Forced savings they call it. Do not forget that these people had a lifetime of paying significantly less tax than we do today. They did not have GST or even CGT. Lived the dream and now want someone else to pay till they die.
'lived the dream' I can assure you, a very monotonous and boring dream in most cases, all work and little play. Todays situation of poor afordability is caused by politicians pandering to bankers and big land bankers etc etc, not an older generation. As for $1mill houses, well most of those houses have no right being $1mill as per previous comment, a conjured up pile of abstract wealth based purely on inflation. Pension also was added into tax back in the late 1950's but conveniently forgotton over the decades by politicians of all flavours
Reverse mortgages are a terrible idea (bordering on predatory) and do nothing to free-up housing stock if they encourage staying put.
If you want the fogies out and the breeders in they’ll need a free-pass on Stamp duty into their next CBD dogbox. Over supply of dog boxes meet over supply of wrinklies.
Or they could become renters, but then they’d need to have tenancy laws that are more permissible to the issues of gerontology.
All snarkiness aside, after my recent experiences with property managers / rental merry-go-round the oldies are going to need a leg-up in the rental market, no matter how much their wallets are bulging from the sale of their homes.
It doesn’t matter if I (without a house) pay taxes that go to fund pensions with those who have a house.
What matters is that those pensions are appropriate to maintain the elderly. What matters is that multi millionaires shouldn’t be able to raid their super and then go on the pension teat. What matters is that I am not overly taxed to fund the speculation of my peers through negative gearing.
Yes I agree that it's good for the economy but not so good for the individual. I just don't think that you will find many people with absolute faith in the government to do the right thing with our taxes and retirement plans, probably yourself included.
Given that there will always be a level of distrust, people will choose to hold their own savings. If they are penalised for holding savings in their home then they will find other ways to beat the system.
So if your savings are illiquid (in property) they should be exempt from the means test, but if they are liquid (cash or convertible instruments), the means test should apply?
Not sure if not getting a pension is being 'penalised'. The pension is a privilege, not a right.
So if your savings are illiquid (in property) they should be exempt from the means test, but if they are liquid (cash or convertible instruments), the means test should apply?
Not sure if not getting a pension is being 'penalised'. The pension is a privilege, not a right.
So what do I have to do in Oz to become 'privileged'? - Be a worthless fuckup? (The genuinely disabled as opposed to all the worthless fuckups who pretend to be genuinely disabled so they can bludge on the benefit excluded from that acerbic comment of course.)
LOL - I finally got the shits 'n told a worthless bludging mate of mine who's been on the bad back pension (or whatever other pension works for him at the time) for three decades while doing cashies for bags of hooch 'n such shit to go 'n get effin' tax paying job the last time he rang up trying to arrange a get together - Three fucking decades the tired bastard's bin bludging on his mates - Eff him! ...
PS: 'N I'm just as happy to be just as 'unkind' to all the little girlies who can't keep their legs together/figure visiting their progeny on the nation is their idea of a meal ticket/future career as well ...
So if your savings are illiquid (in property) they should be exempt from the means test, but if they are liquid (cash or convertible instruments), the means test should apply?
If you check you will find that I didn't say that. I'm not against treating cash and property on an equal footing although that would not be an easy task.
Quote:
Not sure if not getting a pension is being 'penalised'. The pension is a privilege, not a right.
It might be a privilege but it's an automatic privilege under the current system if you are flat broke when you reach retirement age, regardless of whether you have ever worked or not. There is an income test, an asset test, but no input test.
Yes I agree that it's good for the economy but not so good for the individual. I just don't think that you will find many people with absolute faith in the government to do the right thing with our taxes and retirement plans, probably yourself included.
Given that there will always be a level of distrust, people will choose to hold their own savings. If they are penalised for holding savings in their home then they will find other ways to beat the system.
Yep but it isn't me.
Yes, they will.
Maybe they will transfer the property to their children and continue living there and claim pension?
Or, maybe they will stuff their mattress with $100 bills? Or, even better, stuff it full of gold and silver bullion? And then somehow don't declare them before receiving pension?
They will now be welfare cheats and face penalties they are caught - just like YA students that have $6000 in their bank account (or whatever the measly amount is).
The boomers will have to take their medicine sooner or later. Just hope Gen Y doesn't get into parliament en masse - we're not a compassionate bunch
Let me assure you that this isn't one of those shady pyramid schemes that you've been hearing about. No sir, our model is the Trapezoid which guarantees each investor an 800% return within hours. Those who can, do. Those who can't, teach. "It's an itchy blanket, it's designed to remind you how lucky you are"
So what do I have to do in Oz to become 'privileged'? - Be a worthless fuckup? (The genuinely disabled as opposed to all the worthless fuckups who pretend to be genuinely disabled so they can bludge on the benefit excluded from that acerbic comment of course.)
Do you mean 'privileged' in the sense of receiving a pension? Or privileged in the sense of being born in a country on the winning side of WWII? Or privileged to be born in a country with large resources and a small population? Billions of people would love the level of privilege you are complaining is not enough.
Socialism will continue until we run out of other people's money.
Do you mean 'privileged' in the sense of receiving a pension? Or privileged in the sense of being born in a country on the winning side of WWII? Or privileged to be born in a country with large resources and a small population? Billions of people would love the level of privilege you are complaining is not enough.
Socialism will continue until we run out of other people's money.
I forgive you - Having poor listening ('comprehension' - LOL) skills is hardly a capital offence ...
Or maybe I just have poor skills when it comes to expressing my thoughts ...
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