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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
149

Retirement proposals Press, 3 February 1986, Page 12

Retirement proposals Press, 3 February 1986, Page 12

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