Pension Entitlements

Hewy54 · Senior Member

Pension Entitlements

Footprints · Senior Member

Scrimping for what? Do you have a guarantee that you will have a tomorrow let alone a guarantee of reaching retirement age. I definitely have not received any guarantee of life expecanc. Enjoy what you have today and be thankfull. Cheers Allen

brickies · Guru

I would be happy to be in a position that I can't get a pension , I do not get a full pension but the more I spend the more pension I get . IF after january 2017 you can have over $375000 and still get a full pension . A full pension for a couple is about $34500 a year full entitlement , Now to get that sort of money you would need to have $1,400,000 in the bank @2.5%

dishlicker · Senior Member

Hi

I agree with foot prints enjoy today There is no guarantee that there will even be a pension fund in the future or what it will be like the way the gov is messing with super is also a worry that im watching closly so enjoy today cheers

Cupie · Guru

SWMBO would be surprised to hear me say this as I am very careful about guarding my assets to ensure that we never run out of funds to enjoy our lifestyle & are able to afford any medical or unexpected expenses.

There is no way that I would consider wasting assets just to qualify for the pension. Be glad that your hard work, prudent budgeting & good fortune of the past have put you in a position where you may not qualify.

Now comes the bit that would surprise SWMOB ...

Live for the day. (but make prudent provisions for the future ... keep your 'In Case Of Death' file up to date)

Enjoy your financial position to do the things that you enjoy.

Many of us find it difficult to transition from a lifetime of accruing assets to that phase in life where we utilize those assets to support a satisfying life style.

( I have recently thought even more seriously about this after two mini strokes that gave me loss of minor parts of my memory for an hour or so ...

A major stroke could be just around the corner.

My Doctor's advice was in part to enjoy every day ... and take your Asprin!)

As others have wisely stated .. There is no guarantee of a tomorrow.

macka17 · Guru

Hi.
As long as you have EVERYTHING you want, and will need.
bought and paid for. with a little backup.
Go out and enjoy your money. YOU earned it.

Pension is fairly comfortable. as long as you don't have to buy anything and rates etc in your area not too high.
That Super system is a balls up.
When I first came here. there was a personal choice.
I opted out and opened an account monthly pay in instead.
43 yrs this yr. Handy back up,
Hey, I got a $124 cheque from some Gov't Super last month, and I've never been in one.
You tell me.

It's a lot better to store your own cash at interest rates we were getting. (18.3% was best I remember)
Than putting it in a pie everybody has a finger in.
No Handling fees, management etc. Just roll over and interest taxes.

We got a nice 2 story house. pool out back, on side of hill looking over the Keppels in Sub Tropics.
about 28km's North of Tropic of Capricorn. Kids can have that, not that any need it.It'll be split between 16 bodies. 5 kids. 11 (Almost) grand kids

If it hadn't been raining for it's 3rd day now. I'd be watching the surf on the beach.
Winter around 7 or 8 weeks long.
Most of you lot come here every Southern Winter. We live here. it's easier.

Spend it mate.
You're a LONG time dead.

PS.

I'm 75. If.... I live long enuff to buy another car.

It'll have a 28 to 35yr old "carer" driving it with me in side seat.

-- Edited by macka17 on Sunday 17th of July 2016 11:48:07 AM

Phil C · Guru

Hi all,

We must be very lucky or great at planning, I think luck wins. We have full pensions with all the benefits attached. For the life of me I will never understand why the perks (eg discounts and travel perks etc) are not available to all aged over 65? I have the added income and benefits from a DVA gold card for conditions due to military service plus the military disability pension attached to it.

Now thats a result of working and saving, but alas we didnt have enough super. We decided to empty our super at 65 because 100 grand is just no where near enough, added to that would be the effect to other entitlements. However, that money was enough to create financial independence and put us comfortably in this lifestyle.

I feel sorry for the folks who have saved all their lives and find themselves unable to get a decent income because they fall short of any pension entitlements, im afraid its a broken system that may never be fixed.

Im 65 now and will probably live another 20 to 25 years, with any luck with reasonable health. Thats one of the reasons we decided on this lifestyle, one never know when the big bloke will call us out. BTW our kids support us in our decision, we live with our eldest in our van in their backyard when we are not on the road. As I said at the start, most of this was the cards falling in the right place at the right time.

Cheers all, enjoy what you have...

macka17 · Guru

Hi Phil.

