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> 2 mil more than enough to retire

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prophetjul
post Jun 16 2021, 02:42 PM

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QUOTE(Garysydney @ Jun 16 2021, 09:55 AM)
The younger generation In Aust will probably not come back to Msia - Msia has nothing to offer now with so many companies in trouble because of Covid.

Melbourne at the moment is very cold due to winter. You probably will not be able to visit your children for a while yet until the Covid pandemic gets better.

I had a lot of long service leave and annual leave left from my 30 years of service so it all added to quite a good payout. My package was about A$130k/yr when i left. In Sydney, getting a payout like what i got is quite normal - some companies give a severance pay of one month per year of service with no cap. There are a lot of people with payouts around A$300k (20-25 years service) and this does not include all their long service leave and other entitlements. I have a junior with 28 years of service (his pay is a lot less than mine) and he got A$240k (he used up a lot of his long service leave). I have 30 years and a lot more entitlements than him with a much higher pay so getting rm1mil to kick me out of the organisation is not a big deal!  biggrin.gif
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Gary

Sounds like we have similar pay package!
Except mine is in MYR.
i will be retiring in about a year's time with a gratuity of probably similar to your severance payout. laugh.gif


New Klang
post Jun 16 2021, 02:47 PM

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QUOTE(Garysydney @ Jun 16 2021, 08:29 AM)
I can always go back to Sydney if i don't like Msia as my PR will still be valid for at least 5 years. One property where i live in Sydney can buy three equivalent properties in KL  smile.gif . Cannot compare one of the most expensive cities with one of the cheapest in the world - lah  biggrin.gif .

In Sydney, we are encouraged to have at least A$1mil - A$1.9 mil (couple) in our nest egg for a 60 year old to have a reasonably comfortable retirement (this amount doesn't include the house we live in as well as your car if you need one). However even if you don't have this much, there is always the aged pension you can fall back on at age 67 (A$700/week for a couple). Medicare is always available which is free for PRs and citizens. Aussies have a very good welfare system for people who need it.

I like Msia very much - left KL after studying in Taylor's College (located bottom of Pantai Hill at the time) in 1979/1980 and only came back for a short while to apply for my PR in 1988/1989. I could not get a job that would pay me more than rm1,200/mth at that time in KL when i came back so decided to go back to Sydney once i got my PR. Sydney University has treated me well and gave me a job-for-life career and was extremely lucky to get a golden handshake just when i was about to retire  biggrin.gif . My golden handshake is probably more than what T20 Msians will accumulate in their epf (working a whole lifetime) so i was extremely grateful to my employer  biggrin.gif

I have only been out of hotel quarantine 11 days but i love life here (even with the lock down). I just hope i don't catch Covid but i am very careful when i need to go out  smile.gif
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Welcome home.

You should be at least 60 y.o.?

Stay healthy and safe to enjoy your long life

Keep moving to keep your joints in shape

Enjoy good and cheap living with your millions
Garysydney
post Jun 16 2021, 03:25 PM

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QUOTE(prophetjul @ Jun 16 2021, 02:42 PM)
Gary

Sounds like we have similar pay package!
Except mine is in MYR.
i will be retiring in about a year's time with a gratuity of probably similar to your severance payout.  laugh.gif
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thumbsup.gif

Mine is probably a lot less than yours (after tax) because taxes in Aust is very high. I worked in Aust since 1984 and have paid a lot of taxes to the govt. As we age, we get some of the taxes back through using some of the services that the govt provides. However since i have come back to Msia to retire, i will not be able to get those free services provided by the govt for the elderly there sad.gif
prophetjul
post Jun 16 2021, 03:28 PM

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QUOTE(Garysydney @ Jun 16 2021, 03:25 PM)
thumbsup.gif

Mine is probably a lot less than yours (after tax) because taxes in Aust is very high. I worked in Aust since 1984 and have paid a lot of taxes to the govt. As we age, we get some of the taxes back through using some of the services that the govt provides. However since i have come back to Msia to retire, i will not be able to get those free services provided by the govt for the elderly there  sad.gif
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Yes. My take home pay will be higher than yours due to the extremely high taxes that you pay. biggrin.gif

You will be losing your medical cover as well?
Garysydney
post Jun 16 2021, 03:37 PM

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QUOTE(New Klang @ Jun 16 2021, 02:47 PM)
Welcome home.

You should be at least 60 y.o.?

Stay healthy and safe to enjoy your long life

Keep moving to keep your joints in shape

Enjoy good and cheap living with your millions
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Hello my friend. I am 59 tomorrow biggrin.gif .

No - lah. Don't say millions - lah. When converted to Aussie not much - lah. A chicken rice in Hojiak Chinatown Sydney also A$20 per plate so not a lot of money if i spend the money in Sydney. In KL, i have been buying a lot of tapao (chicken rice, char kway tiau, curry mee,...) and it only cost rm7-rm8. This is really fantastic as i have never in my life imagine that food can be so much cheaper here compared to Sydney. In Sydney, minimum wage is A$20/hr so they have to charge more otherwise the restaurants will go bankrupt biggrin.gif


Garysydney
post Jun 16 2021, 03:39 PM

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QUOTE(prophetjul @ Jun 16 2021, 03:28 PM)
Yes. My take home pay will be higher than yours due to the extremely high taxes that you pay.  biggrin.gif

You will be losing your medical cover as well?
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Yes - my wife and i will be on our own for medical. Hope we don't develop serious medical illness sweat.gif
prophetjul
post Jun 16 2021, 03:41 PM

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QUOTE(Garysydney @ Jun 16 2021, 03:37 PM)
Hello my friend. I am 59 tomorrow  biggrin.gif .

No - lah. Don't say millions - lah. When converted to Aussie not much - lah. A chicken rice in Hojiak Chinatown Sydney also A$20 per plate so not a lot of money if i spend the money in Sydney. In KL, i have been buying a lot of tapao (chicken rice, char kway tiau, curry mee,...) and it only cost rm7-rm8. This is really fantastic as i have never in my life imagine that food can be so much cheaper here compared to Sydney. In Sydney, minimum wage is A$20/hr so they have to charge more otherwise the restaurants will go bankrupt  biggrin.gif
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My......we are same age. laugh.gif
ukauka2020
post Jun 16 2021, 04:12 PM

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QUOTE(kingz113 @ Jun 16 2021, 10:16 AM)
34yo and I never need to spend more than 100-120k a year. This is with comfortable living, regular sports, high quality food, latest gadgets etc, 3-4 times annual travelling within Asia.

I FIREd at 33 and work part time to meet my needs above.  Investment portfolio is about 2.5m with half on hyper aggressive mode excluding properties. Another 1.5m in loan free properties. Assuming a 10% return and future inheritance, I stand a chance to experience the true wonders of long term compounding when I don't even need them.
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how did you manage to accummulate 4m by 34?
tikaram
post Jun 16 2021, 04:19 PM

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QUOTE(New Klang @ Jun 16 2021, 03:47 PM)
Welcome home.

You should be at least 60 y.o.?

Stay healthy and safe to enjoy your long life

Keep moving to keep your joints in shape

Enjoy good and cheap living with your millions
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u ask people enjoy but why yourself no enjoy

dont be so cheapstake. go la buy one of the rolex, benz or bitcoin la.

u deserve it. money not spend is not yours.

fun_feng
post Jun 16 2021, 04:55 PM

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QUOTE(kingz113 @ Jun 16 2021, 10:16 AM)
34yo and I never need to spend more than 100-120k a year. This is with comfortable living, regular sports, high quality food, latest gadgets etc, 3-4 times annual travelling within Asia.

I FIREd at 33 and work part time to meet my needs above.  Investment portfolio is about 2.5m with half on hyper aggressive mode excluding properties. Another 1.5m in loan free properties. Assuming a 10% return and future inheritance, I stand a chance to experience the true wonders of long term compounding when I don't even need them.
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U got how many kids??

My living expenses (exclude loan) with 3 kids 100k pa.. I wouldn't say we eat maggi mee everyday... but I dont term it as luxurious or anything... phone also use Poco, car also just jep c seg suv
Garysydney
post Jun 16 2021, 07:07 PM

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QUOTE(prophetjul @ Jun 16 2021, 03:41 PM)
My......we are same age.  laugh.gif
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People tell me that this is a good age to be as we don't need to worry about finances anymore. Also since i have retired, i can sleep anytime or get up anytime smile.gif . I don't have to rush to meet deadlines anymore.

