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If the system was really working, and by the system I am referring to the construct of,
‘go to school, study hard, get good grades, get a good job, buy a house,
pay it off and eventually retire and relax with your grandchildren in the
quarter-acre back yard, playing cricket or footy,’
was really working…then the stats mentioned above would be reversed and the vast
majority of Australians today would be retiring with well over $1.5million dollars as a
lump sum in their superannuation fund, equating to some $75,000 income per year,
per individual, assuming a 5% rate of return.
The reality is that even though we are living in possibly the best country in the world,
one that not only boasts natural beauty, political and economic stability, a lot of
Australians are living a life of quiet desperation, mainly because they never truly made
the decision to take control of their finances or even learn the fundamentals of how
to properly invest, conduct a basic cash-flow analysis, feasibility assessments on
potential investments or how to do basic things like structuring their home loans
correctly and how to manage their day-to-day finances correctly.
The stark reality is that many Australians are not aware of the magnitude of the
disaster facing them in the future. Research by The Investment and Financial Services
Association has found that Australians do not have enough in superannuation savings
to live comfortably in retirement. The savings gap has increased from national levels
of about $452 billion in 2004 to $695 billion dollars as at June 2018.
This means that a significant number of Australians who aim to retire in the next
decade will wake up to a grim reality when they find that their superannuation nest
egg will not be able to provide them with a comfortable retirement until they die.
In 2018, data from the University of Canberra research centre, The National Centre for
Social and Economic Modelling (NATSEM), found that the average Australian woman
aged 55 to 64 years, was estimated to have an average superannuation balance
of about $54,500 with the average Australian male’s superannuation balance at
$113,200. This would realistically translate into 2 to 3 years of income before the
funds are completely exhausted.
With the average life expectancy climbing into the 90s for those who make it to 65,
the drain on the Australian tax payer’s and government’s purses will only escalate,
as retirees will be forced to rely on the age pension as their personal funds run out.
Actuarial modelling using an income of $19,399 a year as the “modest” benchmark
and $37,452 as a “comfortable” amount for an individual’s needs, found Australian
retirees would need a superannuation fund balance of $500,000 in order to draw
down a comfortable amount each year to the age of 89; which is still shy of the
average life expectancy of someone who is currently 65 years of age.
And let’s face it, what the hell are you going to do on $19,399 per year in Melbourne,
Sydney or Brisbane?
Bear in mind that it equates to $373.05 per week…
Now I don’t mean to be offensive to anyone watching this youtube video, but when you retire,
don’t you want to be cashed up, travelling the world, spending time with friends
and family, and splashing out on their presents – not having to worry about bills and
Well there is a solution…watch this video to find out exactly what that is.