Chapter 8: Doing a lot: making $1 million is possible, but it takes a super plan

"Please Sir, I want some more."

Oliver Twist by Charles Dickens

In chapter 4, I write about the ASFA study (which I refer to as the Retirement Standard) that researched the lives of actual retirees and determined that retirees can live a comfortable life on an income of around $39 000 a year (for singles) or $54 000 (for couples) after tax.

On this level of income, you can eat out regularly each week, use the internet and a mobile phone frequently, enjoy an occasional glass of wine (or possibly two quality bottles of wine a week, for couples), afford the top rate of private health cover, afford more expensive clothing and underwear, replace whitegoods when necessary, run an air-conditioner, buy magazines, enjoy regular Australian holidays and an overseas holiday once every five years.