By the way, are you still working?
Juan86
post Jun 16 2021, 07:20 PM

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if you don't spend like a millionaire, how you can be a millionaire?

Your circle of friends at least millionaire and above
prophetjul
post Jun 16 2021, 09:05 PM

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QUOTE(Garysydney @ Jun 16 2021, 07:07 PM)
People tell me that this is a good age to be as we don't need to worry about finances anymore. Also since i have retired, i can sleep anytime or get up anytime  smile.gif . I don't have to rush to meet deadlines anymore.

By the way, are you still working?
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Yes. I have another year to go before mandatory retirement biggrin.gif .
Garysydney
post Jun 16 2021, 09:53 PM

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QUOTE(prophetjul @ Jun 16 2021, 09:05 PM)
Yes. I have another year to go before mandatory retirement  biggrin.gif .
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greyPJ
post Jun 16 2021, 09:55 PM

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QUOTE(Garysydney @ Jun 16 2021, 09:53 PM)
:thumbsup:
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can see you in all fire threads hahaha
Garysydney
post Jun 16 2021, 10:10 PM

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QUOTE(greyPJ @ Jun 16 2021, 09:55 PM)
can see you in all fire threads hahaha
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I joined LYN in 2017 because i wanted to know about retirement costs in Msia. I totally had no clue how much it will cost to retire in KL as i had lived most of my working life in Sydney. I was planning to retire March 2021 (three months ago) as i figured that i should have enough money to live on. I must admit i learnt a lot from the FIRE threads in LYN. I have also attended a lot of free seminars with financial planners in Sydney (at my workplace) concerning retirement planning.

Actually i must tell you one thing - i have been very lucky to get a golden handshake from Sydney Uni. They already knew that i will be retiring in 2021 but yet they still approved my application for a payout. It goes to show how 'gentleman' the senior management is - if i was working for a Chinaman company, they would probably have let me go without the payout smile.gif . Who would still want to give you a payout when everyone else is suffering from the pandemic?
urnicksux2
post Jun 16 2021, 10:17 PM

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better open ahlong business
greyPJ
post Jun 16 2021, 10:23 PM

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QUOTE(Garysydney @ Jun 16 2021, 10:10 PM)
Actually i must tell you one thing - i have been very lucky to get a golden handshake from Sydney Uni. They already knew that i will be retiring in 2021 but yet they still approved my application for a payout. It goes to show how 'gentleman' the senior management is - if i was working for a Chinaman company, they would probably have let me go without the payout  smile.gif . Who would still want to give you a payout when everyone else is suffering from the pandemic?
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wah very generous hor Aussie.

i miss asian tea house rendang, that time 3 dishes and rice so little, i could eat 2 plates.
Zenph
post Jun 16 2021, 10:37 PM

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QUOTE(pooglemoogle @ Jun 16 2021, 01:41 PM)
Of cos you mix into other basket of stable coin la . Get USDC to aave then collateral it for usdt and then take that usdt and deposit to curve la. You have better idea?
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Terra isn’t so well known. Better split among USDC and BUSD and DAI

Tether also dangerous if u want put long term imo
kingz113
post Jun 17 2021, 12:14 AM

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QUOTE(fun_feng @ Jun 16 2021, 05:55 PM)
U got how many kids??

My living expenses (exclude loan) with 3 kids 100k pa.. I wouldn't say we eat maggi mee everyday... but I dont term it as luxurious or anything... phone also use Poco, car also just jep c seg suv
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Just one. I don't live a luxurious life, but definitely contented. The only way my life could be more luxurious is if I had a chaffeur, several domestic helpers or fly biz class. I already only work 1-2hours a day so I could afford to spend some time doing mundane stuff to keep me occupied. Not being interested in branded stuff definitely helps. My cars are all regular but paid off. Pretty much debt free now. Grocery/eating out budget of 3-4k a month is plenty for a family of 3. Utilities are free due to solar or sponsored by wife's work. Petrol also only <400 a month.

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