The only people being enriched are fund managers and their salespersons.

Compulsion never works. People should make their own decisions on how to invest that money.

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://melbourneinstitute.unimelb.edu.au/assets/documents/hilda-bibliography/other-publications/2013/Kelly_twenty-years-superannuation-guarantee.pdf


Quote:

... Without change there is a real possibility that, superannuation savings will be inadequate for retirement, expectations will be crushed, and the age pension will be put under considerable strain. The system, therefore, will have failed. ...

I agree with LTYC on this. I put mine into a self managed fund, using the most budget option I could find. I could save myself over $1000 per year in administration costs, and a whole lot of time, if it was not in compulsory super, and I would invest the money in exactly the same way.

I never put anything in mine. I'll invest my own money my way.

Most people don't have a choice.

Laugh till you cry wrote on Jun 3^rd, 2024 at 12:57pm:

The only people being enriched are fund managers and their salespersons. Compulsion never works. People should make their own decisions on how to invest that money. chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://melbourneinstitute.unimelb.edu.au/assets/documents/hilda-bibliography/other-publications/2013/Kelly_twenty-years-superannuation-guarantee.pdf Quote: ... Without change there is a real possibility that, superannuation savings will be inadequate for retirement, expectations will be crushed, and the age pension will be put under considerable strain. The system, therefore, will have failed. ...

You know - when you actually put your mind to work instead of your mouth running on meth fumes - and stay away from your ridiculous Hamas-Luvvin' lies and such - I could be persuaded you actually think some times.

The system will never work while ever governments come sailing in and telling people to draw down their super whenever there is a crisis, and while ever it is in the hands of managers who reap profits from it while not actually giving a damn.

Every single person on part-time casual will retire with a pension and not much else..... Every Single One!

I've offered my solution - Grappler's One-stop Shop - and all we hear is deafening silence.

Smith thinks sometimes too, in between bouts of foot in mouth - I long ago worked out how much paying into a super fund would cost me over a lifetime - so unless you are on one of those massively preferential ones (you now what I mean, wink, wink - the stolen 230Bn), MOST of you given all the pitfalls of modern life under 'progressive' western governments, will end up needing pension to supplement.

Wherever there is big money lying around, you will find grifters.... simple rule.... look at those who work in 'government'.....

There is a view among a lot of older people that there was some kind of deal, or that they deserve to be looked after by the government in their old age because they have been paying taxes all their lives. That is, it is not a type of welfare. I am not sure if the government ever encouraged this view, but it is a toxic one, as it encourages people on low wages to live beyond their means.

A bigger share of the pie for older people for putting up with this elitist madness for most of their lives.... if would be all right if the time from the late 1970's had been billed as a comedy show to which a person could go or not - but when it became a matter of being forced on an unwilling and uninformed populace......

I think a decent retirement is owed to those who've taken it all on the chin.....

It's not welfare - it's an earned right......

Grappler Racist Filth wrote on Jun 4^th, 2024 at 8:41am:

A bigger share of the pie for older people for putting up with this elitist madness for most of their lives.... if would be all right if the time from the late 1970's had been billed as a comedy show to which a person could go or not - but when it became a matter of being forced on an unwilling and uninformed populace...... I think a decent retirement is owed to those who've taken it all on the chin..... It's not welfare - it's an earned right......

Yes, that is a good example Grapps. Because of people like you we are not allowed to manage our own retirements funds.

Grappler Racist Filth wrote on Jun 4^th, 2024 at 8:41am:

A bigger share of the pie for older people for putting up with this elitist madness for most of their lives.... if would be all right if the time from the late 1970's had been billed as a comedy show to which a person could go or not - but when it became a matter of being forced on an unwilling and uninformed populace...... I think a decent retirement is owed to those who've taken it all on the chin..... It's not welfare - it's an earned right......

GTTF and his forebears have spent their whole lives on welfare and paid zero taxes.

The injuries to his chin were from falls while drunk.

By the time you hit the age of 60, you're looking more closely at retirement. According to the FY22 ATO report, the median superannuation balance leading up to this age, from 55 to 59, was $155,127. This compares with the average for the same age group of $265,739.

