Old people better off in UK(than Aus)

[flag of convenience]

Really? My OH and I went from having a zero super balance to having well over a million in super in less than 20 years. And that included a few years when it went backwards instead of forwards. You might think that over a million dollars is virtually nothing but I'm very happy to have it.

 

 

 

Nonsense. There are retirement places everywhere. I live in the eastern suburbs of Sydney, which is about as central as you can get, and there are plenty of them around here.

 

Good for you. I still have a way to go to recover the losses made a few years back. Fell for rhetoric and payed a lot of extra into a super fund where as it would have done far better in high interest bank account at the time.

 

 

There may be nursing homes all around very willing to take your money, but are they any good? Any care available if/when one becomes ill or frail? What about the costs after about your retirement home?

[flag of convenience]

The last advice i got is that the current retirement target required is $700,000 for a couple, assuming you've paid off your mortgage !

If you want to retire earlier, you need more.....food for thought and a real need to look into extra investment and tax benefits from saving earlier and grabbing interest.

 

There are many variables to consider with regards the amount needed. It won't be long before a million will be considered a nominal figure. Australia has some shocking regulations in place with regards to assets. There is so much money wrapped in property that could be unleashed to enable folk to live better and more interesting retirement lives it is criminal. The super will never be enough for most of us over 40 to retire on without a lowering of living standards.

The pension is a joke. If they allowed folk to cash in their un needed oversized house for a smaller one without penalty (still get the pension) it would be a win/win for all, as younger folk need the bigger houses.

[flag of convenience]

Dunno how there are comments about Oz super being "worthless",,,,,,,,,,,,,,,,,,,I can't remember exact figures without digging out the paperwork but the (off the top of my head) statement that one poster has made about super being worthless has me gobsmacked...............we've been here 18 yrs..................one income (nurse) family, and my wife has built 370k (Qld health) into her super and she still has another 12 yrs to pay into it...............the 7 yrs she payed into the NHS seems rather puny by (year to year) comparison. I'm also amazed at the statements about fees................certain "industry supers" cary negligible fees...............purely admin.

 

I don't recall any poster saying they are worthless, but may have missed that post. A lot of super funds took quite a hit in recent years being the victim of the share market down turn. Fact is a number of folk did not have the money in their funds that would have allowed comfortable retirement.

Less older folk retiring as early as before as well. Some returned to work as a result.

At the moment they are doing very well. It depends largely on how they are managed (balanced, risk, surrounding costs etc)as many don't appear to take a lot of interest in the finer points.

[grizzly111]

The reality is that it is relatively expensive to retire in Australia.

 

My super fund reckons that to retire comfortably you will need around $45,000 per annum for a single person. I'm not sure how much you need in the UK.

 

I can also say that amassing several hundreds of thousands of dollars into super by just working 10 years in Australia is not going be easy. If you are starting from $0 you will have to have a salary well into the six figures and make some BULK contributions and pray for a very positive share market/investment strategy for that to happen - I guarantee it from experience. And who has the leftover money to contribute if you are enjoying yourself downunder/have a mortgage to pay off/kids to send to private school? There are plenty of online calculators for one to play around with in any case.

 

The comments made from Bob are interesting. I note he lives in Mackay which happens to be a fairly expensive place to live in Australia for your average person - people there really pay 5 star prices for 3 star quality. For those who don't know about this place, it's a regional town. It's known largely for its mining industry surrounding it which pushes up the cost of living significantly. See: http://www.dailymercury.com.au/news/high-costs-eat-into-budget/1370375/

 

Just to see a non-bulk billing GP (trust me the decent ones tend to be non-bulk billing and often have spaces) will be around $70-80. A 10+ min. 'extended' consult could cost around $120 for some GP's although I have heard higher. Regional areas supported by mining tend to be more expensive to live. There is a 'transport tax' on everything. I recently compared prices of items in a regional town from a major retailer to those found in a major city and discovered that the regional retailers where putting anywhere from 10-20% markups on their goods.

 

If you want to retire in Australia one of the least expensive cities I've been to is Adelaide. Do you own research is my recommendation.

[Bobj]

The reality is that it is relatively expensive to retire in Australia.

 

My super fund reckons that to retire comfortably you will need around $45,000 per annum for a single person. I'm not sure how much you need in the UK.

