Australian Politics Forum - Retirement ideas

Steampipe Gold Member Offline Australian Politics Posts: 1914 WA Gender:	Re: Retirement ideas Reply #30 - Jan 3^rd, 2023 at 8:42pm You can retire before pension age. You can retire when ever you like but you can only access the pension when of age, most people will not be able to access pension when they retire anyway.
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Steampipe

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Re: Retirement ideas
Reply #31 - Jan 4^th, 2023 at 10:26am

Lisa Jones wrote on Jan 3^rd, 2023 at 3:29pm:

Steampipe wrote on Jan 3^rd, 2023 at 1:26pm:

I have been planning my retirement for the last 7 years and just had six months long service so I could decide if I was ready for retirement. I just turned 60 before xmas and will now burn up my accrued sick leave and finish work in two months.

I have never been so busy helping my children, travelling, gardening, spending time with my wife and enjoying life. I intend to spend winters travelling.

I have read for a good retirement you need about 80,000 a year if you have no debts.

Or a wife who still works.

I personally think 60 is too young to FULLY retire. If I were you I'd think about working part time/casual shifts til you hit 65 which will also help to keep your mind going.

My husband's most recent payslip shows these accruals: 3 months Annual leave, 6 months LSL leave, 5 RDO's and 10 sick days.

He's not retiring until 67. Having said that he has mentioned that he'll retire earlier IF he's given a redundancy package.

Given the current global recession a redundancy payout is wishful thinking. It isn't gonna happen.

60 is only to young if you have not planned your retirement and still rely on work to live comfortably.

Make sure you husband uses up his annual and long service leave before he retires.

He is not ready for retirement if he is relying on a redundancy.

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Captain Nemo

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Re: Retirement ideas
Reply #32 - Jan 4^th, 2023 at 10:34am

Steampipe wrote on Jan 3^rd, 2023 at 1:26pm:

I have been planning my retirement for the last 7 years and just had six months long service so I could decide if I was ready for retirement. I just turned 60 before xmas and will now burn up my accrued sick leave and finish work in two months.

I have never been so busy helping my children, travelling, gardening, spending time with my wife and enjoying life. I intend to spend winters travelling.

I have read for a good retirement you need about 80,000 a year if you have no debts.

If debt free, you don't need $80,000 a year to "survive" in retirement.

About $40,000 is enough, but if you want extensive travel, then you would need more.

I retired early and it was the best thing I ever did - I was in a very stressful role : on-call production support for business critical IT systems.

I'm much happier now. Cool

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Lisa Jones

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Re: Retirement ideas
Reply #33 - Jan 4^th, 2023 at 12:10pm

I have a confession to make :

Many posts in this topic (especially the last 2 posts) have given me a lot to think about.

I've only just realised that I've never really considered the stress levels my husband is suffering from 24/7. I've often asked him if in any way I'm at fault in giving him stress. The answer remains the same : No it's not you ... it's all work related. We're all working a 60 to 70 hr week and it's now considered the new normal.

I guess what I'm trying to say is : This topic has been quite confronting for me because it's prompted me to consider re orientating my approach regarding retirement altogether.

Perhaps I may need to replace the word retirement with rest and recuperation if I'm going to understand what you're all trying to say.

You see....my mindset on the concept of retirement has been constructed over time by rigid and entrenched traditional European migrant family expectations and core values which uphold working 2 to 3 jobs until you drop dead.

I've never dared to say this out loud...but I think that mentality is problematic and quite destructive.

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Steampipe

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Re: Retirement ideas
Reply #34 - Jan 4^th, 2023 at 12:12pm

Captain Nemo wrote on Jan 4^th, 2023 at 10:34am:

Steampipe wrote on Jan 3^rd, 2023 at 1:26pm:

I have been planning my retirement for the last 7 years and just had six months long service so I could decide if I was ready for retirement. I just turned 60 before xmas and will now burn up my accrued sick leave and finish work in two months.

I have never been so busy helping my children, travelling, gardening, spending time with my wife and enjoying life. I intend to spend winters travelling.

I have read for a good retirement you need about 80,000 a year if you have no debts.

If debt free, you don't need $80,000 a year to "survive" in retirement.

About $40,000 is enough, but if you want extensive travel, then you would need more.

I retired early and it was the best thing I ever did - I was in a very stressful role : on-call production support for business critical IT systems.

I'm much happier now. Cool

I plan to live in Italy for 6-12 months, having spent a lot of time there it is cheaper to live there than at home.

I have factored in a couple of bad years economy wise but money is not the issue for me, I have sold all my rentals and cashed up.

You don't realize how stressful work is until you stop, even when on holidays you know in the back of your mind you have to return to work and that itself is stressful.

