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I’m home owner & my superfund is about $500,000. I retired at 69 (12 years ago). I owned my home & have no debts. My pension is $42,000 a year. I live comfortably on this amount of pension. Most important when retired is to employ a good financial advisor, who invests your superfund & provide the pension. At all times be cautious that the balance in your superfund is intact or is growing slightly. Preserving the balance in your superfund balance is most important as you are not working & have no income to top up your superfund.
I felt it was a great attempt to explain in very basic language what to expect financially in retirement. I retired 4 yrs ago after 40 yrs in finance industry and always found it sad and frustrating at the same time how little people invest their time in understanding the dynamics of finance. True financial planning is not about seeing a financial planner to map out your life journey ahead but instead, for one to start understanding their own historical earning & spending behaviour and also being realistic with one self about what they willing to tweak up or down to create their own realistic future plan. And then look at this plan often to see how you tracking & make changes if need be. Talk to other people and ask what they doing to achieve their goals and read stuff available online from all over the world. Good luck,,,
1:33 I've downloaded the ASFA doc and once I pulled out all the bloody crap -- restaurant meals x times / week -- international trips yearly, domestic biannually --- gym membership blah blah. We will retire quite comfortably, at a much lower figure because comfortable for us isn't posh!
Exactly. The people that make up those charts are Sydney North shore people. In the real world nobody Eats out in restaurants or does annual overseas holidays. Maybe a weekend at the beach... but even that costs THOUSANDS at peak times. Australia is a rort. I would leave if I could
@@kaypendergast5676 So, go at non-peak times. If you're retired, you don't need to go when the crowd goes. Australia is expensive, yes, but it's also one of the best countries to retire in, in the world.
Great discussion! The idea of retiring with $1 million in Australia is intriguing. It's crucial to consider factors like lifestyle expectations and inflation. How did you calculate the adequacy of this amount for retirement in different scenarios?"
Everyone's lifestyle needs are highly unique. Some can comfortably live on $30k p.a. and others wouldn't want to retire on less than $80k p.a. So the adequacy of each amount isn't up to me - it's up to the individual.
You dont want to purely retire. Working provides a growth mindset and lets you reward yourself with things. Just work less or work more on things you really enjoy regardless if they pay. Having a good amount of super and owning your own home helps take the stress out of working.
Thanks Chris - very informative! Do you have planning spreadsheet that would allow me to adjust the variables in your video (eg. amount in super; annual living cost, etc)
You mention putting more into super. Later in life closer to retirement is very risky. If markets go belly up after 60 its nearly non recoverable and burnt cash. Banks are less risky on investment. I know you may pay tax on interest returns but its safe accessible cash. You need super and banks to give you security on a balanced level.
Could you tell which is better annuities or term deposits. As i see it annuities eat at your capital and very low interest rates. Term deposit doesnt eat your capital and currently and future would be better interest rates. Whats your view please?
Great video SuperGuy. Would one consider me pretty crazy if I chose a post-retirement super investment strategy of balanced or growth instead of a highly defensive strategy? Let's say I targetted 7-8% growth on average instead of 6% which appears to be the default assumption post retirement. I mean look at the last several years, COVID, inflation & cost of living crisis, multiple wars around the globe - and markets have a) held up well all things considered and/or b) recovered very quickly. So the risk of loss of super value if I were to choose a growth strategy I think can be managed given most years are growth years and loss years markets hold up reasonably, add to that one could reduce super withdrawal during loss years to minimize loss and 'tighten you're belt' or use other non-super funds for a short time.
heres a simple strategy... look up etfs A200 and VLC. they track the Aus stock market index. dividends average around 5% and growth around 2%. very low expense fees and you dont need an advisor etc to buy them.. fully liquid and long term have certainly outperformed fixed deposits/bonds etc and provide passive income if needed. then if you want to go for a better return then look at some of the S&P500 (US) etfs... SPLG / SCHD / SCHG / XLK . a mix of these (30%/30%20%/20%) based on your risk historically exceeds 10% / annum. again low fees and you can buy direct. if you dont want to risk holding these in USD then you can buy BGBL and VDQ they are close equvalents but are bought in AUD equivalent... i moved out of property rentals into these cause as i have got older i dont like stuffing around with agents / insurance/ maintenance etc and are very liquid.. and i hold them long term and have no need to sell them -(i top them up especially when a down market) probably still be holding them when i die but gives me the breathing space/growth/security that works for me. cheers
I would keep 1-2 years expense in cash then the rest in growth/high growth. It means the difference between running out at 85 or lasting >100 with balance higher than starting point.
Depending your age shall denote super/ market recovery. If you are in 60s retirement will be hit and you won't recover if and when you retire in a couple of years. How old are you if you don't mind me asking?
Hi Chris, could you clarify (unless I missed it!) what age pension you can expect at 67 with and without a home? ie I believe your own home isn't included in the benefit calc, but how much other assets have been assumed in the calculation of age pension qualification? thanks :)
I spend part of the year in Spain and have found that the cost of living is pretty similar to Australia, so there isn’t much in it. We spend at least $2000 per month excluding rent but including some bills ( we have a family house there) without a much of travel and entertainment - eating out once a week or so. Food and drink is at least $1200 a month. If we have family or guests staying, we spend double that - at least $4000 a month during the holidays.
To add some additional data for those interested: alcohol (especially bought in supermarkets) is quite a lot cheaper than Australia - a 330-400ml can of beer costing $1.00-1.50 depending on brand, and a bottle of brand name vodka, gin or whiskey for $20-$30. You can get OK table wine for about $5-6 and very good wine from about $12 and up. Fresh vegetables bought at markets are a lot cheaper and often much better quality than Australian supermarket veges. Real-estate *is* a lot cheaper than Australia in many places, unless you want a water-front villa in a touristy area with a load of ex-pat neighbours. Median house price is about $265000, and in coastal cities the average is about $3200 per square meter, but bear in mind most people live in units so there are strata costs as well.
in a month's time I am reaching 60 and will start accessing my super by TTR arrangement as I have not fully retired yet. It will enable me to double my take home pay for the next 5 years, or if I fully retired from work playing by the rules. Hoping the TBC limit would be higher by the time I start my pension stream.
Consider taking up a gig/casual job for the next month, then once 60 quit that job while continuing to work your main job. That way, you satisfy the requirement to start a full tax free pension with all your super (up to $1.9m), because you "ceased AN employment relationship". Not hard and perfectly legal, if perhaps not the intent of the legislation.
