Retirement Planning & Experiences

[k_sheep]

If you make the right investments now, you can step back work less and retire soon ( even with kids down the track ect..).

I'm very risk averse so currently just have the PPOR fully offset (cheap place), plus a bunch in ETFs. Oh and 2 positively geared investment properties, one of which is in BNE bought pre-surge so has a good amount of equity. I find property a bit annoying though. Unsure what else I can realistically do without a whole lot of research.

Well I had a new surge of enjoyment during Covid. Really felt I was essential.

But to the retirement plan there seem to be many locum Pathology jobs around Australia. great way of earning enough to fund more travel.
As well you get to know Australia better. Living and working somewhere even just for a few weeks is totally different to being a tourist. And if a place chose to CMO then I just didn't go back. Some places really were a challenge but I rose to the occasion. Nothing like having to intubate 2 brothers with severe muscular dystrophy at 7 and 8pm at night and then have the Tertiary hospital tell you we won't be able to take them until after 8am tomorrow.
But I really loved the life.

I felt the same at the start - was setting up new labs and tests and protocols and even talking to media as a subject matter expert. But then it just became very draining as the demands became more and more unfeasible with more and more 'managers' who insisted on having meetings every day lasting 2 hours where everyone would talk about how many boxes of gloves they had left. And demanding to know why had I not personally arranged more nasal swabs that were their preferred colour (when the company that made them were in Italy ... no joke, they somehow thought I could control that as the entire country burned). Plus several of my immediate co-workers were covid deniers so they were super hostile to any attempts for risk minimisation and made me super uncomfortable.

I really do love locuming as a way to travel and really experience a place. But for us the locum pay rate is actually significantly worse than a permanent job weirdly. I guess I like the security blanket of having sick / rec / long service leave up my sleeve.

 

[love_the_life]

I'm very risk averse so currently just have the PPOR fully offset (cheap place), plus a bunch in ETFs. Oh and 2 positively geared investment properties, one of which is in BNE bought pre-surge so has a good amount of equity. I find property a bit annoying though. Unsure what else I can realistically do without a whole lot of research.



I felt the same at the start - was setting up new labs and tests and protocols and even talking to media as a subject matter expert. But then it just became very draining as the demands became more and more unfeasible with more and more 'managers' who insisted on having meetings every day lasting 2 hours where everyone would talk about how many boxes of gloves they had left. And demanding to know why had I not personally arranged more nasal swabs that were their preferred colour (when the company that made them were in Italy ... no joke, they somehow thought I could control that as the entire country burned). Plus several of my immediate co-workers were covid deniers so they were super hostile to any attempts for risk minimisation and made me super uncomfortable.

I really do love locuming as a way to travel and really experience a place. But for us the locum pay rate is actually significantly worse than a permanent job weirdly. I guess I like the security blanket of having sick / rec / long service leave up my sleeve.

Interesting comment on pay for locums. As an APS contractor my hourly rate is higher to offset lack of sick leave, rec leave etc. Sounds a bit poor.

 

[Buzzard]

I retired from full time work a few months after turning 60. +1 and I shortly thereafter went to Europe for 3 months, my LSL I called it. For the next 7 and a bit years I did relief work. This year I realised I've had enough so fullfilled my commitments and now don't work at all.
I turned 68 in October and just want to enjoy what years I have left.

 

[k_sheep]

Interesting comment on pay for locums. As an APS contractor my hourly rate is higher to offset lack of sick leave, rec leave etc. Sounds a bit poor.

Yeah that's how it's meant to be! For some reason there seems to be a hard limit on locum pay which hasn't budged for decades.

I mean it's still very good pay, and drron raises the good point that if I wanted to semi-retire it would be very easy to top up the coffers without committing to another permanent position.

 

[cove]

Many of our older friends have had fears of running out of money. It hasn’t happened as consumption drops as you move up into your late eighties is something I have noticed. You spend more time on health matters.