This is a key time to reassess your financial strategies, as you might be starting to consider winding down from work.

Progressing to 65
Moving from age 60 to 65 is an essential phase. Some decide to retire during this time, which impacts their super balance as they start to make withdrawals from their designated super fund. During this period, from ages 60 to 64, the median balance in FY22 was $177,981, while the average balance was $341,585.
https://www.fool.com.au/2024/06/20/average-superannuation-balance-at-60-65-and-70-what-to-expect/

How can that be after a lifetime of super?

Except when you have an employer who chips in way over the mandeted minimum.

Apart from my own investments, I have nearly enough to retire in a super fund just from an employer that was chipping in 33%

Gordon wrote on Jun 20^th, 2024 at 9:37pm:

Except when you have an employer who chips in way over the mandeted minimum. Apart from my own investments, I have nearly enough to retire in a super fund just from an employer that was chipping in 33%

You shouldn't be taking advantage of a mentally retarded employer.

A guy who claims to have saved enough to retire already drives a Lada SUV knock-off?

I'm not a fan of compulsory Super
It's the work of Paul Keating to give workers a pay rise without them getting any extra money in there hand each week.l
Typical communsim b.s where your dear leader's know what is best for the money you earn and your just a pleb and should be grateful.


Paul Keating is one of the worse treasurers to ever serve this country.

Frank wrote on Jun 20^th, 2024 at 9:17pm:

By the time you hit the age of 60, you're looking more closely at retirement. According to the FY22 ATO report, the median superannuation balance leading up to this age, from 55 to 59, was $155,127. This compares with the average for the same age group of $265,739. This is a key time to reassess your financial strategies, as you might be starting to consider winding down from work. Progressing to 65 Moving from age 60 to 65 is an essential phase. Some decide to retire during this time, which impacts their super balance as they start to make withdrawals from their designated super fund. During this period, from ages 60 to 64, the median balance in FY22 was $177,981, while the average balance was $341,585. https://www.fool.com.au/2024/06/20/average-superannuation-balance-at-60-65-and-70-what-to-expect/ How can that be after a lifetime of super?

With those paltry sums, people should have been looking at other strategies.  I - and the Eld Gel separately - figured out long ago that super was a scam apart from the early tax deduction it gave.  I worked out that I was losing around 75c in every dollar I 'invested' in super - so unless you are on the gravy train super - forget it.

It's worse than a joke.

$300k @ 5% annually will return you $15k - less than the pension.  It's a joke, and is even worse for the part-time casual who moves from job to job - during 'down times' they lose via fees and charges without being able to top up - same as when sick or injured.

Our politicians of all parties have royally screwed the workers - but it won't affect them!

freediver wrote on Jun 4^th, 2024 at 8:50am:

Grappler Racist Filth wrote on Jun 4th, 2024 at 8:41am: A bigger share of the pie for older people for putting up with this elitist madness for most of their lives.... if would be all right if the time from the late 1970's had been billed as a comedy show to which a person could go or not - but when it became a matter of being forced on an unwilling and uninformed populace...... I think a decent retirement is owed to those who've taken it all on the chin..... It's not welfare - it's an earned right...... Yes, that is a good example Grapps. Because of people like you we are not allowed to manage our own retirements funds.

Deal or No Deal?  Can't see how you work that last out.... it's not a gracious gift - it's a reward for years of working and putting up with the shenanigans of our Great Leaders - that last alone is good enough reason to double the pension NOW!  Take it out of the politicians retirement fund stashed in the Caymans...

As for political parties - never in the field of human conflict has so much been owed by so many to so few....  now then - about that Warfare - the Mau Mau at Mt Warning still acting up - and that beach closure in Queenslund to suit Mau Mau claimants up there .... good enough examples for you?

And this is only the beginning.... you thought it was the beginning of the end ....

