Husband is Terminal

Hello Scott,

My husband, Trevor, has recently been diagnosed with a terminal condition. He will get a super payout of less than $100k. I work full time but am currently on leave caring for him. I have about six months of leave left. We have no debts, rent our home, and have recently used our savings on a final overseas holiday while Trevor is still well enough to travel. My question is, what is the best way to invest his modest super payout while still ensuring we can access it if needed?

Janet

Hi Janet,

I’m so sorry for your situation.

You’ve got a chance to sort out your financial affairs together, which will give your husband the peace of mind that you don’t have to do it on your own.

So I’d like you to review his will and any accounts that are in his name. Then I’d like you to call a FISO (Financial Information Service Officer) on 132 300, who’ll be able to advise whether you’re eligible for a carer’s allowance. (Note: the FIS is a free government service.)

Finally, in answer to your actual question, if you have any debts you should pay them down as a priority, then keep three months of living expenses in an online savings account (I call it ‘Mojo’). Any left over should be invested in shares, preferably through your super fund. This is something you can ask the FISO about as well.

Scott