Retirement Planning & Experiences

[hydrabyss]

I don't think it has been mentioned anywhere, so hopefully this is a useful addition (and I'd love someone with more knowledge to add a solution or correct me if I'm wrong...):

If you are wanting to convert to pension phase once you have reached 60, but without doing TTR, you only need to cease one form of employment (and can keep other employment or then take a new job, even with the same employer, without it voiding your official retired status).

However, if you are self-employed, I believe this is almost impossible, as the super fund will need proof of cessation of employment. As far as I can see (please correct me) the only proof is probably the voluntary cancellation of your ABN (and perhaps evidence that there's no website or whatever for the business anymore). But that then hampers you from resuming your work easily if you regret the change (or are trying to game the "retired" status to access super, as is readily done by employees (previous paragraph)).

From my understanding you could cancel abn, business name and shut the website but retain the domain name and sell off any assets remaining. Then say 12 months later reapply for the abn and business name if still available and use the domain name again for your website.

 

[Happy Dude]

What's been you're preferred calculation method for estimating how much you'll need in retirement? For those living it - has it been 'on the money'? If ever there's been a YMMV situation......

 

[Quickstatus]

preferred calculation method

Start here
Alternatively about 75% of pre retirement after tax income, adjusted for certain payments that you will no longer need to make.
Then assume CPI of average 3-4%

 

[aspro2]

What's been you're preferred calculation method for estimating how much you'll need in retirement? For those living it - has it been 'on the money'? If ever there's been a YMMV situation......

One thing that some of the very useful calculators or reference materials don't mention (or don't adequately explore) is that you should work out the cost of large financial events and how to budget for them over time.

• Will you need a new car?
• Will you need to do some sort of unavoidable work on your home? (e.g. roofing, fencing, restumping)
• Will you need to upgrade a lot of tech? (Can you survive as a "grey iPad warrior" like you see in airport lounges, or will you need a new computer once or twice or thrice? Same for mobile.)
• How many white goods are likely to need replacement (and aircon units too)?