Q: We are self-funded retirees and rely on returns for income. We have shares which are on a high and we are very wary of managed funds. ANSWER: Tuesday's cut of cash rates to 2.75 per cent is the seventh cut since November 2010. The consequence for investors is that as term deposits mature they are likely to see available rates cut by 50 per cent compared with those available in 2010. According to an ASIC study in 2010, 45 per cent of term deposits belong to investors aged 65 or older.