JockinTas Posted December 13, 2015 Share Posted December 13, 2015 Some want little which is fine. Not that I want a lot but useful to compare before blowing the trumpet too loudly for Australia. I'll be self funded also but would have got a very decent pension on top of my personal wealth,(in a European context) which is not taken into account. Nor having a partner considerably younger. In theory I would need to run down saved wealth and she take care of me leaving her with little.You most likely would have been if stayed longer in France or Belgium as well. Possibly but at the time I received a good job offer in California and off I went. I had very itchy feet in those days and an urge to experience different things - certainly never thought about my old age!! :cute: Quote Link to comment Share on other sites More sharing options...
ramot Posted December 13, 2015 Share Posted December 13, 2015 (edited) Some of us have travelled the world, lived in my case mostly in UK, 4 years Germany, 3 years Africa, 10 years Brunei and now 12 years in Australia. Spent many months living in France, and in Tunisia, and as an ex airline stewardess probably glanced through more countries than most. Nothing wrong with being happy and content living in Australia in preference to anywhere else at any age. Nothing wrong with preferring to live somewhere else, but as regards to where is better, well each to their own. I have absolutely no desire to rush around the continent, but if that floats your boat, off you go, but don't let it worry you that many of us don't want to. I thought the original post was an interesting read, but not surprised that it had as usual had to be high jacked into the usual anywhere is better than Australia. Also had itchy feet and took up a good job offer in Zambia, don't regret any of my life's experiences, but very content with my life in Australia, the time was right for us to come here, experience living in yet another country, and as yet no intention of leaving. Edited December 13, 2015 by ramot Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted December 13, 2015 Share Posted December 13, 2015 Possibly but at the time I received a good job offer in California and off I went. I had very itchy feet in those days and an urge to experience different things - certainly never thought about my old age!! :cute: Definitely would have been. But I done much the same. I could never understand this European obsession with the pension. Quote Link to comment Share on other sites More sharing options...
dmjg Posted December 13, 2015 Share Posted December 13, 2015 If Mr Mason thinks Australia has advantages over the US, just wait until he sees Europe. My first thoughts exactly Stacey. Has this man travelled at all? Meanwhile our politicians from the right side of politics will us ever further down the American road of sink or swim, never mind the sharks, rip tides, and other dangers lurking underneath. Stacey is a Quokka, not a Quinkla.......... :wink: Quote Link to comment Share on other sites More sharing options...
JockinTas Posted December 13, 2015 Share Posted December 13, 2015 Stacey is a Quokka, not a Quinkla.......... :wink: :laugh: Well spotted ............................................................................. or perhaps Quinkla in real life is also called Stacey. Quote Link to comment Share on other sites More sharing options...
Quinkla Posted December 13, 2015 Share Posted December 13, 2015 I could never understand this European obsession with the pension. If you have a stable, secure job, you can afford to worry about pensions and retirement. If you are living constantly with the threat of redundancy - as many of us do in the US and Australia, the mind is focused very much on still having a wage next month. Having said that, moving mid life and starting up a superannuation based savings is financial suicide. My colleagues who are retiring now still have defined benefits schemes so they will be OK, but those my age (mid 40s) are probably in a lot of trouble. Especially if we all get fired before we're 50. Quote Link to comment Share on other sites More sharing options...
