3rd Oct 2018
We know your retirement concerns, now here’s the solution …
We know your retirement concerns, now here’s the solution …

For years, YourLifeChoices has had its finger on the pulse of retirement, constantly checking in with older Australians about their biggest challenges and triumphs. The one constant we find is that running out of money is the biggest retirement concern.

In the most recent YourLifeChoices Retirement Income and Financial Literacy Survey, almost three-quarters of all respondents were convinced or unsure that their retirement savings would not last.

The cost of healthcare, energy, insurance, fuel and consumables rises each year, steadily eating into retirement savings and taking huge chunks out of retirement income such as the Age Pension and money derived from super.

And our increased longevity only exacerbates the fear of not having enough money to fund retirement.

Energy and healthcare costs are the biggest drains on retirement savings, says the YourLifeChoices’ Retirement Matters survey conducted in September this year.

Other constant costs include housing, insurance, recreation, transport, food and drink. With the cost of living increasing each year, these expenses will only continue to grow.

As much as rising costs are a concern, it’s the worry about running out of money that’s causing the most stress.

The good news is there is a way to remove the worry from retirement with a tool to help manage these costs and stretch your retirement income.

YourLifeChoices’ RetirePlanner is an innovative retirement tool that helps you track the cost of living, through the Retirement Affordability Index™.

RetirePlanner™ allows you to enter your annual expenses and, once they are automatically assessed against the Retirement Affordability Index™, you’ll be categorised in your particular Retirement Tribe.

Your expenses are then broken down and compared to retirees in your income bracket. This groundbreaking ‘calculator’ allows you to see where your money is going and how you can ‘tweak’ your lifestyle to make best use of your cash.

The data that drives the Retirement Affordability Index™ is updated quarterly to match rising CPI and give you an accurate indicator of how much you’ll need to fund your retirement lifestyle.

All of your retirement costs – from fuel and energy costs or rent or mortgage repayments to clothing and food – are filtered and presented in dollar values and expenditure percentages. This means you can not only track your spending but also see where you can cut back costs and stretch your income.

Want to save for a holiday? The RetirePlanner can help. Simply assign the amount you’d spend on a trip and the spending comparison will show you where you can shift money from other expenses to help boost your holiday savings. 

The calculator also gives you the ability to modify your spending, so you can actually save money in retirement.

The RetirePlanner™ could be the wisest investment you make for your retirement, whether you’re living off your super or the Age Pension.

Another valuable aspect of the tool is the Age Pension Calculator. This is especially good for anyone who is running out of super or moving towards Age Pension eligibility.

Don’t know if you’re eligible? Enter your assets, current income and living situation into the Age Pension Calculator and it will tell you if you can get a part or full Age Pension. It works on the same principle as the Centrelink income and assets test. Once you input your details, the calculator will tell you if you’re eligible and how much you’ll get, so you can start planning sooner.

Having trouble keeping up with Centrelink rule changes? Let the RetirePlanner™ do the worrying for you. Figures are updated as indexation occurs, so while one quarter you may not be eligible for the Age Pension or even a concession card, the next you could be and, by keeping up to date with the changes, you’ll maximise your chances of receiving all the money to which you’re entitled.

“This tool has taken an extremely complex process and made it as simple as possible. I now know how much I will get,” says YourLifeChoices member Henry.

While having to fund your retirement is a major concern, RetirePlanner provides a clear, step by step guide to what you can expect to spend in retirement, and how you can better manage your money, effectively eliminating part of the worry.

Are you worried about running out of money? The RetirePlanner tool has all the information you need to relieve your concerns.

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    Disclaimer: All content on YourLifeChoices website is of a general nature and has been prepared without taking into account your objectives, financial situation or needs. It has been prepared with due care but no guarantees are provided for the ongoing accuracy or relevance. Before making a decision based on this information, you should consider its appropriateness in regard to your own circumstances. You should seek professional advice from a financial planner, lawyer or tax agent in relation to any aspects that affect your financial and legal circumstances.