@@johnoneill1011 aware of that, I see what my accountant says (in SMSF arrangement) but she is ultra careful in suggesting me to do so. It is OK either way for me.
@@johnoneill1011 that looks very interesting can you tell me a little more about this please does the job have ave to be a full time job you quit .can it be casual or part time job on your days off and is this when you reach 60
This was most interesting to me because I am thinking of TTR next year at age 63 and right now just over 1mill in super. We have no debit at all except normal bills.
My wife and I have around a million or so in our super and my financial adviser has mapped out how we can have $95k a year indexed linked until the day we die. So yes a million is enough - I am retired at 58 and my wife retired a couple of years ago. you also need to balance the money in super with your health - if you work 5 years longer you won't need as much money as you will be retired for at least 5 years less.
For a single person a million might be fine but 700,000-800,000 is pointless.You might as well have $300,000 and then access the [nearly full] aged pension.Better to spend the $400,000 on your house which is not asset tested.
The income assumes that you eventually reduce your super balance to be eligible for a part pension. This wasn't explained. I suspect some watching would like to know the likely income from one million dollars without reducing the starting balance and preferably with that balance and the income keeping up with inflation.
@@lynettejwhite thanks but I don't espouse to that rule. It is based on the US whereas in Australia dividends are much higher. Up to the tax free threshold you can expect 7% from a balanced portfolio after you get franking credits back. Your capital remains intact and grows with capital gains in line with the market hedging you against inflation.
So, earning a return on 1 million AND owning a house or unit. The property should also increase in value over 25 years. Why be concerned about what the kids get? If the property is valued at anywhere from 1 million to 5 million (for example) they aren't left with "nothing".
I'm 55 and have very little super savings, so I'm not sure how I'm going to be able to support myself at retirement. I wish I could still be able to work up till 75 because this is the only way I support myself.
No, you don't own your home! but only a subscription plan (land taxes, council taxes etc) for the exclusive use of it.. Is obvious if not evident that once you stop pay the subscription plan the property will be confiscated from you.
Super has never paid more than the interest you will pay on mortgage before the rates went to its low point and after the rates began rising again. You can hedge your bets but always paying off a loan quicker is the best strategy. You can't predict the future but forward thinking is better. Who could have predicted the Wuhan virus ?
@@dadoftwinsau unless the debt costs less than the return on the investments you can make with the money! I did some calculations a few years ago and found that that extending my mortgage when rates were low, gave me funds to invest in ETFs and super funds that paid a lot more. When the situation changed with increased mortgage interest rates, I paid off the mortgage with the money I had made. You have to calculate cost/benefit *all* the time of course, so it does require a bit of work :-)
Do your figures calculate in inflation (in order to assure your buying power in the years of retirement doesn’t become lower with every passing year - effectively living poorer and poorer with every passing year)? If not… well, then the figures are not very valuable…
Watch it again ... the assumptions assume rates of growth above CPI, so yes they are catering for inflation but all the figures are in todays dollars. There are other online calculators which give similar results and rationale. Remeber though, nopt every year will grow positively, history shows that.
I'd use that 1 mil and invest in high risk 200k @ 7% monthly (80%pa.) 1. 800k in fixed deposit @3%pa. = 24k pa. 2a. Straight-line 7% p.month or 84% pa. = 168k pa. 2b. Compounded 12 months @7% p.mth or 125% pa. = 250,438 pa. Roughly you should be making 190k - 290k pa. Fly business class and stay in 5⭐️ hotels. Nothings worse that 60 year olds in sandwich class!! Enjoy your Rich Life!
The amounts you bandy about are unrealistic for the "Average" Aussie. How about a segment for more realistic figures of around $500k or an income of $50 000 a year.
Noticed a familar theme with some of the comments: "I'll be right because I can live on $x per year." Implication: "it's easy if you look after your budget". The unstated part: these people almost always own their own home outright. When you're not having to pay half (or more) of your income in rent, and you're getting $40K in pension, and you're drawing down on your super or other investments, then yes, life can seem pretty comfy. But the whole system is based around you earning your own home. And that's not a reality for many Australians.
Mum just moved to a nursing home and I would say $500k for the NH room RAD , then have the $1M to draw down for the annual expenses is just right. $60k just for NH care fees, extra for meds, doctors, treats etc.
It big business, $500 K for a shoes box is pretty steep. They have us with taxes, they have us with interest repayments, they have us with retirement homes, they have us all the way to the grave.
Im doing the opposite. Working out how much i can spend, and pissing every cent of my allowance up the wall each year. rinse and repeat. Its going to be a fun time and Im going to help a lot of random people.
@@Fanta.... What happens if the global debt bomb, de globalisation and the world wide demographic winter depresses asset prices and dividends for decades? You planned for a 20 year bear market that do come along every century? The excessive leverage in the system does look similar to 1929.
@@SuperGuyAu It might sound silly but if I knew everything would be much simpler. I hate the idea of working longer only to leave behind a massive estate. I’d rather know so know when to retire 😂
Pension payments are part capital and part earnings. Plus, as your asset base declines over time, you eventually become eligible for Age Pension payments.
If you use 40kWh of electricity per day and it costs 35c/kWh AND if electricity inflation reduces to 10% per year your cumulative electricity bill for 25 years will be more than $500000.
@@dadoftwinsau i live inland, on the other side of the mountains. Much of our energy is nighttime winter heating : so we don’t freeze to death. Coastal Communists who have sabotaged energy policy no nothing of these things. Where do you live?
Its not about how much you have its about how much income you can generate. With 1 million you should easily be able to provide at least 85,000. You can also achieve 100,000 with not too much risk but also if you want to go for broke you could make around 120,000. 100,000 is what people should aim for as that provides a good life style in retirement. I retired 12 years ago and make more money in retirement than I did working, but then I didn't earn much working.
Risk 20% of the 1mil in high yield high risk fund (or trade on your own) Balance 80% in FD Capital 200k 7% monthly x 200k = 14K each month. Withdraw your profit each month until totalling 200k. Your risk is reduced each month, and at the end of 13 months, you are RISK-FREE. From 14th month, compound for next 12 to 18 months ... 12 months compounded = 2.25X ... 18 months compounded = 3.39X ... 24 months compounded = 5X ... 36 months compounded = 11X This is how you take a calculated risk, achieve 0 risk and turn 200k into $2.2mil in 4 years! All the best!