I looked at that DVA thing. They said I was entitled. and gave me a huge "portfolio" to fill in going back to '59 When I signed on.
Started doing it but jezus.
I know why it's so big. a few like me looked and dumped it.
Couldn't be bothered.
We were Nuclear Missiles. West Germany. Pre the "Wall going up" and during it's time.
A lot of us came out with Cancer. But couldn't claim.
three country's three military's. three governments. Just bounced us around till most fell over.
I had bone cancer but a lucky one?. Maybe.

You lot had bullets. we had the insidious one. NOBODY Knew.

Phil C · Guru

Oh Macka, thats terrible. I kept on and on with DVA till they did the "right" thing. Lucky I had everything on record when I reported to medical with my arthritis. Mate it is worth the effort, I went to our local RSL DVA officer and had a reasonably smooth path, he helped me fill out the forms etc and my local doctor was very helpful as well.

Good luck mate, glad to hear you are on the mend.

macka17 · Guru

Hi Phil.

Long time ago now mate.
I suffer more from Motor bike accident and broken neck.

We don't need the DVA. so leave it for somebody who does.
They want to know what time you wiped your arse on arvo of Nov 3rd 1961

Couldn;t be bothered.

If you want an interesting read. (and frightening)
Look up net on Corporal, Honest John and Thunderbirds. Nuclear Missiles
UK and US.
We slept on top of those warheads for over 4 1\2 years myself.
in bunkers in camp with us in Germany.
UK Army. W, German camps. US and UK warheads.

Little story shhhhhhh to carol.
Field artillery unit of 6in Radar control guns.
Todendorf Firing camp,on Baltic sea. ('60/'61 from memory)
I was on loan, transport tech (REME)

Target plane fly's past with target "sock" 100 yds behind him.
New radar controller corporal. (SGt went for wee wee.)

Operator Controlled and fired weapons at target on command.
WITHOUT adding the 100 yds radar deflection to sock.

Ever seen a plane do a vertical 90% dive into sea.

Pilot said later.
he could SEE every one of those 6 in shells coming at his ****pit.
Had to dive to wash brown out of his jocks.
We chuckle now. But. at the time.

Another time. same place.
Using up hand held Launchers at 44's on rafts out at sea. (Waste artillery, but of fun.)
I had just fired one. when a Submarine Turret came up just behind it.
SHat myself.
We didn't know they were on firing tests with torpedo's too.
Thought maybe he as going to pop one out in my direction.

couple of us peeled spuds for a while after that trick. chuckle

If nothing else. you bring some good memories back with you hey.

OH UK Army REME. 23743935. god. I still know it backwards.

Phil C · Guru

macka17 wrote:
Hi Phil.

Long time ago now mate.
I suffer more from Motor bike accident and broken neck.

We don't need the DVA. so leave it for somebody who does.
They want to know what time you wiped your arse on arvo of Nov 3rd 1961

Couldn;t be bothered.

If you want an interesting read. (and frightening)
Look up net on Corporal, Honest John and Thunderbirds. Nuclear Missiles
UK and US.
We slept on top of those warheads for over 4 1\2 years myself.
in bunkers in camp with us in Germany.
UK Army. W, German camps. US and UK warheads.

Little story shhhhhhh to carol.
Field artillery unit of 6in Radar control guns.
Todendorf Firing camp,on Baltic sea. ('60/'61 from memory)
I was on loan, transport tech (REME)

Target plane fly's past with target "sock" 100 yds behind him.
New radar controller corporal. (SGt went for wee wee.)

Operator Controlled and fired weapons at target on command.
WITHOUT adding the 100 yds radar deflection to sock.

Ever seen a plane do a vertical 90% dive into sea.

Pilot said later.
he could SEE every one of those 6 in shells coming at his ****pit.
Had to dive to wash brown out of his jocks.
We chuckle now. But. at the time.

Another time. same place.
Using up hand held Launchers at 44's on rafts out at sea. (Waste artillery, but of fun.)
I had just fired one. when a Submarine Turret came up just behind it.
SHat myself.
We didn't know they were on firing tests with torpedo's too.
Thought maybe he as going to pop one out in my direction.

couple of us peeled spuds for a while after that trick. chuckle

If nothing else. you bring some good memories back with you hey.

OH UK Army REME. 23743935. god. I still know it backwards.

Yeah mate, we got up to some BS tricks as well. At a training base we lowered the OCs pennant from the top of the flag poles and hoisted a pair of red lacey knickers from the womens quaters (following a successful pantie raid) and the whole base copped flack for months after that, no one wanted to own up or dob a brother in..

Lots of other naughty events too numerous to mention. Some stupid drunk and others rather sober.