    COMMENTS

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    thommo
    3rd Oct 2018
    10:32am
    You talk about 'retirement concerns" etc. Well, I planned my retirement in 2014 on promises (by Abbott et al and the LNP) that the pension would not be changed.
    But alas, the LNP broke this promise in the 2015 budget by changing the assets test, which literally stuffed up my retirement plans, leaving me with no redress.
    I did the right thing, but now left devastated.
    I will never ever forgive or forget the treachery and betrayal of this government for doing this, and I hope the several million pensioners don't either.
    Kick them out of office at the coming election.
    Paddington
    3rd Oct 2018
    11:20am
    Yes anyone who is thinking straight will be kicking out this LNP government. Looking at Dutton this morning on the TV looking innocent after all he has done recently to stuff up his own party should be sufficient reason. But the list is very very long of reasons to throw them out. Anyone who is still supporting them has vested interests or like Trump supporters totally blind to what is in front of them.
    Sorry for your situation thommo!
    Cowboy Jim
    3rd Oct 2018
    11:22am
    Might agree with kicking them out, thommo. But do you trust the new lot any longer?
    It was the other mob brought in the 67 year pension and now they are planning cancelling our franking credits on shares. May be that the mattress is the only safe place for the pension money.
    Old Geezer
    3rd Oct 2018
    11:26am
    If you think the current lot is bad then think again as the alternative will be much worse.

    Can Labor afford to have another 500,000 on the old age pension?

    Only way is to tighten the old pension screws even further.
    Old Man
    3rd Oct 2018
    11:39am
    Horses for courses thommo, we had an increase in our part pension because of the changes so we don't fall into the "several million pensioners" category. I'm sorry that you had to change your plans. The figures on who was affected by the changes are reported as more than 50,000 age pensioners are able to receive the full pension, roughly 300,000 will have a reduced pension and about 100,000 lost the pension altogether.
    1984
    3rd Oct 2018
    12:02pm
    The government will be able to afford very nicely giving another 500,000 pensioners their entitlements. All they have to do is to stop the franking credits that people get when they don't even pay tax. Problem solved
    Old Geezer
    3rd Oct 2018
    12:14pm
    Good idea but if people don't want franking credits then companies are going to rearrange their accounts so they pay little or no tax. Some will just move overseas to a country that has a much lower tax rate too. Maybe not such a good idea after all.

    Bill's Bonkers let's see if you know what fairness is.

    If I earn $200,000 a year including $5000 on franking credits nothing changes I still pay $5000 less in tax and get to use it to take my family on a cruise or holiday.

    However if I earn $20,000 including $5000 in franking credits I get my income reduced to $15,000 which means I have $100 less a week to pay for my groceries.

    So should the high income earner keep his $5000 and go on a family holiday and the low income earner have $100 less a week to spend on groceries?
    Old Geezer
    3rd Oct 2018
    1:05pm
    Cowboy Jim

    Geoff Wilson from WAM Capital has a Petition that he would like people to sign to maintain the current dividend imputation scheme.

    http://wilsonassetmanagement.com.au/petition/

    When a fund manger like Geoff Wilson says Labor's policy is appalling then people will take notice.

    Labor is doing it's best to stop him doing so by trying to discredit him.
    OnlyGenuineRainey
    3rd Oct 2018
    6:41pm
    Billy's bonkers - you are bonkers if you think cancelling franking credits will save money. The rich still keep theirs. Pensioners keep theirs. The only losers are the struggling SFRs - and hundreds of thousands of them will go on part pensions as a result. They will rearrange their affairs to qualify, or be forced to spend their savings until they fall below the assets limit. I calculated it could cost an extra $24 billion in pension payments - to save maybe $6 billion in franking credits. Not good economics.

    Theoretical couple Jones had over $4 mil at retirement, but gave $2,150,000 away to qualify for the pension. With a $2 mil home and $425K left, of which $75K is non-returning and $325K is in affected shares returning 6%, He receives a pension of nearly $34K a year and has a total income over $53K a year, and he loses NOTHING.

