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Ryan Bridge: How do we possibly save for retirement? · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: Massi University gives it these numbers every year and they're
• 0:02
  Speaker 1: quite interesting. This tells you how much you might need
• 0:05
  Speaker 1: in retirement. And if you're living in a city, you've
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  Speaker 1: got two people at home and you want to live
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  Speaker 1: comfortably in your retirement, you're going to need a million bucks.
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  Speaker 1: That's what they're telling you. If you're in the provinces,
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  Speaker 1: half that. Now you can start working backwards and you're
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  Speaker 1: probably doing it in your head right now in terms
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  Speaker 1: of your net worth. Depending on your age, you may
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  Speaker 1: also need to think about the fact you can't rely
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  Speaker 1: on the pension. You know, some government eventually will means
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  Speaker 1: test it, they'll change the age, they'll cut it back.
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  Speaker 1: It's inevitable that that will happen. So there's a shortfall
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  Speaker 1: you're probably going to have to fill. And you're thinking
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  Speaker 1: about this now, can we say the contributions they're going
• 0:39
  Speaker 1: to need to go up? They are slightly from three
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  Speaker 1: to four percent, but realistically we'll need to bump them
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  Speaker 1: up to probably ten. I think the Aussies are eleven
• 0:48
  Speaker 1: or twelve by now, and I know people are doing this.
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  Speaker 1: I've got friends who are in their thirties who are
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  Speaker 1: planning meticulously planning already for their retirement, saving, investing all
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  Speaker 1: of that good stuff. People are working slogging their guts
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  Speaker 1: out and working hard, just being responsible, making sure they
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  Speaker 1: can take care of themselves and their families when they
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  Speaker 1: get to age of retirement. Which is why to me,
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  Speaker 1: it's smacks of entitlement that politicians live in a different
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  Speaker 1: world to us on superannuation, totally different world. They get
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  Speaker 1: a super subsidy two and a half times the percent
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  Speaker 1: they contribute, up to a maximum of twenty percent. A backbencher,
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  Speaker 1: they're on one hundred and seventy k twenty percent of
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  Speaker 1: that could be about thirty four thousand dollars a year. Nice, right,
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  Speaker 1: We get dollar for dollar from our employers up to
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  Speaker 1: what three percent. The argument is their jobs aren't secure,
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  Speaker 1: so they need more security. You know, you have an
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  Speaker 1: election that comes every three years and there's a chance
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  Speaker 1: that they'll be turfed out, So this is some security
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  Speaker 1: for them. Well, they aren't the only ones in that situation,
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  Speaker 1: are they? But they are the only ones I know
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  Speaker 1: of who get a retirement ESTI quite that big and
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  Speaker 1: pretty For more from early edition with Ryan Bridge, listen
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