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29th November 2013, 12:25 PM #16
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29th November 2013 12:25 PM # ADSGoogle Adsense Advertisement
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29th November 2013, 08:27 PM #17GOLD MEMBER
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- May 2003
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- Central Coast, NSW
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Yes, I am really not sure about how to model life expectancy. I understand that its a normal curve, and that if 83 is your lot by the best guess of the actuaries then you might die at any point along the bell curve. So should you model to 83, and assume that if you get lucky then the Gvt can support you from then on (assuming your wants are pretty modest in your late 80's anyway). Or should you draw the line at 25% chance and model to 90. Or should you accept that there is a 1% chance that you will live to 100 and therefore model to 100.
Re the age pension. Well that's the way I've always seen it but I intend to see a Financial/retirement planner or two in the new year and perhaps they can show me otherwise. I have no issues at all with getting a bit of government support, even if it requires manufacturing circumstances a bit to do so.
all interesting
cheers
ArronApologies for unnoticed autocomplete errors.
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29th November 2013, 08:36 PM #18GOLD MEMBER
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- Jun 2005
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- Helensburgh
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- 7,696
It is a gamble and nothing else describes it. My father was involved in superannuation and he always said tell me when you will die and I will tell you how much money you need.
CHRIS
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29th November 2013, 10:42 PM #19
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29th November 2013, 11:16 PM #20SENIOR MEMBER
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- Nov 2010
- Location
- Gippsland Victoria
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- 706
What Sawdutmaker and Chris Said
I agree with Sawdustmaker and Chris.
I reckon everybody should plan on spending a bit more on toys and activities during early retirement and spend relatively less (taking inflation into account) in "their deep old age" - I got that phrase from a financial planner.
Lets face it, you are highly likely to spend more time reading books and watching videos when you are 90 than when you are a sprightly 60yo and still eager to make a mess in the shed.
Bill
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30th November 2013, 05:31 PM #21
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