Thanks for the perfect update. Thinking about investment diversification is certainly key, How do I properly invest in the market and what strategies do I employ to make significant gains and stable cashflow?
in my opinion, some financial situations can be handled on your own if you research enough, while others are best navigated in consultation with a financial specialist
I plan to retire or reduce my work hours in five years, and I'm interested in how others allocate their income between savings, spending, and investments. I currently earn about $175K annually but haven't built up much in savings so far.
There are numerous strategies to achieve high yields during a financial crisis, but it is crucial to undertake such trades with the guidance and supervision of a professional financial advisor to ensure informed decision-making and risk management.
That's true. I've been assisted by a financial advisor for almost a year now. I started with less than $200K, and I'm just $19,000 short of half a million in profit.
Finding financial advisors like Sophia Maurine Lanting who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I’d be retiring or working less in 5 years, curious to know how best people split their pay, how much of it goes into savings, spendings, and investments. I earn around $250k per year but nothing significant to show for it yet.
money advice is subjective, what works for you may not work for me. I would suggest getting rid of any unnecessary purchases, especially things that cost you monthly, or better still consider advisory services for better planning
With that wage you should be streets ahead.I have a 2 million dollar home paid off and over 3 million in net assets and only earn 170 k. and the wife is on the same.You are doing something wrong.
Chris, one thing I get confused by using these calculators is, do they account for inflation? I can live comfortably on $70k per year, so use that in the calc to determine what I need in retirement, but that is $70k in 2024. If the calc says you need say, $800,000 at retirement to cover that $70k for life, is that considering inflation? Thanks.
If you look under FAQ on the moneysmart calculator it says all amounts are in today's dollars, you can even change the rate of inflation in Advanced settings if you choose.
Also, I'm wondering whether people actually will want the same amount of income as they get much older. I'm just thinking of my parents and in-laws, and noticed that their wants and needs dramatically altered down as they got older. Maybe this fact counteracts or balances out the above question on inflation.
I think the answer is in the calculator’s fine print which sets out the assumptions and calc methodology. IMHO, the gov calc is simplistic, my super fund has a more nuanced and complex one (check your fund), but all these calculators do the same and bring things back into today’s dollars for the purpose of the initial calculation. That’s not a terrible thing as you have to assume that in a reasonably managed economy, a balanced investment option (50/50 - 60/40) will keep up with (normal) inflation (over the longer term), so the inflation aspect kind of cancels out. If your total balance keeps up, then so will your annuity.
I want to retire from my full time job at the age of 50. Be able to afford working part time and do something else. I’m pushing 40 and we are on track with our retirement goals. We find it hard to maximise our super contribution. But at least we are putting in 15% of our income and will be paying off our mortgage early. 🤞🏻💪
i think "what expenses do you want to cover?" should come before "what age do you want to retire?". they go hand in hand but you can retire at any age if you are happy to accept any lifestyle.
my goal in retirement is to draw from the super balance the same (or more) after tax figure that I earn now. Also developing further passive income outside super "just in case". Just started my TTR, handy to pay for some big home repair items.
I was fortunate enough to be able to retire at 54 y/o on a (private company, not government) defined benefit. We could do that any time after 50 years old. Is that not a common thing any more?
Defined benefits are becoming much less common compared to a standard accumulation account, and are often closed to new members, so they will continue to shrink in size over time. At this point in time, the preservation age of nearly everyone in the super system is age 60, unless they have some special arrangement within a particular fund. But these arrangements are very rare.
Thanks for the perfect update. Thinking about investment diversification is certainly key, How do I properly invest in the market and what strategies do I employ to make significant gains and stable cashflow?
in my opinion, some financial situations can be handled on your own if you research enough, while others are best navigated in consultation with a financial specialist
Clara Burn is regarded as a genius in her area and works for Empower Financial Services.She is well knowledgeable about financial markets.