    Theoretical couple Duck has a $600K home, $1.2mil in assets, of which $1.1 mil is in affected shares. As he is not a pensioner, he loses nearly $20,000 a year, reducing his income to $42,000 a year. If you count his forfeited pension as a ''tax'' (and it is in a way), he's paying 127.66% 'tax', while Jones is paying only 3.13% despite having a net worth of half a million LESS than Jones.

    Theoretical couple Smith, also with a $600K house, have $1.1 mil in assets of which $100K is non-returning and $900,000 is in affected shares at 6% return. Smiths have a net worth of $1.7 mil (over $700K less than Jones). They lose about $19,000, reducing their income to just $34,340 - about the same as the full pension and much, much less than most part-pensioners and many full pensioners enjoy, yet the pensioners lose NOTHING regardless of their affluence.

    Yes, I know, these luck couples can just spend their savings. Why bother to save if you are just going to spend ALL your savings making up for being deprived of handouts others, who probably earned just as much but spent more freely, receive? It makes no sense. If SFRs continue to see their income eroded to below pension level, they WILL spend up big on expensive houses, gifting, cruises, etc. and claim pensions. Younger Aussies will stop saving for retirement when they see how futile it is and realise that financial advisers are right when they say having more than $500,00 (for a couple) is pointless.

    Would YOU go without a new car, new floorcoverings, and your annual holiday to save $100,000 if every cent of that $100K was taken from you and given to pensioners? That's what's happening to SFRs. They are losing MORE than 100% of their savings as punishment for having saved. And you think it's good economics to attack them further, Billy's Bonkers? You and Billy are both bonkers! Sorry.
    Old Geezer
    3rd Oct 2018
    7:33pm
    The main problem is that tax free status of super after age of 60.

    It benefits those who have the biggest super pensions and make no difference to those who have small super pensions.

    It would be far better to scrap the tax free status of super pension after age of 60 and tax people on all their income instead. Since tax has been paid on some of the super then allow 15% tax rebate for any super that has already been taxed.

    Much fairer system than not refunding franking credits. It also targets those who have lots of income and not those with low incomes.
    Anonymous
    3rd Oct 2018
    7:37pm
    Agreed OG - closer to the US style 401k and IRA's . Much fairer too
    OnlyGenuineRainey
    3rd Oct 2018
    8:03pm
    But the 'greed is good' brigade who are running the country don't want fairness, OG. They want the battlers to pay and the rich to continue to pay nothing.
    Greg
    3rd Oct 2018
    9:02pm
    thommo - while I'm not a fan of the changes I don't understand how the small amount in dollar terms means you go from being happily retired to "now left devastated".

    I planned my retirement before the changes and have now retired but all the changes mean is a little less to live on or super running out sooner, but who knows how long I may live, by that time I'll be in my 80s and won't care too much.
    OnlyGenuineRainey
    4th Oct 2018
    11:38am
    Greg, an income cut of $10K plus is hardly ''a little less to live on''. Besides, it represents security and fairness. Losing more than 7.8% as penalty for having some extra savings that earn maybe 5% is certainly devastating for most, and its definitely economic madness, since it creates major incentive for manipulation to claim a pension.

    People who have 30+ years ahead in retirement would certainly feel concerned that their money might run out, having witnessed periods of very high inflation. I can understand why Thommo might well feel 'devastated'. And I agree with him that it was patently dishonest and treacherous and should never be forgiven.
    mike
    3rd Oct 2018
    11:21am
    Mr Liar Turnbull promised to re instate the Pensioner Concession Card to ALL those who lost it due to Hockey's changes to the assets test, but cut it of to only those who lost it on 1/1/2017. IE those who had between $817000 and $1.25Mil on that day. Those who lost it a day later ( Yes One respondent announced he lost it a day later), or a week or a couple of months later DID NOT. So if a pensionner had LESS than $817000 on that day and as his super balance went over the $817000 a few days later, DID NOT. Countless letters have been written to various federal MPs re this Unfairness of the Reinstatement of the PCC. Read this reply by two formenr Ministers of Social Services, Christan Porter and Dan Tehan
    " The reinstatement of the PCC to those who lost their card was done in recognition that the loss of both the pension and the concession may have had a significant financial inpact on some former pension recipients" Right, so if you had $1.25Mil on 1/1/2017 you had some financial impact in losing your PCC, BUT if you had LESS than $817000 on that day YOU DID NOT. Right, so after supporting the Bastard Liberals for 52 odd years, I now vote One Nation.
    Old Geezer
    3rd Oct 2018
    11:35am
    Quite frankly I'd like to see all those of pension age and over be given the Pensioner Concession Card.

