Pensions...how much is enough?
Jul 23rd 2006 | 6:27 pm
#16
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From: Alloha snack bar
Re: Pensions...how much is enough?
Originally Posted by steve99
Very interesting thread, the sort of figure mentioned here sounds familiar with something I read a few months back.
How early are you thinking of retiring Amazulu?
How early are you thinking of retiring Amazulu?
I will carry on working a bit though, but it will be on my terms & when & where I want to. Coming to Perth & getting my small slice of this boom has helped me start to realise my dreams & that there is more to life than dragging my ass into an office every day doing something that I don't really enjoy.What are your plans?
Jul 23rd 2006 | 7:18 pm
#17
Living in Perthection
Joined: Mar 2003
Posts: 1,868
From: Wickedy WA WA...
Re: Pensions...how much is enough?
Originally Posted by Amazulu
I'm 43 now & plan to be finished with engineering by the time I'm 48. I'm 90% of the way to achieving my minimum retirement figure & am on target to exceed it by at least 100% in 5 years. I will carry on doing something, either going to UWA to study history or flying, or both. I will carry on working a bit though, but it will be on my terms & when & where I want to. Coming to Perth & getting my small slice of this boom has helped me start to realise my dreams & that there is more to life than dragging my ass into an office every day doing something that I don't really enjoy.
What are your plans?
I will carry on working a bit though, but it will be on my terms & when & where I want to. Coming to Perth & getting my small slice of this boom has helped me start to realise my dreams & that there is more to life than dragging my ass into an office every day doing something that I don't really enjoy.What are your plans?
Id love to be in a position to be able to retire at around 45, and would like to remain in Perth as my main base and then be able to afford to qualify as a ski guide/instructor and do some sort of work related to this in the Alps. (no harm in dreaming is there
)The plan in the short term is to utilise the equity ive built up in my home to purchase other properties (in need of some TLC) that I can renovate and eventually sell on for enough of a profit to clear my outstanding Mortgage.
Jul 23rd 2006 | 7:38 pm
#18
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Re: Pensions...how much is enough?
Originally Posted by steve99
That all sounds good, I dont really have a plan as such, (im only 31)
Id love to be in a position to be able to retire at around 45, and would like to remain in Perth as my main base and then be able to afford to qualify as a ski guide/instructor and do some sort of work related to this in the Alps. (no harm in dreaming is there )
The plan in the short term is to utilise the equity ive built up in my home to purchase other properties (in need of some TLC) that I can renovate and eventually sell on for enough of a profit to clear my outstanding Mortgage.
Id love to be in a position to be able to retire at around 45, and would like to remain in Perth as my main base and then be able to afford to qualify as a ski guide/instructor and do some sort of work related to this in the Alps. (no harm in dreaming is there
)The plan in the short term is to utilise the equity ive built up in my home to purchase other properties (in need of some TLC) that I can renovate and eventually sell on for enough of a profit to clear my outstanding Mortgage.
I'm 38 and have just started an experiment on a four-day week in a bid to get more out of life. It will be four long and stressful days, but better than five days the same. Don't think I'm ready to retire as such, but just want to do something more satisfying so I no longer feel that I want to retire early. Who was it who said that if you love your job you never have to work another day again? Well I hate mine.
Jul 23rd 2006 | 8:01 pm
#19
Living in Perthection
Joined: Mar 2003
Posts: 1,868
From: Wickedy WA WA...
Re: Pensions...how much is enough?
Originally Posted by Exile
Sounds like a great plan, and very achievable. I do think you are in the wrong part of the world for skiing, though
I'm 38 and have just started an experiment on a four-day week in a bid to get more out of life. It will be four long and stressful days, but better than five days the same. Don't think I'm ready to retire as such, but just want to do something more satisfying so I no longer feel that I want to retire early. Who was it who said that if you love your job you never have to work another day again? Well I hate mine.
I'm 38 and have just started an experiment on a four-day week in a bid to get more out of life. It will be four long and stressful days, but better than five days the same. Don't think I'm ready to retire as such, but just want to do something more satisfying so I no longer feel that I want to retire early. Who was it who said that if you love your job you never have to work another day again? Well I hate mine.
Ive been really into watching the Tour De France, when they went through some of the mountain sections there were a few droopy lips present and big gulps being taken
Despite it being full of french people it really is a beautiful country.My mum used to do a 9 day fortnight when she worked at BP, think it was 30mins extra per day and you got a friday or a monday off. An easy way of doubling your annual leave allowance.
I think id also struggle to retire fully, but I sure would love to be able to work doing something I really enjoy and am passionate about.
Jul 23rd 2006 | 8:09 pm
#20
Lost in BE Cyberspace
Joined: Oct 2005
Posts: 16,623
From: Hill overlooking the SE Melbourne suburbs
Re: Pensions...how much is enough?
With retirement in mind, I want to get a few investment properties. Seems to me, its the only way. I don't feel an urge to retire that young maybe in my mid 50s. I still have 20 years to catch a few housing market cycles and the current one is so long it makes me nervous.
Problem is, I don't trust the effing market - anywhere right now. To me, negative gearing is still a loss - I will need to find x amount of money a month I have not got.
I'm going to an investor's meeting - a club soon on the invite of a mate. It specialises in marrying up investment properties with buyers. Reason being; all the property is in QLD and WA and we are in VIC.
Problem is, I don't trust the effing market - anywhere right now. To me, negative gearing is still a loss - I will need to find x amount of money a month I have not got.
