There are many stastics running around out there about the amount we need to achieve at retirement. so i am interested to hear from the people that read on this forum what their target is.
As a ball park figure i am told that we need to have about $2,000.000.00 million dollars of savings (prop,shares, etc etc) at age 60/65 to live a dignified retirement.(not including the value of your home)
I am also led to believe that 95% of people FAIL to reach this goal.
Australians are the most debt ridden race on earth per head of population????.
Credit debt is over 30 Billion dollars.
Interest free / easy credit / spend today / live today / worry about tomorrow when it comes bla bla bla, is this where we are going.
Is it a competion to see who can buy the most properties, mine is bigger than yours, your are a loser because i have more than you society we are breeding or;
Should we be planning what we need to do to build a portfolio of investments that will achieve the target of $2 million between your age now minus the magic figure of 65/retirement.
And, how many people do you think r out there that r just buying or investing without setting any targets, sort of like a ship in the night without a captian.
resiwealth[shades]
As a rule of thumb, one million will produce around $50,000-$60,000 income. That of course is based on cleared funds. Buy one or two properties over the next 10 years and you should achieve this. If you plan you should be able to do far better.
Nigel Kibel
http://www.propertyknowhow.com.au
Australian and New Zealand Buyers advocate
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Heya resiwealth,
We have a far more modest target of income to live off personally, over and above our investment expenses. With what we are buying currently, we can confidently extract 8% nett from our CIP’s, so the amount we need is nowhere near $ 2 MM over and above the fully paid off PPOR.
Our target date is April 2007. The target was set back in Dec 2003, and as of May ’05 we are 1 month ahead of schedule. We have the option of carrying on at this pace and achieving our goal in March ’07, or we can back off the pace a bit and cruise in to meet the set target date.
I think comparing yourself to others is non-sensical, as posted previously. However, it is a very common human trait. Just walk into any investment forum…the squirrels are constantly asking questions to figure out ‘how big your pile of chestnuts is’.
I’ve noticed people love to blurt out – “I have 27 properties currently” and everyone instantly pays homage…which I think is outrageous until you know more details. They may own 3 run down blocks of 9 bedsitters out in the country somewhere worth a total of $900K – with loans of $500K against it, while the rental income produced is 27 x $ 50 p.w. (i.e. not a lot).
Unsure if the 5% who achieve their goal is right or not…everyone has different goals – most wouldn’t be able to clearly enunciate the specifics of their goals if you pushed them anyway. I was told once that most people don’t usually have goals…millionaires have goals…and billionaires have their goals written down and refer to them every day – and sacrifice many aspects of their life to achieve the written goal.
In terms of the rudderless ships going bump in the night – probably heaps. Whenever we discuss our target date of Apr ’07, many people have this pained expression on their face which says “How can you be so specific ?” We reckon, unless you get rid of the vagaries and all the general summary BS that everyone loves to lap up…see “What do you think the property market in Australia will do in the next 3 years ?” as an example, you’ll continue to skim the top, instead of drill down to the details where all of the devils and prizes are hunted.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
I have loved investing for a long time now and I suppose I like this forum because we all have a common interest in property.
I have always chosen people that I would tell about my investments that understand what it is like to go without and to sacrifice in order to move ahead.
I found out in the early days that people wouldn’t understand what you were wanting to achieve and were always knocking you for the goals you wanted to set. Either that or you would get people saying “Gee your lucky”! If I hear that once more I will scream.[comp]
I come from the school of hard knocks meaning that I have not had anything given to me and I worked hard holding down 3 jobs at the one time to get ahead. I have never bought anything on interest free or had a credit card debt that was not paid out by the end of the month.
So I suppose I am not a squirrel looking to see how big your chesnuts are I purely enjoy reading the different paths that are taken to reach your own goals.
Jenny1
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