Refusing to reitire? most cant afford it, many have to keep working till they are 67, a great many have not paid off their mortgages on account of never earning much or handing out money to their kids. A whole lot more are forced out of work long before official retirement and then spend the last 10years or more of their working life on the dole as a bludger (official term for such a person) I think you are talking about maybe the highest paid 5%-10% of workers, like some public servants and of course banker wankers. Not the majority. Boomers do not have it good on the whole, what ever money they planned for in retirment is only worth 1/3 of what it would have bought 15 years ago or so, hence the dire need to keep working.
Refusing to reitire? most cant afford it, many have to keep working till they are 67, a great many have not paid off their mortgages on account of never earning much or handing out money to their kids. A whole lot more are forced out of work long before official retirement and then spend the last 10years or more of their working life on the dole as a bludger (official term for such a person) I think you are talking about maybe the highest paid 5%-10% of workers, like some public servants and of course banker wankers. Not the majority. Boomers do not have it good on the whole, what ever money they planned for in retirment is only worth 1/3 of what it would have bought 15 years ago or so, hence the dire need to keep working.
Why bother Jock, Paul wants to take your house off you anyway. Just stop saving, its a waste of time.
Any expressed market opinion is my own and is not to be taken as financial advice
Why bother Jock, Paul wants to take your house off you anyway. Just stop saving, its a waste of time.
The suggestions for an enhanced PLS will not see anyone homes being taken off them or having to move out. Quite the opposite really as now to get extra funds, they must downsize and under a PLS, they would not need to sell up.
The suggestions for an enhanced PLS will not see anyone homes being taken off them or having to move out. Quite the opposite really as now to get extra funds, they must downsize and under a PLS, they would not need to sell up.
And what happens when they don't have sufficient equity from this proposed sale to cover their nursing home costs?
Do you know what the cost of entry is and what the ongoing cost is?
Any expressed market opinion is my own and is not to be taken as financial advice
Yep, I have a mum in care now. There are state run facilities as well Peter. Are you aware of that?
When I was in wholesale food I was delivering to a state or low cost nursing home in Toowong. It's moved since. I carried the food down the corridor to the kitchen walking behind an elderly lady naked from the waist down urinating as she walked.
At that moment I decided that I never wanted to go into a poor quality nursing home or aged care facility when my time came. Frankly Paul I don't want to hand over my money to the state, I want to keep some control of how I end up and not let some public servant who doesn't know me make decisions for me, because people like you allowed him to take my money.
I know that you will never ever understand that.
Any expressed market opinion is my own and is not to be taken as financial advice
When I was in wholesale food I was delivering to a state or low cost nursing home in Toowong. It's moved since. I carried the food down the corridor to the kitchen walking behind an elderly lady naked from the waist down urinating as she walked.
At that moment I decided that I never wanted to go into a poor quality nursing home or aged care facility when my time came. Frankly Paul I don't want to hand over my money to the state, I want to keep some control of how I end up and not let some public servant who doesn't know me make decisions for me, because people like you allowed him to take my money.
I know that you will never ever understand that.
Peter I do get that. The bond for my mum was $480k and I realise that many boomers will struggle even to raise that at the end of their retirement.
It is a very difficult area, as we can not simply tax the workers more to pay for the ageing costs of pensions and health, so it seem obvious to me and others that those who can afford to look after themselves, should. This will mean equity release schemes for those that have very valuable PPOR's and also a tightening of the asset test to inc the PPOR. The issue is at what level and I think that the $500K (VG amount) is a good start, however I fully understand that it may need to rise if too many middle class are caught up in it.
We need suggestions, rather than objections as to just travel on as is will see a vast inequity grow between the workers and the leaners.
Peter I do get that. The bond for my mum was $480k and I realise that many boomers will struggle even to raise that at the end of their retirement.
It is a very difficult area, as we can not simply tax the workers more to pay for the ageing costs of pensions and health, so it seem obvious to me and others that those who can afford to look after themselves, should. This will mean equity release schemes for those that have very valuable PPOR's and also a tightening of the asset test to inc the PPOR. The issue is at what level and I think that the $500K (VG amount) is a good start, however I fully understand that it may need to rise if too many middle class are caught up in it.
We need suggestions, rather than objections as to just travel on as is will see a vast inequity grow between the workers and the leaners.
No you still don't get it. If people whether they be boomers or the generations that follow, can't afford to pay for their own care then the states will pick up the tab.
I really don't believe that the state can spend my money any more efficiently than I can.
You are freaking out about a budget deficit without realising that you will cause a worse deficit, and you don't understand how money flows in the economy. Saving money isn't really saving money. Try reading "the paradox of thrift"
Any expressed market opinion is my own and is not to be taken as financial advice
No you still don't get it. If people whether they be boomers or the generations that follow, can't afford to pay for their own care then the states will pick up the tab.
I really don't believe that the state can spend my money any more efficiently than I can.
You are freaking out about a budget deficit without realising that you will cause a worse deficit, and you don't understand how money flows in the economy. Saving money isn't really saving money. Try reading "the paradox of thrift"
Realising equity in the PPOR as opposed to paying pensions will save govt/taxpayers funds. Not sure why you do not get that? Yes, I understand the delima with savings.
Paul I'm in a situation here neither of my parents want to go to ANY damn nursing home, they want to live their days in the comfort of their home.
They are actually doing the govt a favour really coz they chose to be self sufficient.
Their sucessful history of doing extremely well in Property has enabled them to make their choices be a reality. So we've set up plans to downsize & move eventually from their 2storey & will build a single storey residence in the block they are on ..as there's room & zoning allowance. So by doing this I'm enabling them to stay in the suburb they have loved & have had all sorts of memories.
The challenge for me is having 2stubborn oldies that never like asking for assistance from anyone . What right does anyone have to tax their PPOR? When they've never received welfare...& their mindset was about ... & continues.. was that no one Owes you favors to get by in life?
There would be people horrified by the thought of taxing the PPOR.
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$ It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do. Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
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