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  #41  
Old 09-10-2012, 01:56 PM
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Larryp (Laurie)
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Originally Posted by PCH View Post
Hey Larry,

thanks so much for that detailed reply. I appreciate the details cos that's where the real information is. Can you tell me how much you're allowed to take as an 'allocated pension' from your fund such that it isn't considered income as you've described. That wouldn't be considered 'prying' would it? It must be a figure that applies to all of us I'd think

Thanks again Larry - all the best in your executive semi-retirement
Paul, the minimum amount you can take is dependent on how much you have invested-a percentage. I don't have the actual figures with me at the moment, but this is something a financial adviser can tell you. You can take much more on a fortnightly basis if you want, but then your money will eventually run out.I can tell you my bank adviser's annual fee is .44% of my investment, but they are increasing the value of my investment-mine has increased by about 5% since March this year, and thats AFTER they make my fortnightly payments.
All I can suggest is you talk to your bank's financial adviser and get all the information. I do like having my money invested by the bank-I think its much safer.
When I retire completely, I won't have it so good-just the aged pension + allocated pension, but its a whole lot better than just the aged pension.
As I said in a previous post, divorce knocks the hell out of retirement finances, and I would be far better off without the divorce.
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  #42  
Old 09-10-2012, 02:03 PM
Poita (Peter)
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Originally Posted by Kunama View Post
My 2cents again: Many people worry too much about wealth in retirement and forget that life is about the journey not the end.
When I was in the AFP I saw many many friends work shift work all their lives, refuse to consider early retirement so they could build up their nest egg and then they retired at 65 and I attended their funeral within 3 yrs. Food for thought?
I agree that life is the journey, but you may have 30 years of that journey after you have lost the capacity to earn.

I'd rather spend those 30 years with options to live it to the full. It is about balance like anything else, but when you are young, you can jam some money away that will pay off handsomely when you are older, and there are lots more ways to have fun that don't cost much when you're a young bloke
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  #43  
Old 09-10-2012, 02:20 PM
Kunama
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I agree that it is about balance and expectations.

I am very fortunate to have married someone who is very good with money, if I was left to my own devices I would have been broke a long time ago!
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  #44  
Old 10-10-2012, 11:05 PM
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Tandum (Robin)
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Looks like a lot of people are thinking along the same lines.

I asked this originally as the misses was given the arse from the public service after 40years of service and if she doesn't kick super over into an invested pension before the out date, they simply move all the cash onto a stock market investment for her as she's no longer an employee.

I notice some people claiming $30K/Yr will provide a comfortable retirement. I'm not sure where they live but here Electricity/Rates/Water/Insurance and Communications costs $30K/Yr and you need to eat as well.

Being the public service, QSuper has a wing called QInvest which do nothing but work this stuff out. It looks to be handled now and they are claiming the $800K odd we have available will pay $45K/yr till we are 90.

I'm yet to see the documents to support this but many ex public servants swear by them.
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  #45  
Old 11-10-2012, 09:23 AM
Barrykgerdes
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Living on your income whether it be earned or a pension depends entirely on your ability to manage what you have. My mother never worked officially and lived 38 years on the OAP quite well. She left $65000 in her will when she died.

I live extremely well on $30000. The essentials of living such as rates, insurance, electricity, gas, communications do take a large proportion of the income eg in real terms $8283. Not including petrol or other car running expenses or rents . That leaves $20000 for entertainment and eating. Food etc for two is an average of $800 per month, I pay half about $5000 per year. We eat out with the family (birthdays etc) about 5 times a year at a cost between $250 and $700 a time and I always pick up the tab.

Barry

PS I do have an advantage that I have a well equipt workshop and can do all my own repairs and maintenance and with the over generous solar electric scheme I collect $1600 for generation after paying a similar amout for electricity. B.G

Last edited by Barrykgerdes; 11-10-2012 at 09:36 AM.
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