Old workers mentality

[bespoke]

Hubby's parents were on the pension. Fully paid home, fully paid car, fairly new appliances and they did quite well. Now his dad is on his own and manages really well on the single pension with a small DVA supplement. Complains that he is getting more money than he needs.
Marg

They should put your FIL on ACA or Today Tonight as an opposite to the stories on pensioners who say they cant afford to live.

Makes you wonder if the ones that can't get by also couldn't get by when they were working.

Reminds me of my a friend telling me that he pays his (retired) Fathers rent. He says if he gave his dad $100, his dad would spend $110.

Sorry, just me musing

 

[Leikela]

Whats' wrong with ppor fully paid then let the government of the day to take care of us baby boomers ?! We worked hard all our lives and paid enough taxes, it's time for us oldtimers to be looked after.

I have no intention of becoming dependant on anyone, not to mention the tiny amount of money the pension is. The thought of living on $14K or whatever the age pension is a year... What does that allow, sit in a little studio room with heating on low knitting my life away, no thanks! Besides, I'm Gen Y, so doubt there will even be a pension by the time I hit that age and I don't really want to have to find out.

 

[bespoke]

Whats' wrong with ppor fully paid then let the government of the day to take care of us baby boomers ?! We worked hard all our lives and paid enough taxes, it's time for us oldtimers to be looked after.

Much as I hate taxes (and I have paid a s***load in the last few years):

Because taxes are for building infrastructure, providing hospital services, paying the wages of public servants,police, armed forces, providing support for people who are too disabled to have ever held down a job. When you pay taxes, you arn't paying into a pension plan.

 

[wylie]

Because taxes are for building infrastructure, providing hospital services, paying the wages of public servants,police, armed forces, providing support for people who are too disabled to have ever held down a job. When you pay taxes, you aren't paying into a pension plan.

So well said. I agree.

 

[Sheryn]

We worked hard all our lives and paid enough taxes, it's time for us oldtimers to be looked after.

You may have worked hard and I & hubby have worked hard (always working 3-4 jobs between us etc) but I personally know quiet a few workers who don't work hard.

They turn up at work with a coffee and newspaper, take their 10 days sick leave annually, surf the net, do their internet banking, answer their personal emails OR this is a good one they attend to their voluntary team sports positions at work.


Sheryn

 

[Player]

Manage risk

Horses for courses really.

Agree with the stage of life sentiments expressed above. Everyone also has a different risk profile.

At age 60, Investor2009's employer/boss is looking to consolidate. Most of us would. Not all however. No one is right or wrong. It all depends on appetite for risk, past experiences and conditioning and stage of life.

Also there is nothing wrong with having a fuly paid off PPOR. I disclose now that I have NEVER had a mortgage on my PPOR. Our first home was one of my IP's that I had paid off, upgraded since by paying off the next one and leaving debt on IP's (never intended for our habitation) thereby optimising deductions.

Some would argue that we have wasted yet another asset that could be utilised as equity for a number of deposits. Not in my eyes. As evand has mentioned, the security this can create for family and as a hedge/buffer if other things turn sour is priceless. Not everyone may agree with this, however.

That's just me, everyone's different and should do what resonates with them, their age and stage of life and aspirations and tolerance for risk.

I have a plan to actually pay down all debt (and then some) by selling off a couple of pre-CGT IP's we have in a staggered process. After retiring all debt, the leftovers will be used to reward with some hedonistic pleasures and to wack in a trust for another (more CF oriented) purchase.

We can never let the opinions of others become our reality. We should play our own game according to our rules.

Debt is useful in helping us leverage, however not good (in excess) all of the time. Try having a lot of debt in the early nineties with rapidly rising interest rates and dwindling /softening prices/values pushing LVR's through the roof.

 

[aussierogue]

Oh I dont know!

I sometimes lament that i pay more in taxes in one year then the average person earns. Plus I dont even work hard.

The richest people dont work hard at all. As Warren buffet says 'Hard work never killed anyone but stuffed if ill find out".

I think the world will always in some sense need to support 'some' people. Whether these people are artists, old, young, depressed, poor and yes even people who have contribute lots over the years.

Most musos are unemployed - what song would you play at your wedding if there was no musos

Most visual artists are unemployed - what would you hang on you walls?

Most actors are unemployed - what would you do with your evenings...

I dont even mind beach bumbs - helps remind me to have some perspective and that life in general is about choice. They have made a choice and they are living the dream on someone elses money. Good job if you can get it! (the ultimate in passive income)

Not everything should be measured by ones economic contibution. I for one are happy to subsidise SOME people for the greater good. And you can all subsidise me in the years to come (if it comes to it) - HAHA..