“Most boomer households do not have large enough super balances that their offspring can rely on some being left over to support them when their parents die,” Keegan says.
If you do plan to leave an inheritance to adult children and/or other non-dependant heirs, you'd be a bit silly to leave your money in super 'til you die, as the taxationists get into it (well the taxable component, which is most of it for most of us anyway) for 15% + ML on your death.
So it's pretty much a case of use it or pay tax on it - Despite the fact that super after 60 is widely touted as being 'tax free'. (What they really should be saying is that it's tax free providing it's in pension mode (ie 'use it' mode) AND providing you don't drop dead before you have used it.
Paul it's a 2013 survey of RECENT retirees - ie people who retired over the last couple of years. That would be predominantly boomers if not all boomers who started retiring in 2011. It may also contain a few from the previous generation who are retiring late and a few younger boomers retiring early.
Compared to your extremely loose interpretations of data that one is almost gold plated.
You do not know who they surveyed Peter, so best to clarify that.
You do not know who they surveyed Peter, so best to clarify that.
"This report compares the experience of recent retirees with the expectations of those still working, revealing some important lessons for future retirees."
"This report compares the experience of recent retirees with the expectations of those still working, revealing some important lessons for future retirees."
So yep, it's the "recent" retirees that they're interested in it would seem.
Herbs It is vague and I have no argument that the generation before the boomers wanted to leave an inheritance as part of their culture. For the boomers however, the majority do not want to leave an inheritance or will run out of money during retirment.
"Changing bequest ethic There also appears to be a change in attitudes toward bequests. In the past there appear to have been four main reasons why people chose to give an inheritance. These included: 1. intergenerational altruism – the parents believed their children had a greater need for the money than themselves 2. the parents gained pleasure from the idea of leaving something for the children 3. the inheritance (or withholding it) was used to induce desired behaviour 4. the bequest occurred by default – a result of their not knowing exactly when they would die
In the past, these four factors combined to produce a situation where most parents were hoping to leave something to their children. But recent studies show this ethic to be in decline. Only the last of these four factors may be relevant for future transfers of wealth from one generation to the next.
"A reform package could add about $37 billion a year to Australian government budgets and help to tackle Australia’s growing budget crisis.
The package would broaden the GST to include fresh food and private spending on health and education, raise the age of access to superannuation and the Age Pension, remove the exemption of owner-occupied housing from the Age Pension assets test, and limit tax concessions on superannuation deposits." http://grattan.edu.au/report/balancing-budgets-tough-choices-we-need/
Herbs It is vague and I have no argument that the generation before the boomers wanted to leave an inheritance as part of their culture. For the boomers however, the majority do not want to leave an inheritance or will run out of money during retirment.
I haven't heard anything that idiotic in years.
So you believe that someone born in 1945 had a completely different attitude to someone born in 1946. there is this magical line that cuts in at the stroke of 12:00 pm on new years eve 1945 any everyone born after that is a prick, and then on the stroke of midnight on new years eve 1964 those born after suddenly become wonderful people.
Absolute stupidity. You are simply determined to hate boomers because that's what they teach you to do at MB with their anti boomer rants. Instead of fixing something, lets find a convenient scapegoat to blame, anyone but us.
So you believe that someone born in 1945 had a completely different attitude to someone born in 1946. there is this magical line that cuts in at the stroke of 12:00 pm on new years eve 1945 any everyone born after that is a prick, and then on the stroke of midnight on new years eve 1964 those born after suddenly become wonderful people.
Absolute stupidity. You are simply determined to hate boomers because that's what they teach you to do at MB with their anti boomer rants. Instead of fixing something, lets find a convenient scapegoat to blame, anyone but us.
Peter It is clear you have not much of an understanding of GT (Generational Theory) and no, things do not change at midnight. It is a study of attitudes as they change across the whole cohort and how they differ to other cohorts.
I am a Boomer!
And you obsession with MB is very suspicious.... you, shoddy, scabby, mmmmm.... Remember you are supposed to play the 'good cop'
Peter It is clear you have not much of an understanding of GT (Generational Theory) and no, things do not change at midnight. It is a study of attitudes as they change across the whole cohort and how they differ to other cohorts.
Paul I don't believe you have any understanding of generational theory either.
Quote:
I am a Boomer!
I don't care
Quote:
And you obsession with MB is very suspicious.... you, shoddy, scabby, mmmmm....
MB followers have a hatred of boomers, it's what they have been taught to do, it's more than obvious. Why that is so is a question for them, but I guess they need someone to punish. That's how some people are.
Any expressed market opinion is my own and is not to be taken as financial advice
Paul I don't believe you have any understanding of generational theory either.
I don't care
MB followers have a hatred of boomers, it's what they have been taught to do, it's more than obvious. Why that is so is a question for them, but I guess they need someone to punish. That's how some people are.
I think I understand GT better than you...lol
Once again, it is suspicious that you and other here share the same point of view re MB, very suspicious indeed...
I've skimmed through this thread & I've got this to say.
Any parents who are genuinely caring for their kids will try their hardest especially if they have the means to afford it try to help their children financially. No one should stop that Paul.
It's doesn't matter the generation type. However there's a percentage of those who will say "eff it I've worked hard I want to enjoy it now stuff the kids."
Quite a while ago we've set up stuff with the family lawyer, it's quite comprehensive but it was for our peace of minds in knowing that the $ is responsibly managed.
It included everything & any possible scenario.
1. Current will & EPA 2. Details of Family Trust 3. Super 4. Residential Properties which some have joint names & some tenants in common. 5. Investment properties which some are joint & some are tenants in common. 6. Shares with copies of the annual statement.
7. Details of any inheritances pertinent.
Go through all that & well .. Then there's no more nightmares about no one getting the $ unlawfully.
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.
Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.
Forum Rules:
The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.
Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.
Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.
This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.
Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ
Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy