Recently retired CEO with a 45-year career at REIWA, Neville Pozzi has a deep understanding of our industry and in particular superannuation. One of Neville’s many accolades is his contribution to a better retirement life for all of us who work in real estate.
As an elected member of the REI Super board from 1992 to October 2021 Neville has 29 years of dedicated service to members. With this unique insight into the workings of super and super pensions we asked Neville if he could share some of his wisdom with you.
About super
‘Baby boomers like myself have missed out a bit by not having an entire working lifetime of compulsory super contributions. The next generation are better placed to benefit greatly in this regard, particularly if they pay attention to their super. Super advice is most important and you can never start too early to actively manage your super. Compound interest is a powerful tool over time so the more you can get into super the earlier the better.’
‘Owning your own home and having a strong super balance are key to a comfortable retirement. It’s so important to inform yourself and understand the things you can do to improve your financial position throughout your life. It’s not all just about making extra contributions, but that said, it is important to do so if you can.’
‘There are many ways you can improve your position just by being informed. Understanding your risk profile and making an investment choice for one thing can make a real difference, taking advantage of government incentives and tax concessions likewise will improve your lot. There are many ways to get ahead.’
‘Beware the self-managed super fund (SMSF) in my experience, I have known of many with real estate assets and share portfolios that never do as well as the Industry funds manage to. And when it comes to fees and insurance cover it’s no contest.’
Into retirement
‘Having a regular income in retirement is such an important thing, and having your investments working for you through your retirement equally important. That’s where a super pension has huge advantages. With the flexibility to transition to retirement, cutting back hours or days and still maintain your income with a top up from your super account. And when you finally retire, providing a regular income with the ability to take lump sums if and when you need. While all the time your nest egg stays working for you with strong returns.’
What’s next for Neville
‘My plan is to catch up on all the things I didn’t get time for working full time, catching up with old friends, more time with family and in particular with the grandchildren. Golf, travel, dining and gardening are all high on the list. I’ll still be involved in the industry at a strategic level with my involvement at PropTech, providing advice and supporting start-ups which I’m passionate about. Looking forward to the next phase in my life.
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We recommend that you seek help from a licensed financial adviser before acting on any information contained in this newsletter. Although REI Super makes every reasonable effort to maintain current and accurate information, you should be aware that there is still the possibility of inadvertent errors and technical inaccuracies.
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