Retirement On A Budget

Retirement On A Budget – Want Better?

Budget:

An estimate of income and expenditure for a set period of time.

  • ‘keep within the household budget’

An annual or other regular estimate of national revenue and expenditure put forward by the government, often including details of changes in taxation.

  • ‘the government’s budget’

The amount of money needed or available for a purpose.

  • ‘they have a limited budget’

A Question to Ponder

When you go on holiday would you tend to spend more or less money than whet at home?

While I know that retirement is not a holiday per se, you have probably worked for 35 – 45 years or longer to get to the point of retirement.

Would you like some choices about how you live that retirement?

In my article in another poster on this site about retirement savings I give an idea about the estimated requirements in investments that are needed in various countries in order to have a lifestyle at perceived levels of comfort.

In this article I will drill down into what you could expect from comparable state pension schemes in 5 English-speaking nations in the world.

State Pension Schemes

UK

In the UK the basic state pension for a single person, at retirement, is just short of 130.00 pounds sterling per week or about US$168.00 at current exchange rates. For a couple the amount is 259.00 pounds sterling or US$334.00

If you have other interest earning savings or investments or other forms of income then those state pension amounts may be subject to tax.

Australia

In Australia the basic state pension for a single person, at retirement, is AU$250.00 per week or about US$163.00 at current exchange rates. For a couple the amount is AU$640.00 or US$417.00

If you have other interest earning savings or investments or other forms of income then those state pension amounts may be subject to tax.

New Zealand

In New Zealand the basic state pension for a single person, at retirement, is NZ$411.00 per week or about US$256.00 at current exchange rates. For a couple the amount is NZ$760.00 or US$474.00

If you have other interest earning savings or investments or other forms of income then those state pension amounts may be subject to tax.

Canada

In Canada the basic state pension for a single person, at retirement, is CAN$153.00 per week or about US$113.00 at current exchange rates. For a couple the amount is CAN$306.00 or US$228.00

If you have other interest earning savings or investments or other forms of income then those state pension amounts may be subject to tax.

USA

In the US the maximum family monthly state pension at retirement, is US$4140.00.

If you have other interest earning savings or investments or other forms of income then those state pension amounts may be subject to tax.

What Will it Buy

Surprisingly the cost of the weekly shopping basket is not hugely different when viewed in US$ and compared. It ranges from US$90.00 to US$160.00 representing an average of US$106.00

The biggest and most notable difference is the price of petrol where most countries typically are paying for 1 litre what in the US is charged for a gallon! (approx 3.7 litres)

UK

The average cost of the weekly shopping basket in the UK is around 100.00 pounds sterling or about US$130.00

Petrol/Gas is 1.24 pound sterling per litre equivalent to about US$5.90 per US gallon

Australia

The average cost of the weekly shopping basket in Australia is around AU$50 or about US$163.00

Petrol/Gas is AU$1.46 per litre equivalent to about US$5.40 per US gallon

New Zealand

The average cost of the weekly shopping basket in New Zealand is around NZ$160 or about US$100.00

Petrol/Gas is NZ$2.30 per litre equivalent to about US$8.50 per US gallon

Canada

The average cost of the weekly shopping basket in Canada is around CAN$125 or about US$93.00

Petrol/Gas is CAN$1.33 per litre equivalent to about US$4.92 per US gallon

USA

The average cost of the weekly shopping basket in the US is around US$150.00

Petrol/Gas is about US$2.80 per US gallon

Other Savings

Given the investment figures, quoted in my retirement savings article, above, if you are dependent on a state pension then I am guessing that your savings may not be as substantial as you would like them to be and they probably therefore are prioritised as your , contingency or emergency ‘war chest’.

Its unlikely then that we will be relying on them to do anything other than provide a one time shot in the arm if and when needed.

No I think we are all looking for something a bit more sustainable and longer lasting than the one shot!

Radical thinking is needed, perhaps stepping out of the comfort zone and perhaps some attention to learning and development of new but easy to assimilate skills.

Can You Do Better

My view is that you most certainly can and not only that but you can do it for extremely limited financial risk (if you are deadly serious about changing your situation) you can build a serious second, or replacement, income for less than $1 a day!

Not only that, but you can be shown and guided exactly how to do it with 24/7 availability of training, support, mentoring and coaching as well if your personal needs extend to that level of need.

But before you commit to that princely price of $1 a day you can actually take an absolutely FREE trial of this most amazing platform that could build you a passive income with the right level of attention to learning, diligence and application.

It’s Not Too Late

If you have enough information to go to the next stage and receive a fuller explanation of what is involved and how to go about it. You will find all the details that you are after at Wealthy Affiliate, which I recommend highly, as one of the premiere, and probably the absolute best, business support model of this kind anywhere today.

You can go straight to the FREE trial (no payment or credit card details necessary) and you could be up and running with a live website within the hour!

Maybe you want to explore more and get a bit more meat on the bone before going to the FREE trial?

That’s great I understand fully, there is nothing at all wrong with doing your due diligence! I did quite a lot of my own online research before trying this myself.

You Should look at my Beginners Review which talks in more detail about the art of the possible.

Whichever of these choices you make you have the opportunity right now to do something about making better provision or augmenting your retirement savings and income that will give you better than budget choices to enjoy retirement just that wee bit more.

Are you ready to try?

Hamish

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8 thoughts on “Retirement On A Budget – Want Better?”

  1. Hi, What a nice article it is! I have enjoyed it very much.

    Many thanks for the nice review. I also appreciate you as you have posted about a new thing.

    From your article, I have learned something new. In your post, you have told me about the retirement budget. you also compare pension between some countries. your article is educative and informative. I have enjoyed it very much.

    I will share the post with other people. Your post will be helpful for any age of people. They will be thankful to you for sharing such a wonderful article.

    Reply
    • Thank you Tashibaarzu for visiting my Blog and for interacting.  I am glad that you have learned something. I would be interested to know what retirement provisions are in the country of your birth and do they compare with those I have researched here?

      Reply
  2. Hi Harmish,
    Woooo I just missed your group by 1 year, was born one year too early hahaha!
    Brilliant topic and site. We have so much to share with the world. Life and its needs have changed so much over the past few decades, it makes where we come from almost irrelevant.
    This article about pension lays close to every Baby Boomer’s heart.
    Pensions do not meet the standards of today and everybody are on the lookout for and extra income.
    That will be a good topic for another time, don’t you think?
    I have a site pertaining to the other end of the spectrum. It is aimed and the youth, telling and advising then about old school ways that are still relevant today.
    I will definitely mark your site and come and enjoy reading it again.
    Boomer Regards
    Stella

    Reply
  3. Wealthy Affiliate is definitely a place for retirees to spend their time on and earn some online income. As long as you have the time and know how to operate a computer or laptop. There is nothing too difficult in building a website. Building a website has become much  easier compared to many years ago. In Wealthy Affiliate, there are a lot of members that are retirees Who have experienced success. So consider it is well worth considering if you are a retiree with lots of time.

    Reply
  4. I used to administer pensions schemes for over 12 years. It is amazing that no matter how you think you are financially ready for retirement,  by the time you get there, the world makes many changes, peoples interest change and providing for retirement should not be looking at a specific amount of money but rather a project that indexes with the cost of living. The ideal would therefore be setting up a passive income program doing what you like and without committing to being physically in one place. This analysis and discussion really sets out some valuable information for comparison but it also shows that the suggested Wealthy Affiliate platform is the best thing that could happen to a retiree. Thank you.

    Reply
    • We absolutely agree and Thankyou for bringing some experience and knowledgable subject matter expertise to the discussion

      Hamish🧐

      Reply

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