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New government pension rules; Are you being affected ?
Topic Started: 6 Jan 2017, 08:24 AM (1,969 Views)
Chris
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Chris
6 Jan 2017, 03:00 PM
That's a big 'poor me' Pete. Pretty pathetic given they are targeting those who do not need or deserve a pension. Those who are currently solely reliant on the pension to survive will see no changes, those who have significant investments and savings will be removed from the tax payer tit.

If you have used the tax payers money to establish wealth through property and investment in shares why would the government then subsidise you further? Baby boomers who complain about these changes are indicative of the greedy, selfish and sociopathic generation that put us in this housing mess in the first place.

This attitude then brings into question NG and its need to be abolished for housing. You can't suck $100's of billions out of the economy over decades and then threaten to piss it all away on international holidays if you don't get to be subsidised by the tax payer in retirement as well. His nations tax payers deserve better than this and being held to ransom by the likes of greedy well off baby boomers is just obscene.

You use NG for investments then you should be automatically excluded from any form of pension , they should also mandate that any net capital gains NG must be put into super. You burn your super in frivolous shit then you are automatically excluded from the pension as well.

Sounds a bit out there but you can't have your cake and eat it to, especially silly when everyone else paid for your cake.
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herbie
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Rufus
6 Jan 2017, 03:14 PM
Chris - it's an attack on Gen Y.
The government are making absolutely sure there will be nothing left for them in the estate.
He obviously just read that shit over at some joint like Macrobitchiness - Yunno, some joint wot he's bin followin' wif slavish devotion for yrs now - Wif his insistence on doin' same havin' bin f***in' his personal financial situation over for yrs now ...
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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Chris
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Rufus
6 Jan 2017, 03:14 PM
Chris - it's an attack on Gen Y.
The government are making absolutely sure there will be nothing left for them in the estate.
Well that's a view point of a very biased and deceptive person who has the same attitude to generations behind him. Abolish NG and gen y will suffer the most, abolish the pension and gen y will suffer the most and so on.

Sociopathic scare campaigns are effective but also quite obvious to see through. I think I will be fine with any changes that are made, my parents didn't inherit any wealth and I expect to be in the same position. Everything I have is mine and unlike freeloaders in this forum I don't expect government or family members to subsidise me.
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herbie
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Chris
6 Jan 2017, 03:35 PM
Well that's a view point of a very biased and deceptive person who has the same attitude to generations behind him. Abolish NG and gen y will suffer the most, abolish the pension and gen y will suffer the most and so on.

Sociopathic scare campaigns are effective but also quite obvious to see through. I think I will be fine with any changes that are made, my parents didn't inherit any wealth and I expect to be in the same position. Everything I have is mine and unlike freeloaders in this forum I don't expect government or family members to subsidise me.
You f***ed up Chris. Wot are you gunna DO about tha fact that YOU f***ed up?
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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Chris
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herbie
6 Jan 2017, 03:23 PM
He obviously just read that shit over at some joint like Macrobitchiness - Yunno, some joint wot he's bin followin' wif slavish devotion for yrs now - Wif his insistence on doin' same havin' bin f***in' his personal financial situation over for yrs now ...
Only ever been on this site and the defunct bubblepedia, in fact I have been on here ten times longer. By this count I am more a product of APF, blokes like you made me like this.
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herbie
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Chris
6 Jan 2017, 03:38 PM
Only ever been on this site and the defunct bubblepedia, in fact I have been on here ten times longer. By this count I am more a product of APF, blokes like you made me like this.
Yep, I woz a bear on BP 'n by 'n large have 'n continue (in at least some ways still) ta be here.

But that still don't change tha fact that YOU f***ed up Chris; So whatcha gunna DO about it?
Edited by herbie, 6 Jan 2017, 03:48 PM.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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zaph
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Chris
6 Jan 2017, 03:35 PM
Well that's a view point of a very biased and deceptive person who has the same attitude to generations behind him. Abolish NG and gen y will suffer the most, abolish the pension and gen y will suffer the most and so on.

