Mum’s retirement
Chatting to my mum who's 54 and has about $500k super. She has always been a hard worker but is largely financially illiterate and has little savings/investments (I think about $20k shares she inherited) and a large mortgage. She went through a divorce about a decade ago which put her behind.
She's come to me concerned about her retirement and super balance. Her income nowadays is about $200,00pa, she has gotten really lucky and landed a great salary. She has about $1m remaining on a mortgage (she will downsize to a unit at retirement) and wants to retire at 67.
Her super is in a balanced option with BT(?). I've suggested she moves over to Aus super and throws it in 80%itl/20%aus for the next 5ish years to try and see a few good years of returns. What are your thoughts?
She has no inheritances or windfalls on the horizon. She just wants a comfortable retirement. She is very fit and has good genes and wants to hit a century with plenty of travel after retirement. But she is terrible with day to day money management and has no impulse control so super needs to do the heavy lifting for her.
What are your thoughts?
Edit: thank you all so much for your input. I am reading and learning all I can to try and help her. She is a great lady and a wonderful mum - just woeful with money. I want to help her to have a long and secure retirement.