 

I can also say that amassing several hundreds of thousands of dollars into super by just working 10 years in Australia is not going be easy. If you are starting from $0 you will have to have a salary well into the six figures and make some BULK contributions and pray for a very positive share market/investment strategy for that to happen - I guarantee it from experience. And who has the leftover money to contribute if you are enjoying yourself downunder/have a mortgage to pay off/kids to send to private school? There are plenty of online calculators for one to play around with in any case.

 

The comments made from Bob are interesting. I note he lives in Mackay which happens to be a fairly expensive place to live in Australia for your average person - people there really pay 5 star prices for 3 star quality. For those who don't know about this place, it's a regional town. It's known largely for its mining industry surrounding it which pushes up the cost of living significantly. See: http://www.dailymercury.com.au/news/high-costs-eat-into-budget/1370375/

 

Just to see a non-bulk billing GP (trust me the decent ones tend to be non-bulk billing and often have spaces) will be around $70-80. A 10+ min. 'extended' consult could cost around $120 for some GP's although I have heard higher. Regional areas supported by mining tend to be more expensive to live. There is a 'transport tax' on everything. I recently compared prices of items in a regional town from a major retailer to those found in a major city and discovered that the regional retailers where putting anywhere from 10-20% markups on their goods.

 

If you want to retire in Australia one of the least expensive cities I've been to is Adelaide. Do you own research is my recommendation.

 

Yup, Mackay is expensive, but the trick is to buy what is needed, not what is wanted...:yes:

 

Been retired in Mackay for 14 years and, as we own everything we need, manage quite well on our combined pension of $465 a fortnight. Yes, we need to dive into the piggy bank for rates and the like, just like most people. But one can live quite well on a small income.

 

 

Question...Of all those who read and added to this thread, how many are actually retired???

 

I ask this because quite a few of you don't seem to have a clue as to retirement. Sorry, but that is the way you come across.

 

BTW...Wouldn't mind betting that I'm a sight hap hap happier than all of you.

 

 

 

 

Cheers, Bobj.

[Petals]

I agree Bob I am retired and you are right until you do it you have no idea.

 

People think of now, how they feel today this minute when discussing retirement, a lot of people do not get to retirement due to ill health. When they do they are suffering from age related disease, so until you get there you do not really know what is going to be happening. However no reason not to plan for it, however planning should not take away from living the life people have now, there are no guarantees. My oh worked with a guy, he was well off, he never bought a paper he saved his money, he was going to have the life of Riley when he retired. He retired early at 58 and died at 60 of prostate cancer, his widow had a nice life of course but he didn't.

 

Not everyone can save for their retirement, people have families and needs that need to be funded and there is nothing wrong with looking after one's family, having holidays, doing stuff, paying for education for children etc, those are the things that give us joy.

 

I look at it as unfortunate if I live to be 94 like my mum, yes she lives and is independent but as we age our minds may be fine but we need a new body and unless I can live like I am now I think, popping my clogs would be a good thing for everyone.

 

\

[Bobj]

Petals...Well said.:yes:

 

Cheers, Bobj.

[ramot]

Retired for 10 years, planned for it and loving it, but all our income comes from UK so super doesn't apply to us, as we have a guaranteed index linked income.

Completely agree with Petals, it doesn't matter how much money you do or don't have, good health is the biggest bonus, but it does make sense to plan for retirement.

until you are retired you don't know how much fun it can be.

[Guest]

There is no "super" in the UK. There are a range of pension options which are voluntary. A number of which, particularly those for professionals are not transferable.

Housing, I suspect most use their equity in setting themselves up in the move - moving costs, living while finding a job and things. Also factor in the difference in house prices. Unless you are moving from central London then house costs are going to be a lot higher. For example, we moved here from Leicester. We sold our house for £85k. We owed, with early settlement penalty £60k. We used all of the remaining equity in setting up here. Now, I am about to take on a mortgage for $500k. I am lucky as I earn a good income and should pay this off before I retire. The average person starting out won't.

 

Just look at the posts on here or meet a number of them - I have met a fair few via the Perth forum and all are using their equity to set themselves up. So will be at a square one house buyer in their mid 40's and probably having to take a 30 year mortgage.

 

Yup, that was us in Perth, we spent about £70k in total on the relocation and had a $500k mortgage which realistically I was going to have to work until I was 70 to pay. Luckily we made a bit of money selling it, and with the price of houses dropping in the UK whilst we were away we have pretty much broke even and I can now look forward to retiring at 60

[Flathead]

Retired for 10 years, planned for it and loving it, but all our income comes from UK so super doesn't apply to us, as we have a guaranteed index linked income.

