[SeekerOfLife]

I am not prepared financially for the future. My parents did not teach me to save. My ex husband got everything in the divorce. I live paycheck to paycheck. If I manage to save a little, it gets used on car repair, etc. Anyone else have financial worries about the future?

[Angelique67]

I do, but it looks like I don't have much future. I'm trying not to think about it because so much else is wrong.

[seeker1950]

I retired from teaching. I have no savings or nest egg. I live paycheck to paycheck also. But I'm much happier than I was teaching. But like you, SeekerOfLife, I find if I have a little bit of extra cash, it goes to house repairs, the car, or medical expenses. Right now, I'm also paying for my own health insurance, which I hope will decrease when I reach 65 with Medicare.
Basically, I try not to worry about it. As long as I have a roof over my head and my health, I think I'm okay!

[IowaFarmGal]

I have no saving for retirement either. Not sure if I will be able to find work either after the training grant is done. Just hoping I can hang in there a little longer until I'm 62.

[Tommo]

Originally Posted by IowaFarmGal

I have no saving for retirement either. Not sure if I will be able to find work either after the training grant is done. Just hoping I can hang in there a little longer until I'm 62.

I'm 63...and your pic looks like where I live...here in Australia! Same thing, here. I'm trying to finally get the place paid off and "make it pay" with some cattle and a rental cabin "here 'n there" for the tourists. Meanwhile, I am stifled because I'm still supporting "everybody".....

[lizardlady]

Does anyone know of a reliable way of determining how much income you need after retiring?

[SeekerOfLife]

Hi Liz. I would guess about the same as you need now. I make it a point to not get behind on bills. I once had a large medical bill that I dutifully pecked away at til it was gone. The only bill I can think of that would lessen would be gasoline.
Perhaps some recently retired members would like to comment.

[Tommo]

Originally Posted by lizardlady

Does anyone know of a reliable way of determining how much income you need after retiring?

Have you downsized everything??? You will need to see what is absolutely bare bones...toss in a few comforts...and get a calculator.

[Tommo]

Originally Posted by SeekerOfLife

Hi Liz. I would guess about the same as you need now. I make it a point to not get behind on bills. I once had a large medical bill that I dutifully pecked away at til it was gone. The only bill I can think of that would lessen would be gasoline.
Perhaps some recently retired members would like to comment.

I'm trying to retire within these next two years. We never invested in retirement funding...but did put our "retirement money" into land here in Australia. We are scratching our heads over exactly what will pay for our carrying costs. We are seeing many great ideas as we snoop around. Still, it's all such a worry!

[seeker1950]

I retired at the age of 62, weighing the numbers, which allow me to make the exact same as I was while teaching. That said, I supplement my income with my art sales, which have been very slow in the last year. I can manage without the art sales, thankfully.

[IowaFarmGal]

I'm afraid some wealthy politicians will move the goal post or steal my retirement completely before I get there.

[Tommo]

Originally Posted by IowaFarmGal

I'm afraid some wealthy politicians will move the goal post or steal my retirement completely before I get there.

I am 100% in agreement with that...and it is NOT paranoia. My life is a perfect example. I am a dual citizen...USA and Australia. If I don't file a US income tax every year (for ZERO dollars) I get fined $10,000 per offence. If I don't file a bank account tally per year...I get fined $10,000 per offence. Sure, I can skip it and "they won't get my money"...but when I croak...and the US gets my death certificate...my heirs will find the IRS on line in front of them for...you guessed it...$20,000 per year in fines. Nice, huh?????

But other things could also happen. Our money is...in reality...a bunch of digital code off in the netherworld. Pfft! It's gone. A solar flare could do this...or sabotage. Who knows. All's I can say is that once the currency was backed in gold and in silver...and now it's a bunch of digitised "ons and offs" in...who knows where??????

We are trying to "pull our arms and legs in" with our retirement plans. Grow our own food, some rental cabins, our own electricity...that sort of thing.

It is daunting...

Many, MANY Americans are coming to Australia to retire. They get a 5 acre piece next to a stream...not too far from a metropolitan area...and they live happily ever after. Except for those *(**&*( US income tax reportings!!!

[Angelique67]

Originally Posted by Tommo

I am 100% in agreement with that...and it is NOT paranoia. My life is a perfect example. I am a dual citizen...USA and Australia. If I don't file a US income tax every year (for ZERO dollars) I get fined $10,000 per offence. If I don't file a bank account tally per year...I get fined $10,000 per offence. Sure, I can skip it and "they won't get my money"...but when I croak...and the US gets my death certificate...my heirs will find the IRS on line in front of them for...you guessed it...$20,000 per year in fines. Nice, huh?????

