Thread: Thinking about retirement? you may have to think again.

not that I am counting but I have 3 years and two weeks to go till I "retire".

am already starting to gather the paper work to battle the centreline monster....

funny how the government goes to war with the very people that vote them in and that have helped pay their fat wages and allowances for 50+ years....

something is definitely way out of kilter in OZ

Yep, Centrelink is a typically obscure bureaucracy. Ask our daughter.
Fortunately for us Unisuper is
getting us ready for when the time comes.

Originally Posted by shanegtr

I think your both right there. So many people I've met through out my working career (Im only 36 so it hasnt been that long) that are a similar age to me dont give a rats arse about super. I think part of the issue is that its money that you dont get to see until later in life so its low on peoples radar and I think most people seem sceptical that they will ever see it. But its certainly within peoples own power to top up their super contributions with their own money to make up to 15%. I seen recently a table of average super amounts per age group - my group was around $55,000 which to me seems low so I think that even by the time I get to retirement age there will still be some sort of pension available (it certainly wont be the same as what we currently have). All I know is with my super balance Im certainly on track to need very little of the "pension" as Im well and truly up on the average.

Same here ... Except I'm in my early 40's... We are our own worst enemies. Who the hell cares about retirement ... While you have a family of 5 to support on a extremely "average" single wage.... just paying the insanely high power/water bills is difficult enough. We however are extremely lucky. When we purchased our first house ... If we had waited another 3months (that is NOT an exaggeration)... if we had waited another 3months we would have been out of the housing market.... And my wife would need to be working full time as well just so we could afford to rent a crappy old rental house.

I really don't know how the Gen Ys and millenials will ever own there own house. Well not if they want a family either way. I look around at the houses everyone lives in ... and the very modern cars they drive.............. And just figure everyone must earn at least 100% more than i do (or be upto the eyeballs in debts ... to the point where not working for one week would put you out on the street). -- Maybe they all just get huge "gifts" of $$$ from the baby boomer parents that are entering or have entered retirement. I just don't see how there lifestyle is possible otherwise.

seeya,
Shane L.

With all this talk over Gen X/millennils in this thread I had to look up what I amDate/year ranges seem kinda rubbery and being born in 81 I'm somewhere in between the two. Although acording to wikipedia Gen X has a musical influence of grunge so thats me locked into gen X

I have never earned high wages, general either side of the average - however I planned ahead and always paid into work and private super - just a little here and there.

The result was that I was able to retire at 53 and maintained my lifestyle - in fact most years, because of my investments in super, in retirement i now earn more than when I was working - this is just a result of saving a little here and there when I was able since I was 18.

I will never be eligible for the aged pension and I have to say that is a good thing (though access to pensioner cost for meds would be good) and I dont begrudge those on the pension. It does annoy me a bit that if I had not planned ahead and saved I would not be a lot worse off on the pension now - why should I plan for my future if I can get a pension for lack of planning.

As people retire with compulsory super, the demand on the welfare system will reduce but not for a long time.

Garry

Planning ahead and try to stick to it. Drummed into my head since childhood. One teacher went as far to say the communist five year plan had merits. Always been a min wage slave , always will but when the body and mind give in I have a bit of super and some investments to fall back on. I don't ever expect to get anything pension wise as when under/unemployed for a while , I couldn't even get a bus fare.
Would not be surprised to see more dumping of the aged an infirm on hospital door steps as families struggle to get by.

Originally Posted by garrycol

I have never earned high wages, general either side of the average - however I planned ahead and always paid into work and private super - just a little here and there.

The result was that I was able to retire at 53 and maintained my lifestyle - in fact most years, because of my investments in super, in retirement i now earn more than when I was working - this is just a result of saving a little here and there when I was able since I was 18.

I will never be eligible for the aged pension and I have to say that is a good thing (though access to pensioner cost for meds would be good) and I dont begrudge those on the pension. It does annoy me a bit that if I had not planned ahead and saved I would not be a lot worse off on the pension now - why should I plan for my future if I can get a pension for lack of planning.

As people retire with compulsory super, the demand on the welfare system will reduce but not for a long time.

Garry

I agree with what you say,...Can you believe that?!
I have never been on high wages either, divorced at 38, left with virtually nothing,..started again, put as much as I could into Super, started buying shares,, now like you, I earn more than when I was working.
What does annoy me, is people who are on the pension, obviously have more money than I do, have two cars, regularly go on overseas trips, but,......they still get the pension, which IMHO, is not for people with that standard of living.
Pickles.

Lots of personal stories and advice here to others.

Here's my advice. Go and buy a copy of "Making Money Made Simple" by Noel Whiitaker ...read it, read it and READ it.

He is possibly the world guru on savings, investment and superannuation.

If you don't want to buy this book and heed it , without other special advice , you will retire and die poor. Simple.