Retirement age

JGK wrote:

taipan wrote:Well given the performance of the markets in the past year, it looks like at least another 3 years.

Or start running drugs on the side.

The Nigerians have that market tied up.

My financial planner is presenting me with a plan this week. Looking to pull the pin towards the end of the year.

Good luck BD.

Big Dog wrote:My financial planner is presenting me with a plan this week. Looking to pull the pin towards the end of the year.

I highly recommend it, Mr Dog. Been in that zone myself since last July. Grouse being able to get up and have the biggest worry being "Hmmm, what am I going to do today?". Pulled the pin as early as I possibly could after doing the numbers myself and realising that I had more than enough to live comfortably for the next 30 years sans Govt pension. Am very happy with my Self-managed Super performance.

Big Dog wrote:My financial planner is presenting me with a plan this week. Looking to pull the pin towards the end of the year.

Great if you can do it. We have a couple of unusual problems here.

Big Dog wrote:My financial planner is presenting me with a plan this week. Looking to pull the pin towards the end of the year.

so, have you retired?

taipan wrote:

Big Dog wrote:My financial planner is presenting me with a plan this week. Looking to pull the pin towards the end of the year.

so, have you retired?

My mind has.

Had another meeting with my money man on friday. Said i could retire now if i wanted to but set a date for the 1st December, just to give my super an extra boost.

Well done, Mr Dog. Hopefully I can catch you for a celebratory beer in Hobart down the track.

skully wrote:Well done, Mr Dog. Hopefully I can catch you for a celebratory beer in Hobart down the track.

My shout

Big Dog wrote:

skully wrote:Well done, Mr Dog. Hopefully I can catch you for a celebratory beer in Hobart down the track.

My shout

Deal. But I'm sure we won't have just one!!

Big Dog wrote:Had another meeting with my money man on friday. Said i could retire now if i wanted to but set a date for the 1st December, just to give my super an extra boost.

I hate you guys.

Well done Mr Dog. More time for cricket watching. I will join in the shout.

lardbucket wrote:Well done Mr Dog. More time for cricket watching. I will join in the shout.

A question? In Aus do you go onto a fixed annuity that dies with you, or one that you manage and the capital stays intact?

taipan wrote:A question? In Aus do you go onto a fixed annuity that dies with you, or one that you manage and the capital stays intact?

I'll be on a fixed annuity but not managed by me. The capital stays intact & reverts to my estate if i die.

So there's no draw down on capital?

taipan wrote:So there's no draw down on capital?

Yes. Only part of my super is in the Fixed Annuity which is only for a limited time. I may be talking out my ass here. I only had it all explained to me on friday & i've yet to go through the fine details.

Thanks. I would have thought the fixed annuity would have continued until death as is the case here, but then the capital also dies with you.

Well done! December 1st. Just in time for the cricket season (well in another time).

Taips what kind of mad, crazy social utopian wet dream do you live in? Was it your capital to start with?

taipan wrote:Thanks. I would have thought the fixed annuity would have continued until death as is the case here, but then the capital also dies with you.

We call those lifetime annuities here (a fixed annuity is for a fixed term). For a lifetime annuity, the capital would die with you (I think once you reach a certain age).

For the record - I am now in my "hump year" - halfway through my working life (assuming I retire at 67).

But as a measure of how farked up the Australian retirement rules are, if I retired now just about all my net wealth would be in my house which would mean I could claim the full aged pension despite having worked for the last 14 years in investment banking.

On the other hand, my mother in law has just retired and she isn't eligible for the pension, despite earning two fifths of fark all for most of her life because her mother just passed away and left her with just enough money to bump her out of pension eligibility.

As I say, it's a farked up system.

Downsize the Mosman pile, sell the yacht and second merc and go early.

JGK wrote:For the record - I am now in my "hump year" - halfway through my working life (assuming I retire at 67).

But as a measure of how farked up the Australian retirement rules are, if I retired now just about all my net wealth would be in my house which would mean I could claim the full aged pension despite having worked for the last 14 years in investment banking.

On the other hand, my mother in law has just retired and she isn't eligible for the pension, despite earning two fifths of fark all for most of her life because her mother just passed away and left her with just enough money to bump her out of pension eligibility.

As I say, it's a farked up system.

I assume you mean "if I retired now, and was old enough"??

Yeah..i don't understand that. I'm older than JGK but i can't claim any part of the age pension for another 2 years.