$1m is sadly no longer enough in retirement - it will pay for a very basic life if living off the interest - if you don’t own your home outright & are paying rent to live somewhere - you’re screwed.
@@Woodland26 that makes it even worse as your balance declines once the principle is spent as your interest income will continue to diminish therefore leading to a poverty retirement once you’ve spent the principle ($1m) - & for a decent retirement, it won’t take too long to see $1m disappear quickly - particularly if you don’t own your home.
@@arnobertogna4718 that is true, so I over provision on both fronts, just in case. Plus still do some work after 60, so not immediately draining the balance.
Bah I live on a yacht I own, pay $70 a month jetty rent, half the pension is survival, the other half is adventures on the yacht & annual month overseas.
If you always contribute a little more I know quite a few women who, importantly, always worked who have mid range jobs - nurse, teacher, public servant, who have achieved that before retirement. It is certainly not that unusual, but does require thought and maybe putting in a bit extra along the way. the power of compound interest really matters - as does starting as early as possible
I’m 54, have been contributing to super since I started work as a 21yo. By the time I’m 60, I should hit that target. Admittedly I haven’t had to take time out of the workforce for kids, so YMMV, but it’s a case of start early and contribute what you can regularly to maximise the balance by retirement.
I'm 48 but should be just a few years off retirement. I have a solid, positively geared property portfolio and SMSF but I'm struggling to find a financial adviser who properly understands real estate. While I'm outside of your select age group, are you able to offer an initial review or direct me to someone who could work with me ?
First 1/3 is the hardest. Then there will be what I call singularity point at which super will make you same amount of money as your contrubutions. And from there very quickly it salary contributions have almost no effect. By the time you get to 400-600k it is good idea to be investment eductated. Investing in blue chips or blue chip ETF's that earn dividends and you can write options over is boosting ordinary SP500 up. But with downside risk management strategy.
I am 41 and I have almost paid house in Sydney that is worth approx 2.5 mil. I am planning to buy 2 apartments as an investment soon approx $600k each. Do you think that should be enough to retire?
@@slightfimulator4888 Have been working since age of 19 and bought a good house in a good area 10 years back. Previously invested in the other property. Now want to buy two apartments for retirement.
I'm almost 59, no way will i ever have 1M$ saved by then... single/own house and got just over 100K in banks and 250K in super, guess i'll have to work till i drop dead.
You will be eligible for the Government Pension on top. Currently that is $26,535 per year. Over 25 years that is worth $663, 375. That is the base rate, you may also be eligible for additional funds. You will also get the Pension Healthcare card which reduces all sorts of bills ( 50% off car rego for example) Don't despair, get educated and ignore the naysaying boasters on here. Prepare for a lot of people getting sniffy with me about the government pension, but the reality is most Australians still rely on that top up to make that million, and it's ok. Life is not the fantasy world a lot of the commentators on here pretend it is. They forget that in the real world career breaks, marriage breakdown, retrenchment, singledom, sickness and accidents can all impact, or significantly alter the trajectory of their lives.
My wife is 53 and I'm 48. We have about $180k in super. But, we also have about $4mill in property here in Australia and three properties overseas where we will retire to result when I'm 55-57 of not earlier. Plus the super, shares, precious metals and cash savings. I'm wondering how to minimise tax.
Be a citizen of countries like Singapore which have zero tax on dividends, no capital gains tax and no inheritance tax. Rental properties income are taxed but only if these properties are in Singapore. However the bar is very high for foreigners who want to be citizens unless you have like S$50 to S$100 million (AUD$55 to AUD$110 million) net worth, not kidding, which judging from your summary you may not qualify to apply.
@@herbertvonsauerkrautunterh2513 We were in a similar situation - a bit more in super, but less in property value - and made the decision to downsize the house and use the downsizer allowance ($300,000 each) plus the advanced payment of up to 3 years’ non-concessional contributions (currently up to $360,000 per person this year I think). So as a couple you could add $1,320,000 to your super fund if you sold the $4m property and bought something for about $2.5m. Your wife can start an income stream tax free from the super in 7 years time, and you could probably do a transition to retirement pension or just stop work early. Your super pot could be around the $2 million mark by that time.
Is 1 Million Dollars Enough for Retirement in Australia? It's a question many ponder, and the answer depends on various factors. As a retirement planning expert, I've analyzed how this figure can provide a solid foundation, but optimal planning and lifestyle choices are key to ensuring a comfortable retirement. This video sheds light on crucial insights for anyone preparing for their future!
Are you mad? 2 friends left for Thailand and the other the Philippines. The guy in the Philippines lasted 2 years after insane frustrations. Fridge/freezer breaks? Good luck getting it repaired. Need a plumber? Good luck not having any water or an overflowing toilet for weeks. Airconditioning breaks? Once again expect to be without for up to months. Thailand?....better but after getting sick he decided to seek treatment in Bangok. Unfortunately due misdiagnosis he now has a terminal disease, is back living in Australia with his daughter and her family and is unable to afford a property and has to wait years for public housing. Yeah, go overseas but be prepared to rip your hair out and come hone as soon as you get ill. Crap advice you gave pal!
@@geoffreycoury1171 so you are a fan of 'statistical outliers' i am retired in Thailand, but Asia has been home for 25years so i didnt move here to dodge tax bullets etc.. i and many other friends here have a relatively low cost / high quality way of life lots of positive experiences on medical care and yep the odd negative ones on medical care but then i hear negative ones about Aus / Canada / NZ etc.... my friend got dental treatment here at 20% the cost of AUS (paid for his flights etc thru money saved). My take on it is dont retire overseas just because you are looking to dodge cost of living/tax stuff cause it wont work out for you long term. Your mindset needs to be moving overseas cause you love the place / culture etc.. this way you embrace the differences much more positively.
@@geoffreycoury1171 Those are fairly negative examples, and there are lots of people who live (or spend a lot of time) overseas without any major dramas. Of course you can’t compare everything to how it works in Australia, and if you are just looking for “an Aussie life somewhere cheaper”, you will probably be disappointed. I would say healthcare in Thailand is pretty good, and even paying privately, costs less than Medicare rebated services for many things. That said, if you don’t own a property overseas (which can be a lot of hassle, granted) then we probably spend about the same amount staying in Thailand than we would spend in Australia, but that involves a lot of travel, eating out, and other entertainment that would be very expensive in Australia, so overall it represents more bang for the buck.
