What is your desired Retirement Income compared to Current Wage?

And time till end is so unpredictable. It would help enormously with retirement planning if we were born with a used by date.

 

50 years of age.
Double would imply current earnings appropriated for inflation.
So technically a quadrupling on todays figure over the next 20years to 50years of age.
Assuming average 3% inflation

 

Exactly.
Old man "retired" at 50 and has worked in some compacity everyday since for the past 11 years.

 

I still play the game but I don't go as hard, for a couple of reasons I don't want to take any unnecessary risks, I want to protect what I have made and I don't want property developing/investing to just be another job so I have a balance so I can also mix it with my hobbies and travelling.



MTR

 

I voted that I want more, but plan to retire at 40 later this year on less.
Income doesn't have to stop growing after retirement.
I'd guess our passive income will continue to grow by an additional 100k/annum automatically in the early years, and continually keep growing at a higher rate in future.

 

I find this difficult to answer. I know I want more than what I earn, now. But I don't know if I need more. Or do I value my time more, over working for money. I enjoy my work for now, who knows how I will feel next year, I'm continually fighting this question.

 

You can always go back to work again if required, but you'll never get your time back.

 

What about asking it this way.

If your passive income was the same as what you receive from work, would you keep working?

What about if it was 90%, or 80% or even 50%?

 

If my passive income was what I make right now, I didn't have a mortgage, kids moved out of home and a decent boat in the shed I would be retired already

 

Still unsure terry. I have moments when I'm ready to leave, then I don't as I love what I do, and if I left, I wouldn't be able to come back to the same role and company.
If I restructure my portfolio today, I could earn a passive Income = to current wage.
I'm currently at that stage in life today, that I want to stay working and re assess in a year or 2.
I know more money will give more options, I just don't know how much I really need, as the older I become, the simpler I want my life to be.
But at the same time, I could easily imagine spending millions a year travelling the world with my own race team supporting myself.

 

I have seen people who have enough money to retire, but keep putting it off. I think the great leap from the security of employment into the unknown can be too much for some.

 

I thought this until I retired. I was going to work until I was 70 but, an opportunity came my way to retire at 55 (5 years ago).

I am so busy enjoying life now that I don't have time for work. My only regret is that I wished I had retired 10 years earlier (you can't buy back time)!!!!

 

People on their death bed reflecting on their life don't think "I wish I worked more"

 

We've spent a lot less money since I've escaped the rat race. It's amazing how much material consumption costs. I now have very little desire for expensive suits, clothes, watches, bling, cars, etc... Although the missus still has a taste for jewellery.

 

I am a self funded retiree and have been so for ten or fifteen years.

Superannuation was not available to me as an exempt employee in the early days so I have none.

I didn't invest to retire early but to produce an income for times when I couldn't work, or find work.

I don't need more money than it produces, as in retirement after raising kids etc, I just don't need that much.

The time will run out before the income does.............

 

I voted less. It's more of need less than want less, as of course nobody would want less money.

Me and my husband (we are 33 & 39 yo) have pretty much reached our passive income goal now, but everyone is right about it being difficult to pull the plug with work. Our business is such that yearly income is fluctuative, so I've based our target passive income as less than our best year of doing business.

In our field of work, we do not have the luxury of job security as well as business longevity. I think that thought pushed us extra hard with our saving & investing.

 

Fantastic that you have achieved this result.
May I ask, what are you enjoying now that you didn't enjoy whilst working?

 

Yes, this is strange.... my mother is about to contemplate retirement and the thought of an 'unstructured' life is very foreign to her. Dad on the other hand, quite relishes in the slow days of retirement.

I voted that I would be happy on (slightly) less than what I currently earn, so I can retire earlier. I have run the film in my head many times over what my life might include and much of it doesn't require great amounts of funds. Retirement would of course only happen when I can afford to keep my current (and a few more) IPs to keep me rolling.
I would wake up when I choose, do what I want, when I want - my definition of retirement - bring it on!

 

1. We visit our two kids, their partners and our granddaughter in Melbourne 'at a drop of the hat'. Some times we fly and sometimes we drive. When we drive, we explore different parts of Oz and take 5-7 days for the trip instead of 2. These trips take us 7 days to 3 weeks (depending on our diaries) and we do 4 to 6 trips a year.

2. We go on at least one serious (6 to 8 weeks) overseas holiday each year. Have been to Canada (including Rockies)/Alaska (including Arctic Circle) two years ago; last year was Wimbledon and Ashes Tour (including 4 days at Lords); this year is Vietnam/Cambodia/Laos. Haven't locked next year but could be West Indies or South Africa.

3. We aim to do at least one cruise (min 7 days) each year. Done Vancouver to Alaska, Brisbane-NZ-Brisbane. Haven't lock one in for this year yet.

4. Every month we go away on 3 to 5 day trip around SE QLD or Northern NSW. Sometimes, it is to see family/friends; other times purely as a tourist.

5. I do volunteer work:

• Once a week for 4 hours, I drive a van for Leukaemia Foundation picking up patients/carers/family from hostels and take them to the various hospitals in Brisbane and then the return trip.
• I am an Earth Angel. I pick up country folks who are sick and drive them in my own car from Archerfield airfield to their hospital/accommodation.
• I was a volunteer driver for the G20 Conference in Brisbane and Airport Team Leader for the Asian Cup. I have registered my name as a volunteer for the Gold Coast Commonwealth Games.

5. I am a budding (i.e. unprofessional) landscape and seascape photographer. My passion is to take these photos from helicopters, whether it be White Island in NZ, the Rockies in Canada, 12 Apostles in Victoria, the Gold Coast, etc. I take these photos for me.

This is a sample of what keeps me busy. Someone once told me that there are 200 countries in the world; if you see four a year, it will take you 50 years to visit them all. I don't think I have got 50 years; hence, I haven't got time to work.

 

Great response.