Yep, hoping to enjoy my retirement years so have budgeted about four times that. Aiming to live to at least 80 so if I retire at 60 I should easily have that covered. I estimate though that if I won the lotto now I’d retire immediately if the winnings were about $2m otherwise I’d need to keep working to avoid eating into our savings until I’m 60
You don’t have anything else that could pay you enough today until you turn up the daisies?
The conservative interest off 2 million invested wouldn’t be enough?(and it’s probably significantly more than 80k until your done).
6 mill in retirement would be renting on Sydney harbour and having a salary in the top tax bracket as play money. And that’s without selling any other assets to give you the same lifestyle.
Not if you really want to enjoy your retirement years.
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Well I don’t like travel as much as you do and don’t enjoy blow or hookers either.
If I was debt free and had a steady income from an additonal 2 mill I could retire.
It wouldn’t interest me as I’d like to work on something with purpose.
A lot of things that give a good purpose don’t pay well(or some do but not without a lot of unpaid work).
The only reason I’d want more than 2 million dollars at this stage in my life is to create something with it.
I’d be retiring when works too hard not because I can or can’t afford to do it.
Its just buying time to do things for me that don’t cost the earth.
Is this supposed to be the humble brag thread?
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Dunno, my retirement has got to be good enough that the last thing I feel like doing is playing the pokies or buying a lotto ticket.
I don’t think winning the lotto is required but it might be soon.
I can’t imagine many people owning their own home in retirement below the age of 30 without winning the proverbial lotto from somewhere.
So if that’s the case you’re going to need a large slab of money just to cover the rent/mega mortgage that doesn’t end.
Ergo I don’t think retirement is for anyone young or anyone who I dunno had some misfortune in life (maybe ill health or on the wrong side of a divorce)
Ergo it’s a humble brag if your even in here.
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For some. Some others are doing the exact opposite of that:
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I’m trying to work out timing to sell my business 3 years out of my official retirement age. it’s a tech based business so I always worry about disruption . it’s not worth a fortune but would be worth a very tidy addition to super. on the flip side it’s quite a passive business , I reckon 2 days a week covers it and pay me a reasonable wage . if my brain holds up I can easily grow it a bit more and can pay me income for 5 plus years .
I’ll probably look to sell it closer to my retirement depending on how it rolls along and the industry itself
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I’ll help with balance. I live in Japan where houses depreciate, so by the time you’ve paid your mortgage you own something worthless. Banks give 0.0001% interest on your savings. The pension system may collapse because there are too many old people and no one’s having kids. My salary hasn’t gone up in 10 years from it’s low base, and I’ll have to work until I die. And people here have the longest life expectancy.
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Jeepers ! That’s heavy.
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Nice cherry blossoms though.
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And you’re a Spurs man. How much pain can one man take. In all seriousness, sounds tough and I hope you’re well.
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Haha, cheers. Actually, there are loads of positives, just doing the anti-humblebrag.
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What’s Sapporo like in winter?
I thought it would be a nice thing to see.
I’ve only been in warmer months, but… Freezing cold and mountains of snow, Aussie snowboarders everywhere heading to and from Niseko, a fantastic looking snow sculpture festival in the centre of Sapporo.
I thought you just lived off fat residual cheques from previous artistic pursuits?
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Id like to see and experience that.
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Why ?
Will you sit around and watch replays of the 2000 GF, or like us, go out more, eat out more and spend more. You think we are going to leave anything to inheritors !
In the next few years, we will liquidate all our assets and enjoy our remaining years. We didn’t work for over 50 years to live like paupers in a retirement village.
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Will Essendon win another premiership before then?
As a single it should be plenty.
But as a couple its probably closer to minimum in what people aim for 60-80k as a base.
And then look at inflation - 80k now is ok but 80k in ten years time has even less purchasing power.
with my in laws - they are pretty stingy generally, but willing to spend 20-30K each year on international travel and another 5-10k on Australia wide trips. And they are in that 60-70 age bracket where you really want to be getting out seeing things while your body is able to do it easily.
If you take travel out, it should be reasonable.
As Humble and others said, an unexpected expense can take a big chunk out - car breaks down, needs replacing, house repairs or renovations, Boomerang children, maybe move back into home while building new house for example. Caring for Ederly parents, unexpected medical costs, or aged care costs.
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This so much
Couldn’t agree more.
We have busted our arses all our lives and on retirement I want to be able to enjoy life to the fullest. I don’t want to be one of those ones stuck at home pottering around the garden all day. I plan to attend as many Bombers games home or away whilst still travelling the world and living life.
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