The best thing we ever did - financially - was speak with Katherine about our retirement and financial position. I was one of those people who believed we needed in excess of one million dollars to have a ‘comfortable retirement’. Katherine came up with spreadsheets and advice showing different scenarios based on our superannuation and savings and we were very pleasantly surprised. My advice to anyone worried about their financial future in retirement is to speak to a professional financial advisor - in our case this was Katherine. The peace of mind is priceless.
Thank you so very much for this comment Gene. This is exactly the reason why I continue financial planning, as I know that a good advice can make a huge difference in clients' lives. Thank you 😀
Love your videos - if I could suggest you don’t record them in a room with hard walls and ceiling? If you choose a softer room and perhaps a different microphone you won’t get the echo on the audio and it will be easier to understand.
I believe enough to retire on is just under the age pension asset limit, in order to still qualify for a Pension Card for health benefits and discounts. Also depends on what lifestyle & income you are used to, and your needs vs wants.
Surely the question that's equally important is how much do you expect to spend in retirement in terms of wants and not needs and how will you fund that. Some other considerations as well. Do you own your own home, are you debt free, health considerations etc. I see adverts. for investing in property or whatever and they use very simple examples to try and flog you their product when there is way more to the picture than what they're portraying. Also there are no guarantees that returns from whatever people are invested in will continue and could easily go the opposite way as well. We're doing better than I expected with what I planned but that may not always be the case.
Hello Katherine, There are a lot of SMSF videos out there, however, I would be very interested to hear your thoughts and whether you think it would be worth the effort, for example, you could run different comparison scenarios for each, accumulation fund and an SMSF that has invested in a similar priced investment property… e.g someone at age 50 with $500k in super, on a good above average wage, the projections over time… something I am very interested in, maybe a good video idea for you??? but you could make it generic with different age and balance / smsf investment property values, etc. thanks! ☺️
Good advice. Looking at my projection, to retire at the age of 63 as a single, I’m hoping to accumulate around $750k which should provide me with around $55k pa until my mid-90s. Hope I’m right. If I can accumulate more than $800k, that’ll be better! I don’t want to wait until the age of 67. It’s too old to retire & I’ve seen many people when they reach 75 years old or more, they’re struggling with their health. Own home & mortgage free.
67 isn't retirement age it's pension access age. If you have 750 _800k in savings and other asset values (not including prime residents) you will not get pension until savings (home owner 686.250 single 1,031,000 couple)😢
Well Katherine, I had it all planned to fund my retirement from a big Lotto win, but alas I had to do it the hard way. $1.2 million ten years ago did it, still going ok.
How folks budget for end of life care? it seems the default is to go to a nursing home, which can be rather depressing I rather stay at home and hire my own carers. This is not going to be cheap. Another million or two to tag on top!!
What is my level of comfortable retirement? How long will we live? Own home, be active in retirement, have enough to live on, eat, and travel. 30 years with good health based on family history. Per person in a couple 500K, single maybe 20% more per person.
It seems to me that those people who could possibly easily retire financially with all their savings and material stuff are in so much stress about it it's actually causing them much anxiety, and those that have realised the reality of possibly working till mid or late 60s are happily moving on and enjoying every moment as they live while still taking vacations from time to time, funny that 😂
I no longer believe in a comfortable retirement in Australia, unless one already is a millionaire and is out of the system, still .... hmmm .... I am currently doing a research on countries where one can, not only comfortably retire, but also have the freedom without any mandates, ''special'' passports and Digital ID, which is a slavery.
Hi Katherine, I recently received a quote for a life time annuity linked to inflation, 100k in annuity = 6K /ann, so 1 mill should equal 60K/ann. So for me I would require 1.6mill, 1 mill for annuity and 600K in an high growth allocated pension fund, what do you think about this?
