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Step 1: $100,000 today is equivalent to $134,392 in 10 years time (3% CPI)
Step 2: $2,687,833 in (net) assets, excluding the family home @ 5% return $134,392 income per annum
According to the Australian Bureau of Statistics (ABS), 96% of people aged 65+ are either still working or are in some way reliant on a government pension. When you think about it, most people are active in the workforce for 45 years (aged 20-65) yet only 4% of Australians become financially independent. This alarming figure has little to do with work ethic, general intelligence, or earning capacity and more to do about responsible financial intelligence and investment knowledge.
Do you want to join the 96% (reliant on a pension) or the 4% (financially independent)?