Completely agree with Petals, it doesn't matter how much money you do or don't have, good health is the biggest bonus, but it does make sense to plan for retirement.

until you are retired you don't know how much fun it can be.

I am in the same position. Index linked pension and also building up super. Retirement comes round quicker that you may think and you really do need to prepare. You need to add extra your super fund otherwise it will not be enough and then it will be too late to do anything about it

[pablo]

I agree Bob I am retired and you are right until you do it you have no idea.

 

People think of now, how they feel today this minute when discussing retirement, a lot of people do not get to retirement due to ill health. When they do they are suffering from age related disease, so until you get there you do not really know what is going to be happening. However no reason not to plan for it, however planning should not take away from living the life people have now, there are no guarantees. My oh worked with a guy, he was well off, he never bought a paper he saved his money, he was going to have the life of Riley when he retired. He retired early at 58 and died at 60 of prostate cancer, his widow had a nice life of course but he didn't.

 

Not everyone can save for their retirement, people have families and needs that need to be funded and there is nothing wrong with looking after one's family, having holidays, doing stuff, paying for education for children etc, those are the things that give us joy.

 

I look at it as unfortunate if I live to be 94 like my mum, yes she lives and is independent but as we age our minds may be fine but we need a new body and unless I can live like I am now I think, popping my clogs would be a good thing for everyone.

\

 

I dont like reading stuff like that Petals tbh,makes me sad,since me mam died ive heard me arl fellah wish he wasnt here any more so many times its untrue,just thinking out loud,not passing judgement

[NickyNook]

My OH retired two years ago. I'm not officially retired but I haven't worked for a year and would only return if I was offered a perfect contract (ie. very unlikely) as I'm enjoying it too much. :wink:

 

We've been pleasantly surprised by how little you can get by on when you don't work. We have no debts and own everything we need but we don't waste money on anything (except holidays and travel).

 

We did plan to a degree, were pro-active with super, added a bit to it with extra contributions but we do have other assets so are not relying on it 100%.

 

Totally agree that health is everything. No point having the time and money if you're too sick to enjoy it. We put quite a bit of effort into daily exercise and eating properly. My OH needed a triple heart bypass immediately after he retired which came as a complete shock and made us realise how short life can be if you don't look after yourselves.

[Guest The Pom Queen]

I dont like reading stuff like that Petals tbh,makes me sad,since me mam died ive heard me arl fellah wish he wasnt here any more so many times its untrue,just thinking out loud,not passing judgement

Its hard Pabs though when your body is failing. I've wanted to stop fighting numerous times. I had an incident when Rob left me in Darwin and I was so angry and frustrated but then other days I am so thankful I'm still here. In 28 weeks I have lost 5 1/2 stone its still dropping off me I can't eat solid food. Its no life honest. I work towards small goals and give myself things to look forward to, the BobJ trip, however silly it sounds was the thing that pushed me the hardest to get back on my feet. Bob will tell you I struggled but I tried my hardest not to give in and do everything, even swimming in the spillway with Bob and his wife. Now I'm back home I've had my children on my mind, trying to get my middle son on his feet and my little one settled in his new school, then my next goal is Christmas as Robs family are coming, although I'm also dreading it as I can't eat and I will really miss Christmas dinner.

[Bobj]

Its hard Pabs though when your body is failing. I've wanted to stop fighting numerous times. I had an incident when Rob left me in Darwin and I was so angry and frustrated but then other days I am so thankful I'm still here. In 28 weeks I have lost 5 1/2 stone its still dropping off me I can't eat solid food. Its no life honest. I work towards small goals and give myself things to look forward to, the BobJ trip, however silly it sounds was the thing that pushed me the hardest to get back on my feet. Bob will tell you I struggled but I tried my hardest not to give in and do everything, even swimming in the spillway with Bob and his wife. Now I'm back home I've had my children on my mind, trying to get my middle son on his feet and my little one settled in his new school, then my next goal is Christmas as Robs family are coming, although I'm also dreading it as I can't eat and I will really miss Christmas dinner.

 

Nothing but pure admiration from me, PQ. You're a battler all the way and that's a fact.

