The minimum? A whole lot less than what he have coming in now that's for sure.
When we first retired we lived on the equivalent of the pension for a year and that was pretty easy.
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
Can you retire on a million dollars? Plenty do it on a hell of a lot less.
Yes but not everyone wants to scrounge their next toaster and lounge suite off the footpath like you do fwank. Not that I'm calling you a dirtbag because you do so, it saves the council a fortune when you scabs are out collecting in full force.
"Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works." John Stuart Mill
Yes but not everyone wants to scrounge their next toaster and lounge suite off the footpath like you do fwank. Not that I'm calling you a dirtbag because you do so, it saves the council a fortune when you scabs are out collecting in full force.
My local tip has turned out to be an awesome place to scrounge. Shops close down in Sydney drive their stock a couple of hours out rather than pay exorbitant prices to dump.
Picked up rolls of brand new layflat hose, a case of stainless nuts and bolts, welders, compressors, etc.
Bring it on!
WHAT WOULD EDDIE DO? MAAAATE! Share a cot with Milton?
When I was going thru a divorce, I offered my ex to keep all assets in a trust in the name of our children, living only off the earnings not the capital and she would get a luxury home, a waterfront holiday home in Wamberal, $3 mil cash and $750k a year pre tax for life.
She through her lawyer said "How am I supposed to live off that? That's less than $8,000 week after tax."
So to some people $1 million a year is not enough.
You cant drive a house, BUT you can always sleep in a car!
When I was going thru a divorce, I offered my ex to keep all assets in a trust in the name of our children, living only off the earnings not the capital and she would get a luxury home, a waterfront holiday home in Wamberal, $3 mil cash and $750k a year pre tax for life.
She through her lawyer said "How am I supposed to live off that? That's less than $8,000 week after tax."
So to some people $1 million a year is not enough.
Well that puts paid to any thoughts I ever had about starting up a Topic called "Bet no-one here's ever had a greedier ex than me?"
You win; I lose! LOL
Unless she just happened to be some sort of heiress and/or naturally gifted high flying type and you were her gardener what got lucky 'n wangled your way into her pants 'n a marriage some time when she was feeling a bit low I suppose ...
A Professional Demographer to an amateur demographer:"negative natural increase will never outweigh the positive net migration"
If you have no debt, then retiring with $1m would be quite easy to achieve.
For a start it would give you $1,000 a week to live off pre investment incomes (which should more than cover tax liability) over 20 years. While you may spend that in the first 5 years, as you age you will require less and less.
Think about what $1,000 a week would give a married couple on a basic household budget:
Groceries - $150 Rates - $50 Phone - $20 (2 mobiles on a $50 plan for example) Internet - $10 Utility Bills - $75 Fuel - $50
So you could cover the essentials in around $350 per week, leaving $650 for "incidentals" (entertainment, alcohol, eating out, gifts etc etc)
$33,000 per annum would allow a reasonable pattern of travelling and healthy income buffer for emergencies.
So yes I would have thought so.
My only hope for my three boys is that they turn out nothing at all like Chris.
Being a millionaire is certainly not what it used to be, and even less so with the AUS$ plummeting in value, but my question to the forum is fairly simple.
Is it possible, do you think, to retire comfortably in Australia with a pot of assets, investment property, cash, and pensions totalling a million dollars?
For the sake of argument lets just say that is in addition to a small property owned outright to live in, that there is no outstanding debt on any of the IP, and that the place you want to live is a small country town within 2-3 hours drive of one of the bigger East Coast cities. Lets also say that you are young enough not to want to draw down capital, so it's the yield/income you're primarily chasing.
So.... Congratulations, you're now a millionaire.
But is this enough to live the easy life and never work again?
Hmm... we live a pretty simple life, but I doubt we could survive on 1M under those conditions... it depends on quite a few factors...
If we are not to eat into that 1M then we require a decent return on the money that supports us against that is the need to offset risk to protect the 1M.
I would consider a mix of blue chip shares, property and long term deposit.
I doubt the real net yield would support us without eating into the capital... still it would not bother me too much as that is the idea of having the retirement nest egg...
We plan to have any significant wealth will be given to our kids via a trust fund well before we push up daisies so we can help them while we are around to enjoy giving them support instead of letting them wait for us to croak. When we pass away, we are happy to have $1 in the bank. Our PPOR can be our failsafe cash cow if things get out of control and the kids can look at options of what to do with the property if we have not already subdivided beforehand.
If you have no debt, then retiring with $1m would be quite easy to achieve.
For a start it would give you $1,000 a week to live off pre investment incomes (which should more than cover tax liability) over 20 years. While you may spend that in the first 5 years, as you age you will require less and less.
Think about what $1,000 a week would give a married couple on a basic household budget:
Groceries - $150 Rates - $50 Phone - $20 (2 mobiles on a $50 plan for example) Internet - $10 Utility Bills - $75 Fuel - $50
So you could cover the essentials in around $350 per week, leaving $650 for "incidentals" (entertainment, alcohol, eating out, gifts etc etc)
$33,000 per annum would allow a reasonable pattern of travelling and healthy income buffer for emergencies.
So yes I would have thought so.
It does seem that a grand a week would be perfectly adequate for a comfortable lifestyle outside the major cities, and that a million probably is enough for an average person to retire at a normal retirement age with a reasonable life expectancy.
After reading the thread however, I'm not as convinced it is enough to retire 20 years early, although obviously it would give you at least short-term financial independence if you were frugal without eating into the capital.
If you have no debt, then retiring with $1m would be quite easy to achieve.
Well that disqualifies you doesn't it. With perth rents taking that $1000 will eventually be going straight to your mortgagee. Idiot!
"Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works." John Stuart Mill
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