Sociopathic scare campaigns are effective but also quite obvious to see through. I think I will be fine with any changes that are made, my parents didn't inherit any wealth and I expect to be in the same position. Everything I have is mine and unlike freeloaders in this forum I don't expect government or family members to subsidise me.
Multi generational renters.
Edited by zaph, 6 Jan 2017, 04:09 PM.
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Sydneyite
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Chris
6 Jan 2017, 03:00 PM
That's a big 'poor me' Pete. Pretty pathetic given they are targeting those who do not need or deserve a pension. Those who are currently solely reliant on the pension to survive will see no changes, those who have significant investments and savings will be removed from the tax payer tit.
You are looking at this in a very binary way - ie "poor" people who rely on the pensions and that's it vs "rich" people with enough assets and means to comfortably support themselves with a lifestyle well beyond what the pension provides.

What about the huge grey area in between those two points? That is where these changes have an impact and will drive certain behaviour. Before this year, you got bit more from your increased private capital returns that you lost from the pension until you hit the limit. Now you lose more than you gain for each incremental increase in capital up to the (lower) threshold.

So, basically now if you are a couple and have super of between about $400k and $1M, you are better off retiring early (at 55 or 60 depending on year of birth), drawing down that super to < $500k before the pension age (65 or 67 depending), and then drawing the pension after that plus a bit extra from what's left of your super (and retain that couple to pass on if you like). If you don't do this you end up with a lower standard of living even though you are "richer". It is this group of people that we are talking about - and it is a size-able chunk people at that.



For Aussie property bears, "denial", is not just a long river in North Africa.....
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Poontang
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I am ages away from retiring and will likely not qualify for a pension by the time I get there. No doubt there will be more changes to the pension qualifying rules by then along with more rule changes on superannuation and the rules for its access. I'm expecting to not be able to make lump sum withdrawals by the time I can get it and will have to take an annuity or pension from the super fund. If we are still able to make lump sum withdrawals by then I expect them to be limited amounts.

I saw the advantages of the super system and used it to build a nest egg, a nest egg considerably above the average for my age group. Now the goal posts have been moved I am not so keen on it even though even with the changes it still has tax advantages in the accumulation and pension faze.

I expect the over 60 tax free status to be amended in the future through either raising the age limit for it or further limits to the threshold limits.

Kind of wish they would stop meddling with it so much.
There are some people who seem angry and continuously look for conflict.
Walk away, the battle they are fighting isn't with you, it's with themselves.

The first lesson of economics is scarcity: There is not enough of anything to satisfy all who want it.
The first lesson of politics is to disregard the first lesson of economics. ~ Thomas Sowell.

Who was the fool, who the wise man, who the beggar or the Emperor? Whether rich or poor, all are equal in death.
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Sydneyite
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Poontang
6 Jan 2017, 06:53 PM
I am ages away from retiring and will likely not qualify for a pension by the time I get there. No doubt there will be more changes to the pension qualifying rules by then along with more rule changes on superannuation and the rules for its access. I'm expecting to not be able to make lump sum withdrawals by the time I can get it and will have to take an annuity or pension from the super fund. If we are still able to make lump sum withdrawals by then I expect them to be limited amounts.

I saw the advantages of the super system and used it to build a nest egg, a nest egg considerably above the average for my age group. Now the goal posts have been moved I am not so keen on it even though even with the changes it still has tax advantages in the accumulation and pension faze.

I expect the over 60 tax free status to be amended in the future through either raising the age limit for it or further limits to the threshold limits.

Kind of wish they would stop meddling with it so much.
Even if you are (or are expecting to be) above the point where the pension age/rule fiddling has no effect, the constant fiddling of the rules related to super, taxation, preservation age, lump sums, contribution limits, taxation etc etc etc is definitely a concern I share with you. I've always been worries about that side of things which is why I actually don't contribute much extra into super - I keep about 50% of my non-PPOR wealth outside of super, even though I pay more tax (although there are still ways to minimise this impact) - but this ensures that my plans to retire when *I* want to can't be impacted by super rule fiddling.
For Aussie property bears, "denial", is not just a long river in North Africa.....
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