$A 130,000 per year needed.
 

Using the example:

Person:
1. 40 years old,
2. Retire at 65 years old,
3. Expenses $A 50,000 per year,
4. No mortgage,
5. No investable wealth,
6. At retirement wants $A 1,000,000 to produce ~$A 50,000 income:

I calculate that the current Total Income required to meet current expenses, taxes and savings is $A 130,000.

If enough of you ask I'll post the speadsheet.

Re: $A 130,000 per year needed.
 

Sounds plausible, I guess assumes no prior pension funding etc

Paul J

Re: $A 130,000 per year needed.
 

I would be interested to see it