Retirement rises to 70-confirmed

Discussion in 'Current Affairs' started by Goldrush, May 2, 2014.

  1. Goldrush

    Goldrush Member

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    There we have it, finally they have confirmed what they have been leaking out over the last month that the retirment age will be lifted to 70 for those born after 1965, which includes me. As I said in a previous post I expect it to raise even more down the track and you can kiss ever seeing any of your superfunds as the age of which you will be able to access them will be after the majority pass away. Look after your health and put some money away as it's going to get worse as time goes on.

    http://www.smh.com.au/federal-polit...2035-joe-hockey-announces-20140502-zr318.html
     
  2. Nugget

    Nugget New Member Silver Stacker

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  3. JulieW

    JulieW Well-Known Member Silver Stacker

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    There's the rub.

    On one hand when the aged pension was introduced only 4% or so of the population lived long enough to claim it. Now it's about 25%.

    In essence that's what it's about isn't it? Not the amount that you pay into super or tax in order to pay for a retirement, but the fact that you live too long.

    When I retired I was replaced by 3 'twenty somethings' to effectively create a 1.5 position out of my 1.0 position. 3 happy little wage earners and one happily retired 'boomer'.

    Now view it differently. I hang on using every trick in the book from seniority to senior minority and refuse those 3 triers an opportunity to enter the workforce. In the meantime I buy more shutters and high fences with my extra 5 years wages so that any of those 3 don't decide they're sick of waiting and burgle the house.

    Live fast, eat your affordable fast food and die before you're 60 people. The government wants it to balance the books.

    Perhaps 20 somethings can become paid 'lollipop' boys and girls!

    (btw the over 65 volunteer workforce is worth 2.5 billion p.a. Volunteerism will be dying off over the next 10 years so if you want a good industry to venture into, then a lowly paid grey army workforce is the go. Some will probably even work for food.
     
  4. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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  5. Holdfast

    Holdfast Well-Known Member

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    The Compulsory Retirement Age at age of 55 for the Defence Force? :rolleyes:

    Maybe the government will abandon compulsory retirement! :lol:

    I can just see 70 year-old vets doing their annual fitness test in a walking frame. :cool:

    Not sure how a Bricklayer, Roof tiler, Floor tiler, Plasterer, Concretor is going to be able to work until 70 but maybe there will be less piss-ups down the pub and more money going to saving. :lol: :lol: :lol: Yeah-right!

    They'll have compulsory super contributions for government / defence folk and they'll be able to access their super at 70 just-in-time to fall off the perch.

    Don't join a system where you are not paid for every hour you work.

    Well, the writing is on the wall; if you are young, save your arse off and retire when you want but remember you'll be taxed on your savings, your capital gains and your super and of course big brother will be watching you guys who think you can do cash-in-the-hand.

    Stay fit, clean your teeth and buy a home that you can afford.

    My best tip is not to look at what others have; make your own goals and objectives commensurate with your pay cheque for now and the future.

    Try to learn as much as you can, so that you can do home and car repairs to save a few bucks and if you have the education and financial backing become an entrepreneur.
     
  6. Naphthalene Man

    Naphthalene Man Active Member Silver Stacker

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    I bet Hockey didn't miss out.
    I understand why they are doing it but it doesn't mean that i agree with it. I hope that they reduce the lifetime benefits for politicians. Might not save as much but it shows the public that that they are willing to take a hit as well.
    I read somewhere that Hockey will get something like $350k annually when he retires....
     
  7. Naphthalene Man

    Naphthalene Man Active Member Silver Stacker

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    Kinda off your track but i went into Big W last night, normally the checkouts are a hive of activity for teenagers working the tills - there were 2 teenagers on the tills... one on the till and one standing around the self-serve things.
    Looks like it gets harder at both ends of the working age bracket.
     
  8. Nugget

    Nugget New Member Silver Stacker

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    Have you seen what passes for a Trolley Boy these days? Not cool.
     
  9. Nugget

    Nugget New Member Silver Stacker

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    I say scrap the pension. I'm not going to get it, so why should I pay for it?

    Selfishness works both ways :p
     
  10. Old Codger

    Old Codger Active Member Silver Stacker

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    My bet is that we will have 70 by about 2020, and 75 by 2030.

    JMO

    OC
     
  11. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Irrelevant, he wouldn't be eligible anyway, he has too many assets.
     
  12. Old Codger

    Old Codger Active Member Silver Stacker

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    I remember when ex PM Billy McMahon retired, the first thing he did was to apply for the then UN-means tested Age Pension.

    OC
     
  13. Newtosilver

    Newtosilver Active Member Silver Stacker

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    If you have deployed to Afghanistan, Iraq etc you can access your pension at 55 from what I have been told? I am kind of hoping that does not change :)
     
  14. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    I wonder if it is worth putting more money into Super if there is a chance you will never get to see it.

    Might as well spend it on booze, fags and MacDonalds, if you are not going to see retirement anyway there is no point in dragging it out.
     
  15. fiatphoney

    fiatphoney New Member

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    Ouch! But the entitlement age is ending, but mainly for those who are paying for it.
    We are they who will never see a benefit from paying for it.
    From overpriced house mortgage slaves, to pension providers, to left holding the bag with nothing in it.
    The greatest generation was followed by the we are the greatest takers (boomer) generation.
    The galt generation is growing.
     
  16. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    It's not selfishness, it's rational self-interest. taking responsibility for yourself firstly so as not to be a burden on others and being left to make choices that are in your best interest.
     
  17. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    Thanks but compulsory Superfunds I can't do anything about, the extras I might stop putting in though, those I could find a better use for.
     
  18. Nugget

    Nugget New Member Silver Stacker

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    A productive garden is a untaxable, under the radar asset that, well, puts food on your table ;)
     
  19. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    This is true, and I like the occassional tomato, and we never lack for herbs, I have a few fruit trees as well, but to be fully self sufficient in veggies you need something like two acres. No idea of the time commitment. If you haven't got your own water storage then I would get some, I found out that they base your sewage rates on the amount of water you use. If you use a hose pipe and spray 10 litres of water on your garden not only do you pay for 10 litres of water but you also pay for 9 litres of water to be removed via the sewerage system. I will be increasing my water storage, I will need it to boil my Ramen Noodles when I retire.

    About the only thing you don't get taxed on is rain water and sunlight, might as well use as much of that as you can.
     
  20. Nugget

    Nugget New Member Silver Stacker

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    I had hoped that my local council messed up like the power suppliers did with the way they charge but alas my bill is largely fixed charges. Still, you are correct that storing water is very wise in that you avoid the sewerage fee. Water tanks are on Fort Nuggets wish list :p


    On your last two points about taxation on rain water & sunlight. Not necessarily true.


    Atlanta Proposes Charging for Collected Rainwater (2011) - http://www.atlantaprogressivenews.c...roposes-charging-for-collected-rainwater.html

    Bolivia - Leasing the Rain - http://www.pbs.org/frontlineworld/stories/bolivia/thestory.html

    Spain's solar police to kick in your door - http://www.thelocal.es/20131112/spains-solar-police-to-kick-in-your-door
     

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