I have a small sum of money in a Superannuation account
Below six figures. In my drinking days I prioritised alcohol over all else and twice cashed in my Superannuation.
It was much easier 30 years ago.
Coming out of my almost 3 decade drunken stupor I had no assets to my name.
It has only been the last 5 years that I have started to get serious about saving for retirement. Being single with no debt I am saving 65% of my income.
Still, all up I have not quite twice four score with 6 years to build as much capital as possible.
That is assuming I will be fit enough to work to 67.
I have reduced money going into my Superannuation account and am concentrating on cash in the bank. Sure, inflation will have a detrimental effect on my purchasing power. My Super account only realised 1.5% growth over the previous 12 months and currently my bank is only paying 1.7% on deposits.
The Reserve Bank has raised the interest rate by 2.75% since March, of which my bank has only passed on 1.6%
I have written to my bank to voice my displeasure and received the stock standard generic response. I am seriously thinking of withdrawing my money, planting it in one of the other banks that are paying at least 2% more than my bank.
I will continue to save as much as I can in the hopes of having an amount at retirement that will see me with enough to house, feed and clothe myself.
At retirement age I doubt I will live more than 15 years so $250,000 should see me through.
It was much easier 30 years ago.
Coming out of my almost 3 decade drunken stupor I had no assets to my name.
It has only been the last 5 years that I have started to get serious about saving for retirement. Being single with no debt I am saving 65% of my income.
Still, all up I have not quite twice four score with 6 years to build as much capital as possible.
That is assuming I will be fit enough to work to 67.
I have reduced money going into my Superannuation account and am concentrating on cash in the bank. Sure, inflation will have a detrimental effect on my purchasing power. My Super account only realised 1.5% growth over the previous 12 months and currently my bank is only paying 1.7% on deposits.
The Reserve Bank has raised the interest rate by 2.75% since March, of which my bank has only passed on 1.6%
I have written to my bank to voice my displeasure and received the stock standard generic response. I am seriously thinking of withdrawing my money, planting it in one of the other banks that are paying at least 2% more than my bank.
I will continue to save as much as I can in the hopes of having an amount at retirement that will see me with enough to house, feed and clothe myself.
At retirement age I doubt I will live more than 15 years so $250,000 should see me through.