 

[kookaburra75]

Thanks for all of the info and ideas, and also confirming how much people need to live on - which is what I had planned for which is reassuring The most recent update to my SMSF financial planning shows everything is tracking according to plan, although I still have to work out the transition to retirement phase - and there have bene a lot of good suggestions that I'll follow up on.

My plan is to retire end of next year after I turn 67, and MrsK has already retired on a PSS defined benefit pension, which is working out very well. I may go back and do the odd consulting contract to earn a few dollars to put towards an overseas jaunt. Although, both of us are second-timers and have had to restart our lives from scratch, but thankfully MrsK has welcomed me into her lovely house. A nice 3 bedroom, and a garden we can enjoy, so we don't have to worry about down sizing.

 

[CaptJCool]

From the AFR today

 

[Flashback]

Thanks for all of the info and ideas, and also confirming how much people need to live on - which is what I had planned for which is reassuring The most recent update to my SMSF financial planning shows everything is tracking according to plan, although I still have to work out the transition to retirement phase - and there have bene a lot of good suggestions that I'll follow up on.

My plan is to retire end of next year after I turn 67, and MrsK has already retired on a PSS defined benefit pension, which is working out very well. I may go back and do the odd consulting contract to earn a few dollars to put towards an overseas jaunt. Although, both of us are second-timers and have had to restart our lives from scratch, but thankfully MrsK has welcomed me into her lovely house. A nice 3 bedroom, and a garden we can enjoy, so we don't have to worry about down sizing.

Hey! We seem to share that in common. Sometimes Mrs FB lets me into the house, too

 

[cove]

That Mrs FB is a keeper. It must be time to get a bit rugged up @Flashback.

 

[Flashback]

That Mrs FB is a keeper. It must be time to get a bit rugged up @Flashback.

It certainly has cooled down a bit but as I'm a free agent again we're just on our way to LHR to escape to Lake Como for a few days where it's a much warmer 10 degrees. Double digits!

 

[Pushka]

From the AFR today

View attachment 416858

There's that "Eligible for the Aged Pension" thing again. Most of us won't get that. So that $73,000 is off kilter. As is the total amount of super therefore needed.

 

[MARTINE]

There's that "Eligible for the Aged Pension" thing again. Most of us won't get that. So that $73,000 is off kilter. As is the total amount of super therefore needed.

Agreed
Try at least 5x that much

 

[kpc]

There's that "Eligible for the Aged Pension" thing again. Most of us won't get that. So that $73,000 is off kilter. As is the total amount of super therefore needed.

My mate's suggestion of 200K pa might be the target then...I could be there soonish....

 

[Pushka]

Agreed
Try at least 5x that much

A girlfriend had the plan to reach $1million each or $2 million total a few years ago. Not sure if she got there. They hadn't used super at all, self employed largely cash business which of course reaped huge benefits along the way. They invested in land tracts which they later subdivided. The additional costs of that were well above expectations largely because of Government fees and Council fees for - essentially nothing. I don't dare ask her.

Post automatically merged: Nov 30, 2024

My mate's suggestion of 200K pa might be the target then...I could be there soonish....

How much invested in super would achieve that and how long would you expect to live? Because that's part of plan.

 

[Captain Halliday]

My mate's suggestion of 200K pa might be the target then...I could be there soonish....

How much invested in super would achieve that and how long would you expect to live? Because that's part of plan

$4M excluding PPR.

If you can earn 5% after tax and inflation then how long you expect to live is almost irrelevant.

 

[Pushka]

$4M excluding PPR.

If you can earn 5% after tax and inflation the. How long you expect to live is almost irrelevant.

And $4million at 69 ain't gonna happen. Light years from that. If we stop travelling then we will be fine. But when son lives in the UK, that's a tough choice.

 

[Flashback]

And $4million at 69 ain't gonna happen. Light years from that. If we stop travelling then we will be fine. But when son lives in the UK, that's a tough choice.

Not entirely...

 

[Pushka]

Not entirely...

Yeah. It is.

 

[CaptJCool]

Could be worse

 

[Pushka]

Could be worse

View attachment 416965

Ah. Ok. They already pay significantly more tax on super distributions thanks to the Australian tax system. Just means more planning.