Guest241083 Posted May 12, 2015 Share Posted May 12, 2015 ......[h=1]Part-pension changes in budget will affect hundreds of thousands of people.....[/h] ......http://www.theguardian.com/australia-news/2015/may/12/part-pension-changes-in-budget-will-affect-hundreds-of-thousands-of-people Quote Link to comment Share on other sites More sharing options...
Perthbum Posted May 12, 2015 Share Posted May 12, 2015 ******ing shameful. Quote Link to comment Share on other sites More sharing options...
Parley Posted May 12, 2015 Share Posted May 12, 2015 Many will get more money. Currently a pensioner can own their own house plus over $823000 in other assets and still get the part pension. It does seem over the top. My aim will be to not need the pension. Quote Link to comment Share on other sites More sharing options...
NicF Posted May 12, 2015 Share Posted May 12, 2015 ******ing shameful. Have you read the story? Basically what they are doing is giving people with little money more in pension and giving those with a lot of savings or expensive cars less pension. You can still have a family home and over $800,000 in assets and still get some pension. Quote Link to comment Share on other sites More sharing options...
NicF Posted May 12, 2015 Share Posted May 12, 2015 Many will get more money.Currently a pensioner can own their own house plus over $823000 in other assets and still get the part pension. It does seem over the top. My aim will be to not need the pension. Actually they can currently have $1.5million in assets and they are dropping the limit to $823,000. And yes it does still seem over the top but at least it's improved from what it was. Quote Link to comment Share on other sites More sharing options...
Perthbum Posted May 12, 2015 Share Posted May 12, 2015 Have you read the story? Basically what they are doing is giving people with little money more in pension and giving those with a lot of savings or expensive cars less pension. You can still have a family home and over $800,000 in assets and still get some pension. Not the way i read it. The government will save $2.5bn by reducing or withdrawing payments to hundreds of thousands of part-pension recipients, Quote Link to comment Share on other sites More sharing options...
NicF Posted May 12, 2015 Share Posted May 12, 2015 Not the way i read it. The government will save $2.5bn by reducing or withdrawing payments to hundreds of thousands of part-pension recipients, Yes and those part pension recipients currently have over $823,000 in liquid assets, ie savings in the bank, or shares. We are not talking about poor people with little money here - they will get more. Quote Link to comment Share on other sites More sharing options...
Parley Posted May 12, 2015 Share Posted May 12, 2015 Australia is very generous with pensions and always has been. Many on the full pension will get more with these changes too. In UK you have to make 30 years of contributions to receive the pension. In Australia, all you have to do is live here. We look after our pensioners very well imo. Quote Link to comment Share on other sites More sharing options...
HelensvaleHoward Posted May 12, 2015 Share Posted May 12, 2015 Sorry but it sounds fare to me Quote Link to comment Share on other sites More sharing options...
Celt Down Under Posted May 12, 2015 Share Posted May 12, 2015 Australia is very generous with pensions and always has been.Many on the full pension will get more with these changes too. In UK you have to make 30 years of contributions to receive the pension. In Australia, all you have to do is live here. We look after our pensioners very well imo. Not quite true PC. All you have to do is live here, not work hard and not save, and THEN you may be able to get a pension. Because I worked hard, long hours, saved well, and did not squander my money, I would get no assistance at all compared to someone who did not bother thinking about the future. Quote Link to comment Share on other sites More sharing options...
Johndoe Posted May 13, 2015 Share Posted May 13, 2015 (edited) ******ing shameful. Expalin why in your wisdom? Why should someone with their own home and over $800000 in assets such as cash in the bank, be susbsidised by those with less? Just another excuse to knock Australia? Edited May 13, 2015 by Johndoe Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted May 13, 2015 Share Posted May 13, 2015 Not quite true PC. All you have to do is live here, not work hard and not save, and THEN you may be able to get a pension. Because I worked hard, long hours, saved well, and did not squander my money, I would get no assistance at all compared to someone who did not bother thinking about the future. A reverse unfairness, as you say you work, think and plan hard most of your working life and get nothing and possibly get some taken away, where as a person doing the same job on the same money of the same working life time has squandered all their money and gets given handouts for the rest of their lives. I know a simple comparison but certainly not untrue. I suppose it could be asked as to which one is the wisest? Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted May 13, 2015 Share Posted May 13, 2015 Expalin why in your wisdom? Why should someone with their own home and over $800000 in assets such as cash in the bank, be susbsidised by those with less? Just another excuse to knock Australia? I would like to think that when I retire that I will be in the $800k, and there will be no complaints from me, I think that it is fair enough, at current rates a 10% draw-out of super (pension) is $80,000 a year or $1500 per week appears very reasonable. Simplistic, but I do not want to get into all the possible mathematics and future if's & buts! Quote Link to comment Share on other sites More sharing options...
Parley Posted May 13, 2015 Share Posted May 13, 2015 Not quite true PC. All you have to do is live here, not work hard and not save, and THEN you may be able to get a pension. Because I worked hard, long hours, saved well, and did not squander my money, I would get no assistance at all compared to someone who did not bother thinking about the future. That can happen granted, but most people wouldn't do that. The pension is really meant as a safety net for those who can't look after themselves. Really we are lucky where we have worked most of our lives and own a house and have superannuation. Some people in casual employment, rent their whole lives and sadly never get ahead and own a house or have large savings. We need to look after these people. I'm not sure what the UK does for the people who are in this situation who haven't contributed to the Social Security for 30 years. Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted May 13, 2015 Share Posted May 13, 2015 That can happen granted, but most people wouldn't do that.The pension is really meant as a safety net for those who can't look after themselves. Really we are lucky where we have worked most of our lives and own a house and have superannuation. Some people in casual employment, rent their whole lives and sadly never get ahead and own a house or have large savings. We need to look after these people. I'm not sure what the UK does for the people who are in this situation who haven't contributed to the Social Security for 30 years. We can't put it all down to luck parley, hard work, frugal living, good planning play a part in getting where we are and in a position of being able to take advantage of any lucky opportunities that come our way. Quote Link to comment Share on other sites More sharing options...
Paul1Perth Posted May 13, 2015 Share Posted May 13, 2015 ******ing shameful. Can't see anything shameful about it PB "The maximum value of assets a person can own to receive the full pension will be increased to $250,000 from $202,000 for single home owners and to $375,000 from $286,500 for couples who own their own home. The changes mean about 170,000 pensioners will receive an extra $30 a fortnight." The losers are really people who shouldn't expect to get the state pension. Remember the family home is not included in the assets. Why would someone who has $250,000 in assets and a family home, maybe worth millions, expect to be able to get a full state pension? Strange but it's almost like a Labor policy. It's not going to affect the people like me and the missus who don't consider ourselves poor by any stretch of the imagination. In fact it increases the amount of assets we can have before we lose anything. I think it's still to generous. If you have a few rental properties, why should you expect to be able to get a pension? Sell the things and you would be quids in and it would free up some housing too. Quote Link to comment Share on other sites More sharing options...
Paul1Perth Posted May 13, 2015 Share Posted May 13, 2015 Expalin why in your wisdom? Why should someone with their own home and over $800000 in assets such as cash in the bank, be susbsidised by those with less? Just another excuse to knock Australia? He probably only looked at the headline JD and didn't read the article. I think Aus's pension rules are pretty generous TBH. That's usually on top of the private super that everyone has. Quote Link to comment Share on other sites More sharing options...
Paul1Perth Posted May 13, 2015 Share Posted May 13, 2015 Not the way i read it. The government will save $2.5bn by reducing or withdrawing payments to hundreds of thousands of part-pension recipients, Don't just read one line then PB. Have a better look mate and you might want to reconsider retiring here.:wink: Quote Link to comment Share on other sites More sharing options...
Paul1Perth Posted May 13, 2015 Share Posted May 13, 2015 Not quite true PC. All you have to do is live here, not work hard and not save, and THEN you may be able to get a pension. Because I worked hard, long hours, saved well, and did not squander my money, I would get no assistance at all compared to someone who did not bother thinking about the future. You must have a lot in your super pot and a good few assets though Celt. I still think it's pretty generous. Quote Link to comment Share on other sites More sharing options...
Celt Down Under Posted May 13, 2015 Share Posted May 13, 2015 You must have a lot in your super pot and a good few assets though Celt. I still think it's pretty generous. Agree that we both have substantial amounts in super, as well as assets, but they were gained by working for an employer, paying taxes in full, but by leading a conservative lifestyle Paul. I was paid by the hour off the clock in a factory, and my wife working as a bank teller. We maximised the amount we put into super, and of course gained the tax benefits from that. Behind us is 45 years of graft, not living for the day, but for the future, and now payday has come, and I often hear from people who worked in the same job as me, "How can you have afforded to retire early and have such a great lifestyle?". Guess what my answer is each time. Quote Link to comment Share on other sites More sharing options...
Guest Guest66881 Posted May 13, 2015 Share Posted May 13, 2015 Agree that we both have substantial amounts in super, as well as assets, but they were gained by working for an employer, paying taxes in full, but by leading a conservative lifestyle Paul. I was paid by the hour off the clock in a factory, and my wife working as a bank teller. We maximised the amount we put into super, and of course gained the tax benefits from that. Behind us is 45 years of graft, not living for the day, but for the future, and now payday has come, and I often hear from people who worked in the same job as me, "How can you have afforded to retire early and have such a great lifestyle?". Guess what my answer is each time. :wink: Quote Link to comment Share on other sites More sharing options...
Paul1Perth Posted May 13, 2015 Share Posted May 13, 2015 Agree that we both have substantial amounts in super, as well as assets, but they were gained by working for an employer, paying taxes in full, but by leading a conservative lifestyle Paul. I was paid by the hour off the clock in a factory, and my wife working as a bank teller. We maximised the amount we put into super, and of course gained the tax benefits from that. Behind us is 45 years of graft, not living for the day, but for the future, and now payday has come, and I often hear from people who worked in the same job as me, "How can you have afforded to retire early and have such a great lifestyle?". Guess what my answer is each time. I'm close to retirement age too Celt. Strange how you never really think about it till it sneaks up on you.:wink: I've got my transition to retirement pension funds sorted, still working full time though. It's a pretty good tax break isn't it.:cool: Me and the wife sound about the same as you mate, both worked for employers our whole lives, been pretty careful with our money but didn't want to live off beans on toast to pay the mortgage off quicker. We've always gone out and had holidays and stuff when we wanted. Don't spend as much on holidays here as we don't feel like we need them as much as we used to in the UK, every weekend is like a mini holiday. We won't be rolling in it when we retire but hopefully OK. We could always downsize I suppose but we like where we live.:cool: Quote Link to comment Share on other sites More sharing options...
Celt Down Under Posted May 13, 2015 Share Posted May 13, 2015 I'm close to retirement age too Celt. Strange how you never really think about it till it sneaks up on you.:wink: I've got my transition to retirement pensioin funds sorted, still working full time though. It's a pretty good tax break isn't it.:cool: Me and the wife sound about the same as you mate, both worked for employers our whole lives, been pretty careful with our money but didn't want to live off beans on toast to pay the mortgage off quicker. We've always gone out and had holidays and stuff when we wanted. Don't spend as much on holidays here as we don't feel like we need them as much as we used to in the UK, every weekend is like a mini holiday. We won't be rolling in it when we retire but hopefully OK. We could always downsize I suppose but we like where we live.:cool: Good stuff Paul. Feel free to join us on a cruise one day. Nothing like living the life of Riley after a lifetime of working hard and saving for the day. Don't forget to get that claim in for your UK pension. A nice bit of pocket money for you on trips back there. We too will have to downsize one day, because the house is way too large for us now, and one day the acreage will no longer be fun looking after, but hopefully that will be 5 years away at least, when I am 70. Quote Link to comment Share on other sites More sharing options...
Guest Guest66881 Posted May 13, 2015 Share Posted May 13, 2015 Good stuff Paul. Feel free to join us on a cruise one day. Nothing like living the life of Riley after a lifetime of working hard and saving for the day. Don't forget to get that claim in for your UK pension. A nice bit of pocket money for you on trips back there. We too will have to downsize one day, because the house is way too large for us now, and one day the acreage will no longer be fun looking after, but hopefully that will be 5 years away at least, when I am 70. Forgot about that bit of extra folding:wink: Quote Link to comment Share on other sites More sharing options...
Celt Down Under Posted May 13, 2015 Share Posted May 13, 2015 Forgot about that bit of extra folding:wink: I had 17 years working there, so the folding was never going to be forgettable. :jiggy: Quote Link to comment Share on other sites More sharing options...
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