Take care old mate, nice sharing sandbags and tin hats with you.

jules47 · The Happy Helper

dont lookback.jpg

adreamer · Senior Member

Footprints wrote:
Scrimping for what? Do you have a guarantee that you will have a tomorrow let alone a guarantee of reaching retirement age. I definitely have not received any guarantee of life expecanc. Enjoy what you have today and be thankfull. Cheers Allen

Allen, I agree!! Too many people are looking for ways to Scam Centrelink, Taxation Office or whatever else they can and it's usually the people that have more than others'. It's also usually these people who are turning up in emergency Centers with a runny nose and dragging their kids with them.

I am grateful for what I receive and that we have a system which gives it.

I enjoy and love ever day that comes my way.

I will NOT suck the lifeblood out of MY COUNTRY!!!!

Eaglemax · Guru

Yes, spend it. Enjoy it. We have a disability pension but I am able to build things in my shed on good health days. With the I'll timing of giving up work we still have a mortgage, so we improvised so we could travel around oz. We are at Nullabor on the way home to Euroa having gone anti clockwise to the top end. So we built our own 11ft van ...well documented in these pages. Tug is a Hyundai i30 diesel. We've burned $1530 of diesel at 9.3L/100km. So no super, 1/6th of our income on the mortgage...we make up for it and have a ball. Tony. PS thankyou to our veterans.

OwenK · Senior Member

Hi Jules47, ever the "diplomat". Well done.

Cheers Owen.

Eaglemax · Guru

I love it Jules

Aus-Kiwi · Guru

Can be an anxiety thing seeing what others get . Especially health benefits.. Your better off doing what you've been doing . The transition from working to retiring ( or having your saved working for you) is mainly in the head .. You've been doing fine .. It seems on your journey . Why change ?? Assets transferred to family maybe ?? Where all advance ..

macka17 · Guru

You open your eyes on morning. Take a breath.
Yep it working.

on with your life.

ONE DAY it won't. Worry about that when time comes.
Do what you can while able.

Then as soon as you reach that point.
Holland or Sweden, and a drip.

Make room for somebody else mate.
I'm not going to be a vegetable in an arm chair or in bed 24/7.

I'll go while I;m still human,
and have a brain and body that moves thank You.

Have you seen those vegetables, zombies in homes.
kept breathing just cause "the family" want them too....

No Way Jack. When I CAN'T do what I want.
I don't want..

When I had the Cancer.
My girl friend (A Horse vet) had a horse size sleeper needle for me.
with a promise to use it when time came.

I reckon a few on here would think the same too.

intouch · Veteran Member

A lot of good sense has been written on this topic.
We are all individuals and have our own needs.
Myself, a 70 yo and on a disability pension.
My wife, a 62 yo self funded retiree.
We have over 27 years, owned five caravans and two motor homes.
Currently driving a 2006 Jayco Conquest, we bought that seven years ago.
We have looked at up dating but have choosen to keep what we have and enjoy our life style.
We do own our near new home, but with interest rates at a record low, my wifes income is severely effected.
I draw down on my nest egg when we have to.
We live comfortably and do one major trip of 3, or 4 months and a heap of smaller ones each year.
Enjoy what you have, spend it if need be and the kids will look after themselves. Ours will or have
indicated as such.

macka17 · Guru

"Enjoy what you have, spend it if need be and the kids will look after themselves. Ours will or have
indicated as such."

Most of us have made or not made a nest egg for themselves.

Either way what is. is.

Give the kids a good start in life, education wise.
and let them do the rest.

We don't want a world full of expectants behind us..
there's enough bums in the world now, mainly since the last world war.

-- Edited by macka17 on Monday 18th of July 2016 02:17:18 PM

Phil C · Guru

I love this thread...

When we started on this lifestyle, our kids told us very bluntly that they didnt want a cent when we croak. Thats fine and very generous of our two.

We live very comfortably on my DVA disability pension and the aged pension. We are warm, well fed and secure. Cant ask for much more than that. We do a big trip once a year and lots of 2 or 3 week wanderings. Once every two years we try to take a cruise.

All in all, I recon we are doing fine.

Cheers folks, keep smiling

sandgrooper1 · Senior Member

Well, we are not grey nomads yet at 52 years of age,... ok I am 53 next month.

What to do???

We have put money into our super thinking it was the right thing to do for over 20 years....now the government are considering changing the rules on us again. We now don't think it will be possible to get to the amount needed for self funding given the low interest rates and contribution cap limits or if we do then look at about 70 years of age plus for retirement.

From what I have read and other opinions the best place to arrive at OAP age, which for us is 67(at the moment), is with about 400k in assets. After that the taper rate is quite steep re losing the pension amount per week. $3 pension for every $1000 over the limit I believe.

So with this view in mind are we then better off pulling the pin early allowing for about 52k a year income(say 260k for a 5 year early retirement, based on leaving work with 660k in super...just an example) maybe indexed at 2% until 67 arriving with the max limit in assets, then take part OAP and enjoy travelling or whatever we want to do.

No doubt it will all change again.... but with two workmates now been given death sentences within the last couple of months(at 49 and 51 respectively) it has got me thinking.

Who can say if we wait till 70 or so we will still be fit and able to do what we may like to re touring??

A vexing issue. It feels like you are damned if you do or damned if you don't.

Cheers AL

toglhot · Senior Member

The pension is not an entitlement! I think it irresponsible to spend all your super just so you can get the pension. Thinking like that is the main reason why pensioners cost us so much. Pensioners cost the government nothing, they cost the tax payer - you and me. We need legislation to put a stop to lump sum payments, super should be available in pension form only. I'm retired, I have a small camper/van and a new car and house but I didn't use my super to buy them, I used my savings. I use my super for what it was meant - to live off!

Cupie · Guru

toglhot wrote:
The pension is not an entitlement! I think it irresponsible to spend all your super just so you can get the pension. Thinking like that is the main reason why pensioners cost us so much. Pensioners cost the government nothing, they cost the tax payer - you and me. We need legislation to put a stop to lump sum payments, super should be available in pension form only. I'm retired, I have a small camper/van and a new car and house but I didn't use my super to buy them, I used my savings. I use my super for what it was meant - to live off!

I suppose that you could use the same line of logic to argue that people are not 'entitled' to reduce their taxable income by lawful means & thus increase their personal wealth at the expense of other taxpayers.

The law of the land 'entitles' us all to reduce taxable income just as it does 'entitle' us all to reduce assessable wealth/income to qualify for pensions of whatever sort.

We aught to lobby & elect the politicians who most reflect our values & have them amend laws accordingly.

(Remember of course that there are quite a range of restrictions on how you can reduce your assessable wealth for Centrelink purposes just as there are restrictions on how you can reduce taxable income)

A general comment & not aimed at togilhot ........

It seems like that some in our society think that those with limited assets who seek support from pensions are fair game but how many take aim at those among our much vaunted 'small businessmen' who take advantage of the system (or their entitlements) to do such things as purchasing 4WD vehicles with relevant tax concessions that can pull their van on holidays or weekends when their business doesn't really require the more expensive 4WD. Of course fuel counted as a business expense is never used for personal use. Is it? Don't tell me about the log book controls of vehicle use. Of course there are no 'cashies' either, are there? Or duplicate sets of books etc. etc.

I far prefer the Social Security system that we have in this country than those in many others, even though it is not perfect.

PS ... I am (mostly) self funded & have been for the last 18 years and am well versed in Small & Corporate Business Management.

I would now normally delete this post .... but what the hell!!!

sandgrooper1 · Senior Member

Well Toglhot, I view my super as savings for retirement, as I put what I would normally describe as savings into superannuation. The only difference being I can't spend it now. My preservation age is 59 as is my wife's.

We put way extra and above what our employers put into super for us into super from our own pockets trying to do the right thing....hardly our fault the government keeps changing the rules on us.

Because we contribute from our own money and don't spend it now on cars, overseas holidays, lots of meals out , gamble, I see it as our money and we can do what we like when the time comes.

Who are you to say how we get it back?? Would you like to be told how to receive your money?

Superannuation is basically just another word for savings anyway and yes we would be living off it as well and I don't intend to get lump sums out. That said we would if we had too access a lump sum.

It is now being made so difficult to generate enough to retire on self funded..... for example the pension payment is now worth well over one million dollars invested to get the same return in the current climate of low interest rates.

The government with its approach is actually causing people to stop investing in superannuation by creating what is perceived as disincentives and Tolghot your thoughts and thinking would only further exacerbate the situation in my opinion.

If implemented the way you have outlined there would be a rapid decline from superannuation in terms of those putting extra away and only the bare minimum from employer contributions would be accumulating which then would create the same issues of not enough saved for retirement and many more needing the OAP.

My thoughts in the previous post are within the rules as they apply currently.

macka17 · Guru

If this country had gone the way of UK.Holland and others . after, and b4 the last war (second)

This wouldn't be this conversation.

