How much income do you need to live the dream?

I voted for 200k plus... A month. I'm think mill plus a month will be spot on. Aim for the moon and if you only make it half way you still win. Aim for your local maccas, and you break down half way it kinda sucks.

 

A few months back I was asked how much income I would like/need to retire on. (Note, the question wasn't dream retirement, just how how you'd need to live on ok.) My answer was 35k. Yes, that's very basic but i'm sure doable with PPoR paid off. A friend said 200k. I thought, whaaattt??? Was she thinking future dollars like in 25 years time? I'm pretty sure she doesn't make 200k a year atm....

 

Mine would be closer to 200 than 35, but why stop there

 

Voted for 150k to 180k!

 

I voted for $100-$120k at retirement (which I hope to achieve, well at least semi-retirement - by age 50. 17 years to go!

And I mean $100-$120k net, after all property expenses (including mortgages ) AND taxes are paid. I have a plan to get there and I know (because I have just come back from my bi-annual session with my tax lady), I am about 36% of the way toward my goal. It has taken 7 years to get to 34% of the way, but I am expecting that the nature of compounding and cumulative growth will see me get close to 50% in the next 12-18 months.

I am looking forward to the SS (or should I say Property Chat, now!) Meet up tomorrow night at Wentworthville leagues, first time going and I would love to discuss and debate this very topic with folks!

Sash are you going? Would love to meet you if you are.

 

voted 200+, although my personal aim is much larger.

 

If there is no debt to service then 60K net would more than do for me and my wife.

 

I have no idea how much I need.

 

I need about 10k my wife needs about 150k

 

Very good.
I voted 100-120k net but in reality once the kids have left school/uni and are on their feet I would be happy with less

 

I voted $60-$80k - I live a simple and happy life.

 

This is a great question Sash and one that every investor should (but rarely does) consider early.

Without setting goals, it is very hard to set a formal investment strategy and without a strategy - are you actually investing? Or merely spending money - similar to retail therapy?

That being said, every person is different. We are all different in where we want to live, the types of foods we want to eat, the types of clothes we want to eat and especially how we want to spend our time when we make that decision to leave the workforce.

Getting clients to visualise their goals is the first step in our formal investment strategies. We have some clients who after going through the process decide that they could comfortably live on $80k per year. Others, who have desires to travel and see the world, play golf regularly or sail the Whitsundays will need a lot more.

Ultimately it doesn't matter what the final number is, if you have spent time understanding what your goal is, you can then set a formal strategy which will involve achieving your objective, whilst still minimizing risks along the way.

 

$10,000 weekly or $500,000 a year. This is enough for me while still be able to help family & donate to charity.

 

Calculated this about a year ago, minimum $35K after tax to cover living costs, ideally at least $85k after tax for two people per year. Assuming no debt.

 

My vote includes a "safety net" which makes it higher. This is to account for changes in taste in lifestyle etc. Happy to work 5 years more to have more money than I can spend and the comfort of an ever growing bank balance

 

I see a lot of people that are living on between 40-60k range when we go away camping in national parks ,some I have talked to just go from park too park 12 bucks a night stay 21 days then move onto the next park but most rent the ppor out within the family,i have never meet one person camping that has any property investments some with small share holdings and most on some form of government welfare..On 120k you would live the dream depending "IF" you make it too that stage of your life and from my experience a lot don't ,just remember to feel the rain Sash while others just get wet..

 

I agree with this figure, (family of 3).
That's just over $1,000/day, which is very easy to spend if you are in fact living The Dream or contributing to needy causes.
This does not even allow for any significant purchases, just spending money.

My goal is actually a mil, but that's probably 10 years down the track.

 

Geez, that's only 3 Sydney properties.

 

I was going to be happy with 55k a year but obviously I don't think I will be able to stop at that what else would I do when I retire with all this extra time to spend money rather than work for it I'm now thinking closer to 100k

 

I wonder if these figures so far are based on actually working out what you need, or, whether these figures relate to some lifetime goal to amass a large monthly income, possibly at the expense of shunning out other experiences during your life time.