Tuesday, August 01, 2006
Retirement Calculations
How do these things work?
They reckon that you will need about 24,000 a year for a couple once they retire and that is needed to last 20 years or thereabouts so therfore you need 400,000 grand or close to it, blah blah blah.
But surely in 35 years, 24,000 bucks is only going to buy you a tank of gas and some cheap socks.
So in reality you will probably need a good deal more.
I am saving 3% of my wage. The government is matching that. It is all we can afford and then some at the moment.
But according to their estimates we need to be saving THREE TIMES THAT just to have 24,000 a year to live on. And as I point out, that doesn't seem to factor in inflation.
And we are the lucky ones who have a house (well, we are minding it on the banks behalf that is).
**********
Test recap.
McCaw awesome
Kelleher and Collins crap
Everyone else indifferent
Scrum - very good
Defense - excellent
Lineout - abomination
Tickets to last nights netball? Pricey
They reckon that you will need about 24,000 a year for a couple once they retire and that is needed to last 20 years or thereabouts so therfore you need 400,000 grand or close to it, blah blah blah.
But surely in 35 years, 24,000 bucks is only going to buy you a tank of gas and some cheap socks.
So in reality you will probably need a good deal more.
I am saving 3% of my wage. The government is matching that. It is all we can afford and then some at the moment.
But according to their estimates we need to be saving THREE TIMES THAT just to have 24,000 a year to live on. And as I point out, that doesn't seem to factor in inflation.
And we are the lucky ones who have a house (well, we are minding it on the banks behalf that is).
**********
Test recap.
McCaw awesome
Kelleher and Collins crap
Everyone else indifferent
Scrum - very good
Defense - excellent
Lineout - abomination
Tickets to last nights netball? Pricey
Comments:
just checked it now for the first time in months. We seem to be high on teh contact list of wealthy Nigerians who would like to give us a lot of money so long as we give them heaps first.
will put up link sometime soonish.
will put up link sometime soonish.
Good on you for doing the retirement calculations. My scheme (through work) has offered a good rate of return over the last 18 months, but man the contributions from my income are starting to bite.
I wouldn't count on Superannuation existing when we retire either. Of course, you could always just keep working.... I'm sure teaching teenagers would be even more fun when you're 73.
To recap:
Rugby - don't care
Rugby league - don't know, can't afford Sky
Netball - hilarious mismatch. Jeff Wilson's wife is hot.
Cricket - see rugby league.
Football - world cup kinda turned me off
NHL - seriously, I live in NZ now.
I wouldn't count on Superannuation existing when we retire either. Of course, you could always just keep working.... I'm sure teaching teenagers would be even more fun when you're 73.
To recap:
Rugby - don't care
Rugby league - don't know, can't afford Sky
Netball - hilarious mismatch. Jeff Wilson's wife is hot.
Cricket - see rugby league.
Football - world cup kinda turned me off
NHL - seriously, I live in NZ now.
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