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In April 2006 I left work to become a full-time carer for my disabled daughter, who is 19. My wife was the full-time carer until she was diagnosed with a brain tumour. I receive a carer’s pension, my wife receives a part-disability payment and so does my daughter – we are just making ends meet, and the future doesn’t look bright.

I have not made a payment to my super since I left work. My balance is approximately $86,000 and it is presently with a master trust. Is there a better fund out there with lower fees that still has a death policy attached and paid for out of the fund? I have few other options for the future as I cannot see myself being able to return to the workforce. I am 48.

You certainly have your hands full and I know everyone who reads this really hopes you get some good luck soon – you’re overdue for some.

Because I don’t know what fund you are currently in, it is hard to compare yours against the best. Let me give you some guidelines and then I recommend you use your time at home to become a super and government assistance expert. Even consider writing notes about your experience to help others who one day could be in your position. Who knows, it could become a great little book, which you could make money out of! If you do take my advice, contact me and we will see what we can do to help.

Generally industry super funds are cheaper, have performed well compared to funds run by the financial institutions and they have good insurance policies too. But this is a generality. Know what your current policy offers you and then check out a fund such as Australian Super and compare. Make sure you find out how you are affected if you switch. Sometimes there is no loss and in fact, there can be a benefit in terms of insurance coverage. Specifically, the death benefit should be compared.

No one apart from a caring financial adviser can do the legwork better than you and as you have time at home nowadays, make a promise to become an expert on being a carer. Use the internet to see what funds have been great long-term performers and have been famous for low charges. Best of luck and I hope you take up my challenge.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Friday, May 20, 2011

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