I'm going to an investor's meeting - a club soon on the invite of a mate. It specialises in marrying up investment properties with buyers. Reason being; all the property is in QLD and WA and we are in VIC.
Jul 23rd 2006 | 8:18 pm
#21
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Re: Pensions...how much is enough?
Originally Posted by thatsnotquiteright
Reason being; all the property is in QLD and WA and we are in VIC.
Jul 23rd 2006 | 10:19 pm
#22
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From: Southwest UK
Re: Pensions...how much is enough?
Originally Posted by Grayling
Thanks
Interesting answers so far.
I am already drawing an occupational pension and my wife will be soon.
It is probably a little bit more than the pension of $ 1 million already stated and is independent of any investment I may also have. It is also index linked
The reason I asked is because I really don't have a clue what a decent retirement income would be.
I really do not want to move to Australia and be worse off.
I would be able to work if necessary (am in my mid 50's) and am a registered nurse, but it is not part of my immediate plans
I am really looking for what most would consider a reasonable annual income, bearing in mind that what we have now is what we will always have.
G
Interesting answers so far.
I am already drawing an occupational pension and my wife will be soon.
It is probably a little bit more than the pension of $ 1 million already stated and is independent of any investment I may also have. It is also index linked
The reason I asked is because I really don't have a clue what a decent retirement income would be.
I really do not want to move to Australia and be worse off.
I would be able to work if necessary (am in my mid 50's) and am a registered nurse, but it is not part of my immediate plans
I am really looking for what most would consider a reasonable annual income, bearing in mind that what we have now is what we will always have.
G
Jul 24th 2006 | 12:11 am
#23
Proudly Deplorable
Joined: May 2003
Posts: 24,249
From: Alloha snack bar
Re: Pensions...how much is enough?
Originally Posted by Jensen Healey
My brother aims to retire in about 2 - 3 years time and his pensions advisor said to try to bump up his fund to $1.3million to give him the same lifestyle he has now. He earns about $95k at the moment.
Jul 24th 2006 | 12:21 am
#24
The Brains
Joined: Oct 2005
Posts: 886
From: Dubai / Hervey Bay
Re: Pensions...how much is enough?
Originally Posted by Grayling
There are lots of threads about wages but not all of us are planning to work.
How much would you consider a reasonable pension to live on in in Australia?
For 2 people, no mortgage etc.
I know there are a few doing this but finances are rarely mentioned. I would be interested in all views as it will affect everyone one day.....sooner than you think
G
How much would you consider a reasonable pension to live on in in Australia?
For 2 people, no mortgage etc.
I know there are a few doing this but finances are rarely mentioned. I would be interested in all views as it will affect everyone one day.....sooner than you think
G
Jul 24th 2006 | 1:06 am
#25
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From: Alloha snack bar
Re: Pensions...how much is enough?
Originally Posted by steve99
I agree I definitely came to the wrong place for skiing, still you cant have it all.
Ive been really into watching the Tour De France, when they went through some of the mountain sections there were a few droopy lips present and big gulps being taken Despite it being full of french people it really is a beautiful country.
Ive been really into watching the Tour De France, when they went through some of the mountain sections there were a few droopy lips present and big gulps being taken
Despite it being full of french people it really is a beautiful country.Last edited by Amazulu; Jul 24th 2006 at 1:24 am.
Jul 24th 2006 | 1:16 am
#26
Lost in BE Cyberspace
Joined: Feb 2005
Posts: 15,526
Re: Pensions...how much is enough?
I beleive the base nominated figure is 440,000 currently for a couple. With no Mortgage. Giving a tax free income of circa 25,000 Aud. Which is currently backed up afaik by the full government pension at that rate of around 11,000 Aud. Giving a total joint income of 36,000 Aud. One gets all the perks that a pension card holder can have at that rate.
I'm open to correction on this, But beleive it's the minimum one should go for at this date.
That should come in at a joint income of around 1,000 to 1,100 Aud per week.
I'm open to correction on this, But beleive it's the minimum one should go for at this date.
That should come in at a joint income of around 1,000 to 1,100 Aud per week.
Jul 24th 2006 | 3:43 am
#27
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From: Cambridge, Limassol - now Oz at "Avoca Beach" NSW
Re: Pensions...how much is enough?
Where can you get 6% interest in Oz? I have heard of a Westpac special account at about 5% from my Brother in Law, but nothing higher! But having read more on the thread I feel somewhat happier!
Jul 24th 2006 | 9:23 am
#28
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Posts: 759
Re: Pensions...how much is enough?
Originally Posted by DerekM
Where can you get 6% interest in Oz? I have heard of a Westpac special account at about 5% from my Brother in Law, but nothing higher! But having read more on the thread I feel somewhat happier!
Jul 24th 2006 | 10:08 am
#29
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Joined: May 2003
Posts: 24,249
From: Alloha snack bar
Re: Pensions...how much is enough?
Originally Posted by DerekM
Where can you get 6% interest in Oz? I have heard of a Westpac special account at about 5% from my Brother in Law, but nothing higher! But having read more on the thread I feel somewhat happier!
Jul 24th 2006 | 11:16 am
#30
Forum Regular
Joined: Dec 2004
Posts: 90
Re: Pensions...how much is enough?
My wife and I live on about $35k aud and very well at that. No debt, Toyota Kluger and Hyundai Getz cars, house paid for etc. Waiting for wifes preserved pension payable in 5 years time which will be a big boost. I am 58, retired in UK when I was 50, came to Australia April 2005, life could not be better.
Roger
Roger