That requires you to own your own home. That's a not a reality for a rapidly increasing number of Australians. You cannot live on $33k a year if you're renting.
@w0mblemania I've never rented, paid our home off by age 40 by living a very, very frugal life, working and saving. Retired at 56, I'm now 63. My 3 kids, aged 45, 43 and 37 are almost mortgage free.
@@Michelle_Emm That's nice for you. But that's unrealistic for millions of Australians. You can be as frugal as you like, but if you're having to rent in a big city, you're not going to be mortgage free by 40 these days. Unless you have a plum job right away, or the Bank of Mum and Dad, most people are going to have to rent for years, just to save up a deposit. Then they'll buy at extremely high prices. The math doesn't add up. Your situation is very much the exception.
@w0mblemania we bought our first house when I was 17 and my husband was 19, in 1978. It was 90 minutes from the closest city. We borrowed $1k from my husbands grandmother, we received no financial gifts from anyone. We worked minimum wage jobs for most of our lives. We lived very frugally because we had no choice. We grew food in our backyard and relied on hand-me-downs to clothe our kids. We had a very old car and we never went on holidays, the cinema or bought new furniture or appliances. We still have the second hand dining table we bought over 40 years ago. We still live frugally now, but it's by choice. We have no home internet, no streaming services, no fancy phones or gadgets. We installed solar 5 years ago, so we have no power bills. We have a vegetarian diet, so our food bill is pretty low. We paid our mortgage off over 23 years, so really, we didn't do anything exceptional. None of my kids wasted money going to university. They started earning money before they left school and bought house's when they were young. They have 6 figure incomes now, they worked hard to get where they are. I do fear that my grandchildren will struggle to buy property in the future, but they will inherit from us and their parents eventually and the cycle will continue.
$1M AUD will last me 80 years in Vietnam, Thailand or Cambodia. I’m only 20 and I could retire now to those countries. I inherited my parents house valued at $1.4M
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I’m home owner & my superfund is about $500,000. I retired at 69 (12 years ago). I owned my home & have no debts. My pension is $42,000 a year. I live comfortably on this amount of pension.
Most important when retired is to employ a good financial advisor, who invests your superfund & provide the pension. At all times be cautious that the balance in your superfund is intact or is growing slightly. Preserving the balance in your superfund balance is most important as you are not working & have no income to top up your superfund.
Check your eligibility for a part aged pension and all the concessions that go with that.
Exactly... preserve the balance
I felt it was a great attempt to explain in very basic language what to expect financially in retirement. I retired 4 yrs ago after 40 yrs in finance industry and always found it sad and frustrating at the same time how little people invest their time in understanding the dynamics of finance. True financial planning is not about seeing a financial planner to map out your life journey ahead but instead, for one to start understanding their own historical earning & spending behaviour and also being realistic with one self about what they willing to tweak up or down to create their own realistic future plan. And then look at this plan often to see how you tracking & make changes if need be. Talk to other people and ask what they doing to achieve their goals and read stuff available online from all over the world. Good luck,,,
Love what you do Chris. Thanks for the videos
1:33 I've downloaded the ASFA doc and once I pulled out all the bloody crap -- restaurant meals x times / week -- international trips yearly, domestic biannually --- gym membership blah blah. We will retire quite comfortably, at a much lower figure because comfortable for us isn't posh!
Exactly. The people that make up those charts are Sydney North shore people.
In the real world nobody Eats out in restaurants or does annual overseas holidays. Maybe a weekend at the beach... but even that costs THOUSANDS at peak times.
Australia is a rort. I would leave if I could
@@kaypendergast5676 So, go at non-peak times. If you're retired, you don't need to go when the crowd goes.
Australia is expensive, yes, but it's also one of the best countries to retire in, in the world.
@@kaypendergast5676it doesn’t budget for an annual overseas holiday. It budgets 2 or 3 at the most depending on how long you live.
Excellent video Chris. Thank you 😊
Thank you, Chris. A simple way of looking at retirement, and well presented to cover the important aspects.
Thank you for the information. It’s made my goal clearer.
Great discussion! The idea of retiring with $1 million in Australia is intriguing. It's crucial to consider factors like lifestyle expectations and inflation. How did you calculate the adequacy of this amount for retirement in different scenarios?"
Everyone's lifestyle needs are highly unique. Some can comfortably live on $30k p.a. and others wouldn't want to retire on less than $80k p.a. So the adequacy of each amount isn't up to me - it's up to the individual.
You dont want to purely retire. Working provides a growth mindset and lets you reward yourself with things. Just work less or work more on things you really enjoy regardless if they pay.
Having a good amount of super and owning your own home helps take the stress out of working.
Well said!
Yes, well said. For many, most of their social interaction comes from work.
Thanks Chris - very informative! Do you have planning spreadsheet that would allow me to adjust the variables in your video (eg. amount in super; annual living cost, etc)
You mention putting more into super. Later in life closer to retirement is very risky. If markets go belly up after 60 its nearly non recoverable and burnt cash. Banks are less risky on investment. I know you may pay tax on interest returns but its safe accessible cash. You need super and banks to give you security on a balanced level.
Very bad advice
I love watching your videos! Always food for thought!
$1 million invested correctly would produce some nice dividends. Would never even have to touch the $1 million.
6.5 pct is not realistic given close to retirement . What risky assets after fees and tax are you introducing to the calculus sir?
Why not realistic?
@@ERIN_198 show me a capital guaranteed or even protected strategy giving 6.5 pct. Normally it’s 6.5 or 0 pct. Not exclusive.
Thank you, Chris, for the information
Could you tell which is better annuities or term deposits. As i see it annuities eat at your capital and very low interest rates. Term deposit doesnt eat your capital and currently and future would be better interest rates. Whats your view please?