HI Alan, this is a very much personal advise environment, therefore legally I cannot advise. Please organise the meeting and we can go through the figures together
Hi Katherine, I've been trying to make an appointment, but no having any luck. I tried booking online but there was no availability. I have also sent an email but no reply as yet Thankyou
Assumptions most advice videos miss are: most people don’t wait until 67 the average is 60ish isn’t it? Many people live okay on the pension if they are a couple and own their house so you only need $45K a year and that means you need a lot less than the $1m + often quoted. More like 600K per couple retiring at 60 ish. Saying you need multi millions just scares many people…..
HI Paul, your note is partly correct, partly not. Yes I agree totally that the $1mil+ is the scarcity tactic, but then again all depends what one expects in retirement. But I would not agree that the average retirement age is 60 any longer. Most people work longer then till 60.
@@AboutRetirementTV I found this , you are correct ABS Key statistics There were 4.2 million retirees. Average age at retirement (of all retirees) was 56.9 years. 130,000 people retired in 2022, with an average age of 64.8 years. Average age people intend to retire is 65.4 years. Pension was the main source of income for most retirees.
![Superannuation Tax Changes at Age 60: What You Need To Know [Australia]](/img/n.gif)
The best thing we ever did - financially - was speak with Katherine about our retirement and financial position.
I was one of those people who believed we needed in excess of one million dollars to have a ‘comfortable retirement’.
Katherine came up with spreadsheets and advice showing different scenarios based on our superannuation and savings and we were very pleasantly surprised.
My advice to anyone worried about their financial future in retirement is to speak to a professional financial advisor - in our case this was Katherine. The peace of mind is priceless.
Thank you so very much for this comment Gene. This is exactly the reason why I continue financial planning, as I know that a good advice can make a huge difference in clients' lives. Thank you 😀
I think a better question before retirement is " what should a own outright before retiring?"
Love your videos - if I could suggest you don’t record them in a room with hard walls and ceiling? If you choose a softer room and perhaps a different microphone you won’t get the echo on the audio and it will be easier to understand.
I believe enough to retire on is just under the age pension asset limit, in order to still qualify for a Pension Card for health benefits and discounts. Also depends on what lifestyle & income you are used to, and your needs vs wants.
Thank you Catherine 😃
Just below the max amount before you start to loose some pension income eg the sweet spot eg full pension plus 300K in investments.
thank you
Surely the question that's equally important is how much do you expect to spend in retirement in terms of wants and not needs and how will you fund that.
Some other considerations as well.
Do you own your own home, are you debt free, health considerations etc.
I see adverts. for investing in property or whatever and they use very simple examples to try and flog you their product when there is way more to the picture than what they're portraying.
Also there are no guarantees that returns from whatever people are invested in will continue and could easily go the opposite way as well.
We're doing better than I expected with what I planned but that may not always be the case.
Every single part of the cashflow is very important during retirement, if there is no more income earned from employment
Total amount from all investments is about 2.5 million
I love your video clips, very informative.
Amount from all investments around 2.5 million
Thank you Katherine 🙏🏻
Hello Katherine,
There are a lot of SMSF videos out there, however, I would be very interested to hear your thoughts and whether you think it would be worth the effort, for example, you could run different comparison scenarios for each, accumulation fund and an SMSF that has invested in a similar priced investment property… e.g someone at age 50 with $500k in super, on a good above average wage, the projections over time… something I am very interested in, maybe a good video idea for you??? but you could make it generic with different age and balance / smsf investment property values, etc. thanks! ☺️
ASFA have no idea!
$1.5m invested well to have a comfortable $100k pa income for 25 years.
One topic you should cover. Workcover and centerlink at retirement age. It's a nightmare
Good advice. Looking at my projection, to retire at the age of 63 as a single, I’m hoping to accumulate around $750k which should provide me with around $55k pa until my mid-90s.
Hope I’m right.
If I can accumulate more than $800k, that’ll be better! I don’t want to wait until the age of 67. It’s too old to retire & I’ve seen many people when they reach 75 years old or more, they’re struggling with their health.
Own home & mortgage free.
