Retirement proposals
Sir, — I support the 60s-Up Movement’s president, Mr Bill Sievwright, who described Mr Galvin’s proposal as patently ridiculous and Mr Galvin said that if a 40-year-old invested $2OOO per annum at 10 per cent compounding, the sum at age 60 would be $120,000. The point he obviously overlooked is the ever-present inflation rate. $120,000 invested at, say, 10 per cent would provide a gross income of $12,000. Allowing for a tax deduction of 25 per cent, that would leave a net of $9OOO per annum, or approximately $173 a week. This figure at present is already considered low to enjoy a reasonable standard of living. One can only guess the real value of that amount in 20 years time. In 1965 a net income of £l5OO was considered comfortable. Today, £3O ($6O) a week would not cover rent plus electricity. — Yours, etc., J. P. STUART. 3O, 1986. .>■
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/CHP19860203.2.80.10
Bibliographic details
Ngā taipitopito pukapuka
Press, 3 February 1986, Page 12
Word count
Tapeke kupu
149Retirement proposals Press, 3 February 1986, Page 12
Using this item
Te whakamahi i tēnei tūemi
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
Ngā mihi
This newspaper was digitised in partnership with Christchurch City Libraries.