Don't Retire BROKE - How to Calculate Your Magic Number and Enjoy Your Golden Years

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How much do you really need to retire?
Have you already got enough? What are the factors that it depends on? How can you ensure that you're happy in retirement and won't have to re-enter the workforce?
In this video, I outline exactly how you can calculate how much is enough for you to retire, and to retire well.
Complete the Retirement Quiz Here -
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#retire #retirementplanning #howmuchisenough #australianexpatfinancialplanner
About Jarrad Brown:
Jarrad Brown is an Australian-trained and experienced Fee-Based Financial Planner with Australian Expatriate Group of Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to Australian expatriates in Singapore. Subscribe to this RU-vid channel for his latest tips and updates for Australian expats when it comes to making informed financial choices for their time abroad. Jarrad Brown is an Authorised Representative of Global Financial Consultants Pte Ltd - No: 200305462G | MAS License No: FA100035-3
☞ Book a complimentary meeting or get in touch with Jarrad Brown:
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General Information Only: The information on this video is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision.
*Please note that Jarrad Brown is not a tax agent or accountant and none of the content outlined here should be taken as personal advice. You should consult your tax agent and financial adviser to review your current personal finances and financial goals to consider whether this strategy is appropriate for you.

Опубликовано:

29 июн 2024

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Комментарии : 22

@AnhNguyen-bi6vg 3 месяца назад

Great contents. Thank you

@AustralianExpatFinance 3 месяца назад

Thank you for the kind words.

@brianrollins3245 4 месяца назад

One factor when considering how much is enough is the Australian age pension, especially for those thinking modest and comfortable lifestyles. Another factor is spend timing in retirement - discretionary spend is higher in early phase of retirement whereas health spend higher in late phase of retirement.

@AustralianExpatFinance 4 месяца назад

That's an excellent point with regard to health spending Brian, particularly as it relates to private health insurance with premiums continuing to rise over time. Given the age pension limits, I would not suggest that this alone would afford most people a modest or comfortable retirement, particularly given that it falls short of both minimums as outlined by the ASFA. It should certainly be utilised as a top-up / supplementary income stream where possible though.

@brianrollins3245 4 месяца назад

@@AustralianExpatFinance was not suggesting age pension alone but it is a decent cpi indexed chunk of coin that can underwrite retirement income when supplemented by super pension.

@AustralianExpatFinance 4 месяца назад

@@brianrollins3245 Absolutely, Brian. You highlight an important point also, that many people are unaware that they even qualify for a part pension. It's certainly an important one to check.

@geraldtrik6826 4 месяца назад

Dont forget that a couple at 67 years old can have $450,000 in the bank can earn roughly upto $10,000 a year (bank interest) and get the full pension, going by life expectancy of another say 16 years and if they use $10,000- $20,000 of the capital per year on top of their pension that should see them through, by the time they are in their late 70s to early 80s their expenses would be a lot lower than late 60s to early 70s.

@AustralianExpatFinance 4 месяца назад

Excellent point Gerald, and certainly not forgotten at all. For many retirees, this isn't going to cut it in covering their lifestyle costs, particularly once you start factoring in overseas travel, domestic trips, dining, supporting the children / grandchildren, replacing cars etc. Of course, there is no one size fits all, which is why it's so important to run your own numbers and have a detailed budget pre-retirement. With medical technology advancements these days, I fully expect that those in their 70s and 80s before too long will be spending like they're 50.

@geraldtrik6826 4 месяца назад

@@AustralianExpatFinance Fair point, One other point i havn't even factored in is inheritance from both sides of the family which is a lot of money considering the price of real estate these days.

@AustralianExpatFinance 4 месяца назад

@@geraldtrik6826 Certainly not one I would want to bank on, and there's a great deal to consider there, particularly for Australian expats who may be living in other countries when it comes to their tax planning with inheritance

@reasonjo 3 месяца назад

This comment about a couple having $450K gives me some comfort. I'll be 49 this year and would like to retire at 60. I got serious about financial planning for the future about 10 years ago, but I've just done what my financial advisor advised and didn't think much more about it because I just don'tget all the nitty gritty. RU-vid has been suggesting Super & retirement videos the last week or so and they've been spouting figures of $2M! 😳 Freaking me out!! Even using the tips here, when I run the calculations, I get a figure of just over $2M, so how is 450K enough? Even factoring in interest earned I can't see how it's enough. I'm not financially minded, which is why I have an advisor and do what he says. My salary is $130K, not likely to go up much in next 10 years, just general award increases. In December I had just over $350K in Super. Mortgage should be pretty close to paid off by the time I get to 60. I'm single and have no kids. 'Comfortable' retirement will do me - air con, top health insurance but not much interested in travel. Am I likely to have enough to retire at 60 or will I have to work for a few more years?

@AustralianExpatFinance 3 месяца назад

@@reasonjo Firstly, well done for getting serious about financial planning 10 years ago - that's an excellent first step, and one I wish more and more followed. This is where your Financial Adviser should be able to help you. By starting with a detailed budget for your retirement spending, this will give you your target income figure, which will then allow you to work backwards to calculate your figure needed. Your Adviser can then work with you to calculate pension entitlements, staggered retirement spending, and even some budgeting currently to assess if you can be doing more. The great news is you've still got 11 years before you plan to retire - that gives you time to take action.

@longy277 9 месяцев назад

are you basing this off of gross or net pay figures ? makes a massive difference

@AustralianExpatFinance 9 месяцев назад

Great question, and such an important point to note. When we look at modelling retirement income we’re always looking at the net (after tax) figures

@longy277 9 месяцев назад

thanks mate and thanks for the video

@AustralianExpatFinance 9 месяцев назад

Tax rates can also differ in retirement depending on the source - ie superannuation and insurance bonds may be tax free / exempt whilst rental income or shares outside of super could be taxable. Another reason we always refer to net.

@AustralianExpatFinance 9 месяцев назад

Thanks for taking the time to check it out.@@longy277