Retirement rises to 70-confirmed

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

  1. col0016

    col0016 Active Member

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    $30-40k per year?
    Hopefully one day I'll pay that much lol.
     
  2. mmm....shiney!

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

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    It's gone as far as I am concerned will and I am not anywhere near that tax bracket.

    Just remember this, if you do get the chance to recover some of that, under our present system of government it will come at someone else's expense. :/

    I don't have an answer for you, all I can do is what I think is right and just for myself, it's rational self-interest ie protect your interests without damaging those of others. :)
     
  3. mmm....shiney!

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

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    Let's not blame the baby boomers. Today's young people have the capacity to earn far more than I ever envisioned possible. My son was earning in excess of $100 000 in the mines as a 21 yo - that's fkn ridiculous, all he did was drill holes in rocks and stick in metal rods. My father-in-law worked nearly his whole life in the mines and never earned anything as good as that.

    The generational war is just a distraction.
     
  4. renovator

    renovator Well-Known Member

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    Yes it is .

    Im amazed at the generational divide creeping into the world . It really is a sign of the times Blaming the previous generations for their own woes seems commonplace these days

    Every young adult has the same opportunities & in most cases far more opportunities than their parents had . It is up to the individual to take those opportunities & make something of it .
     
  5. petey

    petey Active Member Silver Stacker

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    70? No chance I am going down with the ship and hanging around until then.
     
  6. Goldrush

    Goldrush Member

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    Maybe for you but for those of us born after 1 July 1964 it is 60 years old. Both the retirement age and the Preservation age(the age you can access your own super) is on the increase. With the latest increase in the retirement age to 70 for those born after 1965 it's obvious that the preservation age will increase to at least 65. The Govt has constantly being tinkering with super every since they brought it in hence there is little faith that super in it's current form will look anything like in another 20 years let alone 30 years when I will be 70.
     
  7. iluvbeanz

    iluvbeanz New Member

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    Whew, this only affects people in Aus.

    But I'm sure US will follow in the next decade or two.
     
  8. BlackSheep

    BlackSheep Active Member Silver Stacker

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    yayyy Australia is in the lead! :cool:


    oh wait...... :| :(
     
  9. Old Codger

    Old Codger Active Member Silver Stacker

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    ilb,

    Remember that every dollar paid into your SS Trust Fund goes into US Treasury Bonds.

    Then they SPEND IT!

    Go to the back of the queue, do not collect $200.


    OC
     
  10. The Road Home

    The Road Home Member

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    Same here although I don't expect to see a single cent of my super by then. I believe by then the Government will take it all and offer a stipend in return.
     
  11. fiatphoney

    fiatphoney New Member

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    Their aRe three kinds off pleopl in the wrold. One kind understunds math. The other doesn't.
     
  12. DanielM

    DanielM Active Member Silver Stacker

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    As a 25 year old I personally feel like I'm getting raped.

    With super plus income tax I'm paying around $20k a year that seems like it's going down the drain.

    My only luck is that my mortgage should be gone in about a year and a half and then the wife and I can start planning on building something up for retirement outside of super, and believe me not one cent will go into out super accounts that's not forced to
     
  13. Silverthorn

    Silverthorn Well-Known Member

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    So you're young, married, home nearly paid off and cluey enough to save for you're future. That sucks, keep your chin up. :p
     
  14. willrocks

    willrocks Well-Known Member Silver Stacker

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    This country is on a slippery slope as far as benefits coming 'at someone else's expense.'. Thankfully I have a plan to legally avoid/evade all Australian taxes by moving to a tax haven for a few years. No taxes whatsoever. No income tax, no company tax ... When I've made enough (and I will) then I'm moving to NZ where foreign income is not taxed for the first four years. Then, and only then, I may move back to Australia, but never to pay any income tax again. I've paid my dues here, and quite frankly I'm sick of seeing the baby boomer generation screwing the system for all it's worth.

    There seem to be endless seminars for baby boomers on how to "Maximize their pension". My in-laws came to Australia in their 50s, never ever paid any income tax here, yet receive the full aged pension.

    http://www.ird.govt.nz/yoursituation-nonres/move-nz/temp-tax-empt-foreign-inc.html
     
  15. JulieW

    JulieW Well-Known Member Silver Stacker

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    Here we go:
     
  16. mmm....shiney!

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

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    Lowering the minimum wage is on the radar. That is probably the most positive of all of the National Commission of Audit's recommendations. It would create a real difference, reducing youth unemployment and helping the less than productive find employment. http://workinglife.org.au/2014/05/01/audit-report-targets-the-minimum-wage/
     
  17. DanielM

    DanielM Active Member Silver Stacker

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    No I know I'm in a good situation but I just don't agree with they way super is headed, and factoring in the way our country and economy is ran. Most people will only have super to rely on after paying off a mortgage for many years, I have many friends with a full mortgage and I can see how hard their grind is, I can't imagine having a thousand plus dollar interest bill working against me every month. They shouldn't be able to alter the access ages for super, fair enough the pension age.
     
  18. gooby

    gooby New Member Silver Stacker

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    I always thought that the 'bonus' of getting a job was that you didn't have to feel like a pathetic loser and that you didn't starve to death. Silly me; apparently, I was wrong.
     
  19. errol43

    errol43 New Member Silver Stacker

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    The super funds will be OK AS long as Wall ST AND THE ASX doesn't collapse. If it does in the next 20 or 30 years, all will be lost. Derivatives will IMO will lead to the black swan event.

    It is no use running harder if you are running down the wrong road is an old saying which I feel strongly holds true today.

    Regards Errol 43
     
  20. Goldrush

    Goldrush Member

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    I agree, those who are close to accessing their super will most likely be fine, for those like myself looking at least another 25 or more likely 30 years before being eligible the chances of that super being available are looking slimmer by the year. My financial plan doesn't factor super being there at all, as its merely a distraction and has you heading down the wrong road. At the end of the day if it all goes to custard at least I have tried to be self-sufficient.
     

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