Dilemma...dilemma...

When you are a late starter like me (in this country I mean), how do you ensure that you have enough saved up by the time you retire. I guess it's a good thing that the retirement age is 65, at least I still have about 25 years of working life. When you have a job, the advice is 'Invest in super'.Question is, would I be able to accumulate enough super to guarantee a good retirement? And with the dream of owning a car, a house and still have enough to ensure a good and comfortable retirement, it doesn't look as if it will be a comfortable 25 years. .. yikes!!In the booming state of WA the cost of housing is atrocious. An average price for a 2 bedroom house is about $300 odd thousand, while the price of a unit is more expensive. You could still find a townhouse for $290 000 in suburbs such as Glendalough, which is not too bad considering the location. But if you want to buy a bigger house, then you are looking at houses ranging $400k - 1/2 mil. Disheartening isn't it?? But still, with the reserve bank threatening interest rate rise every couple of months, it doesn't give one a pretty good assurance that owning a house is affordable, let alone desirable. Then there's the strata fees and council fees, the insurance - the bills are just endless. For an average income earner like myself, just the thought of it is enough to make me scared. I mean how could I afford a $300 000 + house??? Is it possible? The first step would be to save a down payment. Then find a housing loan with the best interest rate. An alternative to that would be to rent. A smart person would say if you could own, why rent? Which is true. Put the rent money into a house and at the end of the day you will have a house. But then again, $380 000 is a lot of money! I want a house with a patio, so that I could sit on my patio sipping my coffee and watching the sun goes down. It would be great if it were by the sea, then I could enjoy the sound of the waves and the beautiful sea. For that I have just upgraded my dream house to 1/2 mil $$$!!!! Ok, ok... maybe a small house with a patio :-) I suppose if one wants it enough one will find a way. If one job is not enough, then find a part time job, or two. Or find a job that pays more :-) So perhaps in the next 25 years I won't have a very comfortable life, I won't be able to go anywhere I want, buy whatever I want, and it's OK. Life is meant to be challenging, and we are meant to face them, head on. It won't be easy but it is "do-able" :-)

Orrrrr... if every effort fails and nothing materialises, the last alternative would be - buy lotto everyday and pray fervently that you will win big bucks! Haha...