Re: Retirement age

by JGK Wed 25 Feb 2015, 13:44

taipan wrote:
Red wrote:
taipan wrote:
Red wrote:I'm still a long way off retirement but have been observing people retiring over the years. Many come back for short-term contracts to give them some travel money. Some have planned their finances pretty well and are comfortably off. We have reasonably good super which we can boost through salary sacrifice as others have alluded to.

Interestingly the majority say that they're so busy that they wondered how they ever fitted work in. The key to a mentally healthy retirement seems to be to have things planned whether it's hobbies, travel or alternative work. There are stories of those who fell off the perch quickly because their careers defined them and once they finished up they could not deal with the void suddenly staring them in the face.

Men appear to suffer more from this clearly because they spend most of their lives in work due to the reproductive imperative of females and the way, in particular earlier generations were conditioned to believe that they were the primary breadwinners.

Men sometimes are less likely to have friendship networks too for whatever reason. Some look forward to more reading, watching films on DVDs a bit of travel etc. but as also has been mentioned above, sometimes this is not enough to replace the structure that work provides. Though I love holidays I do notice that it is easy to allow bad habits to creep in. It is not hard to see how some may become aimless.

Anyway the aforementioned thoughts are a bit jumbled but that's my tuppence worth.

Oh and the mortgage has to be the number one priority. I know several mid-life people who either haven't invested in property yet or have humongous debts. It is hard to imagine how one would retire without the security of a roof over their head. I bought in my mid-twenties.

I would say education is the number one priority.

Agree, but assuming one is well-educated with a career, knocking off the mortgage is essential to equanimity when thinking of retirement.

I was referring to the children's education.

Now that is finished I will hopefully kill the mortgage in the next couple of months.

I've recently discovered that public schools are basically free. Sounds way better than $30k a year (post tax) in school fees. Per kid.

by taipan Wed 25 Feb 2015, 13:45

Does horrie know this?

And doesn't the state pay the Uni fees and then claim back?

by JGK Wed 25 Feb 2015, 13:51

taipan wrote:

And doesn't the state pay the Uni fees and then claim back?

Basically yes - you pay it back in taxes as you earn. But even then only about 40% is paid for.

by taipan Wed 25 Feb 2015, 13:57

JGK wrote:
taipan wrote:

And doesn't the state pay the Uni fees and then claim back?

Basically yes - you pay it back in taxes as you earn. But even then only about 40% is paid for.

That is the difference. At a rough calculation we paid 4/5 times the settlement value of the bond on Uni fees, in the past 5 years.

by horace Wed 25 Feb 2015, 21:16

really interesting thread to read through...Taips my preference would be for uni edn to be free but that there be a 1.0% surcharge on all future earnings of those who benefit...I consider it a return on the investment made in education by the community as a whole.

1.0% may be a sore point with you Taipan as I note the SA Govt Budget has increased income tax by that amount. while maintaining energy use controls and cutting a lot of services.

All posters have raised interesting points. Red may be on to something alluding to blokes who overly define themselves through work... I undoubtedly fall into that category. I have travelled a bit...read heaps of books...play a bit of golf (very poorly) have lots of pals and the odd romantic interest...Have no wish to make that a 24/7 occupation. Retirement for me would see me go (yes I know further) to seed.

Ultimately the crazy nursing home (ie work) will either boot me out or I will be carried out

by G.Wood Wed 25 Feb 2015, 22:59

JGK wrote:
taipan wrote:

And doesn't the state pay the Uni fees and then claim back?

Basically yes - you pay it back in taxes as you earn. But even then only about 40% is paid for.

Scholarships are grouse

by JGK Wed 25 Feb 2015, 23:42

G.Wood wrote:
JGK wrote:
taipan wrote:

And doesn't the state pay the Uni fees and then claim back?

Basically yes - you pay it back in taxes as you earn. But even then only about 40% is paid for.

Scholarships are grouse

Yes they are - particularly in a posh high school.

by taipan Thu 26 Feb 2015, 05:33

horace wrote:really interesting thread to read through...Taips my preference would be for uni edn to be free but that there be a 1.0% surcharge on all future earnings of those who benefit...I consider it a return on the investment made in education by the community as a whole.

1.0% may be a sore point with you Taipan as I note the SA Govt Budget has increased income tax by that amount. while maintaining energy use controls and cutting a lot of services.

All posters have raised interesting points. Red may be on to something alluding to blokes who overly define themselves through work... I undoubtedly fall into that category. I have travelled a bit...read heaps of books...play a bit of golf (very poorly) have lots of pals and the odd romantic interest...Have no wish to make that a 24/7 occupation. Retirement for me would see me go (yes I know further) to seed.

