Australian Politics Forum - Most Won't Have Enough Savings To Last Retirement

Frank

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Re: Most Won't Have Enough Savings To Last Retirement
Reply #15 - May 4^th, 2021 at 7:25pm

Gnads wrote on May 4^th, 2021 at 6:50pm:

Frank wrote on May 4^th, 2021 at 12:38pm:

If I retired at 62 I'd have $70k p.a. for the rest of my life just from super (no age pension). Plus my wife's salary and then income from her super when she retires. No mortgage. Yes, my employer contribution has been at 17% plus mine at 8%.

I reckon it'll be more than enough.

Still no more than $25,000a year then?

Because that's the combined limit.

Or are you paying more tax?

Huh?

No, it will be about $100k from super for both of us when both retired, tax free, no gov pension. She's an academic (5 yeras) so is also getting the 17% employer contribution which is obviously not standard.

Some returns on super have been around 20%pa for the last 5 years. Others only 3-4%. It's worth looking at how your money is invested. No reason to go for anything but the highest return. That's the investment that recovers quickest after any slump.

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« Last Edit: May 4^th, 2021 at 9:51pm by Frank »

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Karnal

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Re: Most Won't Have Enough Savings To Last Retirement
Reply #16 - May 4^th, 2021 at 7:30pm

Frank wrote on May 4^th, 2021 at 12:38pm:

If I retired at 62 I'd have $70k p.a. for the rest of my life just from super (no age pension). Plus my wife's salary and then income from her super when she retires. No mortgage. Yes, my employer contribution has been at 17% plus mine at 8%.

I reckon it'll be more than enough.

Yes, but how about your burial plan? Family mausoleum or a modest burial plot we can lay flowers on?

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NorthOfNorth

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Re: Most Won't Have Enough Savings To Last Retirement
Reply #17 - May 4^th, 2021 at 7:34pm

Karnal wrote on May 4^th, 2021 at 7:30pm:

Frank wrote on May 4^th, 2021 at 12:38pm:

If I retired at 62 I'd have $70k p.a. for the rest of my life just from super (no age pension). Plus my wife's salary and then income from her super when she retires. No mortgage. Yes, my employer contribution has been at 17% plus mine at 8%.

I reckon it'll be more than enough.

Yes, but how about your burial plan? Family mausoleum or a modest burial plot we can lay flowers on?

That's a bit heartless... Don't you know his.... wife, has just recovered from testicular cancer? The two tumours went into remission.

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Frank Gold Member Online Australian Politics Posts: 45186 Gender:	Re: Most Won't Have Enough Savings To Last Retirement Reply #18 - May 4^th, 2021 at 7:36pm UnSubRocky wrote on May 4^th, 2021 at 2:42pm: The way it is for me, I could probably work until I turn 70 and then have to think suicide an option before I turn 75. That makes no sense.
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Karnal

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Re: Most Won't Have Enough Savings To Last Retirement
Reply #19 - May 4^th, 2021 at 7:49pm

NorthOfNorth wrote on May 4^th, 2021 at 7:34pm:

Karnal wrote on May 4^th, 2021 at 7:30pm:

Frank wrote on May 4^th, 2021 at 12:38pm:

If I retired at 62 I'd have $70k p.a. for the rest of my life just from super (no age pension). Plus my wife's salary and then income from her super when she retires. No mortgage. Yes, my employer contribution has been at 17% plus mine at 8%.

I reckon it'll be more than enough.

Yes, but how about your burial plan? Family mausoleum or a modest burial plot we can lay flowers on?

That's a bit heartless... Don't you know his.... wife, has just recovered from testicular cancer? The two tumours went into remission.

That's hard, poor thing. Frank will have to put up with her from now on.

No hanky-panky, old boy. It's bad for the testicles. You can indulge in modest pleasures once you've passed, okay?