    Many would then not bother arranging their affairs just to get a $1 in pension so they get it.

    It would save lots of money and frustration for those trying to administer they system.

    If people have more money they spend more and the economy is better for everyone.

    Unless One Nation gets enough votes to be in the top two your vote will go to either the 2 major parties.
    OnlyGenuineRainey
    3rd Oct 2018
    6:50pm
    Says the moron who supported the assets test change!!!!! Can't make up your mind, OG? Too befuddled by greed and ego to think straight? At least THIS TIME you make sense.
    Manne
    3rd Oct 2018
    11:41am
    Agree with you thommo, same happend to me, I planned by the rules, but they changed the rules during the game. Lost income with no come back. Once there used to be a grandfather clause which meant if you were already on a pension, new rules would not have a negative effect on you. Doesn't apply anymore, now!
    Jim
    3rd Oct 2018
    11:51am
    So we will get the usual comments, blame the government, blame the opposition, blame everyone, the solution is simple, don’t spend more than you have coming in,you will never run out of money, my wife and I go on several holidays a year, we didn’t retire with a fortune, we almost get the full pension, so far no problems, if labor get in worst case scenario for me will be a loss of about $500 a year, although the economy might take a dive
    Old Geezer
    3rd Oct 2018
    12:05pm
    If one spends less than they earn their whole life they will never run out of money. A very simple rule to follow.

    Already this year I have been overseas 3 times and taken the van for a drive about 5 times with 3 months left of the year to add to that tally.

    I don't get the pension as I don't need it.

    I think Labor's non return of franking credits is very unfair and they will be last on my voting paper on that issue alone.

    From some of the things Labor wants to do I see a lot of tightening happening and I honestly wonder where they are going to get even half what they need for all their promises. I also know that retired people are an easy target too.

    Those who can will just go into cash investments and sit on the sidelines and wait for better opportunities under a Labor government. Many have already started doing so. Personally I have never been as cashed up as I am now.

    Anyone who accuses banks of stealing from people's bank accounts just doesn't deserve to be PM. That is utter nonsense Bill.
    OnlyGenuineRainey
    3rd Oct 2018
    6:48pm
    Nice theory, as long as you earn enough to cover essentials. Jim, of course you are doing well with your near full pension. You would be VERY VERY VERY much better off than the SFRs who are threatened with losing up to 1/3rd of their income and being worse off in income terms than pensioners. But then, they can just GIFT all their extra savings to the fat-cat pensioners who aren't hurting, can't they? After all, they only saved so they could be ripped off.

    You probably benefited from the assets test change too, Jim. While struggling SFRs with incomes lower than the full pension suffered loss, not cent went to the genuinely needy, but folk like you got a windfall.

