If you look at the stats, it's pretty scary stuff, like 96% of people at age 67, they're still working because they have to for money, or they're no longer with us, or they're 100% reliant on the pension or welfare.
Only 4% of people at 67 are financially independent, which means they're not dependent on the pension, which is thirty five grand a year for a couple or twenty five grand a year for a single person, only 4% of people after working for 40 - 50 years are independent of welfare.
And out of the 4% only 1% are what's called wealthy. If you want to retire on $50,000 a year, which isn't rich, based on a 5% investment return or rental return, you need $1million nest egg outside of where you live. If you want to retire on $100,000 a year, you need a $2 million nest egg outside of your principal place of residence.
And if you look at the stats, the average superannuation payout at 67 is $312,000 So most people, this is why 96% of people don't make it financially. So it's really important.
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