Ultimately the crazy nursing home (ie work) will either boot me out or I will be carried out

It will cost me about R270 pm extra as well as the other associated rip offs they have added because of their inepitude and corruption. Of more concern is that SAB always has an increase the first week of March.

The good news is that it will offset by my increase at the end of March.

by lardbucket Mon 09 Mar 2015, 00:02

JGK wrote:
Red wrote:I'm still a long way off retirement but have been observing people retiring over the years. Many come back for short-term contracts to give them some travel money. Some have planned their finances pretty well and are comfortably off. We have reasonably good super which we can boost through salary sacrifice as others have alluded to.

Interestingly the majority say that they're so busy that they wondered how they ever fitted work in. The key to a mentally healthy retirement seems to be to have things planned whether it's hobbies, travel or alternative work. There are stories of those who fell off the perch quickly because their careers defined them and once they finished up they could not deal with the void suddenly staring them in the face.

Men appear to suffer more from this clearly because they spend most of their lives in work due to the reproductive imperative of females and the way, in particular earlier generations were conditioned to believe that they were the primary breadwinners.

Men sometimes are less likely to have friendship networks too for whatever reason. Some look forward to more reading, watching films on DVDs a bit of travel etc. but as also has been mentioned above, sometimes this is not enough to replace the structure that work provides. Though I love holidays I do notice that it is easy to allow bad habits to creep in. It is not hard to see how some may become aimless.

Anyway the aforementioned thoughts are a bit jumbled but that's my tuppence worth.

Oh and the mortgage has to be the number one priority. I know several mid-life people who either haven't invested in property yet or have humongous debts. It is hard to imagine how one would retire without the security of a roof over their head. I bought in my mid-twenties.

Oh I'm definitely going to take up Bridge if I ever retire.

Jumping from one?

by JGK Mon 09 Mar 2015, 00:07

Meh - if my kids haven't driven me to wanting to jump off a bridge by now, nothing else will.

by skully Mon 09 Mar 2015, 00:43

And the dog? Perhaps just chuck it off a bridge. Or would your jubbly supply be cut off? Cool

by JGK Mon 09 Mar 2015, 01:59

skully wrote:And the dog? Perhaps just chuck it off a bridge. Or would your jubbly supply be cut off?

Most likely so I will need to be more subtle than that. And there are now 2 dogs. The most likely route is to leave the front door open one day and see the dogs escape onto the road. Alas, that's happened a couple of times already by Mosmaners are too friendly and have taken the dogs to the vet where their chip gets read and we get a phone call to come and pick them up.

by lardbucket Mon 09 Mar 2015, 03:19

Feed them onions and chocolate. Easy mistake to make.

by furriner Mon 09 Mar 2015, 03:24

I hope the dogs bite your arses off.

by lardbucket Mon 09 Mar 2015, 03:26

by embee Mon 09 Mar 2015, 04:20

furriner wrote:I hope the dogs bite your arses off.

I hope your chooks turn into emus and kick your dunny down

by furriner Mon 09 Mar 2015, 04:47

I hope I understand what you just said.

by JGK Mon 09 Mar 2015, 04:54

lardbucket wrote:Feed them onions and chocolate. Easy mistake to make.

Interestingly, the local Chinese home delivery lady has recently taken quite and interest in the dogs. The next time the price of beef spikes, maybe one day I'll come home and they just won't be there any more.

by skully Mon 09 Mar 2015, 05:02

JGK wrote: And there are now 2 dogs.

Do we get to call you "Why do you ask?"?

by Bradman Mon 09 Mar 2015, 05:14

I didn't think Mossman was that dog friendly. Or do they only take that attitude with visitors?

by skully Mon 09 Mar 2015, 05:28

Don't ever spell Mosman with 2 "S"s when you are there. The highfalutin will run you out of town. They'll tell you to take away your latte and jolly well never come back. Cool

by Bradman Mon 09 Mar 2015, 05:34

Hehehe. You're right. I'm just north of Mossman at the mo and very north of Mosman. They may never let me in the BV again. Apols rich spivs.

by JGK Mon 09 Mar 2015, 05:45

Bradman wrote:Hehehe. You're right. I'm just north of Mossman at the mo and very north of Mosman. They may never let me in the BV again. Apols rich spivs.

Idiot Northerner.

The BV though is a broad Church. You'll be allowed back.

by JGK Mon 09 Mar 2015, 05:47

skully wrote:
JGK wrote: And there are now 2 dogs.

Do we get to call you "Why do you ask?"?

Might as well. It would match the answer I gave to my wife on the day when she called me out of the blue and asked "Are you going to be mad with me?"

by Bradman Mon 09 Mar 2015, 05:52

Mosman Rowrs would probably be more suited to this slowing down with old age idiot northerner.

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