Welcome Guest ( Log In | Register )

Outline · [ Standard ] · Linear+

> 2 mil more than enough to retire

views
     
Garysydney
post Jun 15 2021, 11:37 AM

Casual
***
Junior Member
331 posts

Joined: Jul 2017


Interesting thread. I am 59 and have worked in Sydney for more than 30+ years.

I am trying out retirement in KL now and i retired with a golden handshake from Sydney University - my wife also has her own retirement savings and she stopped work at 50.

We have no kids and now live in Mont Kiara. Don't ask me how much i need to live on as i have just come back to KL. I would think i need around rm10k/mth as my major expense is food (mainly tapau at the moment as my wife is settling in). I drive a new Vios G which cost me rm87k (car is 2/3 weeks old now).

Living costs in KL is about half that in Sydney - i can retire in Sydney but KL is much nicer (esp now Sydney is freezing!!).
Garysydney
post Jun 15 2021, 08:42 PM

Casual
***
Junior Member
331 posts

Joined: Jul 2017


QUOTE(Zenph @ Jun 15 2021, 07:37 PM)
SREIT typically have dividend over 6-8% if I’m not mistaken.

For you to have 20k passive income every month, you invested roughly 3M into SREIT.

Current covid situation impacted shopping mall reit, I assumed you’re invested into industrial reit?
*
I am sure his 20k is not only from one source. Usually you would have diversified into property rentals, fixed income (like term deposits) and equities (usually listed shares in major markets like Nasdaq, Nikkei and FTSE). As i have my funds mainly still in Aussie, my portfolio is heavily biased towards Aussie stocks. Passive income from stocks can be negative from time to time but can also generate an extremely lucrative rate of return (like in the past 14 months after the crash). I have about 25% of my assets in fixed income. I estimate every year i should be able to generate rm10k-rm15k/mth income on average. On a good year (like the past 12 months) my income will be in excess of rm20k/mth. As most of my assets are in Australian and US dollars, a drop in the ringgit will bode well for me as this will give me an even higher rate of return when i convert to ringgit for my expenses.

Dead assets like cars will never generate any return which is why i chose to buy a reliable model with a track record of low maintenance. With my net worth, i can easily afford to drive a rm400k car but i choose not to because at my age who really cares what car we drive smile.gif

This post has been edited by Garysydney: Jun 15 2021, 08:44 PM
Garysydney
post Jun 16 2021, 05:37 AM

Casual
***
Junior Member
331 posts

Joined: Jul 2017


QUOTE(prophetjul @ Jun 15 2021, 09:23 PM)
Actually my 20k is from single source of SREITs. So far, SREITs has delivered yearly returns for me since 2009.

I have others like the EPF and some properties.

And yeah, who cares what we drive.
*
Wow. You have done very well with SREITs.

In Sydney, i am the poorest among the group of ex-Malaysian retirees that i mix with. Due to the residential property boom in Aust during the last 9 months, a lot of my retiree friends are worth rm10mil-rm20mil. Most of them are in their late sixties (boomers generation) and being first generation migrants in Aust, most are very thrifty hoping to pass their wealth onto their next generation. Being first generation migrants (me included), life has been quite difficult initially for most of us so the wealth that we have generated are truly made from blood, sweat and tears! We have worked all our lives and for me i just stopped work three months ago. This means our capacity to earn money has come to an end and we now have to rely on our nest egg for passive income to live on.

Malaysia is a great place to retire. Food is everywhere and prices are reasonable (at least to people who earn money overseas). We don't worry much about politics because we don't need to derive income from this country. My wife and i have no kids so we are free to move around. Most of my retiree friends in Sydney have grandchildren and spend most of their time minding the younger ones.
Garysydney
post Jun 16 2021, 08:29 AM

Casual
***
Junior Member
331 posts

Joined: Jul 2017


QUOTE(prophetjul @ Jun 16 2021, 08:02 AM)
Yeah. The property boom in Aus has made many millionaires indeed. My uncle and aunty migrated in the early 1970s. They have had a good life in Aus. They accumulated a few properties and are now in their 80s. He was a communications engineer.
My cousin who is in his late 60s have had ot good too. He is a civil engineer. Migrated in early 90s. He was made a partner in s small firm in a small town in Queensland. A rarity in Aus i think? A bigger firm came and took them over and he became an instant multi millionaire.

Yes. Malaysia is a great place for retirees. WE have ex Aussie migrants coming back to retire in our state.
Are you one of these?    biggrin.gif
*
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

This post has been edited by Garysydney: Jun 16 2021, 08:30 AM
Garysydney
post Jun 16 2021, 09:55 AM

Casual
***
Junior Member
331 posts

Joined: Jul 2017


QUOTE(prophetjul @ Jun 16 2021, 09:25 AM)
First of all, welcome back to your land of birth.  biggrin.gif
Of course, the AUD is 3 times of the sick ringgit.

