Originally Posted by
percy
You don't know how lucky you are..!
25 years ago we fronted up with the deposit for daughter's and Gunna's house.
2 years ago we fronted up with the money to pay out Gunna's half as the marriage was over.
2 years ago we fronted up with the balance the daughter owed the bank,as there was no way she could run the house with her daughter,and pay a mortgage on the wage she was on.
Just over a year ago I gave her my old car,yet I continue to pay all its costs,insurance,maintance,and petrol.
The other daughter lives in a modest one bedroon flat,the mortgage of which we paid off about 5 years ago.
Retirement.My wife and I live very modestly.We downsized about 30 years ago,into a ownership flat with no mortgage.I ran my business from home,with next to no overheads,just petrol for the van and the phone bill.Just kept plugging away at the sharemarket,and continued to work until I was 69 as I loved my job.With dividends,earnings,super.and a great run on the market I retired comfortably.
So I think if you can live within your means, and pay off your house, and invest wisely you can look forward to a good retirement.
If you are flash big spending trippers you will need about $4 mil invested,plus a mortgage free home..
Sensible and wise,a bit over $1.2 mil invested,plus a morgage free home.
A bit short.Downsize to a modest house with no mortgage or into a retirement village,and hopefully $200,000 to $400,000.invested carefully.
From what I hear most people retire with a mortgage free house, and are lucky to have between $50,000 and $100,000 of
savings.
ps.A friend of mine owns rental properties.Rents one to his son.
Wish we had done the same with daughter and Gunna.