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12:47
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Originally posted by beanpea
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They quote figures of $1 million plus, because a lot of retirees think it is their right to live on the interest only and leave the capital as inheritance for the children. Oh the children's inheritance, they wail. Well listen here old people, You built up the capital using the tax concessions that the government gave you, so that you could save for your retirement and not be a drain on the state in retirement. The capital and any interest it earns should be drawn down as pension, and then when there is none left the state will give you a pension. Everything is fair. What do you want the Labor Party to do for you, you the rich, when they are the party of the working man.
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Spot on beanpea. If you retire at 65 with $1m then withdrawing capital at $50k a year takes you through to 85. Plus any interest you might get on the way (you can still get $35k a year on a mill now).