Skani Posted December 13, 2015 Share Posted December 13, 2015 If Mr Mason thinks Australia has advantages over the US, just wait until he sees Europe. Has this man travelled at all? Well, yes he has. In fact he has lived in Europe. To state the bleeding obvious: the article comprised a few subjective observations by one American about Australia. It was NOT a comparison of Australia with every other country in the bleeding world or even with any single country in Europe. Inevitably it gets twisted by the usual suspects into a why-anywhere-else-is-better pi$$ing contest. Keep the positive compliance for Facebook and other outlets if you must, lets keep something real.... Not that I want a lot but useful to compare before blowing the trumpet too loudly for Australia So if you insist on keeping it real... the good folks at Natixis have just done that with a study into welfare in retirement (2015 Global Retirement Index) Australia scrubbed up OK, ranking 3rd after Switzerland and Norway. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted December 13, 2015 Share Posted December 13, 2015 If you have a stable, secure job, you can afford to worry about pensions and retirement. If you are living constantly with the threat of redundancy - as many of us do in the US and Australia, the mind is focused very much on still having a wage next month. Having said that, moving mid life and starting up a superannuation based savings is financial suicide. My colleagues who are retiring now still have defined benefits schemes so they will be OK, but those my age (mid 40s) are probably in a lot of trouble. Especially if we all get fired before we're 50. Not sure why that should be. It is clearly advisable to start a pension early but it is surely better late than never isn't it? Quote Link to comment Share on other sites More sharing options...
JockinTas Posted December 13, 2015 Share Posted December 13, 2015 If you have a stable, secure job, you can afford to worry about pensions and retirement. If you are living constantly with the threat of redundancy - as many of us do in the US and Australia, the mind is focused very much on still having a wage next month. Having said that, moving mid life and starting up a superannuation based savings is financial suicide. My colleagues who are retiring now still have defined benefits schemes so they will be OK, but those my age (mid 40s) are probably in a lot of trouble. Especially if we all get fired before we're 50. One of my ex co-workers has just retired from the company we worked in together. She was there for 46 years. Not many people I know have worked for so long in the one place. It was a good place to work I'll give it that. I was there for over 20 years. Quote Link to comment Share on other sites More sharing options...
spangley Posted December 13, 2015 Share Posted December 13, 2015 I'm a Brit currently living in Switzerland. I've got my own business which is doing pretty well......my daughter seems content in Kindergarten and my German wife who is desperate to leave. We have PR for Australia, so how to does Aus compare to Switzerland? It's all a matter of opinion surely? It's where you feel content. I've lived in the USA, France, Belgium, Switzerland and the UK .................. but I am happiest living here. Quote Link to comment Share on other sites More sharing options...
JockinTas Posted December 13, 2015 Share Posted December 13, 2015 I'm a Brit currently living in Switzerland. I've got my own business which is doing pretty well......my daughter seems content in Kindergarten and my German wife who is desperate to leave. We have PR for Australia, so how to does Aus compare to Switzerland? I lived in Switzerland (French part) for 12 months many years ago. I found the Swiss very hard to get to know and it was an expensive place to live - gorgeous scenery though. I can't really compare the two countries - so different. I know which one I prefer to live in though. Quote Link to comment Share on other sites More sharing options...
spangley Posted December 13, 2015 Share Posted December 13, 2015 We're in the German part and the people there are even more "awkward" than the French side. In terms of costs, it's all relative as salaries are much higher here too. Scenery is wonderful, access to Europe is incredible.....but it's boring and socially awkward. I miss being able to crack jokes with strangers......strangers that actually understand a joke. Interesting that you opted for Tas. I'm guessing it's more suitable for retirees than for people half way through their career. Is there much need for IT people in Tas? Quote Link to comment Share on other sites More sharing options...
