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Australia is really crap at looking after it's older citizens; the data contradicts many articles
Topic Started: 29 Aug 2015, 09:55 PM (2,273 Views)
stubby
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ThePauk
30 Aug 2015, 04:13 PM
Shite, so 65% of people/households above the age of 60 get more than the median wage of what, $60,000? Peter, you are gold for digging that up!

Look again at the OP, Pauk. 65% of people/households above the age of 60 get more than half the median wage. Not exactly livin high off the hog. And what of the 35% living below that level?

Your anti-boomer bias has blinded you once again.

:lol :lol :lol
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ThePauk
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Noted, my bad, so 35% live below $30,000?

The pension per couple is approx $34,000.

This number of 35% does not make any sense. If the income is low, they would get a pension.

"Although households with an older reference person tended to have lower average
incomes than other households, they were more likely to have greater wealth. As noted in
Section 2.4, both income and wealth should be considered together when assessing the relative
access of different population groups to economic resources. A household’s wealth, or net worth,
is the value of its assets minus the value of its liabilities. In 2009–10, households with a reference
person aged 55–64 had the highest mean net worth ($1,051,600), followed by households with
a reference person aged 65–74 ($959,500) (ABS 2011f ). For households with a reference person
aged 75 years or over, the mean net worth was $769,000. The mean net worth for all households
was $719,600. See Chapter 2 for further information about household economic resources and
components of household wealth."
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peter fraser
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ThePauk
30 Aug 2015, 05:38 PM
Noted, my bad, so 35% live below $30,000?

Worse than that, there are actually people working to rob them of their only asset of value by making them take a reverse mortgage against their home, the home that the bought and paid for.

There sure are some nasty pricks out there.
Any expressed market opinion is my own and is not to be taken as financial advice
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ThePauk
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peter fraser
30 Aug 2015, 07:12 PM
Worse than that, there are actually people working to rob them of their only asset of value by making them take a reverse mortgage against their home, the home that the bought and paid for.

There sure are some nasty pricks out there.
And some nasty pricks who want workers to pay more tax, so welfare can be paid to millionaires.
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peter fraser
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ThePauk
30 Aug 2015, 07:37 PM
And some nasty pricks who want workers to pay more tax, so welfare can be paid to millionaires.
What are you talking about - people with a million in cash or liquid assets don't qualify for the pension.
Any expressed market opinion is my own and is not to be taken as financial advice
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ThePauk
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peter fraser
30 Aug 2015, 07:43 PM
What are you talking about - people with a million in cash or liquid assets don't qualify for the pension.
"followed by households with a reference person aged 65–74 ($959,500) (ABS 2011f )" Probably $1million by now I would suspect.

Your same old argument, pensioner bots living in a $5 million home with $1 in cash, only are worth $1. Dear me....
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peter fraser
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ThePauk
30 Aug 2015, 07:57 PM
"followed by households with a reference person aged 65–74 ($959,500) (ABS 2011f )" Probably $1million by now I would suspect.

Your same old argument, pensioner bots living in a $5 million home with $1 in cash, only are worth $1. Dear me....
Show me some examples of aged pensioners living in a $5M house.
Any expressed market opinion is my own and is not to be taken as financial advice
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The Whole Truth
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Chris
29 Aug 2015, 10:40 PM
goneaway
29 Aug 2015, 10:10 PM
In which case I as a landlord can only continue to see myself as redeemed - Continuing to do my tiny little bit to continue enhancing the mental wellbeing of the nation ... :)
Not yet Herb, you will need to put your tenants on a rental contract that is equal to the terms outlined in a standard German lease.

Once you have done this then you can considered yourself something other than parasitical.
lol, these landlords are always protesting that they are decent human beings, but if that is the case, then why does everyone hate them so much?
Where there's smoke there's fire
"Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works." John Stuart Mill
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ThePauk
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peter fraser
30 Aug 2015, 08:03 PM
Show me some examples of aged pensioners living in a $5M house.
Show me some example of your intelligence and stop asking such stupid questions.
$1 million or $5million, your argument is the same.
They are only worth $1, if they only have a home and $1, correct?

"Economist Stephen Anthony is among those advising the Government to consider a pensioner's primary residence.
"If you included a means test, and only pay the pension to someone who had a house worth less than $1 million ... you would save $1.2 billion right there," he said.
http://www.abc.net.au/news/2014-04-15/wealthy-pensioners-fear-they-will-be-targeted-in-budget/5390130

"A report from the National Centre for Social and Economic Modelling has found that taxpayers are footing the bill for $800 million a year to households with a net worth of at least $3 million."
http://www.abc.net.au/worldtoday/content/2015/s4181497.htm

"A less radical option, such as the National Commission of Audit’s proposal that homes above $750,000 be included in the asset test for couples and $500,000 for singles, would raise about $3bn to $4bn from reduced pension payments."
http://www.theaustralian.com.au/national-affairs/millionaire-pensioners-collect-3bn-a-year/story-fn59niix-1226908124500

"“Currently retirees living in a multi-million dollar home may still be eligible to draw an aged pension. There have long been calls to change this, to save money and make the pension more equitable,” Dr Denniss said.
http://www.tai.org.au/content/can-you-eat-family-home

https://www.reddit.com/r/australia/comments/317koa/family_home_should_be_assessed_in_age_pension/

"Australia’s pensioners hold $600bn in housing equity. More than 75% of pensioners own their own home, with the average housing wealth sitting at $400,000 for couples and $350,000 for singles.
Why are Australians so fearful of using the equity in the family home to fund retirement? I asked this question when I was NSW minister for ageing.
“You can’t eat bricks and mortar,” stakeholders told me. Technically that’s true, but you can unlock the equity in a home in order to pay for food or whatever else an older person needs in order to live more comfortably in their retirement years."

"“The age old problem of old age: fixing the pension”, the CIS recommends three policy changes: include the family home in the assets test, create a government-backed reverse mortgage annuity (one that ensures seniors cannot be forced to sell the family home) and include reverse mortgage payments in the assets test.
“The CIS plan would save $58bn across the forward estimates and boost income by $56bn,” says Cowan. “By contrast, what the government announced today would only save $2.4bn across the forward estimates.”
The CIS report makes a compelling case for how to truly make the pension more sustainable and fair. Consider that its recommended policy changes would see nearly 98% of pensioners gain $6,000 in income, the overall pool of pension income increase to $14bn a year, and government spending on the pension reduce by $14.5bn.
Not only would home-owning seniors benefit, but the government would be able to redirect funds to those who need it most, such as increasing rent assistance to non-homeowner pensioners and increasing the base rate for those who are completely dependent on the pension."
http://www.theguardian.com/commentisfree/2015/may/07/morrisons-aged-pension-reform-is-tinkering-at-the-edges-there-is-another-solution
Edited by ThePauk, 30 Aug 2015, 08:38 PM.
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herbie
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peter fraser
30 Aug 2015, 08:03 PM
Show me some examples of aged pensioners living in a $5M house.
https://en.wikipedia.org/wiki/Elizabeth_II ... :)
The Whole Truth
30 Aug 2015, 08:16 PM
lol, these landlords are always protesting that they are decent human beings, but if that is the case, then why does everyone hate them so much?
Where there's smoke there's fire
If you say you like me then I'm pretty much indifferent to your potential fawning.

And if you don't like me then tough shit.

As I don't see the purpose of my existence as being to get fools to like me ... :)

And yep, I'd never make it in politics - Not these days anyway - LOL
Edited by herbie, 30 Aug 2015, 08:36 PM.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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