Politicians can retire on 250000 a year, with millions in their bank accounts without having assessing their wealth. That's fair, right?
@@HalKW not for Age Pension - here everyone is equal
67 isn't retirement age it's pension access age. If you have 750 _800k in savings and other asset values (not including prime residents) you will not get pension until savings (home owner 686.250 single 1,031,000 couple)😢
Well Katherine, I had it all planned to fund my retirement from a big Lotto win, but alas I had to do it the hard way. $1.2 million ten years ago did it, still going ok.
ha, ha Lotto is not that easy. Solid savings are a better and more reliable way to go.
How folks budget for end of life care? it seems the default is to go to a nursing home, which can be rather depressing
I rather stay at home and hire my own carers.
This is not going to be cheap. Another million or two to tag on top!!
What is my level of comfortable retirement? How long will we live? Own home, be active in retirement, have enough to live on, eat, and travel. 30 years with good health based on family history. Per person in a couple 500K, single maybe 20% more per person.
thank you 😀
$1.2 million for a couple retired at 62
that's a solid level of savings 👏
Hi Katherine, please tell us about reverse mortgage.
Reverse mortgage video is coming in September 😃
It seems to me that those people who could possibly easily retire financially with all their savings and material stuff are in so much stress about it it's actually causing them much anxiety, and those that have realised the reality of possibly working till mid or late 60s are happily moving on and enjoying every moment as they live while still taking vacations from time to time, funny that 😂
I no longer believe in a comfortable retirement in Australia, unless one already is a millionaire and is out of the system, still .... hmmm ....
I am currently doing a research on countries where one can, not only comfortably retire, but also have the freedom without any mandates, ''special'' passports and Digital ID, which is a slavery.
Rubbish
its so ridiculously easy to be a millionaire in this country, thanks to our unique equity market. anyone can do it, unless you leave it too late.
@@JamesDeanDiedIn1955 yeah, just become a 'politician' ...
@@HalKW weird
@@JamesDeanDiedIn1955 if it’s that easy, please explain how to do it?
Thanks
183 liked. For me it would be 2+ mill
thank you 😃
Hi Katherine, I recently received a quote for a life time annuity linked to inflation, 100k in annuity = 6K /ann, so 1 mill should equal 60K/ann. So for me I would require 1.6mill, 1 mill for annuity and 600K in an high growth allocated pension fund, what do you think about this?
HI Alan, this is a very much personal advise environment, therefore legally I cannot advise. Please organise the meeting and we can go through the figures together
Hi Katherine, I've been trying to make an appointment, but no having any luck. I tried booking online but there was no availability. I have also sent an email but no reply as yet Thankyou
Hi, just call our office on 1300 274 731 to see if possible to find the time. Yes, the calendar is quite booked out
I retired at 56 and planned never to work again!
So far so good 😊
Will still need to see you though when I turn 65.
Hi Tony, you must have done well to be able to retire at 56. congrats. anytime you are ready we can chat 😃
Assumptions most advice videos miss are: most people don’t wait until 67 the average is 60ish isn’t it? Many people live okay on the pension if they are a couple and own their house so you only need $45K a year and that means you need a lot less than the $1m + often quoted. More like 600K per couple retiring at 60 ish. Saying you need multi millions just scares many people…..
HI Paul, your note is partly correct, partly not. Yes I agree totally that the $1mil+ is the scarcity tactic, but then again all depends what one expects in retirement. But I would not agree that the average retirement age is 60 any longer. Most people work longer then till 60.
@@AboutRetirementTV I found this , you are correct ABS Key statistics
There were 4.2 million retirees.
Average age at retirement (of all retirees) was 56.9 years.
130,000 people retired in 2022, with an average age of 64.8 years.
Average age people intend to retire is 65.4 years.
Pension was the main source of income for most retirees.
I know some Australian retirees that work out of necessity rather than choice, especially nowadays...
correct, which is sad and just indicates that cost of living is out of hand