Clara Burn is amazing and the best crypto guard. 💯❤
She deserves more awards and I was looking through the comments and saw this. I tried it and never regretted it. She is the best.
I've been working with Clara Burn for about a year now. She is completely professional and delivered solutions that far exceeded my expectations.
I plan to retire or reduce my work hours in five years, and I'm interested in how others allocate their income between savings, spending, and investments. I currently earn about $175K annually but haven't built up much in savings so far.
There are numerous strategies to achieve high yields during a financial crisis, but it is crucial to undertake such trades with the guidance and supervision of a professional financial advisor to ensure informed decision-making and risk management.
That's true. I've been assisted by a financial advisor for almost a year now. I started with less than $200K, and I'm just $19,000 short of half a million in profit.
That's quite impressive! Can you share more information about your financial advisor?
Finding financial advisors like Sophia Maurine Lanting who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing.
I’d be retiring or working less in 5 years, curious to know how best people split their pay, how much of it goes into savings, spendings, and investments. I earn around $250k per year but nothing significant to show for it yet.
money advice is subjective, what works for you may not work for me. I would suggest getting rid of any unnecessary purchases, especially things that cost you monthly, or better still consider advisory services for better planning
With that wage you should be streets ahead.I have a 2 million dollar home paid off and over 3 million in net assets and only earn 170 k. and the wife is on the same.You are doing something wrong.
Hi Cris. What software do you use?
Is there a super fund that allows you to leverage?
Chris, one thing I get confused by using these calculators is, do they account for inflation? I can live comfortably on $70k per year, so use that in the calc to determine what I need in retirement, but that is $70k in 2024. If the calc says you need say, $800,000 at retirement to cover that $70k for life, is that considering inflation? Thanks.
If you look under FAQ on the moneysmart calculator it says all amounts are in today's dollars, you can even change the rate of inflation in Advanced settings if you choose.
Also, I'm wondering whether people actually will want the same amount of income as they get much older. I'm just thinking of my parents and in-laws, and noticed that their wants and needs dramatically altered down as they got older. Maybe this fact counteracts or balances out the above question on inflation.
@@cocomonky great point
I have wondered this too.
I think the answer is in the calculator’s fine print which sets out the assumptions and calc methodology.
IMHO, the gov calc is simplistic, my super fund has a more nuanced and complex one (check your fund), but all these calculators do the same and bring things back into today’s dollars for the purpose of the initial calculation. That’s not a terrible thing as you have to assume that in a reasonably managed economy, a balanced investment option (50/50 - 60/40) will keep up with (normal) inflation (over the longer term), so the inflation aspect kind of cancels out. If your total balance keeps up, then so will your annuity.
I am not relying on my Super for my retirement. Its all invested in the market only to serve the wealthiest in financial meltdown.
I want to retire from my full time job at the age of 50. Be able to afford working part time and do something else. I’m pushing 40 and we are on track with our retirement goals. We find it hard to maximise our super contribution. But at least we are putting in 15% of our income and will be paying off our mortgage early. 🤞🏻💪
i think "what expenses do you want to cover?" should come before "what age do you want to retire?". they go hand in hand but you can retire at any age if you are happy to accept any lifestyle.
my goal in retirement is to draw from the super balance the same (or more) after tax figure that I earn now. Also developing further passive income outside super "just in case". Just started my TTR, handy to pay for some big home repair items.
I was fortunate enough to be able to retire at 54 y/o on a (private company, not government) defined benefit. We could do that any time after 50 years old. Is that not a common thing any more?
Defined benefits are becoming much less common compared to a standard accumulation account, and are often closed to new members, so they will continue to shrink in size over time. At this point in time, the preservation age of nearly everyone in the super system is age 60, unless they have some special arrangement within a particular fund. But these arrangements are very rare.
Very rare for anyone under 50 unless they got a public sector job a long time ago and joined the DB scheme.
Rare!!
Brian Nelson scammer
they show up in every financial channel 🙄