Straw Poll: How much do you need to live on?

[HiEquity]

Not if you're 55, and definitely not if your 60 !

Can you wait that long?!

No....

And what's wrong with just buying more property anyway? Sounds like a very good tax strategy to me.

 

[JIT]

No....

And what's wrong with just buying more property anyway? Sounds like a very good tax strategy to me.

I didn't say there was anything wrong with buying more, as long as they're making you money and not losing money, and it buys you time, then tax is the cost you pay for this.

 

[ianvestor]

Yes but of course you would be paying a heap of tax if you were netting that much, no?

The solution is to keep buying IPs, in which case you never get there..

Ah gotcha, yes. I would much rather keep expanding my portfolio and live on $1m+ p.a. in equity drawdowns (no income tax).

 

[landlubber]

$1m+ p.a. in equity drawdowns (no income tax).

Ahhh... It's surely a thing of beauty for those of us who are "there". and shhh .... It's just between me & the bank and the taxman doesn't even get a look-in. I think that's almost a "bugger" for him.
Oh well. Rules are rules. Right?
LL

 

[jaycee]

Everyone would like to have loads of cash.
Starting Sept we are going to attempt to live on $1000 a month.Just the 2 of us, and travelling around Aus, so it should be doable.
We will already have an inexpensive vehicle, and our flights, so that will not be considered in our monthly allowance.

Every year we will increase the amount, as we pay off our debts.
Just not having to go to work, enjoying the sunshine and enjoying the company of my husband sounds great to me.

Isn't that called a holiday ?

I'm sure others have travelled around for $25k pa, or less I'd assume, why would it be undo-able, just depends what yo do / do without.. then again, how much petrol you paln on spending / week ? $50/wk is 20% of your entire budget

Unsure I'd like to retire on that amount though, that's jsut about the aussie old age govt pension

 

[kathryn d]

Not when you quit your employed job with no intention of returning.
This will be our plan for the next several years, until we decide where we want to live in Australia. (in the middle of my immigration now)
We return to Canada in our summer to manage our properties and visit family.

Other than travel, do hobbies, sit and watch TV, what do you do when you are retired?

The question was how much is enough when you retire.
I could work another 5 + years, as I'm only turning 50 in a couple of months and hubby is 46, but why?
Every year our income will only become more as we pay down debt.