Parley Posted September 28, 2015 Share Posted September 28, 2015 Most over a certain age will never have enough in super and will be still partly reliant on a pension. The present rorts by mostly richer folk with super ,will be sorted out at some stage as the country will not be able to afford such generosity. Already more people are working longer, than in previous years in Australia due to the fact they haven't enough to retire on. Fairly soon everyone will have had super their whole working life and with the employer contributing at least 9% of their salary and incentives for employee to top up. This will mean in future years few people will need a government pension. Link to comment Share on other sites More sharing options...
JockinTas Posted September 28, 2015 Share Posted September 28, 2015 Fairly soon everyone will have had super their whole working life and with the employer contributing at least 9% of their salary and incentives for employee to top up.This will mean in future years few people will need a government pension. Which is all well and good as long as you are employed ...................... as you stated before about contributing towards an age pension all your working life. Link to comment Share on other sites More sharing options...
Parley Posted September 28, 2015 Share Posted September 28, 2015 Which is all well and good as long as you are employed ...................... as you stated before about contributing towards an age pension all your working life. Yes the pension will still exist as a safety net for those who really need it. But will a much smaller drain on the country than it is today. Link to comment Share on other sites More sharing options...
starlight7 Posted September 28, 2015 Share Posted September 28, 2015 Seniors card gives you cheaper travel in Victoria but not free. Doesn't do much for you at all other than that. No cheap prescriptions from it, you have to get Seniors Health Card for that and it is means tested. Link to comment Share on other sites More sharing options...
amibovered Posted September 28, 2015 Share Posted September 28, 2015 Superannuation, a fund that you pay into to provide an income when you retire. National Insurance Contributions, a fund that you pay into to provide an income when you retire. Link to comment Share on other sites More sharing options...
flag of convenience Posted September 28, 2015 Share Posted September 28, 2015 Fairly soon everyone will have had super their whole working life and with the employer contributing at least 9% of their salary and incentives for employee to top up.This will mean in future years few people will need a government pension. Still be awhile away yet as most paid far too little in. Then there is the issue of super at the mercy of the markets. Come a crash and say goodbye to a lot of the fund. Reminds me during the GFC I personally lost a substantial amount along with close on negative growth for a couple of years. Link to comment Share on other sites More sharing options...
flag of convenience Posted September 28, 2015 Share Posted September 28, 2015 Seniors card gives you cheaper travel in Victoria but not free. Doesn't do much for you at all other than that. No cheap prescriptions from it, you have to get Seniors Health Card for that and it is means tested. No cheap prescriptions in WA either but definitely free travel and rate deductions. Link to comment Share on other sites More sharing options...
Bridgeman Posted September 28, 2015 Share Posted September 28, 2015 I don't know. My friend who turned sixty not long ago, here in Perth was bragging on getting their Senior Card, the one positive thing of reaching that age was the benefits. These definitely included free public transport out of rush hours. Also a reduction in water costs and a rate reduction. I will have to ask about other utilities but thought power was also included. Surely a Commonwealth Seniors Health Card would be inclusive of these things then? Providing satisfy the age requirements. Yes, it does depend on which state you are in. WA seems to be more generous than most. I know for a fact that you can't get a reduction in rates in Queensland with the CSHC. This is a consideration for us when we are looking at moving to Queensland. It seems very unfair that it should vary from state to state and should be the same for all seniors regardless of where you live. Link to comment Share on other sites More sharing options...
flag of convenience Posted September 28, 2015 Share Posted September 28, 2015 Yes, it does depend on which state you are in. WA seems to be more generous than most. I know for a fact that you can't get a reduction in rates in Queensland with the CSHC. This is a consideration for us when we are looking at moving to Queensland. It seems very unfair that it should vary from state to state and should be the same for all seniors regardless of where you live. A bit odd it being referred to as a Commonwealth Senior Card then. Why not a QLD card? Or WA Card? etc. Still ours is not to reason why. I have a feeling water is included in WA bit electricity was but is no longer. Link to comment Share on other sites More sharing options...
Mike@Bonbeach Posted September 28, 2015 Author Share Posted September 28, 2015 Hi Folks Please realise that the CSHC is not the same as Seniors Card, both give different benefits. I believe that the CSHC is a Centrelink responsibility whereas the Seniors Card is run by the individual states which is why you get different benefits in each state. Mike Link to comment Share on other sites More sharing options...
Parley Posted September 28, 2015 Share Posted September 28, 2015 Superannuation, a fund that you pay into to provide an income when you retire. National Insurance Contributions, a fund that you pay into to provide an income when you retire. The difference being my Super will give me a lump sump of $1M to invest at retirement, rather than a piddly pension of 50 pounds a week or whatever it is. Link to comment Share on other sites More sharing options...
toOZ2012 Posted September 29, 2015 Share Posted September 29, 2015 Still be awhile away yet as most paid far too little in. Then there is the issue of super at the mercy of the markets. Come a crash and say goodbye to a lot of the fund. Reminds me during the GFC I personally lost a substantial amount along with close on negative growth for a couple of years. A hands on approach maybe? I use AustralianSuper with MemberDirect where I have bit more control on what shares I put my money in. With a sufficient super balance, a SMSF is worth the administrative and accounting hassle. Link to comment Share on other sites More sharing options...
toOZ2012 Posted September 29, 2015 Share Posted September 29, 2015 The difference being my Super will give me a lump sump of $1M to invest at retirement, rather than a piddly pension of 50 pounds a week or whatever it is. That may change in the coming decade or so - super reforms will encourage retirees to go on income streams than draw out lump sums. Link to comment Share on other sites More sharing options...
flag of convenience Posted September 29, 2015 Share Posted September 29, 2015 That may change in the coming decade or so - super reforms will encourage retirees to go on income streams than draw out lump sums. Change is definitely coming. I was reading about it only today in the printed media. Super and a look at introducing Land Tax to replace the present purchase tax. Link to comment Share on other sites More sharing options...
amibovered Posted September 29, 2015 Share Posted September 29, 2015 The difference being my Super will give me a lump sump of $1M to invest at retirement, rather than a piddly pension of 50 pounds a week or whatever it is. You think the pension is 50 pounds! says it all really. Link to comment Share on other sites More sharing options...
flag of convenience Posted September 29, 2015 Share Posted September 29, 2015 A hands on approach maybe? I use AustralianSuper with MemberDirect where I have bit more control on what shares I put my money in. With a sufficient super balance, a SMSF is worth the administrative and accounting hassle. Yes agree. I keep meaning to take a more active role in this. Link to comment Share on other sites More sharing options...
toOZ2012 Posted September 29, 2015 Share Posted September 29, 2015 Change is definitely coming. I was reading about it only today in the printed media. Super and a look at introducing Land Tax to replace the present purchase tax. About time. Australia is in need of a serious sustainability boost. Link to comment Share on other sites More sharing options...
Bridgeman Posted September 29, 2015 Share Posted September 29, 2015 Hi FolksPlease realise that the CSHC is not the same as Seniors Card, both give different benefits. I believe that the CSHC is a Centrelink responsibility whereas the Seniors Card is run by the individual states which is why you get different benefits in each state. Mike Yes, each state offers a state Seniors, obtainable from 60 for most people, although I believe changes are afoot in some states and benefits vary. The CSHC is means tested, available from 65 after 2 years residence. However there is still a discrepancy in what benefits utilities companies in each state will allow CSHC holders. Link to comment Share on other sites More sharing options...
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