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Sprintcyclist

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Re: Most Won't Have Enough Savings To Last Retirement
Reply #20 - May 4^th, 2021 at 7:57pm

Frank wrote on May 4^th, 2021 at 12:38pm:

If I retired at 62 I'd have $70k p.a. for the rest of my life just from super (no age pension). Plus my wife's salary and then income from her super when she retires. No mortgage. Yes, my employer contribution has been at 17% plus mine at 8%.

I reckon it'll be more than enough.

Yes, much more than enough.

Some of our retired friends are on their 3 brand new landcruiser, a huge caravan, live in a retirement village, go on hollies often.
They spend about 55K a year.

Another friend lives a simple life. Has an old car. He says it surprising how little you can live for.

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rhino

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Re: Most Won't Have Enough Savings To Last Retirement
Reply #21 - May 4^th, 2021 at 9:39pm

UnSubRocky wrote on May 4^th, 2021 at 2:42pm:

The way it is for me, I could probably work until I turn 70 and then have to think suicide an option before I turn 75.

Or aim to do something worthwhile in your life and then not care about retirement. The main issue I have, theres really nothing I could buy to make my off work lifestyle any better. Most things I want to do are free.
And you need a purpose in life, then you dont even think about retirement, retirement is for people who have had a lifetime of drudgery they want to escape from.

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Re: Most Won't Have Enough Savings To Last Retirement
Reply #22 - May 4^th, 2021 at 10:55pm

rhino wrote on May 4^th, 2021 at 9:39pm:

UnSubRocky wrote on May 4^th, 2021 at 2:42pm:

The way it is for me, I could probably work until I turn 70 and then have to think suicide an option before I turn 75.

Or aim to do something worthwhile in your life and then not care about retirement. The main issue I have, theres really nothing I could buy to make my off work lifestyle any better. Most things I want to do are free.
And you need a purpose in life, then you dont even think about retirement, retirement is for people who have had a lifetime of drudgery they want to escape from.

Quote:

.......... there's really nothing I could buy to make my off work lifestyle any better.
Most things I want to do are free. .....................

Interesting thought

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UnSubRocky

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Re: Most Won't Have Enough Savings To Last Retirement
Reply #23 - May 5^th, 2021 at 4:02pm

Valkie wrote on May 4^th, 2021 at 4:19pm:

UnSubRocky wrote on May 4^th, 2021 at 2:42pm:

The way it is for me, I could probably work until I turn 70 and then have to think suicide an option before I turn 75.

Suicide is stupid

Take out the base turd tgat has driven you to it and re-think your options.

I am not thinking about committing suicide in the next few weeks. I am thinking that suicide would be the only real option when I get old enough to retire, as I will not have the superannuation to keep living. I realise that the Chinese colonial government might have progressed enough to give me a living income to survive in my old age But, we could well be living in an era when taxation is so high that it is difficult to depend on the government for financial assistance.

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At this stage...

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UnSubRocky

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Re: Most Won't Have Enough Savings To Last Retirement
Reply #24 - May 5^th, 2021 at 4:06pm

rhino wrote on May 4^th, 2021 at 9:39pm:

UnSubRocky wrote on May 4^th, 2021 at 2:42pm:

The way it is for me, I could probably work until I turn 70 and then have to think suicide an option before I turn 75.

Or aim to do something worthwhile in your life and then not care about retirement. The main issue I have, theres really nothing I could buy to make my off work lifestyle any better. Most things I want to do are free.
And you need a purpose in life, then you dont even think about retirement, retirement is for people who have had a lifetime of drudgery they want to escape from.

In other words, work until I die. I think that has been the option of most retirees lately. My father had an early retirement. Then he decided to take a part-time job in another industry to make sure he did not have to rely on his superannuation too much.

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At this stage...

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Nom de Plume

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Re: Most Won't Have Enough Savings To Last Retirement
Reply #25 - May 5^th, 2021 at 4:19pm

Frank wrote on May 4^th, 2021 at 12:38pm:

If I retired at 62 I'd have $70k p.a. for the rest of my life just from super (no age pension). Plus my wife's salary and then income from her super when she retires. No mortgage. Yes, my employer contribution has been at 17% plus mine at 8%.

