Attending seminars got Ali on track with retirement planning

The impact of the 2008 Global Financial Crisis inspired Ali to get informed and take control of his retirement preparations. These are lessons he hopes others, particularly those approaching retirement, can learn from.

Ali Nufail is a busy man these days.

“My neighbors here (Wentworthville, NSW) think I’m just a visitor because I’m travelling so much,” Ali laughs as he talks about all of his recent trips. “I’m always in and out, in and out.”

Since retiring in 2015, Ali has been on nearly 10 overseas holidays. He uses travel as a way to meet interesting people, explore new places, and learn about different cultures.

Even though Ali is adventurous, he has always been conservative when it comes to finances.

“I’m not much of a risk taker, so even though I invested in some shares and a few other ventures, I wasn’t really successful,” he says.

Ali recognised that his superannuation would be an important part of life after work. “Apart from the house, I did not have any other big assets to rely on in retirement. So superannuation was going to be a major asset”

As retirement neared he felt it was time to get fully prepared for the years to come. He wanted to make educated decisions and sought the help of AustralianSuper.

“I thought it was better to leave it to the experts,” says Ali recalling the reason he began attending AustralianSuper seminars. In the seminars, Ali learned ways he could grow his super and began adding extra money to his super when he could afford to through a salary sacrificing arrangement with his employer.

By 2010 the impact of the Global Financial Crisis had set in. Like many people, Ali worried about his savings.

 “My savings were going southward, as were many people’s, and I started to panic like everyone else. But I got the feeling that if you want to recover the losses, you have to actually make your savings grow”.

Ali continued to attend education seminars when he could and even reached out to an AustralianSuper financial planner for further advice. He felt confident that if he didn’t panic and kept contributing, he would ride out the losses. “Every time I attend, I learn something new” he adds.

Ali now uses his super to provide extra income in retirement through a Choice Income account which tops up his Age Pension entitlement. But in the midst of his career, Ali wasn’t always thinking about life after work. In fact, he waited until later in life to start properly planning.

“I started thinking about retirement when I was 60 years old,” Ali says. “and I’m okay now, but I think I should have thought about it a few years before that. If I had planned earlier, I wouldn’t have had to work until 70.”

But there’s no time for second-guessing or regrets for Ali. Between his travels and coffee catch-ups with old friends and coworkers, he says he is living his life to the fullest. In fact, he’s off on his next adventure soon – to China – and still has a long bucket list of destinations to get through.

Disclaimers:

^ You should consider your debt levels before adding to your super

The views expressed in this article are those of the member and not AustralianSuper. The member made their comments based on their particular circumstances. You should think about your own financial situation and needs and consider obtaining financial advice before making any financial or investment decision.

Any financial product advice provided will be under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd (AustralianSuper) and will be their responsibility. With the members’ approval a fee may be charged if a Statement of Advice is produced.

This information may be general financial advice which doesn’t take into account your personal objectives, situation or needs. Before making a decision about AustralianSuper, you should think about your financial requirements and refer to the relevant Product Disclosure Statement available at australiansuper.com/pds.  AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898. 

Back to top