Thread: Thinking about retirement? you may have to think again.

If you are not happy about the eligibility rules and amount of Age Pension then perhaps you should seek out and read the preamble to the first legislation in 1909 that enabled a govt. pension.

This is not quoted verbatim but it went something like this. A pension for those who through disability or misfortune were unable to fully provide for themselves in their old age. Now note the use of the words "fully provide". Parliament obviously considered that it was your own responsibility to provide for yourself but for those who fell upon hard times a small pension could be paid to assist.

Decades later the populace have come to consider the Age Pension as a right and their sole support. Recent changes to income and asset tests may be considered unfair by some but it remains a fact that one can be rich in Australia and still get a part pension. We are a very generous nation.

Too true Zeros,,
Matters not though,, a flash cardboard box has been arranged,, now to find a little plot somewhere 😏

Originally Posted by Chops

Too true Zeros,,
Matters not though,, a flash cardboard box has been arranged,, now to find a little plot somewhere 😏

Yeah all I'll need is a good campsite too Chops.

...hedging my bets on the Defender of choice though...by the time I can afford to retire the 'new' Defender will probably be solar or krypton powered and it won't even need oil! but it will probably cost $250K !

I've never worried about pension or retirement .... simply to the fact I'm Gen X ... which means liek every other "helpful" things the previous generation had ... it will no longer exist by the time we get there ... free schooling, job security, free healthcare, pensions etc... I don't expect them to exist by the time the last of the Gen X's get there. We paid for our higher education... hit the job market in the biggest recession in decades ... The housing prices went up litterally several hundred percent as we hit the housing market ...

Simply because the baby boomer grew up in boom times. They were a huge burden on every system on the way through (eg: schooling system) as there were simply so many of them. The same will happen in retirement. The pension and heathcare will be so stretched, it will be cut back to nothing. I'm guessing this is the main reason for the absolutely staggering amounts of people allowed to immigrate each year. We need there population the prop up the baby boomers over the next 20years or so ( The issue is .... then what do we do with all of these people ?? It will be the baby boomers probably again when they all hit retirement age).

fun and games right ?

Hey it could be worse... We could be millenials ... Never able to afford our first home and be stuck living with our parents until were 40

seeya,
Shane L.

Superannuation contributions should have been 15% from day 1, so people might have had more money by now to provide for themselves and less need for a government pension.

Originally Posted by Bigbjorn

If you are not happy about the eligibility rules and amount of Age Pension then perhaps you should seek out and read the preamble to the first legislation in 1909 that enabled a govt. pension.

This is not quoted verbatim but it went something like this. A pension for those who through disability or misfortune were unable to fully provide for themselves in their old age. Now note the use of the words "fully provide". Parliament obviously considered that it was your own responsibility to provide for yourself but for those who fell upon hard times a small pension could be paid to assist.

Decades later the populace have come to consider the Age Pension as a right and their sole support. Recent changes to income and asset tests may be considered unfair by some but it remains a fact that one can be rich in Australia and still get a part pension. We are a very generous nation.

Mate, you have a way with words that I wish I had, but, you are SO CORRECT, really you are,...the tragedy is that, going by comments in the press, no-one wants to recognize that what you are saying,.....is the truth,.....BUT, I DO.
Well said mate, I hope your message gets through. Pickles.

In all seriousness though, I'll be quitting full time work in under 4 years now and going on the road and earning a living as I go and as needed. I'll be 51 when I do this - there's no way I'll be working for someone else when I'm in my 60's or 70's.

I am lucky enough though to have a skill set that will allow me to earn a quid no matter where I go.

Originally Posted by DiscoMick

Superannuation contributions should have been 15% from day 1, so people might have had more money by now to provide for themselves and less need for a government pension.

You are absolutely right, but if you are absolutely honest, you would absolutely realize that that would've meant a decrease in the take home pay of Aussies who are simply concerned about what is in their hands TODAY, without thinking about the implications of THEIR future.
Pickles.