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I have never had any faith in super funds or financial planners, other than my own super (CSS). These funds and planners are businesses and they aim first to make a nice living for themselves and if there is anything left over it goes to the fund.
I remember the first 3% compulsory levee 20 years ago. I was in one but never relied on it and when I cashed it in at retirement there was 20% less than my employer had put in.
I calculate the value of my super by knowing what it returns then backtrack from what I can receive from a secure investment eg fixed deposits, less the inflation rate and any other charges. Thus for a $30000 indexed pension you can't rely on anything better than about nett 2.5% return. This of course equates to about $1.2m.
If you have this amount invested at retirement and you own your own home you are pretty much assured of a comfortable retirement. You won't get this from any of the super funds so you need to make your own provisions.
Barry
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