So my Dad (age 65) panicked after seeing his super drop about 20% in March when the first Covid crash happened. Without telling anyone he withdrew it all (~100k) and put it in a term deposit earning basically nothing. Only told me a few months later.
Not looking for specific financial advice, but in general what are his options for a very safe place to park the money and start to withdraw some over the coming years. Can he put it back into super now? The best savings rate I've seen is UBank just over 1%, barely seems worth it.
It's kind of a touchy subject, I don't want to come across as lecturing or judging, just try and help steer him in the right direction.
Edit: Couple of other bits that may be relevant
- Owns a basic house (400k) with partner (think they still have a small mortgage) + maybe 75k in total assets, I doubt any cash savings other than this ex Super money.
- Not working anymore (partner works part time), has some health issues. Was getting jobseeker during Covid but looks like that might run out as they push him to apply for and be prepared to work in jobs which are completely unrealistic.
- Will be eligible for age pension at 66 as DOB is between (1 January 1954 to 30 June 1955) https://www.servicesaustralia.gov.au/individuals/services/ce...
- It was just a regular super fund, maybe Australian Super. No defined benefits, etc.
- Term deposit is about to finish so he is free to move it