If you retire - what is your income per annum as a family unit?

Discussion in 'Accounting & Tax' started by sash, 29th Dec, 2016.

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If you are retired what's your gross income pa for your family?

  1. Under 25k - living at the breadline

    4 vote(s)
    7.5%

  2. 25k - 40k - doing okay

    4 vote(s)
    7.5%

  3. 40k - 55k - comfortable

    6 vote(s)
    11.3%

  4. 55k - 70k - retirement is nice and comfy

    3 vote(s)
    5.7%

  5. 70k - 85k - living well

    2 vote(s)
    3.8%

  6. 85k - 100k - its all apples

    6 vote(s)
    11.3%

  7. Over 100k - living the dream

    28 vote(s)
    52.8%
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  1. wylie

    wylie Moderator Staff Member

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    Not so fast... at least if you are buying for yourself, you're unlikely to get something crappy. :p
     
    wylie, 30th Dec, 2016
    #121
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  2. wylie

    wylie Moderator Staff Member

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    We are retired, but our finances are so complicated that I don't know how much income we have on any sort of regular "normal" month, or even how we manage to eat. But we do.

    We put all our figures down and took them to a planner recently with a view to helping us work through to a simplified position. On paper we cannot feed ourselves. I had to just shrug my shoulders and admit I've no idea. There has been so much cash coming in, cash going out, loans coming back to me, loans not yet repaid to me, it's a nightmare trying to make it simple. And with all the money going in, going out, refinancing paying off other loans, there is no such thing for us as a "normal month".

    We are slowly moving through towards making our finances much less complicated. Even trying to do that means I have to produce figures and do the math, and the figures aren't easy to pin down.
     
    wylie, 30th Dec, 2016
    #122
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  3. sash

    sash Well-Known Member

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    Well if you are feeding yourself and carrying on.....with no worries...its all apples then....
     
    sash, 30th Dec, 2016
    #123
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  4. kierank

    kierank Well-Known Member

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    Yep, we retired over 6 years ago. Re-read Post #77 for budget information.
     
    kierank, 30th Dec, 2016
    #124
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  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    A lot of this has got to do with expectancy and faith, and for many its THE way.

    For those that desire more "control" they need to have business plan like budget etc.

    It comes down to individual needs, we are not all the same and thank God for that otherwise we would be a boring lot :)

    ta

    rolf
     
    Rolf Latham, 30th Dec, 2016
    #125
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  6. Beano

    Beano Well-Known Member

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    If you get your accountant to do a source and disposition of funds (cashflow statement) in addition to the income statement and balance sheet it will show all (i assume you do monthly accounts ?)
    Over the holidays i am going to teach my 18yr on these three financial financial statements. ...
    How to produce them
    How to read them
    ...i do these every month...usually on the 1st of each month
     
    Beano, 30th Dec, 2016
    #126
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  7. MTR

    MTR Well-Known Member

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    retired from day job end of 2007

    I mentioned my cashflow position in post 23

    I also recently started a business with partners in Australia and a second business/LLC in USA with business partner in USA all property related. Won't crack the champers yet

    MTR:)
     
    MTR, 30th Dec, 2016
    #127
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  8. wylie

    wylie Moderator Staff Member

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    Thanks Beano. Our accountant could do that but I keep a detailed spreadsheet for what is unchanged (coming in and going out) each month. I add anything unexpected (in or out) and I live by this spreadsheet. I do it up a month or two in advance and populate it as things become clearer. I'd look at this and adjust it probably daily.

    We've had a lot of "one off" large expenses getting our DA and also took a big holiday recently. So, we are managing to do that somehow. But when someone asks I really struggle to explain how our finances work. I'm looking forward to "simpler". There wouldn't be one month that is the same as any other month lately. That is what I find hard to explain to anyone who needs to know.

    We could move our super (hubby's or mine, or both) into a pension phase now and draw 4% each year, but again, with money owed to us that could come in soon, I'd rather not pull the trigger on this if we don't need to yet.
     
    wylie, 30th Dec, 2016
    #128
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  9. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    The trouble with retiring in full too early is lack of friends your own age with common interests that also don't need to go to work.
     
    JacM, 30th Dec, 2016
    #129
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  10. ellejay

    ellejay Well-Known Member

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    Exactly. Sounds great to be retired but in your 40's most of your peer group or potential new friends are likely to be at work when you're not. Even holidays can seem repetitive after a while. I think the contrast of work and leisure probably gives leisure time more value, for me anyway.
     
    ellejay, 30th Dec, 2016
    #130
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  11. Indifference

    Indifference Well-Known Member

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    This resonates strongly with me. Having just finished my 1st year of rolling back significantly on working life & I already realize that a complete retirement in your 40s would require being accepting of an older peer group amongst other things. This is especially true for those with adult children at this age as you don't even have the raising a young family distractions & connections anymore....
     
    Last edited: 30th Dec, 2016
    Indifference, 30th Dec, 2016
    #131
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  12. kierank

    kierank Well-Known Member

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    Have you thought about converting to pension phase, withdraw the 4% and then re-contribute back to your super (as you don't need the money).

    Benefits being (as I understand it) that the earnings in the fund become tax-free in pension phase and you increase the tax-free/concessional component of your super balance (this will save your kids/beneficiaries tax when you die).

    Don't take my word for it - seek professional advice.
     
    kierank, 30th Dec, 2016
    #132
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  13. kierank

    kierank Well-Known Member

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    If that is stopping you from retiring, it sounds like you needs to find a different/better set of friends :) :).
     
    kierank, 30th Dec, 2016
    #133
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  14. Marg4000

    Marg4000 Well-Known Member

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    Friend had this situation. Retired in his early sixties but the first of his friends to retire, so still limited to weekends to get together.
    Marg
     
    Marg4000, 30th Dec, 2016
    #134
  15. wylie

    wylie Moderator Staff Member

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    Thanks @kierank... that is food for thought.
     
    wylie, 30th Dec, 2016
    #135
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  16. sash

    sash Well-Known Member

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    You are entitled to have a bottle of Crystal on NYE.....

    What happened to the eye patch....you can't be a buccaneer without one....
     
    sash, 30th Dec, 2016
    #136
  17. Beano

    Beano Well-Known Member

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    Banks love cash flow statements ...it catches out the big spenders
    Borrowers can become embarassed when asked "what happened to all the profits " .."your debt has not been reduced?"
     
    Beano, 31st Dec, 2016
    #137
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  18. sash

    sash Well-Known Member

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    upload_2017-1-2_11-46-57.png

    Wow....almost 50% of people have a retired income of over 100k.....given the average for a couple is about 42k in Australia...well done PC members.

    The sample is very sample...only 35 respondents......
     
    sash, 2nd Jan, 2017
    #138
  19. Richard Taylor

    Richard Taylor Well-Known Member

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    Yes totally agree. Been there done that and didn't like it.

    Only one up the golf club under 50 on seniors morning is not fun.
     
    Richard Taylor, 2nd Jan, 2017
    #139
  20. Angel

    Angel Well-Known Member

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    You will have to play golf on another day.
     
    Angel, 2nd Jan, 2017
    #140
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