Another reason to continue investing

[WillG]

Pension age to 67.

Under changes to the pension age unveiled in the budget, the age at which people qualify will increase at a rate six months every two years, beginning in 2017 and reaching 67 years in 2023.

If I was relying on the age pension I will have to wait to retire at 67. Will you have to wait until 67?

 

[jazzlobber]

probably later, by my time it might be 69 or 72 or something like that

 

[our obsession]

Aged pension wont be a factor, consideration or terminology for us, I am so delighted about us doing what we do, and deciding to do it! (Investing-taking control of our own financial future).

Here is to property investing, finding it and doing it. I am so proud of what we are doing for us. You dear little houses, you beautiful acres...you gorgeous equity, sexy capital growth, charming rental returns, handsome leverage, you brilliant IRR.

 

[Piston Broke]

Since when was there a reason not to invest?

 

[Trogdor]

Thats insane. People are going to collect the disabled pension or the dole, before they can get the old age pension.

How many 66.5 year olds are able to work AND can find work?

Hopefully be retired a long long time before that!

 

[TheShuffler]

Here is to property investing, finding it and doing it. I am so proud of what we are doing for us. You dear little houses, you beautiful acres...you gorgeous equity, sexy capital growth, charming rental returns, handsome leverage, you brilliant IRR.[/QUOTE]

So eloquently put!

 

[craigb]

Last sataurday my wife and i spent the day arguing about the debt{again} and we usually agree to disagree!

But on sunday we had a lovely day purchased some more plants for the house. yada,yada,yada!

Any way i said to her that if we do not try this stuff, and most of what we do is based on famous others, like rich dad, trump, branson,etc we will have never had the chanch to say we tried! i said that if this does not work we may be 67 years old like her dad walking around the art gallery as a security agent,

and if we "do not" try we will "definatly" be walking around the gallery as a security agent. at 67

 

[mja]

Thats insane. People are going to collect the disabled pension or the dole, before they can get the old age pension.

How many 66.5 year olds are able to work AND can find work?

You'd be surprised.

At the abattoir I used to work at [1], we had a married couple who were slicers, at age 78 and 75 respectively, and still going strong.

[1] Note I worked in the office, not the kill floor.

 

[Perp]

How many 66.5 year olds are able to work AND can find work?

I note that amongst my parents and their friends and siblings - who are in this age group - that those who are are still working are those who'd still be very comfortable if not working at all. (Such as dear Dad.)

Those who are facing a pretty minimal retirement on the pension, took that pension the moment that they were eligible... They also would rather miss out on $2 of their own money if it enables them to get an extra $1 from the Government. (Thank goodness for deeming.)

Coincidence? I think not.

Last sataurday my wife and i spent the day arguing about the debt{again}

craigb, that doesn't sound good. You ought to really get this resolved, and ensure you're "singing from the same sheet". (Excuse the gratuitous advice; it's well-intentioned!)

 

[wylie]

I asked hubby last night "if you could retire today, would you?". He said he likes the atmosphere and friendships at work and "would go mouldy at home". I have been worried about him because for the past twelve months or so his work has become very busy and he is working some long hours. I don't mind as the kids are not little any more and I am not at home juggling a toddler and a baby on the hip like I did when he was studying and gone from 7.30am to 10pm on college nights.

Many on SS want to leave the "rat race" early, but my hubby has no desire to do that. He enjoys work and I will be happy for him to work as long as he is happy. The last thing I want is to force him to retire and change his life before he is fully ready.

Someone he works with was forced to retire as his wife told him one evening that he must retire NOW as she had put a deposit on an apartment at the coast and the needed his retirement money to settle. He was devastated and things went downhill from there. No way will I do that to hubby (although I have bought a couple of houses without him knowing until that night, but never put his job in jeopardy by doing so).

When things get really busy at work, we have discussed him leaving work, and buying and renovating houses to make a profit, but now is not the time to be doing this, though he would enjoy that type of work. Maybe down the track, more as a pocket money hobby than a money spinner though.

 

[Perp]

Many on SS want to leave the "rat race" early, but my hubby has no desire to do that. He enjoys work and I will be happy for him to work as long as he is happy. The last thing I want is to force him to retire and change his life before he is fully ready.

Yes, it's all about having the choice, isn't it?

I think the knowledge that you could leave if you wanted to often enhances people's enjoyment of work; removing the sensation of being "trapped" often enables people to relax and enjoy work more, perversely. They worry less about office politics and promotions etc, because they're not as emotionally invested in the job as being tied to their whole financial future.

