Correct me if I am wrong, but I believe if you have more than $200K set aside in your superannuation, then the Federal Government will be looking to get into your retirement income.
$200k is not a substantial amount of money in this modern progressive world that we live in.
In the current financial climate, if you have $800k invested at about 5% then you will be receiving $770 per week pension.
Which I believe is about the same as the current Government pension payment.
Do not forget the additional perks provided to the Government pensioners, amount unknown, that self-funded retirees do not receive. Those perks soon add up when taken into consideration.
So for anyone who has worked hard, raised a family, gone without, tightened their belt, so they can have a reasonable retirement, are once again are facing another dip into their pocket by a greedy financially, and ideas bankrupt, treasury.
Self funded retirees are an easy target, the young ones today do not worry too much about the elderly, why should they.
There are other more important things to think about, a new car or boat or holiday, or some other piece of consumerism.
They feel deprived if they are asked to go without.
Why would you bother, to try to provide for a better future, when the government will freely finance, someone who has never bothered to work, or save, or go without, because they know the Government will look after them when they retire.
Just move into a retirement home and see how financially easy it is if you are a Government dependent, as opposed to a self funded person.
It is easy to see why those nearing their retirement date, spend up big, reduce their assets, and become OAPs, the benefits are unlimited and worry free.
L. Pethick,
Gympie
