How Much $ Do You Actually Need to Retire Early?
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- Опубликовано: 6 июл 2024
- How much do you actually need to retire early? Is it 1 million dollars? 2 million dollars? For early retirees, the answer is not that straight forward. In this video, I'll use a case study of a couple and crunch the numbers on the two wealth pots - FIRE portfolio for early retirement and Superannuation which you can only access at age 60.
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Great video, but one of the biggest and most important variables affecting the FIRE number is the sequence of returns risks. If you just use averages like you did in this video, any number you end up with will be substantially lower than what you actually need in reality.
Thank you for your excellent content as always.
Using inflation data since '66 seems a bit pessimistic, especially when using 10 year returns on Super. There have been some pretty big changes in monetary practice since then that would presumably keep inflation lower on average.
Starting at 1980 gives 3.9%. 1990 gives 2.9%. 2013, the last 10 years to match the number you're using for Super, gives 2.6% inflation.
I'm 62 and plan to semi retire next year. Working 3 days per week. I've already spoken to my manager and HR and they have agreed to this in writing. I will be classed as a part time staff member, still with super paid in, holidays and sick pay.
Nice vid but can I ask why you used the RBA as your source for inflation information. I would have thought that the bureau of statistics as they report on actual recorded inflation numbers from which you could take the median from rather than the average.
Not sure what you mean. Inflation is cumulative. It doesnt matter if most years were 3% because that year at 15% never goes away.
Hi Irene. Question for you. If I activate the carry forward rule for non concessional 120 k per year understanding is it can only be done once right ?
Do you mean you made a personal contribution and claim a tax deduction (to make it a concessional contribution)? The Notice of intent is for the entire FY, so yes, typically once, unless you amend it later (to fill out a Vary Form one more time).
@@IreneZhu NON concessional. CF rule is different between concessional vs non concessional. So what I do is put 110k now 120k into super each year as a non concessional contribution. I’ve been doing this for 5 years. So my question is if I defer for three years and put in 360k in three years time (unutilitsed portion of after tax contribution) , is that ok? Then if yes I believe you can also put in three years ahead of actual retirement as well. So in three years time I put in lump sum 720k (360 x 2) and fully retire in 6 years from now, is it possible to do this?
Of course providing total balance is < 1.8 mio
@@IreneZhu ie the carry forward rule uses unused caps from previous years and the bring forward allows to to use future limits.
The carry forward is the same as concessional for about 1/4 of the non concessional limit
If you used your total increased bring-forward cap in the first year, you would have a nil cap for the next 2 years.
Darling! You’re intense. Spreadsheets are more individual. One question, hope your partner is buying in to your philosophy. I’m in as is my missus. Keep ‘em coming 😊
Speaking of being obsessed with numbers 😆 Oh, www.youtube.com/@BrendanHasty he's fully on board, but we're both a bit "workaholic", so probably FI (have more time to the family & self-care) and not completely RE😃
@@IreneZhu are you licensed in australia? I just got my MAS license from the monetary authority of Singapore. Now looking for some mutual funds to put money to work. I’m thinking about doing the course in australia too. Is at hard?
@@Bokgat I'm planning to get a financial planning qualification from next year (pass exam+hours of practice), most of the Financial planners either use their employer's AFSL or any company who has a AFSL with monthly fees(couple of thousands). There is a shortcut that I saw a few Aussie Finance RUclips channels did, they became an authorised representative of an AFSL without getting themselves qualified for financial planning.
@@IreneZhu nice to know thanks. Here in Singapore it’s slightly different but also highly regulated. Here, the Financial Advisor (FA) is the organisation that hires you and the course you take is covered by the bankers association or insurance association. So we are only representatives of an organisation the FA. But you don’t need to be a bank or insurance company to offer a whole range of protection (insurance) or accumulation / enhancement products (wealth) as an FA. For example our company is completely independent and distributes on behalf of insurance, and wealth product providers. Our products in the Singapore context can also be sold within our equivalent of your super or external to it. For example, my hostplus account in Aus only has UBS money market products or Bank of Queensland fixed D, Admittedly a bit broader for ETF’s in Aus. But aggressive products like structure Unit trusts are typically sold outside of pension schemes universally anyway for obvious reasons
Why does it go from 100K to 180K?
100k per person x 2 = 200k - superannuation guarantee.
@@rhlam83 Ah, thanks!
working very hard then retire to do nothing seems a bit of a waste of talent. If it is me I would work less but not stop all together.
Agreed, as I said in the video, in reality many early retirees have their side hustles, business going on. RE is not the end goal, but having that ability is what people aim for.
Yes this is my aim. To have the ability and then choose to continue to work.