How much money do I need to retire?
Naturally, what individuals need to live varies greatly according to their own standards and tastes but here are some general figures released in December 2013:
To live comfortably, a person needs $42,000 per annum and a couple needs $58,000.
In Australia, the aged pension is $21,913 for a single person and $33,036 for a couple. This amount is considered to supply a basic lifestyle.
So how much money is it estimated that you will need in superannuation as a lump sum at retirement to achieve a comfortable lifestyle. Here are the estimates:
How is your Super looking? Are you on track for this?
What is the average life expectancy in Australia?
According to the Australian Bureau of Statistics (ABS) in 2011-212, the average life expectancy in Australia was 84.3 years for females and 79.9 years for males.
The life expectancy rate continues to rise as overall living conditions improve and our society offers improved healthcare and breakthroughs in modern medicine continue.
In the last 10 years, the life expectancy has increased by 2 years on average.
Based on these trends, those currently aged 20 are expected to live till around 92 years of age. This has huge implications for our society.
What are your chances of winning the lotto?
Let’s look at a specific Lotto Draw – Oz lotto – this involves you selecting 7 numbers from 45.
According to mathematician Professor Peter Taylor from the University of Melbourne, the odds of selecting the exact 7 correct numbers are 1 in 45,360,620
If you buy an 18 games ticket the odds still remain at 2,521,090 to one!
The cost of raising children
Being in finance, we obviously love numbers so each week, we thought we would share with you some crazy financial numbers. So how much do you think it costs, on average to raise a child in Australia?
According to social researcher, Mark McCrindle, the cost of raising a child including all the usual expenses such as food and clothing but also covering pregnancy, private tutoring, sports and dance lessons, electronics is a staggering $1,028,093.
So next time you think your property is your biggest investment, take a look at little closer to home!