Great video SuperGuy. Would one consider me pretty crazy if I chose a post-retirement super investment strategy of balanced or growth instead of a highly defensive strategy? Let's say I targetted 7-8% growth on average instead of 6% which appears to be the default assumption post retirement. I mean look at the last several years, COVID, inflation & cost of living crisis, multiple wars around the globe - and markets have a) held up well all things considered and/or b) recovered very quickly. So the risk of loss of super value if I were to choose a growth strategy I think can be managed given most years are growth years and loss years markets hold up reasonably, add to that one could reduce super withdrawal during loss years to minimize loss and 'tighten you're belt' or use other non-super funds for a short time.
heres a simple strategy... look up etfs A200 and VLC. they track the Aus stock market index. dividends average around 5% and growth around 2%. very low expense fees and you dont need an advisor etc to buy them.. fully liquid and long term have certainly outperformed fixed deposits/bonds etc and provide passive income if needed. then if you want to go for a better return then look at some of the S&P500 (US) etfs... SPLG / SCHD / SCHG / XLK . a mix of these (30%/30%20%/20%) based on your risk historically exceeds 10% / annum. again low fees and you can buy direct. if you dont want to risk holding these in USD then you can buy BGBL and VDQ they are close equvalents but are bought in AUD equivalent... i moved out of property rentals into these cause as i have got older i dont like stuffing around with agents / insurance/ maintenance etc and are very liquid.. and i hold them long term and have no need to sell them -(i top them up especially when a down market) probably still be holding them when i die but gives me the breathing space/growth/security that works for me. cheers
I would keep 1-2 years expense in cash then the rest in growth/high growth. It means the difference between running out at 85 or lasting >100 with balance higher than starting point.
Depending your age shall denote super/ market recovery. If you are in 60s retirement will be hit and you won't recover if and when you retire in a couple of years. How old are you if you don't mind me asking?
Hi Chris, could you clarify (unless I missed it!) what age pension you can expect at 67 with and without a home? ie I believe your own home isn't included in the benefit calc, but how much other assets have been assumed in the calculation of age pension qualification? thanks :)
This is clearly available on the govt super website
Helpful advice, thank you.
I really like how you said ‘I assume you want to cover retirement expenses to age 90’… …
Just grab that one million, off to somewhere like Spain or Portugal and goodbye Australia!
I dream about that often
Inflation will follow you
I spend part of the year in Spain and have found that the cost of living is pretty similar to Australia, so there isn’t much in it. We spend at least $2000 per month excluding rent but including some bills ( we have a family house there) without a much of travel and entertainment - eating out once a week or so. Food and drink is at least $1200 a month. If we have family or guests staying, we spend double that - at least $4000 a month during the holidays.
To add some additional data for those interested: alcohol (especially bought in supermarkets) is quite a lot cheaper than Australia - a 330-400ml can of beer costing $1.00-1.50 depending on brand, and a bottle of brand name vodka, gin or whiskey for $20-$30. You can get OK table wine for about $5-6 and very good wine from about $12 and up. Fresh vegetables bought at markets are a lot cheaper and often much better quality than Australian supermarket veges.
Real-estate *is* a lot cheaper than Australia in many places, unless you want a water-front villa in a touristy area with a load of ex-pat neighbours. Median house price is about $265000, and in coastal cities the average is about $3200 per square meter, but bear in mind most people live in units so there are strata costs as well.
@@doodlegassum6959 Equities provide dividend income and protect you from inflation. Notice how the asx is sitting around an all time high ?
in a month's time I am reaching 60 and will start accessing my super by TTR arrangement as I have not fully retired yet. It will enable me to double my take home pay for the next 5 years, or if I fully retired from work playing by the rules. Hoping the TBC limit would be higher by the time I start my pension stream.
Did you factor in the inflation? $50k in 10 years will be worth 70% less
@@vmac11k99 those calculators claimed it is adjusted for inflation
Consider taking up a gig/casual job for the next month, then once 60 quit that job while continuing to work your main job. That way, you satisfy the requirement to start a full tax free pension with all your super (up to $1.9m), because you "ceased AN employment relationship". Not hard and perfectly legal, if perhaps not the intent of the legislation.
@@johnoneill1011 aware of that, I see what my accountant says (in SMSF arrangement) but she is ultra careful in suggesting me to do so. It is OK either way for me.
@@johnoneill1011 that looks very interesting can you tell me a little more about this please does the job have ave to be a full time job you quit .can it be casual or part time job on your days off and is this when you reach 60
This was most interesting to me because I am thinking of TTR next year at age 63 and right now just over 1mill in super. We have no debit at all except normal bills.
My wife and I have around a million or so in our super and my financial adviser has mapped out how we can have $95k a year indexed linked until the day we die. So yes a million is enough - I am retired at 58 and my wife retired a couple of years ago. you also need to balance the money in super with your health - if you work 5 years longer you won't need as much money as you will be retired for at least 5 years less.
Well done!
For a single person a million might be fine but 700,000-800,000 is pointless.You might as well have $300,000 and then access the [nearly full] aged pension.Better to spend the $400,000 on your house which is not asset tested.
The income assumes that you eventually reduce your super balance to be eligible for a part pension. This wasn't explained.
I suspect some watching would like to know the likely income from one million dollars without reducing the starting balance and preferably with that balance and the income keeping up with inflation.
In which case I suggest that you look into the discussions in the FIRE community, and their 4% rule.
@@lynettejwhite thanks but I don't espouse to that rule. It is based on the US whereas in Australia dividends are much higher. Up to the tax free threshold you can expect 7% from a balanced portfolio after you get franking credits back. Your capital remains intact and grows with capital gains in line with the market hedging you against inflation.
Not a mention of sequence of returns risk?
So, earning a return on 1 million AND owning a house or unit. The property should also increase in value over 25 years. Why be concerned about what the kids get? If the property is valued at anywhere from 1 million to 5 million (for example) they aren't left with "nothing".
I’m assuming that calculation is based on the super capital decreasing to zero by the time you hit 90
Thank you Chris!
Great video. A couple with $1m combined will do just fine in my view. :)
Thanks for watching
I'm 55 and have very little super savings, so I'm not sure how I'm going to be able to support myself at retirement. I wish I could still be able to work up till 75 because this is the only way I support myself.
depends on if renting or owning your home big time.
Hi SuperGuy, can you make video about super for Australian non residents please?
My mother saved $60000 on the age pension. If you own your own home, you can do it.
She did well!
No, you don't own your home! but only a subscription plan (land taxes, council taxes etc) for the exclusive use of it.. Is obvious if not evident that once you stop pay the subscription plan the property will be confiscated from you.
@@KoDeMondoyou don’t pay land tax on your residential home.
I hope so as I'm already retired with less and didn't get the memo.
Since we are getting extra take home money from this month, is it better to put that extra into super or pay extra payments towards mortgage?
He did a video on super vs mortgage
Super has never paid more than the interest you will pay on mortgage before the rates went to its low point and after the rates began rising again. You can hedge your bets but always paying off a loan quicker is the best strategy. You can't predict the future but forward thinking is better. Who could have predicted the Wuhan virus ?