Most people will retire with to much money and spend the best years of their life working to have too much money when they die.

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Steampipe

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Re: Retirement ideas
Reply #35 - Jan 4^th, 2023 at 12:19pm

Lisa Jones wrote on Jan 4^th, 2023 at 12:10pm:

I have a confession to make :

Many posts in this topic (especially the last 2 posts) have given me a lot to think about.

I've only just realised that I've never really considered the stress levels my husband is suffering from 24/7. I've often asked him if in any way I'm at fault in giving him stress. The answer remains the same : No it's not you ... it's all work related. We're all working a 60 to 70 hr week and it's now considered the new normal.

I guess what I'm trying to say is : This topic has been quite confronting for me because it's prompted me to consider re orientating my approach regarding retirement altogether.

Perhaps I may need to replace the word retirement with rest and recuperation if I'm going to understand what you're all trying to say.

You see....my mindset on the concept of retirement has been constructed over time by rigid and entrenched traditional European migrant family expectations and core values which uphold working 2 to 3 jobs until you drop dead.

I've never dared to say this out loud...but I think that mentality is problematic and quite destructive.

Good for you Lisa, you and your husband will enjoy life much more when you realize that you control what you want and don't listen to so called investment advisers who need you to keep working so they can make more money.

You don't need a million dollars to retire, you just need common sense. I could have retired much earlier but I also had been conditioned to think that you should work to retirement age.

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Lisa Jones

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Re: Retirement ideas
Reply #36 - Jan 4^th, 2023 at 12:33pm

Steampipe wrote on Jan 4^th, 2023 at 12:19pm:

Lisa Jones wrote on Jan 4^th, 2023 at 12:10pm:

I have a confession to make :

Many posts in this topic (especially the last 2 posts) have given me a lot to think about.

I've only just realised that I've never really considered the stress levels my husband is suffering from 24/7. I've often asked him if in any way I'm at fault in giving him stress. The answer remains the same : No it's not you ... it's all work related. We're all working a 60 to 70 hr week and it's now considered the new normal.

I guess what I'm trying to say is : This topic has been quite confronting for me because it's prompted me to consider re orientating my approach regarding retirement altogether.

Perhaps I may need to replace the word retirement with rest and recuperation if I'm going to understand what you're all trying to say.

You see....my mindset on the concept of retirement has been constructed over time by rigid and entrenched traditional European migrant family expectations and core values which uphold working 2 to 3 jobs until you drop dead.

I've never dared to say this out loud...but I think that mentality is problematic and quite destructive.

Good for you Lisa, you and your husband will enjoy life much more when you realize that you control what you want and don't listen to so called investment advisers who need you to keep working so they can make more money.

You don't need a million dollars to retire, you just need common sense. I could have retired much earlier but I also had been conditioned to think that you should work to retirement age.

Whoever you are .... a big thank you (and to all others who have also contributed to this topic).

I'm going to reconfigure/fast track my husband's retirement plan and run it by him. Something tells me he's going to pass out from shock because he knows I'm very true to my traditional European migrant family values/ideals.

Cheers.

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If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

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Steampipe

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Re: Retirement ideas
Reply #37 - Jan 4^th, 2023 at 12:45pm

Lisa Jones wrote on Jan 4^th, 2023 at 12:33pm:

Steampipe wrote on Jan 4^th, 2023 at 12:19pm:

Lisa Jones wrote on Jan 4^th, 2023 at 12:10pm:

I have a confession to make :

Many posts in this topic (especially the last 2 posts) have given me a lot to think about.

I've only just realised that I've never really considered the stress levels my husband is suffering from 24/7. I've often asked him if in any way I'm at fault in giving him stress. The answer remains the same : No it's not you ... it's all work related. We're all working a 60 to 70 hr week and it's now considered the new normal.

I guess what I'm trying to say is : This topic has been quite confronting for me because it's prompted me to consider re orientating my approach regarding retirement altogether.

Perhaps I may need to replace the word retirement with rest and recuperation if I'm going to understand what you're all trying to say.

You see....my mindset on the concept of retirement has been constructed over time by rigid and entrenched traditional European migrant family expectations and core values which uphold working 2 to 3 jobs until you drop dead.

I've never dared to say this out loud...but I think that mentality is problematic and quite destructive.

Good for you Lisa, you and your husband will enjoy life much more when you realize that you control what you want and don't listen to so called investment advisers who need you to keep working so they can make more money.

You don't need a million dollars to retire, you just need common sense. I could have retired much earlier but I also had been conditioned to think that you should work to retirement age.

Whoever you are .... a big thank you (and to all others who have also contributed to this topic).

I'm going to reconfigure/fast track my husband's retirement plan and run it by him. Something tells me he's going to pass out from shock because he knows I'm very true to my traditional European migrant family values/ideals.

