That's not correct. It is not based on your living needs. It is based on your capital, your age, and your life expectancy. Consequently many retirees are obliged to pay themselves considerably more in income than they actually need. There are significant penalties if you do not get this right. It's a basic tenet of running your own SMSF.
The point is that I, as a pensioner, will draw the amount I need to live on.
How will you determine what is a 'good investment fund'?
No one will have your interests at heart as much as you do yourself.
I have come to this website to discuss it - to get ideas, then sleep on it
There's something about this thread which feels odd to me. If you have been an investment managerFixed interest only - this thread is about equities. , and if you have an established SMSF, I'd have expected you to have already clear views about the sort of thing you're discussing My investment vision is not clear - that's the purpose of my thread - seeking clarity via feedback.. No obligation to tell us, of course, but I'd be interested to know how long you have been running your SMSF, if you have conducted it without assistance, what sort of strategies you have employed, and what sort of returns you've achieved.
The point of this thread is to get comments to add to my knowledge - my or anyone else's background is too big a topic for discussion here because we don't know each other and haven't met - I made it fairly clear in my opening post the specific info I was after - Gringotts Bank's most recent reply answered it well - he told me something I don't already know - and succinctly.
I don't mean to be intrusive and will quite understand if you choose not to answer this.