 

Well remember your comment on swimming in the spillway, "it's warmer than in our pool"

 

 

Cheers, Bobj.

[Guest The Pom Queen]

Nothing but pure admiration from me, PQ. You're a battler all the way and that's a fact.

 

Well remember your comment on swimming in the spillway, "it's warmer than in our pool"

 

 

Cheers, Bobj.

:hug:

Bob we need to set ourselves a personal goal to do a 2014 trip even if its just to Richmond lol.

[Bobj]

:hug:

Bob we need to set ourselves a personal goal to do a 2014 trip even if its just to Richmond lol.

 

Next one?? Wrestling that big croc at the Keep?? Then catching an 80 cm barra and having a decent feed off it.

 

Good enough??

 

Cheers, Bobj.

[Guest The Pom Queen]

Next one?? Wrestling that big croc at the Keep?? Then catching an 80 cm barra and having a decent feed off it.

 

Good enough??

 

Cheers, Bobj.

Sounds good to me, although I think squarepants may wuss out at one part :wink:

[Bobj]

Sounds good to me, although I think squarepants may wuss out at one part :wink:

 

Err...Forgot that bit.:sad:

 

Actually, could do that whole thingo again. BUT, a bit further afield for mineral specimens in The Red Centre and old mines... And Keep River fishing must be on the neap tides. Easier to watch the other crocs...:wink:

 

Cheers, Bobj.

[Bobj]

Amazing that an old fart and a beaut, if somewhat skinny sheila can do these things when we're both pushing the limits.

 

Cheers, Bobj.

[Guest The Pom Queen]

Amazing that an old fart and a beaut, if somewhat skinny sheila can do these things when we're both pushing the limits.

 

Cheers, Bobj.

Bob you and Jo were amazing, I just hope I reach your age and am as fit as you. Jo was lovely you can tell she was a nurse, so very caring :yes:

[jen85]

That would be my eyeball evaluation as well - I'm quite gobsmacked at the care and level of service for oldies in UK, far better than I've seen in Aus.

 

Really?! Is it that much better? That is one of mums worst fears that the medical care won't be as good i.e. here in oz you can just pop to the specialist clinics etc without having to go into hospitals and they didn't seem to have that kind of setup where we lived.

[Bobj]

Really?! Is it that much better? That is one of mums worst fears that the medical care won't be as good i.e. here in oz you can just pop to the specialist clinics etc without having to go into hospitals and they didn't seem to have that kind of setup where we lived.

 

Never heard, or read about oldies' buses in the UK going 50 km to take them to the city to do their shopping and then taking them back again and the driver helping the oldies to carry the groceries. Have seen it done in Mackay. A bit of good service.

 

Cheers, Bobj.

[Quoll]

Really?! Is it that much better? That is one of mums worst fears that the medical care won't be as good i.e. here in oz you can just pop to the specialist clinics etc without having to go into hospitals and they didn't seem to have that kind of setup where we lived.

 

Not much by way of specialist clinic without appointment in Canberra! We are fortunate to live in Cambridge and the services continue to be excellent - mum complains she can't get a same day appointment with her doctor but that's rubbish! She rings once and the phone is engaged (at 8.15 when they open) so she interprets that as an inability to get an appointment! Her doctor (when I have persisted with calls) has NEVER not been able to see her on the day and the nurse has bent over backwards for her. I've been amazed at the home visits from both docs and nurses when required. All of my olds have had specialist appointments much quicker than they would have in Canberra. I've also been impressed that my GP has encouraged me to come off meds!

[pablo]

Its hard Pabs though when your body is failing. I've wanted to stop fighting numerous times. I had an incident when Rob left me in Darwin and I was so angry and frustrated but then other days I am so thankful I'm still here. In 28 weeks I have lost 5 1/2 stone its still dropping off me I can't eat solid food. Its no life honest. I work towards small goals and give myself things to look forward to, the BobJ trip, however silly it sounds was the thing that pushed me the hardest to get back on my feet. Bob will tell you I struggled but I tried my hardest not to give in and do everything, even swimming in the spillway with Bob and his wife. Now I'm back home I've had my children on my mind, trying to get my middle son on his feet and my little one settled in his new school, then my next goal is Christmas as Robs family are coming, although I'm also dreading it as I can't eat and I will really miss Christmas dinner.

 

I know its hard lovely,i watched me mam those ten months,and i know youre a battler girl:notworthy: