Thread: WHOOPEE! I AM RICH!!!

Originally Posted by ramblingboy42

errr , Ath , I don't think the op was in he same thought train as you.

What,another thread thats gone off topic

Couldn't be

Anyway,back to the pension,something i will never see,so thats the end of that

Actually, the 36c is the "lucky one" for any new pensioners, with exactly the same setup as you from sept20, the plan is to reduce it further by about $4.50 / WEEK or $9 /fortnight.
Welcome to the caring world of retirement.

Budget 2016: How the Turnbull government ignored business advice and cut the dole

But dont worry as the big companies higher dividends after the planned tax cut will surely be passed on to pensioners investment through super? I hope? Well maybe 1/2 of it as the rest will be sent offshore to their parent companies.

Originally Posted by ramblingboy42

errr , Ath , I don't think the op was in he same thought train as you.

I was actually trying to emphasize the way different sections of society get treated. One side, the pensioners work all their lives and get crumbs thrown to them, and others do virtually nothing yet get assistance from all sides and cost the country a fortune.
Apologies for the rant ...... I can't help myself sometimes. Maybe I need some counselling. Wonder if my pensions gone up enough to cover it?
AlanH.

This is why at the age of 70 I am trying to get back into the work force
The gfc wrecked what super I had and the stock market seems to keep going down, so I have little choice if I wish to survive financially to old age

Originally Posted by jx2mad

This is why at the age of 70 I am trying to get back into the work force
The gfc wrecked what super I had and the stock market seems to keep going down, so I have little choice if I wish to survive financially to old age

A horrible position to be placed in.
All the best mate.

You guys ain't seen nuthin' yet.

Retrospective changes were recently passed by the combined votes of the libs and greens. These will be applied to people who get a part age pension, with items that were never assets being reclassified as such, from January 2017.

Most people getting a part age pension will either lose it or have it massively reduced.

If you're interested check this out:
Age Pension: 300,000+ Australians lose entitlements from January 2017

Unfair and unreasonable for any who have taken steps to save as much as they can for their retirement in older systems.

If you want to reduce assessable assets the only ways that are permitted generally are to spend on yourself, or waste it.

You can:
1. spend it on non-assets eg. travel,
2. spend it on your own house, but mostly any other purchase (eg. motor car) becomes an assessable asset.
3. have a night (or several nights) at a casino or otherwise gamble it away.

Gambling is OK, giving or donating isn't. Imagine the family meetings at a casino with chips swapped around like confetti - if you've lost an asset that way it is OK (another govt sponsored subsidy for the packers)

All other transfers out are "gifts" (whether they are to family or charity) and are therefore assessed against you as if they were an asset you still hold.

One way to increase your pension is to sell your expensive newer LR and buy an old heap as a project. Your increased pension can then be spent on fixing it up, which will keep you busy.
Another strategy is before you apply for the pension you transfer assets such as super to your spouse. She can go on a transition to retirement plan which allows up to 10% of her super balance to be drawn as tax free income, which can come into your joint bank account.
I strongly recommend everyone get expert advice, preferably from your industry super fund advisor, as it is in the advisor's interest to help you to maximise your income. We did that and it is already saving us about $10k a year, all perfectly legal.

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Originally Posted by Tombie

A horrible position to be placed in.
All the best mate.

This is where I take my hat off to Bunnings.They employ lots of retired folk with the knowledge and time to have a chat.Unsure what they pay these oldies,got to be better than the pittance the gov dish out.Now go to supercrapp or BCF,no knowledge or time to chat if you have a face full of pimples.I bet the pay rate is very similar
Andrew