Debt first! Always!
@@dadoftwinsau unless the debt costs less than the return on the investments you can make with the money! I did some calculations a few years ago and found that that extending my mortgage when rates were low, gave me funds to invest in ETFs and super funds that paid a lot more. When the situation changed with increased mortgage interest rates, I paid off the mortgage with the money I had made.
You have to calculate cost/benefit *all* the time of course, so it does require a bit of work :-)
Do your figures calculate in inflation (in order to assure your buying power in the years of retirement doesn’t become lower with every passing year - effectively living poorer and poorer with every passing year)? If not… well, then the figures are not very valuable…
Watch it again ... the assumptions assume rates of growth above CPI, so yes they are catering for inflation but all the figures are in todays dollars. There are other online calculators which give similar results and rationale. Remeber though, nopt every year will grow positively, history shows that.
I'd use that 1 mil and invest in high risk 200k @ 7% monthly (80%pa.)
1. 800k in fixed deposit @3%pa. = 24k pa.
2a. Straight-line 7% p.month or 84% pa. = 168k pa.
2b. Compounded 12 months @7% p.mth or 125% pa. = 250,438 pa.
Roughly you should be making 190k - 290k pa. Fly business class and stay in 5⭐️ hotels. Nothings worse that 60 year olds in sandwich class!!
Enjoy your Rich Life!
The amounts you bandy about are unrealistic for the "Average" Aussie. How about a segment for more realistic figures of around $500k or an income of $50 000 a year.
Noticed a familar theme with some of the comments: "I'll be right because I can live on $x per year."
Implication: "it's easy if you look after your budget".
The unstated part: these people almost always own their own home outright.
When you're not having to pay half (or more) of your income in rent, and you're getting $40K in pension, and you're drawing down on your super or other investments, then yes, life can seem pretty comfy.
But the whole system is based around you earning your own home.
And that's not a reality for many Australians.
How the heck do you survive on 32k per year?
I would love to see you make a video for those of us in our 40's about how much we need to retire. $2m?
Mum just moved to a nursing home and I would say $500k for the NH room RAD , then have the $1M to draw down for the annual expenses is just right. $60k just for NH care fees, extra for meds, doctors, treats etc.
There's a lifte time cap on carer fee. Just under $80k
It big business, $500 K for a shoes box is pretty steep.
They have us with taxes, they have us with interest repayments, they have us with retirement homes, they have us all the way to the grave.
Living off grid would also help
That works, right up until you need medical help, services.
Or you need caring.
Or you're a carer.
And then, suddenly, you need society again.
Many Australians die richer than the day they retire due to reluctance to spend their super....So dont worry 😅
Im doing the opposite. Working out how much i can spend, and pissing every cent of my allowance up the wall each year. rinse and repeat. Its going to be a fun time and Im going to help a lot of random people.
@@Fanta....that’s the way 👍
@@Fanta.... As a mate's motto says: Advencha before Demensha.
@@Fanta.... What happens if the global debt bomb, de globalisation and the world wide demographic winter depresses asset prices and dividends for decades? You planned for a 20 year bear market that do come along every century? The excessive leverage in the system does look similar to 1929.
3:56 … “but if you think you will live until age 100”…
How do you work that out…? 😂
hahaha who knows! A little visualisation and manifestation?????? I say some silly things...
@@SuperGuyAu It might sound silly but if I knew everything would be much simpler. I hate the idea of working longer only to leave behind a massive estate. I’d rather know so know when to retire 😂
How on earth can you generate that level of income with 1 mil?
Pension payments are part capital and part earnings. Plus, as your asset base declines over time, you eventually become eligible for Age Pension payments.
@@SuperGuyAu
What I mean is, where do you invest 1 mil in order to generate that annual income?
No bank or credit union that I can find…?🤔
Depends if you took the shots or not i suppose.
Thats why im living to 100, no coincidences for me 😉
@@Itsme-fb2ub 💪 legend
It’s not if you’re married to MY Wife 🙄🙄🙄
If you use 40kWh of electricity per day and it costs 35c/kWh AND if electricity inflation reduces to 10% per year your cumulative electricity bill for 25 years will be more than $500000.
And if my grandmother had wheels, she would be a bicycle. whats your point.
We’re a family of 4 with a fully electric house and use only 8Kw / day….. Turn off the lights and get solar.
@@dadoftwinsau I have solar and battery, haven't paid any electricity bill for 6 months.
@@dadoftwinsau i live inland, on the other side of the mountains. Much of our energy is nighttime winter heating : so we don’t freeze to death. Coastal Communists who have sabotaged energy policy no nothing of these things. Where do you live?
Go where your money works hardest. Earn in developed country, retire in developing one. I retired 10 years early in SE Asia. Smarter, not Harder
Congratulations. Where did you retire?
@@SuperGuyAuthe same country he fled from during the pandemic...
Big mac meal. $200 in 2027.
Its not about how much you have its about how much income you can generate. With 1 million you should easily be able to provide at least 85,000. You can also achieve 100,000 with not too much risk but also if you want to go for broke you could make around 120,000. 100,000 is what people should aim for as that provides a good life style in retirement.
I retired 12 years ago and make more money in retirement than I did working, but then I didn't earn much working.
You cant generate income in retirement. A retirement is to cease to earn.
@@rickyzoom8059 Tell that to the tax man. My father was still paying tax at the age of 103!
Risk 20% of the 1mil in high yield high risk fund (or trade on your own)
Balance 80% in FD
Capital 200k
7% monthly x 200k = 14K each month.
Withdraw your profit each month until totalling 200k. Your risk is reduced each month, and at the end of 13 months, you are RISK-FREE.
From 14th month, compound for next 12 to 18 months
... 12 months compounded = 2.25X
... 18 months compounded = 3.39X
... 24 months compounded = 5X
... 36 months compounded = 11X
This is how you take a calculated risk, achieve 0 risk and turn 200k into $2.2mil in 4 years!
All the best!
@@rickyzoom8059 you obviously have no idea what your talking about. Your super is there to provide income in retirement, that's its purpose.
$1m is sadly no longer enough in retirement - it will pay for a very basic life if living off the interest - if you don’t own your home outright & are paying rent to live somewhere - you’re screwed.
the 1m balance is supposed to drawn out over time, not to preserved untouched. So it may be more than you think.