I reckon it'll be more than enough.

Have you factored in the impending market crash and the return of double digit inflation?

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Frank

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Re: Most Won't Have Enough Savings To Last Retirement
Reply #26 - May 5^th, 2021 at 7:33pm

Nom de Plume wrote on May 5^th, 2021 at 4:19pm:

Frank wrote on May 4^th, 2021 at 12:38pm:

If I retired at 62 I'd have $70k p.a. for the rest of my life just from super (no age pension). Plus my wife's salary and then income from her super when she retires. No mortgage. Yes, my employer contribution has been at 17% plus mine at 8%.

I reckon it'll be more than enough.

Have you factored in the impending market crash and the return of double digit inflation?

An impending market crash is what? 10%? 20? Recovering in what - 2 years? 3? Yeah I have factored that it.

Inflation is important if your investment is in cash. Not my choice.

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rhino

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Re: Most Won't Have Enough Savings To Last Retirement
Reply #27 - May 5^th, 2021 at 8:14pm

UnSubRocky wrote on May 5^th, 2021 at 4:06pm:

rhino wrote on May 4^th, 2021 at 9:39pm:

UnSubRocky wrote on May 4^th, 2021 at 2:42pm:

The way it is for me, I could probably work until I turn 70 and then have to think suicide an option before I turn 75.

Or aim to do something worthwhile in your life and then not care about retirement. The main issue I have, theres really nothing I could buy to make my off work lifestyle any better. Most things I want to do are free.
And you need a purpose in life, then you dont even think about retirement, retirement is for people who have had a lifetime of drudgery they want to escape from.

In other words, work until I die. I think that has been the option of most retirees lately. My father had an early retirement. Then he decided to take a part-time job in another industry to make sure he did not have to rely on his superannuation too much.

Have an aim in life, the best things in life are free and they dont include pizza, alcohol or netflix.

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Grappler Truth Teller Feller

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Re: Most Won't Have Enough Savings To Last Retirement
Reply #28 - May 6^th, 2021 at 12:46am

rhino wrote on May 5^th, 2021 at 8:14pm:

UnSubRocky wrote on May 5^th, 2021 at 4:06pm:

rhino wrote on May 4^th, 2021 at 9:39pm:

UnSubRocky wrote on May 4^th, 2021 at 2:42pm:

The way it is for me, I could probably work until I turn 70 and then have to think suicide an option before I turn 75.

Or aim to do something worthwhile in your life and then not care about retirement. The main issue I have, theres really nothing I could buy to make my off work lifestyle any better. Most things I want to do are free.
And you need a purpose in life, then you dont even think about retirement, retirement is for people who have had a lifetime of drudgery they want to escape from.

In other words, work until I die. I think that has been the option of most retirees lately. My father had an early retirement. Then he decided to take a part-time job in another industry to make sure he did not have to rely on his superannuation too much.

Have an aim in life, the best things in life are free and they dont include pizza, alcohol or netflix.

I'll drink to that! Pass another slice..... and turn on the tellie...

No trip - sank all the cash into a new house.... oh, well.... Undecided

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Frank

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Re: Most Won't Have Enough Savings To Last Retirement
Reply #29 - May 7^th, 2021 at 10:38am

The latest data from the Australian Bureau of Statistics shows the median super balance of men aged 55 to 64 is $183,000 and for women it’s $118,600.

However, to retire comfortably an individual requires $545,000 and a couple $640,000, according to widely-respected calculations from the Association of Superannuation Funds of Australia.

Author, consultant and former banker Satyajit Das said comfortable retirements would become a privilege for only the wealthy and upper middle classes, and a majority of people would have to “work till they die”.

https://www.theaustralian.com.au/business/wealth/superannuation-gap-means-you-co...

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