Changes to Superannuation...?

Who in their sane mind wants to work until they're 70, retire and maybe live for another 10-15 years and not really be able to enjoy life because you are too old and decrepit from working for 50 years. :confused:

Which is why it's wise to invest outside of super as well. People who put everything into super are crazy.

I don't like the proposed changes - anything that discourages people from saving for their own retirement is a poor idea.

But it is for retirement, and changes should be made to people cashing out lump sum amounts. People shouldn't be able to cash out lump sums at age 63, then go on a full pension two years later.
 
Which is why it's wise to invest outside of super as well. People who put everything into super are crazy.

Which, I'm having a guess here, 90% of the working population would NOT know.

They are bashed senseless over their heads with ads on TV and the radio about super and how fantastic their lives will be sitting on cruise ships on round the world tours. To many, it is the ONLY investment platform they know.

The truth is more like them stuck at home (falling apart) and lucky to be able to afford a trip to the physio for that back complaint due to trying to fix their home because private health insurance is out of reach for self funded retirees and the extra tax imposed by the government to recover over zealous spending.
 
Which, I'm having a guess here, 90% of the working population would NOT know.

I'm not so sure HR. I think they know it's a good idea to invest. But for one reason or another, don't actually do anything about it.

The main reason 90% of people will have any superannuation is because they didn't have a choice. It was paid into an account by their employers.
 
I'm not so sure HR. I think they know it's a good idea to invest. But for one reason or another, don't actually do anything about it.

The main reason 90% of people will have any superannuation is because they didn't have a choice. It was paid into an account by their employers.

Probably true.

Maybe a combination of not knowing any better and doing nothing and knowing better and putting plans off to one day get around to investing in something whilst enjoying life etc and then realising it's all a bit too late in their 50's and then panicking and investing in higher risk alternatives, putting them further behind.
 
I hear that a lot from the Labor supporters.

I'm not a Labor supporter and neither is my dad.

Might of had some truth to it in this country back in 1907, but I reckon we've got the pendulum swinging just a tad the other way now. It's what could only be described as "beyond fair" nowadays.

Now who's being naive!

This handing down that type of story is the very thing that I alluded to last week on this forum. The myth is perpetuated down the generations...never questioned, until the lad gets a bit of get up and go in him and starts his own business up, then realises the employees have it pretty good compared to the business owners who actually provide the jobs.

Really? Employees get a fair deal round these parts in 2013 - all thanks to the unions - but bosses hardly have it bad compared to the employees. If that was the case, no one would start up a business. And you reckon I'm being dramatic?
 
Ouch - bit harsh on the diet and exercise slam for someone you've never met.

I suggest you read the post again. I never made any statement about your weight. I said IF you are 'doddering around' at 70, then that is because you didn't eat properly or exercise. In her early 70's, my grandma was still riding her pushbike to church, which was 5 or 6 k's from her place. 70 is still young enough to be pretty active, but only if you're healthy.
 
Hey Dazz, just read this in another thread:

we also can have on the spot sackings (which happened regularly where I worked...staff (not U.S. union employees)

We are also only entitled to 2 weeks vacation.No sickies, unless it has been bargained into the union contract.That took us 30 years to get 2 days a year.

If you think that business wouldn't jump at the chance to strip workers of their rights, should unions no longer exist, you are living in the land of fairies and unicorns.
 
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You'll most likely find in years to come, this is the fundamental reason why the Labor brand is in terminal decline and shall never recover.
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Hey Dazz
I generally agree what a lot of what you say when I read in here , and I am generally more inclined to support the Liberals but I live in the seat of Maribyrnong...but anyway

Do u honestly believe the Labor party is in terminal decline ?

I remember back when Howard was in power, perhaps about 10 years ago, every state government in the country was Labor, and then the tide turned.
Only 4-5 years Kevin Rudd had an approval rating of 73% and they looked unstoppable whilst the Liberals where turning over leaders in Nelson and Turnbull.

I look at history and from 1983 to 1996 (I was too young then) Labor ruled, and perhaps people then were saying the Liberals were in terminal decline.

I don't mean to make an argument with u but I reckon this lot will get voted out but give them 5-10 years they will rebuild the Liberals would have upset people and it will turn again
 
Do u honestly believe the Labor party is in terminal decline ?

Only time will tell - my predictions are usually pretty **** when it comes to crystal balling the future. What I believe doesn't really matter at the end of the day. What counts is what the Labor Party members think....and say, and what they are saying isn't very pretty about their own future.



I don't mean to make an argument with u but I reckon this lot will get voted out but give them 5-10 years they will rebuild the Liberals would have upset people and it will turn again

You could very well be right. In 2007, when the economy was going great, we had no debt, we had billions of cash in the bank, we had low unemployment, business confidence was thru the roof, we had an extremely experienced and competent Federal Cabinet under the 2nd longest serving PM ever and they all got turfed out on their ear for this mob....who have now claimed the mantle of being the worst Govt in Australia ever.

Seriously, looking back, it's farcical from my perspective, but there you have it - the people spoke - and you must listen to them. We must always abide by the electorate's decision, but it doesn't mean they always get it right.
 
In the past, this statement may have been correct....but not any more.

The working and middle classes have lifted their sights and aren't bedazzled by the union ra-ra anymore.