You had a good payout!  It's pretty abnormal for the Aussies to do this?  Your Chancellor must have liked you a lot.  laugh.gif

My children are in Melbourne. i doubt they will be returning to live in Malaysia and time soon. So for me, its a reverse. I go to Aus for a break.
*
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
Garysydney
post Jun 16 2021, 03:25 PM

Casual
***
Junior Member
331 posts

Joined: Jul 2017


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
*
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
Garysydney
post Jun 16 2021, 03:37 PM

Casual
***
Junior Member
331 posts

Joined: Jul 2017


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
*
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

Casual
***
Junior Member
331 posts

Joined: Jul 2017


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?
*
Yes - my wife and i will be on our own for medical. Hope we don't develop serious medical illness sweat.gif
Garysydney
post Jun 16 2021, 07:07 PM

Casual
***
Junior Member
331 posts

Joined: Jul 2017


QUOTE(prophetjul @ Jun 16 2021, 03:41 PM)
My......we are same age.  laugh.gif
*
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?
Garysydney
post Jun 16 2021, 09:53 PM

Casual
***
Junior Member
331 posts

Joined: Jul 2017


QUOTE(prophetjul @ Jun 16 2021, 09:05 PM)
Yes. I have another year to go before mandatory retirement  biggrin.gif .
*
thumbsup.gif
Garysydney
post Jun 16 2021, 10:10 PM

Casual
***
Junior Member
331 posts

Joined: Jul 2017


QUOTE(greyPJ @ Jun 16 2021, 09:55 PM)
can see you in all fire threads hahaha
*
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?
Garysydney
post Jun 17 2021, 06:10 AM

Casual
***
Junior Member
331 posts

Joined: Jul 2017


QUOTE(greyPJ @ Jun 16 2021, 10:23 PM)
wah very generous hor Aussie.

i miss asian tea house rendang, that time 3 dishes and rice so little, i could eat 2 plates.
*
Wah - your memory still so good ar?

Asian tea house closed about 20 years ago but the boss made so much money that she could afford to buy a few houses in the surrounding areas. I don't know if you remember her daughter who sometimes manage the till - she was always sulking at customers but i must admit their food is pretty good. Imagine how much tax the boss avoided paying in the 80s since their business is cash only. Everyone in the Eastern suburbs remember Asian Tea House as they were probably the first few Malaysian restaurants to open there. As it was very close to UNSW, most Malaysian students who studied at UNSW would have remembered it. From memory, the lady boss name is Slyvia and she was from Seremban. Slyvia would probably be in her 70s now. There are quite a lot of Malaysians living in the Eastern suburbs smile.gif
Garysydney
post Jun 19 2021, 09:42 PM

Casual
***
Junior Member
331 posts

Joined: Jul 2017


QUOTE(greyPJ @ Jun 19 2021, 08:33 PM)
wah you really an old timer, hahaha.

there was one restaurant called The Eating House at Belmore Rd, the boss called Colin not sure if you know him. i worked there for several months during holiday.

when you back to Malaysia and happen to be in penang, let me know i belanja you eat yummy hokkien mee and ckt. smile.gif
*
What a small world!!

Yes - i know Colin. Colin is still in Sydney but i don't think he is doing well (he would be in his 70s now). There were three partners who started Eating House - i think they were all taxi drivers before they became partners in the shop. I used to go to Eating House a lot as i lived in Randwick. The partnership split a few years later and Colin opened another eatery in Avoca Street (cannot remember the name) - it is opposite an Indonesian restaurant called Bali Restaurant.

One of the other partners (Henry) opened up Sing Ma in Kingsford and it was doing very well until about two years ago. Henry is from Batu Pahat but he got involved in some illegal business employing Malaysians and promising them PRs. I think he charged them a big sum of money for sponsoring them as Aust PRs and he was busted and i think he got a criminal record. He is now back in Batu Pahat now and cannot get back to Sydney because Aust Immigration will not renew his PR due to the criminal record. Do you remember Henry?
Garysydney
post Jun 21 2021, 12:47 AM

Casual
***
Junior Member
331 posts

Joined: Jul 2017


QUOTE(greyPJ @ Jun 20 2021, 10:43 PM)
no i dont know henry, i only know the  chef gilbert, also from johor.

if you frequent Eating House alot then we must have met before, lol.

you still remember their famous combination kuey teow? oh man what a memory.
*
I used to go Eating House a lot as i was working in UNSW initially. I think Eating House opened some time in 1984 (??) and was there for a few years.

If you go there now, Eating House is where KFC is now.

From memory, Gilbert is also from Batu Pahat. As i have been living in Sydney since 1981, i know a lot of Malaysians in the Eastern suburbs. A lot of my Malaysian friends there are already in their 70s now and we have known each other since the 80s/90s.

If you had worked at Eating House back in the 80s, you would probably be in your mid to late 50s now smile.gif

This post has been edited by Garysydney: Jun 21 2021, 12:48 AM

 

Change to:
| Lo-Fi Version
0.0203sec    0.80    7 queries    GZIP Disabled
Time is now: 28th October 2021 - 07:03 AM