    Yes, the economy WILL take a dive. And hundreds of thousands more will put their hands out for pensions when they see that their investments can't return enough to support them.
    MD
    3rd Oct 2018
    7:41pm
    Thanks Jim, for (your comment) a breath of fresh air. Beats the negativity and nay - sayers each and every day.
    OnlyGenuineRainey
    3rd Oct 2018
    8:07pm
    Perhaps, Jim, since you think the solution is so easy, you can tell me how to avoid massive health-care costs for a chronically ill partner? I could easily spend less than I earn if I wasn't footing huge bills for essential medical treatments, and paying a fortune for dental care for me. Not so easy when the cards are stacked against you. I'm lucky to have savings. Those who don't have much might find the only way to spend less than they earn is to let their health issues finish them off quickly. No doubt OG would think that was the right solution!
    Jim
    3rd Oct 2018
    8:21pm
    OGR, I am truly sorry that you think my comments in anyway reflect on anyone else’s situation, I don’t know if I am VERY VERY VERY much better off than SFR as far as I know, I don’t know if I benifited from the change to the asset test, if I did it wasn’t significant enough to register, I didn’t get any windfall, in fact as mentioned above I didn’t notice any difference, so you are attcking the wrong person, so in a nut shell my friend you haven’t gifted one single red cent to me, every penny I have I worked for over 50 years to accumulate enough to see me through my retirement with the help of my state pension, fully paid for by me during my working life, mind you I never accumulated enough to prevent me from receiving a part pension, which if I recall prior to the asset changes was in the vicinity of $1.2 million, I don’t begrudge anything that anyone else gets, so why are you so angered by my comments?
    Jim
    3rd Oct 2018
    8:35pm
    With your second line of comment, I am not in a position to tell you how to deal with your chronically ill partner, we all have our burdens to bear some more than others, my comment reflected around the topic of how to make your funds last long enough, so the answer is still the same for the majority, spend less than you make and you will never run out of funds, but there are all sorts of reasons why someone might run out of funds for reasons that might be out of their control, I don’t believe that is the case in the majority of instances, you might have better information than I have, so I can’t prove that my theory is correct, I can only reflect on my own and my close friends situation, and most seem to be ok, my friends range in age from 70-82
    Mad as hell
    3rd Oct 2018
    12:50pm
    I’m in the same boat as you thommo. Don’t forget this legislation got through because the GREENS backed the changes. I’ll never vote LNP or GREENS in any election ever be it Federal, State or Local.
    Jim
    3rd Oct 2018
    1:52pm
    Well if you vote for Labor, you will in effect be voting for the greens as well, Labor has already promised to endorse some of the greens policy, especially on open borders and the Paris agreement on climate change, so you might be in for a lose lose situation.
    Misty
    4th Oct 2018
    7:50pm
    What rot Jim, Labor will never vote for Open Borders I can assure you of that, all Labor voters will soon let Labor headquarters know that is a big NO NO if there is even a suggestion of that, no one Labor or LNP want Open Borders again except for perhaps the Greens. LNP have already voted for the Paris agreement on Climate Change so nothing changes there with a different Govt.
    OnlyGenuineRainey
    9th Oct 2018
    2:27pm
    Maybe not open borders, Misty, but they WILL destroy the economy. I despise the LNP and everything they stand for, and I think they are making a hideous mess of things, but Labor will be infinitely worse. You can't take everything from the workers and savers and expect to have a healthy society. I believe in a degree of socialism, but the extent Labor wants to take it will mean there is no incentive for anyone to work and save and everyone will be dependant, which will mean there will be nothing for anyone. Talk to people who've seen it. I spoke to an immigrant from Zimbabwe today. He told me how socialism destroyed his country and there isn't even food to buy in shops now.

    I support caring for the disadvantaged and treating the less fortunate with respect. I support paying generous pensions to the aged. But Labor wants to achieve that by taking so much away from those who generate wealth that they will end up with nothing.

    The franking credit policy is very likely to put an extra 500,000+ retirees on pensions, because they can no longer generate enough income to live on from their investments. That could cost the nation $24 billion a year. But it's worse than that. Already my kids are saying they plan to limit their savings to a level that entitles them to a full pension. My relatives are planning retirement and spending down to ensure they qualify for a pension, because they've seen that SFRs who have less than $1.5 million are just living on their savings. They see that you can have world cruises and big houses and a HIGHER income than by saving. This can't go on, but Labor seem insistent on making the situation far, far worse. And when the money runs out, it will be the fool voters who fell for Shorten's lies about taking from the ''wealthy'' who will hurt most.

