Where will you be at 65? The Wealth Through Property Series
A lot of people live with their fingers and toes crossed, hoping they’ll have enough money for retirement. Most people don’t really know how much money they will need to sustain their lifestyle in retirement. And if you think about it, who really knows exactly how long their retirement savings will need to sustain them? In 1960, life expectancy in Australia was around 70 years.
The current life expectancy in Australia is 83-84 years and trending upward. In fact, UN projections estimate that it will be as high as 90 years by the year 2080. Not to mention how many people are living to reach 100 nowadays!
Since the majority of people don’t actually have a plan for their retirement, they’re looking at taking a significant drop in their income and thus their lifestyle when they retire. Since most financial advisors are prohibited from providing advice on the two biggest wealth creation vehicles (property and business ownership), it just makes matters worse.
A number of years ago, the Australian Bureau of Statistics shared a report saying that 100 15-year-old’s at the time would be in the following situation by the time they’re 65
- 25 of them will die from premature causes of death
- 49 of them will be broke (either reliant on the government or forced to work with no money to their name)
- 16 will have an average income of $390 per week ($20,280 per year)
- 7 will have an average income of $500 per week ($26,000 per year)
- 1 will have an average income of greater than $800 per week ($41,600 per year)
What this tells us is that those of us who currently have a full-time job, or earning more than $800 per week, have just a 1% chance of sustaining that income. Yikes!
Want to learn how to resolve this dilemma?
Stay tuned for more daily inspirations from Daimien’s book Wealth Through Property!
~Integrity Team
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