Quinkla Posted December 13, 2015 Share Posted December 13, 2015 Not sure why that should be. It is clearly advisable to start a pension early but it is surely better late than never isn't it? That's a matter of opinion. But superannuation works on the basis of returns above the rate of inflation, being compounded over many years. Assuming a return of 4% above inflation (which would be good), assume zero fees and zero tax (yeah, right) and assume a super contribution of 10,000 per annum to make the numbers easy. After 20 years, you'd not quite have $300,000 After 40 years, you'd have about $950,000 After 46 years, you'd have $1,270,000 So in just six years between years 40 and 46, you'd have accumulated more than someone just starting out would have got at the end of 20 years. A retirement pot of $300,000 is about as much use as a chocolate teapot. And these figures are generous - I wish my super were doing this well. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted December 13, 2015 Share Posted December 13, 2015 That's a matter of opinion. But superannuation works on the basis of returns above the rate of inflation, being compounded over many years. Assuming a return of 4% above inflation (which would be good), assume zero fees and zero tax (yeah, right) and assume a super contribution of 10,000 per annum to make the numbers easy. After 20 years, you'd not quite have $300,000 After 40 years, you'd have about $950,000 After 46 years, you'd have $1,270,000 So in just six years between years 40 and 46, you'd have accumulated more than someone just starting out would have got at the end of 20 years. A retirement pot of $300,000 is about as much use as a chocolate teapot. And these figures are generous - I wish my super were doing this well. Those figures are very interesting. I know we are straying way off topic here but, as it happens, I have about £150k ($300,000) to bring over and, at my age, do not expect to add much to that. Leaving aside issues of actually transferring pensions currently (which are somewhat fraught) would that amount be practically worthless then in your view (I will also have a Civil Service Pension and my OH has a pension too so not going to be wholly reliant on this by any stretch). I am aware it is not a large amount. Are there calculations I can find that would guide me? Sorry about all the questions. Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted December 13, 2015 Share Posted December 13, 2015 Stacey is a Quokka, not a Quinkla.......... :wink: I thought it was her ultra ego? Could be wrong of course. Quote Link to comment Share on other sites More sharing options...
Parley Posted December 13, 2015 Share Posted December 13, 2015 Those figures are very interesting. I know we are straying way off topic here but, as it happens, I have about £150k ($300,000) to bring over and, at my age, do not expect to add much to that. Leaving aside issues of actually transferring pensions currently (which are somewhat fraught) would that amount be practically worthless then in your view (I will also have a Civil Service Pension and my OH has a pension too so not going to be wholly reliant on this by any stretch). I am aware it is not a large amount. Are there calculations I can find that would guide me? Sorry about all the questions. Better to have it than not have it. You will qualify for the pension as well, and if you own your own house outright you are not doing too badly. Superannuation is definitely worthwhile even at a more advanced age due to the concessions. Although if you are not working at all it may be best to keep the money outside super. It depends on your situation. Quote Link to comment Share on other sites More sharing options...
Parley Posted December 13, 2015 Share Posted December 13, 2015 Are you working Gbye Grey Sky ? Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted December 13, 2015 Share Posted December 13, 2015 I'm a Brit currently living in Switzerland. I've got my own business which is doing pretty well......my daughter seems content in Kindergarten and my German wife who is desperate to leave. We have PR for Australia, so how to does Aus compare to Switzerland? My partners Swiss German friend stayed long enough to get residence then decided Switzerland had more to offer. She did return for a month every so often over the years to maintain her residence visa, but last trip decided it would be the last. She has a partner that doesn't care much for Australia, speaking Russian and loving travels through that part of the world. His career being an engineer has taken him to many parts of the world and has found conditions in Switzerland, second to none with great wages, conditions and a very rewarding pension. She is an English teacher in Switzerland, making far more than a teacher in OZ. I find both have views I find rather abhorrent towards race and humourless would be an understatement. Another Swiss German friend from young days hated Switzerland and the attitudes there and migrated to Cairns a decade and a half back. They had an incredible hard time here in Australia, mostly due to lack of funds and work inability, but came through by creating their own business in the proceeding years. I would not chose to live in Switzerland myself, but when living in Germany, close to the border often went there. Petrol for one thing being cheaper in CH than D. Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted December 13, 2015 Share Posted December 13, 2015 Better to have it than not have it.You will qualify for the pension as well, and if you own your own house outright you are not doing too badly. Superannuation is definitely worthwhile even at a more advanced age due to the concessions. Although if you are not working at all it may be best to keep the money outside super. It depends on your situation. How long such concessions will remain in place is another thing. You are correct if not working it may be worth reconsidering. There is a risk as I found losing a bundle several years back when a few years of negative growth cost me many tens of thousands. Quote Link to comment Share on other sites More sharing options...
