Quote:
Originally Posted by Taffy
Hi,
How much invested in a savings account? If you wanted to live off interest alone, you'd probably need $1million to live comfortably. That would probably give you a return of around $60,000 per year (guessing). You'll have to pay tax on that, at your personal tax rate (either 19.5, 33 or 39%)
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Hi Jackie and Martin,
If you have a million to invest you would get around $79,000 per year from the major banks at the moment. Most banks keep the rates 'under the table' when you are talking about that amount of investment. Yes, they are usually term accounts but quite often the most profitable term is three or four months rather than years.
If investing this (or any large) amount do it in joint names and share the tax. Mother Bear must have a link for tax rates somewhere but
http://www.ird.govt.nz/yoursituation-nonres/move-nz/ and
http://www.ird.govt.nz/how-to/taxrat...etaxrates.html should be of some assistance.
I would say that how much you need to live on depends on how many there are of you, whether you are buying or renting a property, and how extravagent you are(!).
:smile: