Many people on this Board want to retire. An article in one of today’s newspapers says the following about people’s retirement expectations:
“Only 13 per cent of retirees surveyed in 2004 thought $20,000 was an adequate annual income, from 24 per cent in 2001.
“And 70 per cent of workers said they would need an income of at least $30,000 a year”
http://news.com.au/common/story_page/0,4057,10562350%255E1702,00.html
_____________________Thinking about passive income, do you reckon 30k would be enough to retire on? Could people live in a city on this kind of money? If you had all your debts/mortgages paid off, would 30k be enough? Or is the plan retiring on an income of about the average wage (about 47k) or more?
Would the average income be enough for you to retire on? For me, I say naaaa. If the average income is more like 60k in a decade or two, what’s enough for you?
kay henry
Kay,
Each person’s needs are different. A family with 4 or 5 children might need more like 60 or 70k. A single person might only need 20k.
Personally, I believe that currently 35k would do me fine but it would definetely need to increase in proportion with inflation and other expenses (ie. children, wife, travel) etc.
regards,
George.I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how
$20k sounds like a fair sum if your expectation is to eat* and breath only, fasting will be required when your rates bill is due however.
*does not include restaurants (including mcd’s)
$30k includes mcd’s on a quarterly basis only, sorry, the local thai is still not an option
imho
I agree, brahms. I mean, if one is only looking to have 2/3 of the minimum wage on retirement, I recko that’s aiming a little low.
Would you go for double the minimum wage (whatever it may be)? I think that would be my aim.
kay henry
Hi Kay…
420 000 per year is about $384.00 per week
$30 000 per year is about $576.00 per weekTake food, fuel, vehicle registration, rates etc, medical out and it looks bad, then what if you still have kids..plans to travel, accessing your ‘not-so-super’.
Heck- how about if you were stuck down with an illness now…are you ‘covered’, how about if you ‘dropped off the perch’, would your family cope…
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorOops- I meant double the average wage- not minimum wage.
redwing, I couldn’t ever live on 30k. My work covers me for life insurance and I have income protection insurance. My “not-so-super” will be pretty super by the time I retire, and it will be an additional income to RE holdings.
i am suggesting double the average wage would be enough for me. What about you, redwing?
kay henry
Another Question would be what AGE do you want to retire at?
And what do you want to do (or not do) in retirement?$60000 in todays money.
age……30….or 40 (it can be done!!)Is anyone keen on the Gov’s idea of encouraging 70 year olds to stay at work and get jobs serving at Macca’s [op] drive thru’s??
[mad]
Matt
MJT,
I guess I’ll retire at age 65, maybe later. It is said 70 is the new 60, 60 is the new 50, etc etc. I won’t be serving at maccas :o) but I imagine I’ll still be utilising my skills in some way- perhaps consulting, or some form of writing. working is what I’ve always done- I can’t imagine dropping it completely.
With an ageing population and self-funded retirement, there will be many more older people participating- to an extent that’s never occurred before- in society. I figure as I get older, and continue my education, it will only increase skills.
When I finally retire… it’s golf, cafes, reading and travelling. But there is more to life for me now, and I want to enjoy it before I’m much older
kay henry
It’s my goal to retire (from paid work) ASAP. For the past three years I have been pursuing this goal in that I haven’t worked for anyone other than myself as a private investor. My challenge is to make it sustainable year-in, year-out. I don’t know the answer to that yet.
The freedom from office politics and a boss has been absolutely brilliant. I am more motivated in what I’m doing. I certainly don’t need paid work for enrichment. Being able to make your own choices is so liberating, so much so that it’s worth pursuing everyday until I reach my goal.
As an example, since I don’t have to answer to anyone, I’m off to Brisbane next week to welcome home the Olympians – should be great! Anyone who wants to work until they’re 70 are quite welcome to it. There are too many other interesting things to do.
Wez.
I think you are right Kay, you need to keep active when you are older and doing…. I suppose part time work at something you are good at will be a good thing.
I look at retirement as when you can decide to get “quit work” or the rut of it, and be paid for doing things you like to do, when you want to do them. Like investing, business ..whatever.
The measuring stick of “wealth in retirement” is the extravagance with which your buget can handle;
BIG holidays, a flash car etc.Another issue that comes with all this is estate planning but I’ll stop her cause it makes my reply too long.
[specool]
Matt
You must be logged in to reply to this topic. If you don't have an account, you can register here.