starlight7 Posted December 13, 2015 Share Posted December 13, 2015 With some on here I just wonder what do they like? Anything? Seem to enjoy dismantling the joy of others. Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted December 13, 2015 Share Posted December 13, 2015 Well, yes he has. In fact he has lived in Europe. To state the bleeding obvious: the article comprised a few subjective observations by one American about Australia. It was NOT a comparison of Australia with every other country in the bleeding world or even with any single country in Europe. Inevitably it gets twisted by the usual suspects into a why-anywhere-else-is-better pi$$ing contest. So if you insist on keeping it real... the good folks at Natixis have just done that with a study into welfare in retirement (2015 Global Retirement Index) Australia scrubbed up OK, ranking 3rd after Switzerland and Norway. I know those figures and don't agree at all. Australia has a very poor system based on the vulgarities of the market. In the countries I have worked in Europe, and neither Norway or Switzerland are among them I would have been far better off. Those systems encourage work and allow savings and investments. Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted December 13, 2015 Share Posted December 13, 2015 (edited) With some on here I just wonder what do they like? Anything? Seem to enjoy dismantling the joy of others. Some ask questions and don't smile when told to. Probably what is not liked is being constantly told everything is honky dory. As for retirement far more Aussies going elsewhere than foreigners coming here to retire. Who can afford Australia? Edited December 13, 2015 by flag of convenience Quote Link to comment Share on other sites More sharing options...
Quinkla Posted December 13, 2015 Share Posted December 13, 2015 How long such concessions will remain in place is another thing. You are correct if not working it may be worth reconsidering. There is a risk as I found losing a bundle several years back when a few years of negative growth cost me many tens of thousands. My super after six years of working in Australia is worth less than the contributions add up to. However, that is partly attributable to tax and fees - but still failing to see how this is going to accumulate into a retirement fund. I also have a small amount of occupational pension in the UK - worth I think about 16,000 pounds a year (so currently 32k Australian dollars). Had I worked to age 65 in the UK, I would expect that to have reached just shy of 40,000 pounds a year - assuming no further promotions. I can't see a hope in hell of reaching that level based on my UK occupational pension and my super. As for whether you can survive on that, who knows? My observation is that Australia has almost two separate economies. One is based on deep discount stores where things cost almost nothing (K-Mart and the like), you drink $5 wine and occasionally eat out at the RSL. The other one is based on shopping in brand name shops, spend $15 on a bottle of wine and eat in bistros. My worry, I suppose, is that in retirement many people will go from the latter category to the former one. Incidentally, I am not alone in being a Jeremiah on this. You are starting to see some mainstream comment that the super is a time bomb waiting to go off when people find their promised comfort in old age is just not there. Quote Link to comment Share on other sites More sharing options...
Parley Posted December 13, 2015 Share Posted December 13, 2015 Super is just a vehicle for investment. And a concessional vehicle. If you don't put it in super you need to know how you will invest. Whether you do it inside or outside super returns will obviously depend on the underlying investments. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted December 13, 2015 Share Posted December 13, 2015 Are you working Gbye Grey Sky ? No PC. We are living off our savings for now. My OH has been offered some work in the New Year so will see if that materialises which will at least preserve the savings a bit. I am still contemplating early retirement tbh if I can afford it. Left school at 16 and went straight into work so did 38 years or so. Not really missing work as much as I expected to and absolutely loving it here. Everything about this little corner of Oz just seems right to me and I am eternally grateful for the opportunity to be here. I heard a quote (by whom I have no idea) that nobody's last words are "I wish I had spent more time at the office". Definitely poorer now (in financial terms) than we were, but have escaped the rat race and we were never big spenders anyway. Quote Link to comment Share on other sites More sharing options...
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