Pensioner asset test

[Mally]

Toby it's all a pain in the backside. A few weeks ago took a substantial amount of my money and invested it in a credit union at the deeming rate. My financial advisor was getting money for doing very little so no more fees and charges and have complete control of what happens plus the government guarantees up to $250000 per person if the bank goes bust. I just want to go to bed at night and wake up knowing I haven't lost the lot. I get the aged pension plus an allocated pension and manage very well. I still retain my private health live well even prawns for Christmas!!!!!!

[GeeCee]

It seems that that the former system was somewhat out of balance, We have friends that draw just under $2000 a week on state super and yet get a small government pension. They also fly every year to Europe Business Class, own two very newish vehicles, a home worth somewhere in the vicinity of a million dollars and dine out regularly.

Another couple we know have the same super income, investments totaling around
$800,000, home worth about $1m, two very nice vehicles, caravan, regular trips to Europe and Canada and were receiving a Centrelink benefit as well.

I tend to think that there are much more needy families out there who would be much more entitled to have their benefits increased rather than indulge the already privileged.

The benefits are there for the needy not the greedy. Merely my opinion.

The matter of the concession card is another issue, Having paid taxes all of their lives I think that they are all entitled to this.

[TramcarTrev]

Its a minefield alright....

Im just so thankfull I dont have to deal with Centrelink and go thriough DVA who can at times be difficult but never as bad as Centrelink.

But we both still have parents alive and have had to go through the excercises of sorting out thier pensions and related matters....

Financial advisers seem only interested in large accounts because most of them get a % as a fee. Cenetrlink have free advisers who actualy give good info and will actually tell you how to get the best out of funds and Centrelink. MIL wanted to change her will incase her 94 YO husband ran off with a "floozie" buit the advser at Centrelink said it may be a good idea because as they are both inmates in residential care if one gave the other their share of joint assets that would cause problems with assets and increase the daily payments so wills were changed so that each gave their share to their kids. FIL passed away daughters got his share and now MIL wants to know what happened to his money... "but Mum we have been through this you changed your wills remember?"

[tar trekka]

Hi there,

I've been a Self Funded Retiree for the past thirteen years.

Yes, some say I'm a "Lucky Rich Bastard" & should get no assistance from the Government & Tax Payer,
that's fine.

But the "Harder I Worked, The Luckier I Got" & the "The Harder I Saved The Even Luckier I Got".

Do I feel guilty, not in the slightest.

Many earn plenty & wind up with nothing, that's their problem.

There's an old saying, "if you took all the money in the world & distributed it evenly throughout the world, in a short time it would all end up back in the same pockets".

The easiest & cheapest way to handle "Welfare", is give every Australian Retiree a $million & tell them that's it, no more & no Pension.

Trouble is in a short while, most would have no "Money & No Pension".

Basically, people who "know how to accumulate it, know how to keep it".

Ah, the "Tall Poppy Syndrome" is alive & well.

Tar Trekka.

Any day above the ground is a great day.

[A'van]

We worked hard for what we got and paid our taxes to pay for others people's pensions, so they could have some security when they got old.
That's all we want today, for the young people to work and pay their taxes so we can get our pensions and have some security.
Our pensions are not great, but if we are careful, we can manage OK. Well, my wife and i do.
If someone have saved more money and got more to live on, good luck to them, they have no doubt worked for it or used their noggin to invest it better.
I know I generalise a lot, individual cases can be different of course.

Hans

[TramcarTrev]

Hi there,


There's an old saying, "if you took all the money in the world & distributed it evenly throughout the world, in a short time it would all end up back in the same pockets". Yes so true, is that because we mere retirees or working class are easily tricked out of our money by those who have things we want and trick us into paying for them even though we dont need them?

The easiest & cheapest way to handle "Welfare", is give every Australian Retiree a $million & tell them that's it, no more & no Pension. There was an interesting hypothesis put forward that you could sell the country for a price in millions of dollars equal to the number of Australian Citizens to the Chinese then distribute the money so that every legit Aussie would have enough money to go and live somewhere else in the world, alas it was going to cost more than the money we got for the country to distribute it.


Basically, people who "know how to accumulate it, know how to keep it". Yes and they do it very well even when they end up bankrupt they still have millions



Tar Trekka.

Any day above the ground is a great day.

[TramcarTrev]

We worked hard for what we got and paid our taxes to pay for others people's pensions, so they could have some security when they got old.
That's all we want today, for the young people to work and pay their taxes so we can get our pensions and have some security.
Our pensions are not great, but if we are careful, we can manage OK. Well, my wife and i do.
If someone have saved more money and got more to live on, good luck to them, they have no doubt worked for it or used their noggin to invest it better.
I know I generalise a lot, individual cases can be different of course.

Hans

Hans maybe you are generalising but you are getting to the crux of the matter. Basically we are in a catch22 situation. To pay for welfare we have to have taxpayers, to pay tax we have to have jobs at the ratio of 5 jobs for every welfare payee. We dont have enough taxpayers because there are fewer jobs yet those people who are in the higher wage groups seem to have to bear the brunt of higher taxation to carry those on Welfare because all the tax we paid as taxpayers has not been "banked" to care for us instead its now needed to cater for the younger generation who in some cases will never ever earn a taxable income, no tax paid no money for pensions.... Throw into the mix the amount of real wastage thru misspending, corruption and incompetence and its a wonder we have enough money for any pensions.