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  1. #16
    Join Date
    Jun 1999
    Location
    Westleigh, Sydney
    Age
    78
    Posts
    1,332

    Default

    Good article in todays SMH on the effect of fees on your super.
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  2. #17
    Join Date
    May 2003
    Location
    Central Coast, NSW
    Posts
    614

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    Quote Originally Posted by ian View Post
    Hi Arron

    some other sources of data.
    The Reserve Bank has a lot of historical data on their web site Reserve Bank of Australia - Home Page you may find the RBA's inflation adjusted 10 year bond rate a better proxy for the future than the average for inflation over the past 70 years. Also I believe the RBA is about to issue 20 and 30 year bonds which in essence will give another measure of future inflation.

    Also, Federal Treasury has projections for economic growth and inflation into the future.

    Rather than dying with the last cheque bouncing -- someone has to pay for your funeral -- you could always donate the balance of your estate to a worthwhile cause like a scholarship for a suitably "worthy" student to attend the year long furniture course at the Sturt School in Mittagong or some other cause.

    Re the age pension -- an assumption that you won't access it (and the associated fringe benefits) is possibly too conservative


    Life expectancy is an average, not an absolute
    If you're currently 60, life expectancy might be 23 years, but there's a 25% chance you will live to 90.


    Lastly, as I understand it -- the average Australian incurs around 50% of their total life-time health expenditure in their last year of life.
    Yes, I am really not sure about how to model life expectancy. I understand that its a normal curve, and that if 83 is your lot by the best guess of the actuaries then you might die at any point along the bell curve. So should you model to 83, and assume that if you get lucky then the Gvt can support you from then on (assuming your wants are pretty modest in your late 80's anyway). Or should you draw the line at 25% chance and model to 90. Or should you accept that there is a 1% chance that you will live to 100 and therefore model to 100.

    Re the age pension. Well that's the way I've always seen it but I intend to see a Financial/retirement planner or two in the new year and perhaps they can show me otherwise. I have no issues at all with getting a bit of government support, even if it requires manufacturing circumstances a bit to do so.

    all interesting
    cheers
    Arron
    Apologies for unnoticed autocomplete errors.

  3. #18
    Join Date
    Jun 2005
    Location
    Helensburgh
    Posts
    608

    Default

    It is a gamble and nothing else describes it. My father was involved in superannuation and he always said tell me when you will die and I will tell you how much money you need.
    CHRIS

  4. #19
    Join Date
    Feb 2003
    Location
    back in Alberta for a while
    Age
    69
    Posts
    1,133

    Default

    Quote Originally Posted by sawdust maker View Post
    the difficulty with any of this is the extra costs of retirement

    after you retire you are at home so home costs go up ie you use more electricity and more water etc
    snip
    and i won't mention the sudden need for vital necessities such as better tools and more wood etc
    regards from Alberta, Canada

    ian

  5. #20
    Join Date
    Nov 2010
    Location
    Gippsland Victoria
    Posts
    25

    Default What Sawdutmaker and Chris Said

    I agree with Sawdustmaker and Chris.

    I reckon everybody should plan on spending a bit more on toys and activities during early retirement and spend relatively less (taking inflation into account) in "their deep old age" - I got that phrase from a financial planner.

    Lets face it, you are highly likely to spend more time reading books and watching videos when you are 90 than when you are a sprightly 60yo and still eager to make a mess in the shed.

    Bill

  6. #21
    Join Date
    May 2007
    Location
    North of the coathanger, Sydney
    Age
    69
    Posts
    0

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    Quote Originally Posted by Chris Parks View Post
    ... I started looking at camera lenses last night, there is another way to spend lots of money on.
    I commented last night that I was looking at another lens - "what do you need ANOTHER lens for" on that tone of voice!
    regards
    Nick
    veni, vidi,
    tornavi
    Without wood it's just ...

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