” or some other innocent sounding plan, but with big fees again
and small returns to go with it.
If it was me I would keep the Manly property and utilise the $150,000 for “Option Writing”. If you’re not sure what that is…… it’s the opposite to what most “punters” do in trading options…the difference is, I sell Exchange Traded Options and receive the premium that generally returns me 10-15% per 90 days or less.
Obviously not without it’s risks, unless you know how to substantially reduce and manage the transaction.
But…that’s for me and maybe not for you ?
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]
wayneL
Member
@waynel
Join Date: 2003
Post Count: 585
November 1, 2003 - 8:47 am
quote:
Sounds as if you are talking to a Financial Planner that is tied to an Insurance Company.
This has always struck me as enethical at best, bordering on criminal at worst. Unbiased, good financial advise can mean the differmce between living well in retirement and being uncomfortabley lacking in money and reliant on welfare.
These people make commission whether or not the “supposed” finacial plan is a success or an absolute disaster.
What Bill has suggested will take quite some learning on your part….but I think it’s worth it. No one is more interested in your financial affairs than YOU.
Cheers
Wayne
http://www.tradingforaliving.info