I’m Still Standing

Dear Scott,

I’m writing to you because I need a little hope.

I’m 56 years old, single, and the sole supporter of myself. I have worked two to three jobs at a time all of my adult life, always believing that if I worked hard and did the right thing then my superannuation would be there to support me in later years.

Unfortunately, due to the failure of the First Guardian Master Fund, I have lost the majority of my lifetime superannuation savings. I now have approximately $13,000 remaining in super, and I am extremely concerned about my financial wellbeing as I approach retirement age with no partner, no safety net, and no ability to rely on anyone else.

I am not looking for sympathy, I’m looking for practical, realistic advice. I want to know what is still possible at my age. Whether rebuilding some level of super is achievable, what the smartest use of my limited income might be, and how to protect myself from making any further mistakes.

I have always been responsible, hardworking, and willing to do what it takes. I just feel overwhelmed and unsure where to start now, particularly after such a devastating loss late in life. Your work has helped so many Australians feel less ashamed and more empowered about money, and that is why I felt brave enough to reach out. Even a small amount of guidance or direction would mean more than I can properly express.

Mary

Mary,

You are a rolled-gold winner.

You have every reason to play the victim. Your retirement savings are gone. Yet you’re writing to me about hope?

That tells me everything I need to know about you.

However, hope isn’t a strategy.

We attack.

First: I’m putting you in touch with a lawyer already across this issue. If there’s money to be clawed back, we claw it back.

Second: you’ve got roughly ten working years left.

Here’s the rebuild:

Move your super to a low-cost industry fund or Vanguard super index fund. Salary sacrifice like your retirement depends on it. Take advantage of the ‘free money’ co-contribution scheme. Keep fees tiny.

Boring and relentless is where the magic happens.

And understand this: retirement isn’t a cliff. It’s a gradual slope. Part-time work. Flexible income. Super plus the Age Pension. That combination works.

You are not starting from zero.

You are starting with grit, discipline and ten more years of earning power.

That’s enough.

Now go build it.