Author Topic: Looking Retirement in the Face  (Read 8387 times)

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Offline chester ver2.0

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Re: Looking Retirement in the Face
« Reply #25 on: March 11, 2013, 10:00:56 AM »
My old man lasted 1 year retired and then mum sent him back to consulting and he is now happier then ever works his own hours and days but still feels like he is doing something.

I think the main difference is being a work person all his life he did not have many hobbies so as above only so much golf can be played

He and they are a lot better now but he said if he had his time again he would have wound down to retirement over 2 or 3 years and not just stopped cold turkey, especially as a Managing Director who was used to his mind going flat out in work mode from 7am to 7pm
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Offline Desert lover

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Re: Looking Retirement in the Face
« Reply #26 on: March 11, 2013, 02:12:28 PM »
Sorry it took so long to get to this reply....I'm retired!   
I loved the job I was doing, had many many friends, collegues and associates through it and was pretty shattered when the then CCP changed the goal posts....(work parameters)- Fuji would know it as P/SIP...  so just hung in there until I could hopefully manage financially and retired at 54! 
First thing we did was head off and do an extended time away travelling up through the centre, across the GRR , Broome, Cape Leveque, Purnalulu and back to Alice via the Tanami.... Then some time with our friends out around Kings Canyon area. 
Now we spend our time Sailing, Camping, working (as volunteers) with Indigenous Kids (and other kids too), in fact all the things I wished I'd had more time for when I was working.   Sure, I miss the pay every fortnight but managing ok.   So no regrets at all ...... My advice - When you have the opportunity to "retire" grab it with both hands - there is a whole wonderful world to enjoy out there and lots of wonderful people to meet.
Cheers!
Sue
aka Desert Lover.....
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Offline Wortho

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Re: Looking Retirement in the Face
« Reply #27 on: March 11, 2013, 02:18:28 PM »
There was an article the other day that suggested that even with $1 million invested you may not afford the retirement you would like. Roughly 1 million invested should equate to around 50k a year with 5% interest, thats not a lot for a couple to live on and to go travelling often, new camper and tow vehicle, etc etc.
So what sort of money do those that have already retired get by on?  Its a difficult question I know due to peoples spending habits and taste etc, but just trying to get an idea what you would need (in todays money) to have a comfortable retirement with a few months on the road each year.

I'm planning on retirement somewhere between 55 and 60 if the market recovers to cover the losses in Super etc.

Cheers
Mark

Offline Mandrake

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Re: Looking Retirement in the Face
« Reply #28 on: March 11, 2013, 02:26:21 PM »
Well my new house bills come to $13000 this year .. Food etc another $15000 Fuel / Travel $10000 - Maintenance house and vehicles $10000  - Thats $50K -
I should be broke in a few years but then I'll be 65 and Joolia will look after some of that !!
People you need to buy more Solar stuff as I can't afford to retire properly ... ;D ;D ;D
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Offline Mace

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Re: Looking Retirement in the Face
« Reply #29 on: March 11, 2013, 02:46:56 PM »
Most Super Schemes have a benefits calculator somewhere in their content.  Ok, they're a guide only, but mine is currently telling me that from when I retire in 12 years, We will have a combined income of pension and super of $53k (todays $) from age 65 thru to 85 ($28k of this is aged pension).  This is based on a fund balance of approx $300k on retirement.  If I add to it, or get a new job with  higher contributions, the balance will increase.

After 85, well, its pension only.  As the kids have left home, hopefully a lot more can be tipped into super.  500k will be a good target.  If you want to retire earlier, say 55 or 60, then, yep, a larger contributions balance may only give you a basic income.

So, find your benefits calculator, and start plugging figures into it, its both an interesting and scary exercise.

Here's a link to mine:

http://www.csf.com.au/retirement-modeller

 :cheers:


« Last Edit: March 11, 2013, 02:49:11 PM by Mace »
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Offline areyonga

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Re: Looking Retirement in the Face
« Reply #30 on: March 11, 2013, 02:47:39 PM »
There was an article the other day that suggested that even with $1 million invested you may not afford the retirement you would like. Roughly 1 million invested should equate to around 50k a year with 5% interest, thats not a lot for a couple to live on and to go travelling often, new camper and tow vehicle, etc etc.
So what sort of money do those that have already retired get by on?  Its a difficult question I know due to peoples spending habits and taste etc, but just trying to get an idea what you would need (in todays money) to have a comfortable retirement with a few months on the road each year.

I'm planning on retirement somewhere between 55 and 60 if the market recovers to cover the losses in Super etc.

Cheers
Mark

Mark, dont forget to add the sliding scale because in the first, lets say 10 years you might want $60,000 per year but it will slowly reduce as you get older and medical issues start to take over, so in 20 years after retirement you will be living on much less.  Thats why you need to do all the big ticket items early just in case old age and medical issues take over.  A financial investor advised that in retirement with the right concessions your retirement rate you should aim for is approximately 65% of your income before retirement.  In case you dont understand me what I am saying is if your current income is $80,000 then you should be able to live the same in retirement on about $50,000 (or what 65% equates to).  There are a lot of different concessions that help reduce living cost like seniors card and other discounts for travel, I am taking a trip to Sydney on the train soon and the $113 return fare is reduced to $56.50 for senior card holders as example.

The main thing is dont think you need the same money you are now living on as it will be less, but I must say that it is better if all your assets are freehold and you are not paying rent.

I am living very comfortable and I dont have anywhere a $1m in assets.

Trevor
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Offline Wortho

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Re: Looking Retirement in the Face
« Reply #31 on: March 13, 2013, 05:10:31 PM »
Thanks Mace, areyonga & Mandrake. From the calculator it seems that you can still get a partial age pension even if you have a reasonable income from Super, I was not aware of this and hope it's the case as I always thought it was unfair to have a means tested pension when you have paid taxe's all your life.