Frank wrote on Jun 20^th, 2024 at 9:17pm:

By the time you hit the age of 60, you're looking more closely at retirement. According to the FY22 ATO report, the median superannuation balance leading up to this age, from 55 to 59, was $155,127. This compares with the average for the same age group of $265,739. This is a key time to reassess your financial strategies, as you might be starting to consider winding down from work. Progressing to 65 Moving from age 60 to 65 is an essential phase. Some decide to retire during this time, which impacts their super balance as they start to make withdrawals from their designated super fund. During this period, from ages 60 to 64, the median balance in FY22 was $177,981, while the average balance was $341,585. https://www.fool.com.au/2024/06/20/average-superannuation-balance-at-60-65-and-70-what-to-expect/ How can that be after a lifetime of super?

No-one who is 65 has a lifetime of super.


Daves2017 wrote on Jun 20^th, 2024 at 11:39pm:

I'm not a fan of compulsory Super It's the work of Paul Keating to give workers a pay rise without them getting any extra money in there hand each week.l Typical communsim b.s where your dear leader's know what is best for the money you earn and your just a pleb and should be grateful. Paul Keating is one of the worse treasurers to ever serve this country.

Floating the dollar and deregulating the financial industry were absolutely critical reforms.


Grappler Racist Filth wrote on Jun 21^st, 2024 at 1:30am:

freediver wrote on Jun 4th, 2024 at 8:50am: Grappler Racist Filth wrote on Jun 4th, 2024 at 8:41am: A bigger share of the pie for older people for putting up with this elitist madness for most of their lives.... if would be all right if the time from the late 1970's had been billed as a comedy show to which a person could go or not - but when it became a matter of being forced on an unwilling and uninformed populace...... I think a decent retirement is owed to those who've taken it all on the chin..... It's not welfare - it's an earned right...... Yes, that is a good example Grapps. Because of people like you we are not allowed to manage our own retirements funds. Deal or No Deal?  Can't see how you work that last out.... it's not a gracious gift - it's a reward for years of working and putting up with the shenanigans of our Great Leaders - that last alone is good enough reason to double the pension NOW!  Take it out of the politicians retirement fund stashed in the Caymans... As for political parties - never in the field of human conflict has so much been owed by so many to so few....  now then - about that Warfare - the Mau Mau at Mt Warning still acting up - and that beach closure in Queenslund to suit Mau Mau claimants up there .... good enough examples for you? And this is only the beginning.... you thought it was the beginning of the end ....

You are deliberately spending beyond your means with the expectation that the government will support you when you stop working. It is a toxic ideology. That money the government spends to prop you up in your old age is not free. It means everyone pays more tax, and the government wastes more of our money. You have a deal with the government where for every dollar in extra tax you pay to prop up the age pension, you get 30c back after administration fees, and you count yourself lucky because you cannot do the maths.

Incredible assumptions - stick to issues such as Mt Warning.

I'm planning to over-spend in retirement in order to pick up the slack from all my years of flogging my guts out.  Over-spending during life?

Cool story, bro............... in some ways YOU need to get out more.... clearly had it too easy.

So you deserve free money from the government so you can overspend?Wouldn't it be better if the government didn't take it off you in the first place? Keep the $1 instead of trying to convince yourself you are happy to get 30c back?

My superannuation works fine for me. Now reaping the benefits of those enforced savings, and I also added extra while I was working.  :)

Laugh till you cry wrote on Jun 3^rd, 2024 at 12:57pm:

The only people being enriched are fund managers and their salespersons. Compulsion never works. People should make their own decisions on how to invest that money. chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://melbourneinstitute.unimelb.edu.au/assets/documents/hilda-bibliography/other-publications/2013/Kelly_twenty-years-superannuation-guarantee.pdf Quote: ... Without change there is a real possibility that, superannuation savings will be inadequate for retirement, expectations will be crushed, and the age pension will be put under considerable strain. The system, therefore, will have failed. ...

You really have no clue.

freediver wrote on Jun 3^rd, 2024 at 6:12pm:

Most people don't have a choice.

So? ... years ago those that didn't have massive savings on low paid jobs all went on the pension when they retired.

If they remain in employment today they at least have a chance of having some compulsory savings through super for their retirement.

If they had to save & invest it themselves ... it wouldn't happen.

freediver wrote on Jun 3^rd, 2024 at 6:27pm:

There is a view among a lot of older people that there was some kind of deal, or that they deserve to be looked after by the government in their old age because they have been paying taxes all their lives. That is, it is not a type of welfare. I am not sure if the government ever encouraged this view, but it is a toxic one, as it encourages people on low wages to live beyond their means.

