Things to think of for retirement.

[laidback]

same as smithy5 got no savings but got the toys. and will continue to get the toys to enjoy now

Yeah, life's a bit like investment...don't put everything in one basket. Enjoy today is important because you never know what's in the future. You could like me become divorced and your wife takes half of everything you've got - not that I disagree with that but it does cut your assets in half but if you had 'spent' on enjoying yourself she can't take that. Then again if you don't spend you might not get divorced...so spend up big now...hehehe

[smithy5]

Just a side note on this - I had a client who was 67 years old. She had 11 investment properties - some positively geared, some negatively. Her sole income was rental and she didn't qualify for Centrelink benefits. Lived in a small unit with a fantastic garden. Was happy and reasonably healthy. Her plan worked for her.

Wayne, I would be very interested to hear, at 67 what plans does this lady still have, managing 11 properties and how much longer will she keep them...

At 67 I hope all my plans are done and dusted. If and when i'm 67 and I if have 11 properties, I wouldn't want any negatively geared properties and I wouldn't expect nor should I need to qualify for Centrelink payments. Fancy owning 11 propeties and expecting the tax payer to still support you Centrelink's role is to assist the needy, despite a lot of people utilising it as an alternate lifestyle and many Financial Advisors using it as a scare tactic... if you don't do this or don't do that, how are you going to live on the aged pension Well a lot of people have accumulated all their "wants" over their working lives and live very comfortable on the aged pension in retirement for thier needs.

I say good on the 67 year old if she is doing what she chooses, if she is doing it for herself..... and as long as she is aware that she could drop dead tomorrow and everything she has, and is obviously still is working hard to accumulate will go to someone else..............

[waynemorgan]

I say good on the 67 year old if she is doing what she chooses, if she is doing it for herself..... and as long as she is aware that she could drop dead tomorrow and everything she has, and is obviously still is working hard to accumulate will go to someone else..............

Me too mate. She's worked out what she wanted and went for it - and it's working for her. Her estate would be worth a bit at the end of the day but for now she's happy.

As for Centrelink - this is the whole reason the federal Gov wants retiree's to be self funded - to relieve the pressure of funding as the indications are that the aging population will increase financial pressure.

The way I was taught for retirement planning was this - self-fund for as long as possible while qualifying for Centrelink benefits at the absolute minimum. The idea behind it - client gets pharmaceutical benefits, discounts on electricity and phone etc while living on their savings. The first 10 years of retirement people are young enough and usually healthy enough to do what they want - and they often do and spend money. After that they may still have some funds invested in an allocated pension with it's tax advantages so the deal is to blend it - regular payments from the AP and some Centrelink benefits. As the AP drains down the Centrelink benefits increase - the idea is to maintain their lifestyle. This is just 1 option that may work for some and may not for others.

Realistically each and every person has different circumstances. There are so many variables to consider and options available that each person should make their plans accordingly. Some will use and advisor, some wont. No biggy. There is no "this way is right and that way is wrong".

As I've said before this whole post is just to bring it to mind that it's something that needs planning rather than just happening. Thought it would be good with new years resolutions etc

[un_majstk]

ah man, you guys are stressing me out.
..and i'm still trying to mourn oran park...

you win. i'm off to see a financial planner next week.

[seiko1]

ah man, you guys are stressing me out.
..and i'm still trying to mourn oran park...

you win. i'm off to see a financial planner next week.

Bugger it, just drink more piss and you won't live that long

[smithy5]

ah man, you guys are stressing me out.
..and i'm still trying to mourn oran park...

you win. i'm off to see a financial planner next week.

If you feel the need for a financial planner.... well I might be able to help you out......
I have shares in some waterfront land that is undeveloped at this stage but once it is rezoned it will make the investors squillions...... for a small fee I might be able to let you in on the deal.... It's acres of waterfront property, with water at the rear and water to both sides, it's like owning your own Island and in the dry season the access is excellent........ For more info just send a stamped self addressed envelope to PO Box No.1 Loser Street Fortitude Valley QLD 4000.. Please include your bank details so I'm able to access your funds immediately so you don't miss out on this fantastic oppotunity.........







































note to self... do not drink alcohol and and surf the web at the same same time...........