@@Woodland26 that makes it even worse as your balance declines once the principle is spent as your interest income will continue to diminish therefore leading to a poverty retirement once you’ve spent the principle ($1m) - & for a decent retirement, it won’t take too long to see $1m disappear quickly - particularly if you don’t own your home.
@@arnobertogna4718 that is true, so I over provision on both fronts, just in case. Plus still do some work after 60, so not immediately draining the balance.
Bah I live on a yacht I own, pay $70 a month jetty rent, half the pension is survival, the other half is adventures on the yacht & annual month overseas.
@@arnobertogna4718 You obviously live a very lavish lifestyle.
Not any more.
What salary are you on to get a mill super!!!? Certainly not an average woman.
Maybe they are active in their SMSF.
If you can save $25k by age 25, it would compound to over $1.5M by age 67, without making any additional contributions.
If you always contribute a little more I know quite a few women who, importantly, always worked who have mid range jobs - nurse, teacher, public servant, who have achieved that before retirement. It is certainly not that unusual, but does require thought and maybe putting in a bit extra along the way. the power of compound interest really matters - as does starting as early as possible
@@CallsignEskimo-l3o I should be at 20k at 20 so I guess I'm on the right track
I’m 54, have been contributing to super since I started work as a 21yo. By the time I’m 60, I should hit that target. Admittedly I haven’t had to take time out of the workforce for kids, so YMMV, but it’s a case of start early and contribute what you can regularly to maximise the balance by retirement.
No one wants to use the principal in this chat. Super is not meant to be an inheritance!!
I can choose to spend it or leave some behind. No fixed rules either way.
Now do it for $500,000 to compare……
So what happens at age 90 ???
some people say they won't live past 85 and others plan to live to 100. We have to use some assumptions!
If you are still alive, you live on the government age pension (whatever small sum that is by then).
I'm 48 but should be just a few years off retirement. I have a solid, positively geared property portfolio and SMSF but I'm struggling to find a financial adviser who properly understands real estate. While I'm outside of your select age group, are you able to offer an initial review or direct me to someone who could work with me ?
Richard Head is very good and Sydney based.
First 1/3 is the hardest. Then there will be what I call singularity point at which super will make you same amount of money as your contrubutions. And from there very quickly it salary contributions have almost no effect. By the time you get to 400-600k it is good idea to be investment eductated. Investing in blue chips or blue chip ETF's that earn dividends and you can write options over is boosting ordinary SP500 up. But with downside risk management strategy.
@@hdmccart6735
He blows!
many people are living of less that $100 per week around the world......
Yes 1 million is enough
most people with a morgage not going to have 1 mil so i find this stupid...and with the cost of living always rising even more so
I am 41 and I have almost paid house in Sydney that is worth approx 2.5 mil. I am planning to buy 2 apartments as an investment soon approx $600k each. Do you think that should be enough to retire?
How did you amass that much money and still have no clue?
@@slightfimulator4888 Have been working since age of 19 and bought a good house in a good area 10 years back. Previously invested in the other property. Now want to buy two apartments for retirement.
No. You will need at least 4 apartments and a pile of gold.
Why live in Sydney if you are concerned with not having enough? It would be more than enough if you move to Fuji.
buy house with land not apartments. The yield is quite poor.
I'm almost 59, no way will i ever have 1M$ saved by then... single/own house and got just over 100K in banks and 250K in super, guess i'll have to work till i drop dead.
Or you can downsize and use that money for retirement!
Yeah, that’s a worry.
You will be eligible for the Government Pension on top. Currently that is $26,535 per year. Over 25 years that is worth $663, 375. That is the base rate, you may also be eligible for additional funds. You will also get the Pension Healthcare card which reduces all sorts of bills ( 50% off car rego for example)
Don't despair, get educated and ignore the naysaying boasters on here.
Prepare for a lot of people getting sniffy with me about the government pension, but the reality is most Australians still rely on that top up to make that million, and it's ok. Life is not the fantasy world a lot of the commentators on here pretend it is. They forget that in the real world career breaks, marriage breakdown, retrenchment, singledom, sickness and accidents can all impact, or significantly alter the trajectory of their lives.
Excellent reply, thank you!
@@triarb5790That's a great point to make about the age pension being equivilant to abt $660,000 of super.
My wife is 53 and I'm 48. We have about $180k in super. But, we also have about $4mill in property here in Australia and three properties overseas where we will retire to result when I'm 55-57 of not earlier. Plus the super, shares, precious metals and cash savings. I'm wondering how to minimise tax.
See a tax agent
Tax is not your problem
Be a citizen of countries like Singapore which have zero tax on dividends, no capital gains tax and no inheritance tax. Rental properties income are taxed but only if these properties are in Singapore. However the bar is very high for foreigners who want to be citizens unless you have like S$50 to S$100 million (AUD$55 to AUD$110 million) net worth, not kidding, which judging from your summary you may not qualify to apply.
Make concessional and non- concessional contributions to super.
@@herbertvonsauerkrautunterh2513 We were in a similar situation - a bit more in super, but less in property value - and made the decision to downsize the house and use the downsizer allowance ($300,000 each) plus the advanced payment of up to 3 years’ non-concessional contributions (currently up to $360,000 per person this year I think). So as a couple you could add $1,320,000 to your super fund if you sold the $4m property and bought something for about $2.5m. Your wife can start an income stream tax free from the super in 7 years time, and you could probably do a transition to retirement pension or just stop work early. Your super pot could be around the $2 million mark by that time.
Nonsense. I’m a single guy retired and my costs would be about 15k a year. I could not spend 32k a year if I tried, let alone 50k.
Sure!
Try harder 🤣
Fly business class and a month in Singapore will be more than 15k 🎉
@@mjonno64 Yes sure.
@@aussie8114 so $288 per week on $15 k per year? The age pension is about $500 per week. What do you eat?! You should share your secret!
how about one quarter of one million???
1 million goes further in Thailand😊
Sure does!
I can get the same numbers with 750000 and last til 91
If you use it to buy silver now, then yes, you will have plenty.
No.
About a third of Australians do not own their home, and the number is increasing. Thanks for including that demographic in your presentation.
No problem!
Is 1 Million Dollars Enough for Retirement in Australia? It's a question many ponder, and the answer depends on various factors. As a retirement planning expert, I've analyzed how this figure can provide a solid foundation, but optimal planning and lifestyle choices are key to ensuring a comfortable retirement. This video sheds light on crucial insights for anyone preparing for their future!