The working and middle classes are starting to gather some assets behind themselves nowadays and are finding a bit of financial literacy goes a long way. They are now aspirational, not working class, and hence, not all, but enough to make a huge difference (i.e. change Govts) are voting with the coalition.

I agree with this, many 'working class' people have become aspirational. After a property boom that has seen their wealth rise rapidly due to the rise in value of their main residence.

This has happened largely without their doing but they now consider themselves middle/upper class and with that change requires a change in political affiliation. Voting for liberals "means they have made it", "they are wealthy".

Also most people just have no understanding how much of their current working conditions were thought for by unions.

You'll most likely find in years to come, this is the fundamental reason why the Labor brand is in terminal decline and shall never recover.

Forget redheads, forget union thuggery, forget corruption (I know, it's hard to) forget all of the stench coming from the NSW right, the people....and it only needs to be a 4 or 5% difference, are realising that to govern both an economy and a civil society, one needs to be financially literate.

People are realising that placing ex-union officials with no business skills whatsoever in charge of the biggest business in the country is just wrong. The results speak for themselves. They simply cannot manage money, regardless of the overseas factors.

I tend to disagree, I don't think one side is more financially literate or experienced than the other or any less corrupt, just different.

Its funny that even with the corruption hearings going on, new government ministers are still wining and dining with developers, still reading about large projects shrouded in secrecy not going to tender, still have government positions being stacked with political offiliates.


If you compare parties Liberal is more predisposed to look after the interests of employers and high income earners and labor looks after the interests of employee's especially low income earners. They are something that needs to be kept in balance, this happens largely by the changing of the post.

Booms just mean one generation of people borrowing from the next, so you are always going to have disenfranchised people. The longer the boom go's on the greater divide you are creating between the established and the new generation who are starting from nothing.

People are realising that a Govt's job (it has many, but the primary one) is to bring in as much revenue as possible....importantly from increasing the total pie, not taxing more the existing pie, then sit down and intelligently allocate the myriad of areas that are all screaming for more funds.

Taxes are lower now than under the previous government. So don't know about increasing.

Creating more revenue in the future means investing today, I guess it just depends on whether you think government should play a role or leave it upto private industry (if willing).

There is a million and one baby chicks waiting to be fed. There are only so many worms. The mother bird is pretty quickly knocked off is she is rubbish at finding extra worms, or is rubbish at allocating them to the awaiting chicks once she has found them.

The problem is the birds not getting an equal share.
 
You could very well be right. In 2007, when the economy was going great, we had no debt, we had billions of cash in the bank, we had low unemployment, business confidence was thru the roof, we had an extremely experienced and competent Federal Cabinet under the 2nd longest serving PM ever and they all got turfed out on their ear for this mob....who have now claimed the mantle of being the worst Govt in Australia ever.

Seriously, looking back, it's farcical from my perspective, but there you have it - the people spoke - and you must listen to them. We must always abide by the electorate's decision, but it doesn't mean they always get it right.

Yep, one rode the boom. One rode the bust.
 
Who in their sane mind wants to work until they're 70, retire and maybe live for another 10-15 years and not really be able to enjoy life because you are too old and decrepit from working for 50 years. :confused:

Insane people and the government, hamsters need to spin the wheels not rest and relax ;)
 
If you're 'doddering around' at 70, then that is because you didn't look after yourself physically when you were younger. I suggest a change in diet and some exercise.
I'm with Westminster on that comment, ..... I played serious level sport when I was younger and have always remained fit-ish doing regular low impact exercise. I also had many physical jobs of work throughout my life but geez I'm paying for it now with aches and pains in the joints and I'm only 54, so doing heaps of physical exercise might sound good on the tv ad's and from health experts, but in reality for many people it can come back to haunt them later in life, so don't be to quick to judge. Good on your grandma by the way ... impressive.

On the super front, I only have a small amount .... I've never trusted the govt to hand me back my contributions, I always suspected they'd dangle the carrot until I got closer to accessing it and then move it away again, so I took action to create my own pension fund with property, and the buggers are doing their best to stuff that up as well, but at least I can access it and have some flexibility to change things if I need to.

All the best

Mystery ;)
 
I don't trust any government with what will happen to super over the next 20 odd years before I can access it, so when I get a golden handshake next year I'm only transferring what I absolutely have to into super and taking the rest as a cash payout. Yes, at the moment the tax on taking it myself is 15% higher than rolling it into super, but I honestly don't expect the super tax levels or the age at which I can access it to stay where they currently are for the next 20 years and I can have that money working and paying me the whole time in the interim.
 
I don't trust any government with what will happen to super over the next 20 odd years before I can access it,.

. The opposition says it cannot guarantee it will unwind any changes the federal government makes to superannuation in the May budget, despite its denunciations that the reforms would be a ''smash and grab'' raid on the savings of Australians. .

http://m.theage.com.au/opinion/poli...on-reversing-super-reform-20130328-2gxjd.html

Sounds pretty smart to me, I'd bet Tony won't reverse the proposed changes if he gets in
 
Now let's sit back and watch the Liberal supporters spin it as being necessary to clean up the mess left by Labor.


So you think there is no mess to clean up...?

Spin...?

Give us a break, Labor is in over their heads and about to swallow and you seem to want to make out nothing is at all wrong.

Gillard said it in the 1st place, labor has lost it's way.
Now the public AND many Labor members are saying still lost.

lets see how you spin that up..?
 
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