    Support Labor by all mean, because the LNP needs a kick in the proverbial, but tell Shorten to wake up to himself and stop attacking people who are doing what's GOOD for the nation.

    3rd Oct 2018
    1:02pm
    No one should have any financial issues on retirement as the OAP safety net convers those who have ZERO savings

    Those who have money put away just have more to spend.

    And there are the majority who have substantial investment in their principal residence who will never need the equity because they live very comfortably on full or part OAP
    Old Geezer
    3rd Oct 2018
    1:08pm
    Heard a few days ago about a pensioner couple who when they run out of money having been downsizing their home. They have already done it a few times and now are considering it doing it again. Their current home is worth in excess of $3 million so one can only wonder what the first house they downsized from was worth.

    How can we have a pension system like this in Australia?
    Anonymous
    3rd Oct 2018
    1:31pm
    Only labor could have come up with just a stupid system.
    Oh and guess what - they did
    Now they want to make it worse having already raised the pension age to 67
    They want to destroy it completely by taking away franking credits
    How can anyone vote for a nasty bunch who have screws pensioners to the max and still want to deprive them of more
    Old Geezer
    3rd Oct 2018
    1:44pm
    Geoff Wilson from WAM Capital has a Petition that he would like people to sign to maintain the current dividend imputation scheme.

    http://wilsonassetmanagement.com.au/petition/

    When a fund manger like Geoff Wilson says Labor's policy is appalling then people will take notice.

    Labor is doing it's best to stop him doing so by trying to discredit him.
    Anonymous
    3rd Oct 2018
    2:12pm
    Signed a while ago OG from your previous post
    Thanks

    Trust labor to discredit a patroitic Austrlian with their lies
    Old Geezer
    3rd Oct 2018
    2:18pm
    This is a different one to the last one. The more of them the better.
    Anonymous
    3rd Oct 2018
    2:21pm
    Signed
    OnlyGenuineRainey
    3rd Oct 2018
    6:44pm
    Signed. Only an IDIOT thinks killing off franking credits will help the economy. And only a selfish fool thinks it fair.
    Anonymous
    3rd Oct 2018
    6:48pm
    Rainey , have you met Trebor ?
    OnlyGenuineRainey
    3rd Oct 2018
    8:02pm
    I've argued the issue extensively with Trebor and he finally clarified that he opposes taking credits from SFRs who are not achieving high incomes. I don't know who he thinks should lose them, since most high-income earners will keep theirs! No logic to any of the arguments in favour.
    Anonymous
    3rd Oct 2018
    8:21pm
    Talking to Trebor is like talking to a brick wall. That guy has problems with logic
    Paddington
    3rd Oct 2018
    8:30pm
    Oldbaid, no pensioner is losing their franking credit even if they paid no tax. So, stop electioneering for the LNP mob. It is too obvious as there is zero balance to your arguments. You have a few pals on here too lol.
    Old Geezer
    4th Oct 2018
    10:48am
    Paddington it is obvious you have no idea about franking credits at all.

    If Labor's screws self funded retirees then self funded retirees will screw the economy.


    A bad economy is no good even for pensioners.
    OnlyGenuineRainey
    4th Oct 2018
    11:34am
    Paddington, the fact that no pensioner will lose their franking credits is making the policy proposal MUCH MUCH WORSE. It means there is a massive incentive for people to NOT save for retirement but restructure to be pensioners, because SFRs are being deprived of benefit for saving.

    Do you realise many part pensioners are far, far better off than their SFR counterparts? People manipulate to be part pensioners because there's no fair benefit in being self-funded unless you are rich. Now Labor wants to punish battlers for being honest and saving the taxpayer money by using their own resources in retirement instead of juggling to LOOK poorer than they are and getting handouts.

    It's YOUR argument that is flawed on this one, Paddington. I hate the LNP, but Labor lost me with their patently STUPID franking credits policy. It will do unbelievable harm to the economy, as well as being totally unfair.
    And BTW. It doesn't hurt high income earners one bit!
    Old Geezer
    5th Oct 2018
    1:52pm
    Here's one for you Rainey.

