- Question 1. I was widowed in 2018. I chose to close the super account and put the money into a deeming account earning 5 per cent. Now the deeming rate is 2.25 per cent on amount over $56,400. My total deeming account is $900,000. I do not receive a pension but do get benefits of reduced rates etc.Recently, returns from super are low so did I do the right thing going into deeming which does not have fees like the financial advisor had? It is certainly less complicated for me not having to deal with Centrelink and advisor. My income is only $5000 per three months. I own my own home and have no debts. Is this the best option for me? Thank you for your advice.
Deeming rates are used by Centrelink. It’s the assumed interest you earn on your financial accounts.
