Superannuation

Why $100k is no longer enough


Don’t expect to live the high life on $100,000.

ONCE upon a time, a six-figure income was considered the mark of a well-to-do Australian.

Cracking the magical $100,000 mark was a rite of passage that enabled a young professional to say with satisfaction: “I’ve made it.”

Today, what was once a milestone of the aspirational class has become the bare minimum for those who want to achieve the essentials of the Australian dream: home ownership, a good school for the kids and the occasional overseas trip. Not to mention topping up your superannuation to ensure you’ll have at least $1 million to retire on.

As would-be homeowners scramble to save for a deposit while rising property prices outpace their efforts at frugality, Australians are acutely aware of how far their salaries can stretch.

Multi-millionaire property mogul Tim Gurner has set chins wagging this week with his comments that young people need to “get realistic” about their expectations and cut down on coffee, smashed…

Read the full article at: http://www.news.com.au/finance/superannuation/why-a-sixfigure-income-is-no-longer-enough/news-story/315cc8a7529578c8d1c2901224ed12d1

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