The chart (on the previous page) shows that there have been four years of negative performance since compulsory superannuation started. The issue is, you would not have wanted to plonk all your money in superannuation just before the 2008 global financial crisis (GFC). Some might say it doesn’t matter because you’re investing long-term so eventually it will all even out. That might be true if you’re 20, starting work and likely to see wage increases and 50 years of working life in front of you. But if you’re 67 and stopping work completely, living off your own wits and the income stream from your assets, it’s a different matter entirely. This is why sometimes, when markets are highly volatile or when markets have been cracking along at all-time records for a period, it might be prudent to keep the cash on hand for a certain period of time (yes, I know, I started this column by saying sitting on cash in retirement is a bad thing, but you have to be strategic). To me, there are always options depending on the circumstances. If it’s new money, playing the averages by dripping small amounts in over a longer period means you should eventually have the money in place at a reasonable entry price. That said, if your strategy during your working life within your super fund has been successful (15-year returns, which include the GFC, show growth funds with an average annual return of 7.7 per cent and balanced funds at 6.6 per cent, after tax), another option is to use your existing fund and to roll the money into their allocated annuity or pension scheme. Others may take another course. Whileofficialrecordsshowthatmostpeopleretire in their late 60s, some choose to work much later into their lives, keeping the cash flowing in at a time when others see it flowing out. ROI 31