Robin and Ken Boyne are enjoying their retirement after a combined service of more than 60 years with the Queensland Government.
New data1 from Queensland’s largest super fund2 reveals that close to a third of members do not have a complete picture of their finances.
QSuper CEO Michael Pennisi said having an idea of your financial position was an important step to building and funding the lifestyle you want in retirement.
“We know Australians are living longer and with the average super balance of Queensland members around $140,000,3 it could pay to consider ways to make your money work harder.”
Robin and Ken Boyne4 recently retired from more than 60 years of combined service in the Queensland Government and sought out personal advice to check they were on track.
Robin, 63, had always left the finances to husband Ken, 66, who retired in 2010. With her own retirement nearing, she wanted reassurance that life after work would not be a financial struggle.
“I think I should have looked at things earlier, but I waited until it felt real and retirement was just around the corner,” Mrs Boyne said.
“The financial adviser gave us a range of options and scenarios that made me feel like I was in control and involved.
“I’m conscious of not spending where I don’t have to, but we’ve got enough flexibility to do things that come up and it’s those little things that are really important.
“Since retiring in November I’ve been able to care for elderly relatives, visit my son in London and my daughter in western Queensland.”
Mr Pennisi said significant life changes such as approaching retirement could signal the opportunity to get personal advice.
“Starting a family, changing jobs or inheriting money are life events that could prompt seeking extra help on financial matters.
“For those wanting to get into better financial shape, there are some simple things you can do to get ahead such as seeing a qualified financial adviser.”
Checklist to help find the right adviser5
- Is the adviser authorised by an Australian Financial Service licence? You can check the list provided by Australia’s corporate watchdog – ASIC6.
- Are they appropriately qualified?
- Do they have experience? How long have they have been an adviser and what is their client base?
- Can they speak with authority on the area for which you’re seeking advice? Ask for a Financial Services Guide (FSG) which lists the areas the adviser is authorised in.
- Have they explained their fees? They should be able to clearly outline how their fee structure works and the likely fee that will apply.
“Good advice may help you achieve your financial goals sooner and through smart strategies, can help to build wealth steadily,” continued Mr Pennisi.
“There’s plenty of help available online and you can always talk with your super fund.”
QSuper offers its members access to personal advice through QInvest financial advisers. For more information about advice for every life stage, visit www.qinvest.com.au.
QSuper is Queensland’s largest superannuation fund and manages in excess of $60 billion in funds for more than 540,000 members and was awarded SuperRatings Fund of the Year 2016.7
Maryanne Kepui/ QSuper / 3029 9355 / email@example.com
Emma Norris / PPR / 3309 4704 / firstname.lastname@example.org
1 QSuper member survey 2015
2. Australian Prudential Regulation Authority (APRA) Annual Fund-level Superannuation Statistics June 2015 edition (issued 10 February 2016)
3. QSuper 2016, Regional Profile Basic Statistics, Cognos report, QSuper Brisbane.
4. The views of Robin and Ken Boyne are not necessarily the views of the QSuper Board.
5. This is not an exhaustive list but gathered from reliable sources and provided for general education purposes only.
7. SuperRatings does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details for its ratings criteria. Past performance is not a reliable indicator of future performance.