Aug 20 2018, 10:30 AM
QUOTE(Garysydney @ Aug 20 2018, 04:03 AM)
This is very true. In Aust at 67 years of age, you can get A$700/wk per couple (old-aged pension by Govt) if you have less than A$400k in retirement savings so your basic retirement costs are already covered. Most average people will need about A$40-45k/yr with a bit of eating out occasionally and overseas travel. This old-aged pension has been already there for as long as i can remember. If you have a few hundred thousand dollars (Aussie) in retirement savings at 67 (which is very easy to achieve) and you own outright your own home and car (no debts), you live quite well in this 'lucky country'. The govt has been hinting that the pension age will eventually go to 70 but no parties (Lib/Nat and Lab) is willing to do it as it is political suicide. The biggest spend in this country now by the govt is welfare esp. old-age pension (the biggest category in welfare spending) followed by health (most visits to see a GP is free as most of them bulk-bill).
The govt pays for all this by having very high personal income tax rates and company tax is 30% which is very high compared to world standards.
FI RE D - Financial Independence Retire Early DoneThe govt pays for all this by having very high personal income tax rates and company tax is 30% which is very high compared to world standards.
so i have decided to be fired and need advise from all here. Please only valuable advise.
1. Quit job 17 August 2018 (one of the most stressful workplace)
2. Managed to pay of car and house
3. 1 Kid
4. 1 wife
5. Passive income from interest rm3500
6. No bad habits
7. KWSP 800K (cannot touch for 15 years)
8. Other savings rm600k (including benefits & insurance termination from company) -- in process
8. Other income 7k pm
9. Healthy
10. Family expenses pm rm3k-4k
why quit? too much stress and empty promises.
what am i considered now? jobless? or retired?
plan to just reinvest the cash and generated interest. Waiting for the payout which plan to just put in FD or ASNB ( 4-6% interest ) 2-3k pm
Consider generation of monthly income rm3500 + 7000 + 2500 = 13000
with my current expenses only 3-4k pm, can save up another rm10k pm but some months indeed have other expenses like insurance or etc which i say maybe rm10k per annum. so saving per year approx (rm13k-4k) x 12 - 10k = rm98000 and again to be invested in safe deposits to generate interest.
did i make a wise decision?
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