I am rather financially illiterate so when it comes to knowing what to do for retirement money I am at a loss.
I have a question.
Is it better to put extra money into super or keep a moderate bank balance?
Last year I made a voluntary after tax contribution of $27,000 into my super account. This afforded me a $9,000 tax return.
This year I am thinking of doing the same but up to $32,000.
It appears that I can withdraw all my super at retirement age without penalty.
Any advice will help me.
Engaging a financial advisor costs an appreciable amount of money that I baulk at.
Free financial advisors are only available for those in financial difficulties. This is called financial counselling of which I am not eligible
You need to talk to a financial advisor.
It’s worth paying for advice where money is concerned
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We invested some of our savings in tax free accounts…Ok would say the Interest rates of ours here in France are pretty lousy but at least no tax is ever paid from them.
I can’t advise you as such as I have just a basic knowledge of finances…
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Trouble with that is that the average fee for a financial adviser is $3,500 plus $1,500 implementation fee.
There are no tax free accounts here in Australia. Tax must be paid on any interest earned.
@Bretrick I can’t advise on the Australian system, but I was wondering if you have anything along the lines of the UK Premium Bonds. My wife and I are maxed out with them and over the year our returns far exceed anything we would earn from any other type of legit investments.
National Savings & Investments | 100% Secure Saving | NS&I (nsandi.com)
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There are Government bonds but I am not au fait with the ins and outs of these.
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Then I suggest you join an Aussie Finacial Forum and seek advice from those who know your investment systems.
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That is a good suggestion…
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With venerable age, comes an excess of wisdom 
Please consider engaging a qualified professional. The short term cost will reap long term dividends.
There’s tax implications, various investment strategies and risk considerations which must be factored into your financial plan. A financial planner will review your needs and provide an holistic plan to ensure that you obtain your financial goals.
Look for a CFP professional. They are worth the cost.
All the best.
Disclaimer: This post does not constitute financial advice.
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I still believe it will be worth paying for a financial advisor.
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I decided to deposit a slew of money into my Super today.
Build up the balance as it has a far better return than the 2% my bank is paying.
Will wait a while longer before seeking professional advice.
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Did you consider the disadvantages of superannuation funds in relation to your personal circumstances.
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The majority of your savings will be locked for a predefined period. You have limited access until retirement
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Your family and lifestyle will most certainly change over the years; yet there’s little flexibility in a superannuation fund to match such changes. What is your investment horizon?
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If this is your only investment vehicle, you won’t have any diversification across fund managers. Is this your only investment vehicle?
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The funds will be tax inefficient for those on a marginal tax rate of less than 33%. Not certain what your tax rate is.
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There are costs over and above those you’d pay if you were investing directly. There’s a TER (Total Expense Ratio) that you should consider for any investment. Usually going direct and accessing a platform with limited but varied portfolios (high, medium, balanced, low) is cheaper. It all adds up.
Hopefully you considered these points.
Disclaimer : This post does not constitute financial advice.
I would not even attempt to give anyone financial advice apart from saying give your money to me so I can spend it.
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I considered I have less than 5 years until I retire. I considered I have ample cash funds should an emergency arise. I considered my super is paying much more than double what my bank is paying.
So I considered this is a good place to add some extra money.
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I agree.
If you do not need the money i n the short term, putting it into super is the most benifit to you.
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My advice for what it is worth is thinking about what you are going to do when retired. There are things you might need for a hobby, so now is the time to start getting what you need for it.
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My advice is, don’t make anyone else rich if you can help it “They” can’t take it with them when “You” go 
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Thank you for that advice.
Something I will need to consider before retirement.
I really would like to photograph the night sky plus very small critters.
Astro and macro photography is were I wat to head in my retirement.