But other things could also happen. Our money is...in reality...a bunch of digital code off in the netherworld. Pfft! It's gone. A solar flare could do this...or sabotage. Who knows. All's I can say is that once the currency was backed in gold and in silver...and now it's a bunch of digitised "ons and offs" in...who knows where??????

We are trying to "pull our arms and legs in" with our retirement plans. Grow our own food, some rental cabins, our own electricity...that sort of thing.

It is daunting...

Many, MANY Americans are coming to Australia to retire. They get a 5 acre piece next to a stream...not too far from a metropolitan area...and they live happily ever after. Except for those *(**&*( US income tax reportings!!!

That actually sounds wonderful. I would like to do that.

[Tommo]

Hiya, kid....

Please understand that there is a depth of genuine affection by Aussies for Americans. You'd be very welcome here. This is probably one of our better aspects.....

The Japanese have us summed up perfectly:

"In Japan we have too much office and not enough beach. In Australia, you have too much beach and not enough office."

I agree. Overall, this is a fun place to live. But you already know that.....

Although I live in a place called "Australia's Northern Rivers Area"...retiring Americans are settling in many places. A five acre block...with no frost...great soils...fresh water...close to the ocean...and a metro area...are what are selling like the proverbial hotcakes.

People will put up a small...but modern...home. There is also a "swap arrangement" with both nations' Social Security benefits, etcetera. We have a GREAT socialised medicine scheme...that (for the life of me) I just could NOT understand why the US just didn't copy it. Eh, not my concern, I guess. However, getting a work visa is quite difficult. But if you are over 55 and want to retire...that's fine. But you can't "work". You can, however, put enough farm infrastructure on the five acre block to carry the cost of your outgoings.

I don't want to tie up too much of this "retirement thread" with an Australian view on it. But do have a browse through Mr Google and look at the prices and property descriptions from where I am. Bear in mind that $1.00 USA is $1.14 Aussie...

http://www.domain.com.au/search/buy/...rthern-rivers/

Scroll past the billionaire section!!! Ha!!! Enjoy the diversion, at any rate.....

Here's a more plebian listing:

http://www.domain.com.au/search/buy/...2c+nsw%2c+2469

[Angelique67]

Originally Posted by Tommo

Hiya, kid....

Please understand that there is a depth of genuine affection by Aussies for Americans. You'd be very welcome here. This is probably one of our better aspects.....

The Japanese have us summed up perfectly:

"In Japan we have too much office and not enough beach. In Australia, you have too much beach and not enough office."

I agree. Overall, this is a fun place to live. But you already know that.....

Although I live in a place called "Australia's Northern Rivers Area"...retiring Americans are settling in many places. A five acre block...with no frost...great soils...fresh water...close to the ocean...and a metro area...are what are selling like the proverbial hotcakes.

People will put up a small...but modern...home. There is also a "swap arrangement" with both nations' Social Security benefits, etcetera. We have a GREAT socialised medicine scheme...that (for the life of me) I just could NOT understand why the US just didn't copy it. Eh, not my concern, I guess. However, getting a work visa is quite difficult. But if you are over 55 and want to retire...that's fine. But you can't "work". You can, however, put enough farm infrastructure on the five acre block to carry the cost of your outgoings.

I don't want to tie up too much of this "retirement thread" with an Australian view on it. But do have a browse through Mr Google and look at the prices and property descriptions from where I am. Bear in mind that $1.00 USA is $1.14 Aussie...

http://www.domain.com.au/search/buy/...rthern-rivers/

Scroll past the billionaire section!!! Ha!!! Enjoy the diversion, at any rate.....

Here's a more plebian listing:

http://www.domain.com.au/search/buy/...2c+nsw%2c+2469

Wow, thanks. I doubt I can go since I have so many health problems but it sounds like a dream.

[Tommo]

Originally Posted by Angelique67

Wow, thanks. I doubt I can go since I have so many health problems but it sounds like a dream.

That's okay. But the internet lets you visit. Maybe I should start an Aussie Thread...there's a few of us here on this site....

[gayleggg]

I'm worried about the future, too. After my breakdown in September I haven't been working and my doctor would prefer I not start back, however that really puts my husband and I in a tight spot. He took early retirement at 62 but I was hoping to make it until I was 65 but I'm only 63. I had a a little inheritance but that is being eaten away by medical bills and monthly expenses. I've filed for disability but haven't been approved yet. I'm really worried about our long term welfare and it causes me great stress, which is what I'm trying to avoid by not working.

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