A bull but, no bear? (back round)
You're going over the 4% rule so you would run out of the nest egg. Not a good idea unless you want to leave nothing to your family
Yeah, the family gets nothing.
@Dutchman-mj5of or you actually contribute to it urself and can live off 4% while keeping it and also leaving it to your family but okay
Got no option in Oz. Minimum withdrawal above 4% is compulsory once you hit 65
@@paulchilvers5032 seriously? That's stupid it's your money why would you be forced to waste it?
@@nathansmith5726 because Superannuation is not intended as a means of leaving an inheritance
Simple answer is no
I'm early 50+ , retired in Asia. Australia now an absolute rip off for everything. You're welcome.
No, it's not enough
Short answer - no.
Single guy just enough but 1.5 mill better
I retired outside of Aus at 50 for less than that
good work!
Try doing it like me, WITH NO SUPER!
That's a bummer, sorry to hear. Good luck.
Wow. I never knew that you could just decide how long you are going to live like that.
lol, I have. It's falling short that I don't have control over.
NO
don't work, is not worth it, wait for your pension.
Spoiler alert, NO
Don't need much , you spend less when retired.
Depends on individual's circumstances.
I wonder about those studies. Oh, they only spend 28k! Yes, that's because they're on the bleedin' pension. What else are they going to spend....
YOU GET THE PENSION AT 67--- SPEND UP, THEN GET PENSION
I know someone who did this. They now seriously regret it.
Nope ...
Pro tip.
Leave Australia for a cheaper country once you have access to your Super.
Live with a bigger budget.
I left for the Philippines now they are after me.
Are you mad?
2 friends left for Thailand and the other the Philippines.
The guy in the Philippines lasted 2 years after insane frustrations. Fridge/freezer breaks? Good luck getting it repaired. Need a plumber? Good luck not having any water or an overflowing toilet for weeks.
Airconditioning breaks? Once again expect to be without for up to months.
Thailand?....better but after getting sick he decided to seek treatment in Bangok. Unfortunately due misdiagnosis he now has a terminal disease, is back living in Australia with his daughter and her family and is unable to afford a property and has to wait years for public housing.
Yeah, go overseas but be prepared to rip your hair out and come hone as soon as you get ill.
Crap advice you gave pal!
Is super still tax free OS? Guess you might be taxed locally. But query if the tax free rule only applies to residents (like the tax free threshold).
@@geoffreycoury1171 so you are a fan of 'statistical outliers' i am retired in Thailand, but Asia has been home for 25years so i didnt move here to dodge tax bullets etc.. i and many other friends here have a relatively low cost / high quality way of life lots of positive experiences on medical care and yep the odd negative ones on medical care but then i hear negative ones about Aus / Canada / NZ etc.... my friend got dental treatment here at 20% the cost of AUS (paid for his flights etc thru money saved). My take on it is dont retire overseas just because you are looking to dodge cost of living/tax stuff cause it wont work out for you long term. Your mindset needs to be moving overseas cause you love the place / culture etc.. this way you embrace the differences much more positively.
@@geoffreycoury1171 Those are fairly negative examples, and there are lots of people who live (or spend a lot of time) overseas without any major dramas. Of course you can’t compare everything to how it works in Australia, and if you are just looking for “an Aussie life somewhere cheaper”, you will probably be disappointed. I would say healthcare in Thailand is pretty good, and even paying privately, costs less than Medicare rebated services for many things.
That said, if you don’t own a property overseas (which can be a lot of hassle, granted) then we probably spend about the same amount staying in Thailand than we would spend in Australia, but that involves a lot of travel, eating out, and other entertainment that would be very expensive in Australia, so overall it represents more bang for the buck.
… one mil equals three hundred thousand 🙄
We retired with about ¼ of that. Lol We live well on $33k a year.
Doing great. Don't need a million.
That requires you to own your own home.
That's a not a reality for a rapidly increasing number of Australians.
You cannot live on $33k a year if you're renting.
@w0mblemania I've never rented, paid our home off by age 40 by living a very, very frugal life, working and saving. Retired at 56, I'm now 63.
My 3 kids, aged 45, 43 and 37 are almost mortgage free.
@@Michelle_Emm That's nice for you.
But that's unrealistic for millions of Australians.
You can be as frugal as you like, but if you're having to rent in a big city, you're not going to be mortgage free by 40 these days.
Unless you have a plum job right away, or the Bank of Mum and Dad, most people are going to have to rent for years, just to save up a deposit. Then they'll buy at extremely high prices.
The math doesn't add up. Your situation is very much the exception.
@w0mblemania we bought our first house when I was 17 and my husband was 19, in 1978. It was 90 minutes from the closest city. We borrowed $1k from my husbands grandmother, we received no financial gifts from anyone. We worked minimum wage jobs for most of our lives. We lived very frugally because we had no choice. We grew food in our backyard and relied on hand-me-downs to clothe our kids. We had a very old car and we never went on holidays, the cinema or bought new furniture or appliances. We still have the second hand dining table we bought over 40 years ago.
We still live frugally now, but it's by choice. We have no home internet, no streaming services, no fancy phones or gadgets. We installed solar 5 years ago, so we have no power bills. We have a vegetarian diet, so our food bill is pretty low.
We paid our mortgage off over 23 years, so really, we didn't do anything exceptional.
None of my kids wasted money going to university. They started earning money before they left school and bought house's when they were young. They have 6 figure incomes now, they worked hard to get where they are.
I do fear that my grandchildren will struggle to buy property in the future, but they will inherit from us and their parents eventually and the cycle will continue.
Seriously who has a million dollars - this is so aggravating
IF YOU CANT RETIRE ON A MILLION AND OWN YOUR HOUSE YOUR STRAIGHT OUT GREEDY
Just stay on The Dole all Your Life so infact You are Retired at Birth.If You need any more financial advice just ask.
Strokes are hard.
Your parents must be so proud.
$1M AUD will last me 80 years in Vietnam, Thailand or Cambodia. I’m only 20 and I could retire now to those countries. I inherited my parents house valued at $1.4M
@@dadonweIfare I met a lot of guys who did that and they came back broke.
Problem is i had trouble with centrelink claiming the dole when i was 14 days old.
They said "come back later".
Lol nobody is retiring in Australia
Probably not with the way our politicians are running the country