What Chance of a Good Retirement?
Sep 16th 2003, 4:01 am
#1
Banned
Thread Starter
Joined: Mar 2003
Posts: 4,432
What Chance of a Good Retirement?
Lots of Aussies are / will do it tough in retirement.
After a few years of settling in, British immigrants incomes tend to be slightly higher than average Aussies.
To retire with a quite modest income you need, in today's money, about $1M at 55 or $0.5M at 65 above and beyond owning your house and related goods (to live to ~80).
Average age of British immigrants 35(?): in simple terms you need to save (increase net worth) $50,000 / yr to 55 or $17,000 / yr to 65.
For most British immigrants and Aussies around 35, family expenses leave little opportunity for saving. Only when the children have left home when parents are 50+ is serious saving possible and then most careers are peaking or declining.
How do you rate your chances of a good retirement?
After a few years of settling in, British immigrants incomes tend to be slightly higher than average Aussies.
To retire with a quite modest income you need, in today's money, about $1M at 55 or $0.5M at 65 above and beyond owning your house and related goods (to live to ~80).
Average age of British immigrants 35(?): in simple terms you need to save (increase net worth) $50,000 / yr to 55 or $17,000 / yr to 65.
For most British immigrants and Aussies around 35, family expenses leave little opportunity for saving. Only when the children have left home when parents are 50+ is serious saving possible and then most careers are peaking or declining.
How do you rate your chances of a good retirement?
Sep 16th 2003, 5:02 am
#2
BE Forum Addict
Joined: Jan 2003
Location: Perth, Jnr is back!
Posts: 1,286
Absolutely no chance. It's been worrying me a bit to be honset.
Sticking my head in the sand & hoping I have a rich long lost relative somewhere who's gonna leave me a stack of cash.
Maybe we'll be fully self sufficient by then.. my strawberry plants have little green fruits. I am VERY excited.
Diane
Sticking my head in the sand & hoping I have a rich long lost relative somewhere who's gonna leave me a stack of cash.
Maybe we'll be fully self sufficient by then.. my strawberry plants have little green fruits. I am VERY excited.
Diane
Sep 16th 2003, 5:17 am
#3
Forum Regular
Joined: Sep 2002
Location: England
Posts: 279
I wouldn't worry Diane, no-one knows what's around the corner?
Without sounding too negative, what's the point in putting away vasts sums of money for future retirement when you might not be around to enjoy it.
My Grandad worked over 40 years for the Post Office and only saw 2 years retirement, he died of cancer, what happened to all those years of contributions?! Pensions - Insurance company rip-off.
Without sounding too negative, what's the point in putting away vasts sums of money for future retirement when you might not be around to enjoy it.
My Grandad worked over 40 years for the Post Office and only saw 2 years retirement, he died of cancer, what happened to all those years of contributions?! Pensions - Insurance company rip-off.
Sep 16th 2003, 6:32 am
#4
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Joined: Jan 2003
Location: Perth, Jnr is back!
Posts: 1,286
Kath you are so right, it just takes a while to get out of the brainwashing my mum did to me!!
Diane
Diane
Sep 16th 2003, 6:53 am
#5
Forum Regular
Joined: Jun 2003
Location: Taranaki
Posts: 155
Thats so true, my mother in law worked every hour she could to make sure she had money for her retirement, then had a heart attack and passed away two weeks after her 60th birthday - that was only in April, and it's made us all the more determined to get out there. My mum and dad only have a small pension, but they grow their own fruit and veg and spend their days tending to their garden, dont go out much but save their money and go and spend a month in Malta every winter. Yes you've got to plan to have some income for the future, but not if it stops you living and enjoying your life now!
Sep 16th 2003, 9:39 am
#6
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Joined: Aug 2003
Location: Hot sunny Cairns !
Posts: 1,012
Hopefully not having a big mortgage in OZ may mean that we can save some cash particularly when the kids have left.
Planning to travel and see lots of places such as Fiji, Thailand, NZ, Oz etc when I'm older/retired so we'd better get saving!
At least if you live in Oz you won't die of hyperthermia in Winter!
Planning to travel and see lots of places such as Fiji, Thailand, NZ, Oz etc when I'm older/retired so we'd better get saving!
At least if you live in Oz you won't die of hyperthermia in Winter!
Sep 16th 2003, 9:51 am
#7
home again, home again
Joined: Apr 2003
Location: Notts to Perth, Perth to Notts
Posts: 1,748
Originally posted by cadman
At least if you live in Oz you won't die of hyperthermia in Winter!
At least if you live in Oz you won't die of hyperthermia in Winter!
Oh I don't know, bloody freezing in our house!!
Luckily I have lots of Pensions on hold in the Uk including an excellent one I had with Sainburys back in the days when I use to have a job, so will restart them all when I get back!
