$58,325 is comfortable for who??

[MTR]

..... according to superguru.

You may want to check out this site, quite interesting I think.

Personally I could probably live on this income but chose not to because I enjoy travelling and some other little luxuries in life that I am not prepared to do without .

However, perhaps those who are aiming for $100-150K for retirement, may be happy with less and still enjoy what is perceived as "Comfortable". This figures seems to be quoted by many of the Super funds...

http://www.superguru.com.au/retiring/how-much-super-will-I-need

 

[Rolf Latham]

Don't disagree with you.

Most peops that we do financial planning work with fully underestimate the need for decent money in retirement.

The notion that you will need a lot less money when retired and "old" Comes from the ideology that retirement is about age.

It isn't.

Retirement is about money time choices and health.

Tragically, most people that don't look to securing their own financial future outside of super may have to think hard about whom to lean on when needed.

One of my mentors says.......Those that feel they won't need much money when they are older tend to say that "coz they ain't old yet".

Various recent gov legislation that has made financial advice quite expensive isn't helping the lower income earner, so much so that I fully expect various government will have the take up the slack somehow.

Fortunately most of our clients see the light early and have acted with various forms of investment and savings and debt reduction planning that will at least allow them to have some choices.


Ta
Rolf

 

[MTR]

.One of my mentors says.......Those that feel they won't need much money when they are older tend to say that "coz they ain't old yet".

....... I could be wrong, but its a bit like those who say they could retire "but I love my job" is more about......"I don't have enough money/assets yet to retire". ..... no one shoot me please, not yet

 

[Rolf Latham]

....... I could be wrong, but its a bit like those who say they could retire "but I love my job" is more about......"I don't have enough money/assets yet to retire". ..... no one shoot me please, not yet

I do have some friends and clients where they don't want to transition from "work for a living" because they are doing work of significance, but for sure,I'd expect most that aren't retired from paid work are not because they don't have that choice. The reasons for the lack of that choice are many and varied.

Ta

Rolf

 

[kathryn d]

As you know, I always think a person can have much less, and still be happy.


After 6 months, I finally read thru all the posts on this blog. (below)
Mr Money Mustache, is a Canadian, living in the USA, but many of his readers are from Australia.

After a house is paid for, expenses are drastically reduced.
His family of 3 live very comfortable on 27K.
The wife and him, retired just before starting their family at 33?

For anyone overwhelmed with the large numbers, most gurus say you need to retire, this may be a site they may want to read.

I don't agree with everything he says. I'm not giving up cable. I like to watch tv. I probably wouldn't ride a bike again.

With anything, it is more about mindset.
Most here would feel deprived if their lives aren't filled with consumerism.

For others with my mindset, time and freedom, are the most important commodity available.

MMM refers to retirement calculators here

http://www.mrmoneymustache.com/2011/04/21/silly-and-misleading-retirement-calculators/

My mother thought my father was crazy to retire at 55. He loved every minute of it, until the day he died at 73. So happy he had more than 8 years, which is all he would have had, if he stayed until 65.

 

[Biz]

With a house paid off and no dependants 58k is fine. I know couples retired on around or even a bit less than that and they live ok. Personally i am aiming for a little more than that passively by the time i am 40 (33 now) with a paid off ppor but i will continue to run a business on the side mostly hands off or very minimal hours for a little extra income, the deductions it allows you and keep my brain on the boil so to speak.

 

[Terry_w]

$58kpa is a huge amount. I think most people over estimate the amount they will need for 'retirement' and this causes their retirement to happen years or decades later than it could have.

I love Mr Money Mo's approach too.

 

[thatbum]

That's around my passive income goal before I finish up with the investment - it'd be enough for me. My current plan is to live transiently around in a motor home.

 

[SK Investments]

I'd be happy with that amount, I can live on half of that.

 

[Scott No Mates]

I don't agree with everything he says. I'm not giving up cable. I like to watch tv. I probably wouldn't ride a bike again.

I could live quite comfortably without cable (and do) but I couldn't give up my bike.

Having parents & their friends in the retired category, those who are living in their fully owned homes and getting the pension live quite comfortably.

 

[MTR]

Scott
according to my link pension is around $33,000, you would need to be very frugal on this money, I dont expect too many o/seas holidays.

 

[MTR]

As you know, I always think a person can have much less, and still be happy.


After 6 months, I finally read thru all the posts on this blog. (below)
Mr Money Mustache, is a Canadian, living in the USA, but many of his readers are from Australia.

After a house is paid for, expenses are drastically reduced.
His family of 3 live very comfortable on 27K.
The wife and him, retired just before starting their family at 33?

For anyone overwhelmed with the large numbers, most gurus say you need to retire, this may be a site they may want to read.

I don't agree with everything he says. I'm not giving up cable. I like to watch tv. I probably wouldn't ride a bike again.

With anything, it is more about mindset.
Most here would feel deprived if their lives aren't filled with consumerism.

For others with my mindset, time and freedom, are the most important commodity available.

MMM refers to retirement calculators here

http://www.mrmoneymustache.com/2011/04/21/silly-and-misleading-retirement-calculators/

My mother thought my father was crazy to retire at 55. He loved every minute of it, until the day he died at 73. So happy he had more than 8 years, which is all he would have had, if he stayed until 65.

It would be interesting to know where Mr Mustache lives, housing is so much more affordable in many States in USA, big plus

Also, wondering does he make money from his site/blog?? curious

 

[pinkboy]

I am currently drip feeding into the market an amount that should see us gain close to this amount in true passive income of which we will live off in 2016 and beyond. Add a lifestyle destination that has 1/3 cost of living and presto, $50k goes a long way.!

We will also have other forms of income (rents/business income), plus a couple of sideline businesses that dont require significant work/service mostly done online which will be used to further purchase more 'true passive income' whilst we live.

pinkboy

 

[Angel]

It would be interesting to know where Mr Mustache lives, housing is so much more affordable in many States in USA, big plus

Also, wondering does he make money from his site/blog?? curious

I haven't read him for a while, since we had this conversation last Summer, so I hope I'm referring to the same guy. He owns a motorhome (dirt cheap to purchase in the States) and has it parked in a mobile-home park. When he is not there, he rents out the site to someone else.

He also got bored after a couple of years of "retirement" and went back to a real job. He had a lot of passive income.

Kathryn can confirm if I'm referring to the same person.

 

[kathryn d]

It would be interesting to know where Mr Mustache lives, housing is so much more affordable in many States in USA, big plus

Also, wondering does he make money from his site/blog?? curious

They live in Longford, Colorado, originally in a large 3 (or 4) bedroom house. Just sold it for $480K, they bought a smaller one, because they decided to only have one child.He just finished renovating it.

He has posted his spending for the past 3-4 years.
With the paid off house, it hovers around $27k



He's the typical A personality. Always need to be busy, and in control.
Makes much more money than he spends




They have multiple income streams.
Blog
Lending site (forget name)
stocks/dividends
carpentry

They find ways to travel cheap.
For example:
He wanted to have a holiday in Hawaii with his family.
One of his MMM followers suggested he come to Hawaii and renovate a portion of his home into a holiday unit. (it was about 80 hrs work)
MMM loved this idea, and used it in his blog, and afterwards, the family joined him, and they stayed in this holiday unit for their vacation, while the son was on Xmas school holidays

The host supplied all meals and transportation.

 

[Angel]

I expect the desire for overseas travel will be diminishing soon, another plane missing today.

 

[kathryn d]

I haven't read him for a while, since we had this conversation last Summer, so I hope I'm referring to the same guy. He owns a motorhome (dirt cheap to purchase in the States) and has it parked in a mobile-home park. When he is not there, he rents out the site to someone else.

He also got bored after a couple of years of "retirement" and went back to a real job. He had a lot of passive income.

Kathryn can confirm if I'm referring to the same person.

I think you may be referring to Jacob? from ERE ( early retirement extreme)

www.earlyretirementextreme.com

Yeah, I didn't really follow him, but he is a friend of MMM, so that refer to him a lot. I think he has since purchased a house, after going back to work.

 

[MTR]

I like the site.

OK, he has posted $24K pa, I think also in many States cheaper to live in US, ie food, travel, housing.

I suspect he is now making a fortune from the blog ?? Its not an issue either way, however if I am correct there may be some toys in the background that we will not be privy too

 

[kathryn d]

I like the site.

OK, he has posted $24K pa, I think also in many States cheaper to live in US, ie food, travel, housing.

I suspect he is now making a fortune from the blog ?? Its not an issue either way, however if I am correct there may be some toys in the background that we will not be privy too

After a house is paid off, it is basically the same for USA, Canada, and Australia.

Like he says to others, when you retire, and it costs too much to stay in that area, sell up, and move somewhere cheaper.If you don't work there, nothing holding you there.

 

[oc1]

After a house is paid off, it is basically the same for USA, Canada, and Australia.

Like he says to others, when you retire, and it costs too much to stay in that area, sell up, and move somewhere cheaper.If you don't work there, nothing holding you there.

You my know better than me but surely Colorado (and all/most smaller cities in the US) will be cheaper than Melbourne?