Interesting. I retired at the age of 56 and moved to Thailand permanently. For me it’s 60% cheaper than Australia. Australia’s cost of living is too high.
What I'm getting from this is that rather than having a huge amount of money as in the examples, you're sort of better off having less savings or super, getting the full pension and benefits and you'll need less to top up. Of course, if you live to the 90's age bracket, you'll probably be just relying on the pension only but if you own your own house, you'll be better off than having to find rent every week. It's best to plan that you have just a tad under the threshold to get the full pension.
Who wants to live to be 91 years of age?😊 And as far as leaving a "legacy" behind, just enjoy all of it whilst you're here, you'll be gone a lot longer...😂
Well I am not sure about the first comment. I have few clients who are older then 91 and believe me, they enjoy their lives tremendously with a great circle of friends and some family. I find it beautiful.
@@AboutRetirementTV well I suppose even just waking up in the morning could be enjoyable at that age. And not long to wait for the telegram from the King,💯👍.
What is comfortable retirement - cca $50,000? Modest life style is just approx. $32,000. per year., that is approx. $4,000 above max. rate of Government age pension. A low expense of a home owner living in one bedroom unit, not paying rent, using advantages of Concessioner Pensioner Card contributes to saving. A friend of mine does not have any super, just approx. $40,000 in bank accounts or term deposits with cca 4-5% interest. He does not spend all Gov full age pension and he does not pay any tax because of senior and pensioner tax offset. Simple life style he likes.
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
Considering the increased complexity since the 2008 crash and COVID, I suggest diversifying your financial portfolio. I hired an advisor and successfully grew my portfolio by over $150K during this turbulent market using defensive strategies that protect and profit from market fluctuations.
@@hunter-bourke21 Kindly share the details for reaching your advisor. With inflation negatively affecting my funds, I'm in search of a more lucrative investment strategy to optimize their performance.
I'd like to give significant credit to *Mary Onita Wier* who maintains a strong online presence. You can easily find her through a web search. While there are some other individuals worth considering, it may be more challenging to locate them. In addition, Julia has provided excellent guidance throughout the year.
I appreciate the information. I did my own research, and your advisor seems to possess a great deal of expertise and knowledge. I've reached out to her via email and scheduled a phone call. I'm impressed by her expertise, and I'm looking forward to our discussion.
Very timely information as today I had a meeting with my super advisor about the very same subject. With the Asfa guide, the level of income required for even a modest requirement is higher than their comfortable level in my book as I do keep an ongoing bills spreadsheet for everything we spend money on, and we do spend over 70K per year for a modest lifestyle. 98th liked
Interesting.
I retired at the age of 56 and moved to Thailand permanently.
For me it’s 60% cheaper than Australia. Australia’s cost of living is too high.
And our society is being degraded rather rapidly. I prefer the much more polite and considerate ways of Asian culture.
I'll see you there in 5 years Anthony when I retire.
What I'm getting from this is that rather than having a huge amount of money as in the examples, you're sort of better off having less savings or super, getting the full pension and benefits and you'll need less to top up. Of course, if you live to the 90's age bracket, you'll probably be just relying on the pension only but if you own your own house, you'll be better off than having to find rent every week. It's best to plan that you have just a tad under the threshold to get the full pension.
Who wants to live to be 91 years of age?😊
And as far as leaving a "legacy" behind, just enjoy all of it whilst you're here, you'll be gone a lot longer...😂
Well I am not sure about the first comment. I have few clients who are older then 91 and believe me, they enjoy their lives tremendously with a great circle of friends and some family. I find it beautiful.
@@AboutRetirementTV well I suppose even just waking up in the morning could be enjoyable at that age. And not long to wait for the telegram from the King,💯👍.
Budgeting for end of life care at home is going to the hardest part.
Quickly becomes how long is a piece of string question.
What is comfortable retirement - cca $50,000? Modest life style is just approx. $32,000. per year., that is approx. $4,000 above max. rate of Government age pension. A low expense of a home owner living in one bedroom unit, not paying rent, using advantages of Concessioner Pensioner Card contributes to saving. A friend of mine does not have any super, just approx. $40,000 in bank accounts or term deposits with cca 4-5% interest. He does not spend all Gov full age pension and he does not pay any tax because of senior and pensioner tax offset. Simple life style he likes.
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
Considering the increased complexity since the 2008 crash and COVID, I suggest diversifying your financial portfolio. I hired an advisor and successfully grew my portfolio by over $150K during this turbulent market using defensive strategies that protect and profit from market fluctuations.
@@hunter-bourke21 Kindly share the details for reaching your advisor. With inflation negatively affecting my funds, I'm in search of a more lucrative investment strategy to optimize their performance.
I'd like to give significant credit to *Mary Onita Wier* who maintains a strong online presence. You can easily find her through a web search. While there are some other individuals worth considering, it may be more challenging to locate them. In addition, Julia has provided excellent guidance throughout the year.
I appreciate the information. I did my own research, and your advisor seems to possess a great deal of expertise and knowledge. I've reached out to her via email and scheduled a phone call. I'm impressed by her expertise, and I'm looking forward to our discussion.
Very timely information as today I had a meeting with my super advisor about the very same subject. With the Asfa guide, the level of income required for even a modest requirement is higher than their comfortable level in my book as I do keep an ongoing bills spreadsheet for everything we spend money on, and we do spend over 70K per year for a modest lifestyle. 98th liked
yes, life is becoming really expensive in Australia so we all need to plan well
I keep an ongoing bills spreadsheet for everything as well. It works very well. :-)
Enlightening as always
😀thanks David
Thanks Katherine. Your info is allways helpful!
thanks, it is good to hear the information is helpful
Thank you for your information.
😀 thanks Stephen
Yours info spot on👍👍👍👍👍👍👍
glad to hear it is helpful 😀
Katherine, when will pensioners receive the one-off energy payment?
lots of explanation and marketing about it, but I have not heard of any definitive date yet.
@@AboutRetirementTV I am so very grateful for your quick response to my enquiry - again, thank you.