They do

they have

it's not

They did

it's not

and what can people on low wages really do to save money in the current climate?

You surely must be joking? ... & looking at this from an arrogant entitled view point? ... yes?

Laugh till you cry wrote on Jun 4^th, 2024 at 9:10am:

Grappler Racist Filth wrote on Jun 4th, 2024 at 8:41am: A bigger share of the pie for older people for putting up with this elitist madness for most of their lives.... if would be all right if the time from the late 1970's had been billed as a comedy show to which a person could go or not - but when it became a matter of being forced on an unwilling and uninformed populace...... I think a decent retirement is owed to those who've taken it all on the chin..... It's not welfare - it's an earned right...... GTTF and his forebears have spent their whole lives on welfare and paid zero taxes. The injuries to his chin were from falls while drunk.

You'd be the biggest welfare bludger gracing this forum.

You terrorist supporting sick POS.

Daves2017 wrote on Jun 20^th, 2024 at 11:39pm:

I'm not a fan of compulsory Super It's the work of Paul Keating to give workers a pay rise without them getting any extra money in there hand each week.l Typical communsim b.s where your dear leader's know what is best for the money you earn and your just a pleb and should be grateful. Paul Keating is one of the worse treasurers to ever serve this country.

Yeah he was ...

but superannuation for every working Australian was a great idea.

Good grief the Menzies govt bought the vote of all shiny arses in govt jobs, banking & public service administration everywhere ....by introducing compulsory superannuation for those employees back in the 50's.

The boomers who retired from those sorts of jobs after 50 years did so with up to a $1million in their super. 

Their is nothing wrong with some compulsory savings... it matters little about a few fees if you own your own house & get a nice nest egg when you retire.

After a long working life why shouldn't you be able to do a few things like buy a van, travel and see the country before you croak?

Those that poohoo it are a bunch of miserable bastards ... & usually entitled hypocrites.

freediver wrote on Jun 21^st, 2024 at 11:39am:

So you deserve free money from the government so you can overspend?Wouldn't it be better if the government didn't take it off you in the first place? Keep the $1 instead of trying to convince yourself you are happy to get 30c back?

It's not free money ::)

Gnads wrote on Jun 21^st, 2024 at 6:50pm:

freediver wrote on Jun 3rd, 2024 at 6:12pm: Most people don't have a choice. So? ... years ago those that didn't have massive savings on low paid jobs all went on the pension when they retired. If they remain in employment today they at least have a chance of having some compulsory savings through super for their retirement. If they had to save & invest it themselves ... it wouldn't happen.

Do you think the belief that they have a "right" to the pension might affect whether they would save money themselves?

Compulsion is socialism and  communism by stealth.

Laugh till you cry wrote on Jun 21^st, 2024 at 9:39pm:

Compulsion is socialism and  communism by stealth.

Depends on what the desired outcome is............ some - such as your excellent self here - could do with a little compulsion.... a little compulsion on the front porch never hurt nobody ... and you'd best not dig yourself a tunnel into Gondwanamo Bay when it's set up. Learning 'The Code' of civilised behaviour now is of benefit to everyone - most of all yourself, Kookaburra, Smith, mothra and co....

Even you lot can learn to think and behave like normal human beings....

---

freediver wrote on Jun 21^st, 2024 at 9:15pm:

Gnads wrote on Jun 21st, 2024 at 6:50pm: freediver wrote on Jun 3rd, 2024 at 6:12pm: Most people don't have a choice. So? ... years ago those that didn't have massive savings on low paid jobs all went on the pension when they retired. If they remain in employment today they at least have a chance of having some compulsory savings through super for their retirement. If they had to save & invest it themselves ... it wouldn't happen. Do you think the belief that they have a "right" to the pension might affect whether they would save money themselves?

I know a couple of retired millionaires that reckon they should be entitled to a pension because of the taxes they've paid throughout their working lives & the taxes they continue to pay because of their investment incomes.

The pension would be chicken feed every fortnight to them.

It's not for others .... nor myself & wife.