We paid into a "stamp" fund every payday Filled your card
and got a new one every yr you worked.

At retirement age. they counted it up.
Everybody got a BASIC figure.

The, For every 2 yrs? of stamps you had accumulated.
YOU got an extra figure on top of basic.
Even after successive gov't's tried to get their hands on it

Those bums that didn't work got basic.
Others, like mum who worked all their lives got a comfortable figure
Surprisingly so.
When she died at 98. My brother and I got just under 40k UK pounds.
she'd saved from pension.
.

I get my Pommie Pension. Regardless of what I have in my pocket.
I PAID for it. Above anything else..

I paid till 31yrs from 15. Get around $267 or so p.m. tax free.
Was around $346 originally.

Pays for my boat. running. rego, ins. and a few grands worth of tackle too.

Just make sure you own Reliable gear b4 you retire. new enough to see you out (on average)
and you'll be fine.

-- Edited by macka17 on Monday 18th of July 2016 11:30:21 PM

-- Edited by macka17 on Monday 18th of July 2016 11:32:08 PM

adreamer · Senior Member

macka17 wrote:
If this country had gone the way of UK.Holland and others . after, and b4 the last war (second)

This wouldn't be this conversation.

We paid into a "stamp" fund every payday Filled your card
and got a new one every yr you worked.

At retirement age. they counted it up.
Everybody got a BASIC figure.

The, For every 2 yrs? of stamps you had accumulated.
YOU got an extra figure on top of basic.
Even after successive gov't's tried to get their hands on it

Those bums that didn't work got basic.
Others, like mum who worked all their lives got a comfortable figure
Surprisingly so.
When she died at 98. My brother and I got just under 40k UK pounds.
she'd saved from pension.
.

I get my Pommie Pension. Regardless of what I have in my pocket.
I PAID for it. Above anything else..

I paid till 31yrs from 15. Get around $267 or so p.m. tax free.
Was around $346 originally.

Pays for my boat. running. rego, ins. and a few grands worth of tackle too.

Just make sure you own Reliable gear b4 you retire. new enough to see you out (on average)
and you'll be fine.

-- Edited by macka17 on Monday 18th of July 2016 11:30:21 PM

-- Edited by macka17 on Monday 18th of July 2016 11:32:08 PM

AND THEN WHY ARE YOU HERE??????

Moorey · Senior Member

THE PENSION IS AN ENTITLEMENT

When I was 14 my parents could not afford for me to attend high school so I like many others went to work. I went to night school to complete my higher education. When I started work you paid your taxes and when you retired you received a government pension. I went on to be employed where there was a super scheme to which I contributed and again when I joined the Fire Service in 1976 I continued to be in a super scheme.

In 1990 my wife was diagnosed with MS and due to a major attack had to cease work. We had to make plans for what the future might hold should her condition deteriorate which was not something I would wish on anybody. I continued to work until 1997 and cashed in my super, sold up the home and moved back to Townsville where all of my family are. The money I cashed in did not buy gambling, holidays or expensive toys but was used to setup a house to give my wife a decent living space for mobility with equipment and some comfort and dignity with using amenities.

These setups do not come cheap and most of our finances were eroded over the next fifteen years even with the help of government subsidies and some equipment. Yes I received a carer pension and my wife a disability support pension which is nearly the equivalent of a married couple pension and was happy to qualify. AS SOMEONE has stated we should not be able to cash in and if this had been the case then the only solution would have been for my wife to move into a home at a greater cost to the Government and taxpayer.

This is not a choice I would have made and it would have had a severe physical and mental impact on my wife having to cease work and care for her with a lack of funds to setup the house for her needs. Unfortunately my wife passed away on the 27/07/2012 after a long and courageous battle.

I have contributed to my Country by continuous work all my life and working any extra hours or second and third incomes which attracted high tax brackets during the early years. During this time at my cost I completed at TAFE a three year course for Certificate in Office Technology, a two year course for Certificate in Ticket Writing and a three year course for Advance Certificate in Sign Writing. We also managed to raise and educate five daughters in that time and for a short period after I ceased work. When ever I could I did some part time work during the early years in Townsvile to top up our finances.

My receiving the pension is no different to anybody who has planned for their future by investing in bricks and mortar and being subsidized by the taxpayer with negative gearing as is legally allowed and good luck to them. I am quite happy with my life where it is presently at and soon to sell and travel with my ENTITLED PENSION.

My apologies for rambling on.

Moorey