Cheers.

The most important thing to have when you retire is your health, make sure you factor in some good healthy years in your retirement.

Ask your husband to use up his annual/long service leave before quitting work. As an example if he is going to retire at the start of 2024 then take all his leave then before resigning. If he takes his leave as a lump sum he will not get super paid on those wages, plus he will accrue extra sick/annual leave.

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Grappler Truth Teller Feller Gold Member Offline Australian Politics Posts: 83842 Proud pre-1850's NO Voter Gender:	Re: Retirement ideas Reply #38 - Jan 4^th, 2023 at 6:43pm Trader Grappler's 50 foot sailing boat with two masts and small base in the Azores sounds good... gits me a cargo cult going.... far from the madding crowd..... and answering to no asshole....
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Mortdooley

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Re: Retirement ideas
Reply #39 - Jan 4^th, 2023 at 9:09pm

The question you have to ask yourself provided you are financially able is "What are you retiring to"? What are you going to do with yourself, what are you going to be able to do? I tell people there are six Saturdays and a Sunday in each of my weeks. Are you one of those people who identifies too closely with your job and will feel a major sense of loss? I walked away at 56 with a greater passive income that replaced my paycheck and couldn't be happier.

Plan to stay busy and involved in the World around you!

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Sprintcyclist

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Re: Retirement ideas
Reply #40 - Jan 4^th, 2023 at 9:19pm

Steampipe wrote on Jan 4^th, 2023 at 12:12pm:

Captain Nemo wrote on Jan 4^th, 2023 at 10:34am:

Steampipe wrote on Jan 3^rd, 2023 at 1:26pm:

............. .

If debt free, you don't need $80,000 a year to "survive" in retirement.

About $40,000 is enough, but if you want extensive travel, then you would need more.

I retired early and it was the best thing I ever did ....... I'm much happier now. Cool

............. Most people ........... spend the best years of their life working to have too much money when they die.

Some VERY good thoughts here.
Thanks.

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Captain Caveman

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Re: Retirement ideas
Reply #41 - Jan 5^th, 2023 at 11:17am

Grappler Truth Teller Feller wrote on Jan 4^th, 2023 at 6:43pm:

Trader Grappler's 50 foot sailing boat with two masts and small base in the Azores sounds good... gits me a cargo cult going.... far from the madding crowd..... and answering to no asshole....

54ft Amel centre cab ketch.
Set up for single handed.

One of, if not the best blue water sailing vessel.
Ask Captain Brian on SV. DELOS.

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Vic

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Re: Retirement ideas
Reply #42 - Jan 5^th, 2023 at 2:24pm

I am a level 2 Advocate for Veteran's in their encounters with DVA. I have nearly completed Level 3. I also am a member of the RSL Welfare Committee at our local Sub Branch - we have nearly 400 Veterans and 200 or so War Widows - so that keeps me busy for most of the week. I find helping others very satisfying, but all costs are usually born by yourself - so it is easy at the moment to spend an extra 100 - 150 dollars on petrol travelling between people. In retirement we are reasonably comfortable financially

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« Last Edit: Jan 5^th, 2023 at 6:36pm by Vic »

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Grappler Truth Teller Feller

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Re: Retirement ideas
Reply #43 - Jan 6^th, 2023 at 1:03am

Captain Caveman wrote on Jan 5^th, 2023 at 11:17am:

Grappler Truth Teller Feller wrote on Jan 4^th, 2023 at 6:43pm:

Trader Grappler's 50 foot sailing boat with two masts and small base in the Azores sounds good... gits me a cargo cult going.... far from the madding crowd..... and answering to no asshole....

54ft Amel centre cab ketch.
Set up for single handed.

One of, if not the best blue water sailing vessel.
Ask Captain Brian on SV. DELOS.

Don't forget the all female of Scandinavian descent crew working their passage back home..... (aaargh) ....

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“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
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Grappler Truth Teller Feller

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Re: Retirement ideas
Reply #44 - Jan 6^th, 2023 at 1:05am

Vic wrote on Jan 5^th, 2023 at 2:24pm:

I am a level 2 Advocate for Veteran's in their encounters with DVA. I have nearly completed Level 3. I also am a member of the RSL Welfare Committee at our local Sub Branch - we have nearly 400 Veterans and 200 or so War Widows - so that keeps me busy for most of the week. I find helping others very satisfying, but all costs are usually born by yourself - so it is easy at the moment to spend an extra 100 - 150 dollars on petrol travelling between people. In retirement we are reasonably comfortable financially

I was on the road to that position and found DVA blocking me at every step.... guess I'm just not their kind.... now look at the joint.... so many anomalies.....

Keep up the good work.

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“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
― John Adams

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