Retirement rises to 70-confirmed

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

  1. ShinyStuff

    ShinyStuff New Member

    Joined:
    Apr 29, 2011
    Messages:
    587
    Likes Received:
    0
    Trophy Points:
    0
    Location:
    Australia
    To all those who have not taken the plunge into a smsf I say now is the time! At least if the black swan event takes place my gold and silver and other "real" investments will not vanish. Can't say that for shares. Best to look into some bullion as part of your smsf investment strategy...

    Shiny
     
  2. Old Codger

    Old Codger Active Member Silver Stacker

    Joined:
    May 13, 2011
    Messages:
    4,936
    Likes Received:
    3
    Trophy Points:
    38
    #84,


    I am VERY impressed. In the first home by 25, and mortgage free in a year or two.

    Well done!
     
  3. Silverthorn

    Silverthorn Well-Known Member

    Joined:
    Apr 29, 2010
    Messages:
    2,618
    Likes Received:
    47
    Trophy Points:
    48
    I guess they think people blow their super and end up on the pension anyway. Most of my saving are outside super so not a drama for me.

    I wonder if this will be enough for people to stop pumping so much money into their homes and instead think about saving more.
     
  4. Nugget

    Nugget New Member Silver Stacker

    Joined:
    Aug 16, 2009
    Messages:
    4,575
    Likes Received:
    2
    Trophy Points:
    0
    Location:
    Brisbogan

    A more equitable way of lowering wages would be AUD$0.55
     
  5. Nugget

    Nugget New Member Silver Stacker

    Joined:
    Aug 16, 2009
    Messages:
    4,575
    Likes Received:
    2
    Trophy Points:
    0
    Location:
    Brisbogan
    Just came across this



     
  6. Old Codger

    Old Codger Active Member Silver Stacker

    Joined:
    May 13, 2011
    Messages:
    4,936
    Likes Received:
    3
    Trophy Points:
    38
    "I guess they think people blow their super and end up on the pension anyway."



    I am sure that in due course, all access to the principal will be blocked, and the income ONLY will be available. I think that that is what komrade paul had in mind when he established this scheme.

    At $1.6 Trillion it is a tidy sum, and in 10 or 20 years it will generate income enough to cover the Age Pension as it is now. We all hope!

    JMO



    OC
     
  7. lurk@l0t

    [email protected] Active Member

    Joined:
    Nov 29, 2013
    Messages:
    560
    Likes Received:
    78
    Trophy Points:
    28
    Location:
    AuSS
    Super is and always was an extra tax! A more apt name for it - particular for those born after 1965 - would be the Aussie "super tax"! :lol:
     
  8. lurk@l0t

    [email protected] Active Member

    Joined:
    Nov 29, 2013
    Messages:
    560
    Likes Received:
    78
    Trophy Points:
    28
    Location:
    AuSS
    Saving is good up to a point but not that good if its going to be taxed!
    Saving in bitcoins.however... Now theres an idea! ;)
     
  9. SpacePete

    SpacePete Well-Known Member Silver Stacker

    Joined:
    Mar 1, 2014
    Messages:
    12,970
    Likes Received:
    53
    Trophy Points:
    48
    A minimalist life is the best. But saving in bitcoins?? If governments cant find out how to get their cut of bitcoin transactions then I bet they will cooperate globally to destroy it. There's nothing governments hate and fear more (besides freedom of speech) than citizens cooperating to bypass authority.
     
  10. lurk@l0t

    [email protected] Active Member

    Joined:
    Nov 29, 2013
    Messages:
    560
    Likes Received:
    78
    Trophy Points:
    28
    Location:
    AuSS
    That will be changing soon as well to 70
     
  11. lurk@l0t

    [email protected] Active Member

    Joined:
    Nov 29, 2013
    Messages:
    560
    Likes Received:
    78
    Trophy Points:
    28
    Location:
    AuSS
    CJ - you are dead wrong when you say the government wont up the so-called "preservation age" from its current 55. It ALREADY HAS BEEN RAISED to 60, to tie in with the current pension age of 65. The idea is to keep the preservation age (age you can start accessing your super) to exactly 5 years prior to the pension age (age you can access the government pension).

    The current preservation age of 55 was for when the pension age was 60. Thus once the pension age rises to 70 the preservation aged WILL be upped to 65.

    Proof that the preservation age has ALREADY been increased above the previous level of 55 can be found on the ATO website: https://www.ato.gov.au/Super/Self-m...r-super/Preservation-age/?anchor=Consultation

    [​IMG]

    Just admit it - you're nowhere near as smart as you think you are ... ;)
     
  12. lurk@l0t

    [email protected] Active Member

    Joined:
    Nov 29, 2013
    Messages:
    560
    Likes Received:
    78
    Trophy Points:
    28
    Location:
    AuSS
    you mean like governments co-operating to destroy the drug trade? :lol:
     
  13. SpacePete

    SpacePete Well-Known Member Silver Stacker

    Joined:
    Mar 1, 2014
    Messages:
    12,970
    Likes Received:
    53
    Trophy Points:
    48
    Governments cooperating to ensure the drug-trade continues, thereby ensuring the continuation (justification) of massive budgets to law enforcement.
     
  14. Goldrush

    Goldrush Member

    Joined:
    Sep 4, 2010
    Messages:
    252
    Likes Received:
    0
    Trophy Points:
    16
    The CIA doesn't like competition!!
     
  15. SpacePete

    SpacePete Well-Known Member Silver Stacker

    Joined:
    Mar 1, 2014
    Messages:
    12,970
    Likes Received:
    53
    Trophy Points:
    48
    (Note: for those who don't recognize satir, the above is satire)
     
  16. JulieW

    JulieW Well-Known Member Silver Stacker

    Joined:
    Oct 14, 2010
    Messages:
    12,941
    Likes Received:
    2,062
    Trophy Points:
    113
    Location:
    Australia
    Hard to tell these days isn't it?
     
  17. SpacePete

    SpacePete Well-Known Member Silver Stacker

    Joined:
    Mar 1, 2014
    Messages:
    12,970
    Likes Received:
    53
    Trophy Points:
    48
    Ok, this news is not a joke. Automatic indexation of the pension age, upward adjustment in line with growing life expectancy (remember when Hockey recently stated that we'll be living to 150.) Like one of Zeno's paradoxes, you'll get closer and closer to the pension age, but never actually get there.

    There's also mention of changing the "taper rate" to reduce part pensions.

     
  18. bordsilver

    bordsilver Well-Known Member Silver Stacker

    Joined:
    May 23, 2012
    Messages:
    9,618
    Likes Received:
    315
    Trophy Points:
    83
    Location:
    The rocks
    I don't see the problem :/
     
  19. SpacePete

    SpacePete Well-Known Member Silver Stacker

    Joined:
    Mar 1, 2014
    Messages:
    12,970
    Likes Received:
    53
    Trophy Points:
    48
    Savings outside of the super system will be fine. But plenty of people will have mandatory contributions locked up and inaccessible.
     
  20. mmm....shiney!

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

    Joined:
    Nov 15, 2010
    Messages:
    18,807
    Likes Received:
    2,123
    Trophy Points:
    113
    Location:
    昆士蘭
    From the Clime Group's rather depressing newsletter:

     

Share This Page