 

[keithj]

Yes, it's all about having the choice, isn't it?

I think the knowledge that you could leave if you wanted to often enhances people's enjoyment of work; removing the sensation of being "trapped" often enables people to relax and enjoy work more, perversely. They worry less about office politics and promotions etc, because they're not as emotionally invested in the job as being tied to their whole financial future.

Absolutely agree. If you enjoy work but know you could resign at any time you are in control.

 

[Nathan]

I prefer 23/24 as financial independance deadline.

 

[LynnH]

I asked hubby last night "if you could retire today, would you?". He said he likes the atmosphere and friendships at work and "would go mouldy at home".
.....
The last thing I want is to force him to retire and change his life before he is fully ready.

Yes, it's all about having the choice, isn't it?

I think the knowledge that you could leave if you wanted to often enhances people's enjoyment of work; removing the sensation of being "trapped" often enables people to relax and enjoy work more, perversely. They worry less about office politics and promotions etc, because they're not as emotionally invested in the job as being tied to their whole financial future.

I agree completely!

It would be wonderful it hubby were to retire so that we could spend much more time together (he's away 7 to 8 months of the year) - but I would never dream of pressuring him to 'pull the plug'. (Mind you, the day he does, you'll hear the cheering from here! )

So while he remains addicted to the smell of avgas and the sound of 'engine noises', he'll keep on drawing a pay cheque, even though he could retire whenever he wanted to. Tracey put it so well when she said "It's all about having the choice"!!

Cheeers
Lynn

 

[steveadl]

probably later, by my time it might be 69 or 72 or something like that

What he said.

28 now - that leaves future govt's to do all sorts of tinkering for another 40 odd years. They'll also be helped along by advances in medical technology - by the time I get to the current pension age, life expectancies may be 100 and we'll be expected to work until 75.

I'd rather not leave my future retirement plans up to whoever happens to be in power in 40yrs. Feel sorry for one of my girls who plans on retiring on the pension in the future - her stop date has just been extended another 2yrs, and she's still got another 20+yrs to go.

 

[Peter_Tersteeg]

When the pension was introduced, life expectancy was 63. On average most people died before they were eligible. As life expectancy has significantly increased, funding the pension has become more difficult.

This move may not be a popular one, but it had to happen sooner or later.

My father is almost 68 and still works the same extremely demanding manual labor job he has since he was 14. Admittedly he's scaled his business back a little, but he's probably one of the fittest 68 year olds you'll ever meet. My main worry for him is that when he does retire, he'll age very quickly for lack of anything else to do.

 

[csc]

the whole long term idea of having compulsory super is so federal govts in the future will be able to reduce the strain on budgets..........in 50 plus years time pensions as we know it will be only a small part of the govts budget....and only for those that bludge their whole life on the dole and society handouts who wont have super...the rest of us will need to actively invest their super wisely to maximize growth as a nest egg..

hopefully the meltdown last year of peoples super will be a wake up call to diversify investments and not reply on just one source when they retire...

investment education over the coming years should be an important part of daily life in handling a persons retirement future..

once you hit 40 ages catches up very quick..next minute your on the scrap heap with all the other old timers...

prob less than 10% of people today are serious about investing properly..the rest are happy to let idiots run their billions of dollars in equity and skim the cream off it every year in fees...

having normal super only is a mugs game....

 

[want2bewealthy]

If you ask me, Superannuation is the worst investment one could rely on when they're still young.

It is only (as Mrs Somers put it) 'a safety net with holes in, at best'

 

[GreatPig]

28 now ... by the time I get to the current pension age, life expectancies may be 100

And the rest, if Ray Kurzweil is to be believed (author of "The Singularity Is Near"). He reckons over the next three or four decades with advances in bio and nano technologies, we'll start to merge with machines and solve the "illness" of death forever: immortality! (well... maybe the end of the century for that, but with the earlier advances you should be able to live that long anyway).

The motto: live long enough to live forever.

Then how will our super last?

GP

 

[investor_eddie]

And the rest, if Ray Kurzweil is to be believed (author of "The Singularity Is Near"). He reckons over the next three or four decades with advances in bio and nano technologies, we'll start to merge with machines and solve the "illness" of death forever: immortality! (well... maybe the end of the century for that, but with the earlier advances you should be able to live that long anyway).

The motto: live long enough to live forever.

Then how will our super last?

GP

Looking forward to further breakthroughs in medicine/bio tech.. If i have enough money to extend my healthy life expectancy to 150+ I would pay nearly any price