    A couple have $1 million in assets and they have $700,000 invested in shares paying $53,000 in dividends attached to which is $15,000 I franking credits giving them a gross income of $50,000.

    Now they can have $848,000 in assets and get a $1 of the OAP. Let's make that $850,000 for this exercise.

    Under Labor's policy they lose $15,000 of their $50,000 income leaving them $35,000.


    Now if they spend $150,000 of their cash on world trips and home renos their assets are reduced to $850,000 so they get the OAP and keep their $15,000 giving them a income of $50,000.

    Now by spending $150,000 they are still earning 10% pa on it but it doesn't exist.
    OnlyGenuineRainey
    8th Oct 2018
    3:51pm
    Apparently Short-on and his idiot crew can't grasp that logic, OG. Nor can the endorsers who are blinded by envy or adoration for a fool. Then again, the LNP created the same absurd situation with their dumb assets test change (which YOU supported). I have friends who increased their incomes substantially by taking an expensive world cruise.

    Don't forget, though, that Short-on said if you weren't a pensioner on the date he announced his IDIOTIC policy change, you can NEVER GET FRANKING CREDITS EVER, no matter how poor you may become!!!! So the reward for being a leaner is generous, but the punishment for working and saving is harsh and lifelong. And some selfish morons continue to support this nonsense!
    Rosret
    3rd Oct 2018
    1:18pm
    Thanks Leon I will check it out.
    I have to wait until I am in really good spirits before reading up on retirement planning - I am so much happier as an ostrich with my head in the sand.
    I used the auto checkout at the supermarket and every purchase seem to call out $4.xx over and over and I thought to myself how expensive every purchase had become.
    It's not going to come down to saving money - it's going to be not spending at all. So lights off, no luxuries and back to basics. That is not a good plan for the economy as they need baby boomers to spend.
    KB
    3rd Oct 2018
    2:15pm
    You cannot trust politicians on either side where money and pensions are concerned, The only reason why the Liberals have backed down on the pension age is that are facing an election and know that they will lose. Labour will re elected and they will have different ideas and plans for Australian with pensions and super
    tisme
    3rd Oct 2018
    2:51pm
    I got 'paid today ( carer pittance ) as did my disabled daughter and we are broke today. daren't think about whats coming.
    Old Geezer
    3rd Oct 2018
    4:24pm
    Your lucky as I didn't get paid today.
    Paddington
    3rd Oct 2018
    8:34pm
    Sorry tisme. It must be hard for you and your daughter.
    Shame on you OG
    And it is you’re not your!
    Old Geezer
    4th Oct 2018
    10:42am
    Shame on you for being so pedantic.
    Paddington
    7th Oct 2018
    9:45pm
    OG, much better to be pedantic than lack empathy.
    Old Geezer
    8th Oct 2018
    12:19pm
    Real men don't have empathy.
    OnlyGenuineRainey
    8th Oct 2018
    3:45pm
    Real men DO have empathy, OG. MONSTERS lack empathy. Empathy is what makes the rest of us human. Your comments tell us what you are - and it's not a man!
    Old Geezer
    8th Oct 2018
    3:48pm
    OGR you crack me up big time.
    Misty
    8th Oct 2018
    4:38pm
    Maybe that is your problem OG, you are just too cracked up.
    floss
    3rd Oct 2018
    3:18pm
    The greed is good gang are back.
    Old Geezer
    3rd Oct 2018
    3:23pm
    Old Age Pensioners?
    Anonymous
    3rd Oct 2018
    3:26pm
    I think she means anyone who just wants more and more handouts. Can't get greedier than those lot, wanting something for nothing , taking more and more from hardworking taxpayers.
    Old Geezer
    3rd Oct 2018
    3:30pm
    I can't think of any other than them either.
    Misty
    4th Oct 2018
    7:55pm
    Yes Floss the 2 below your comment can't help themselves can they, and btw most Old Age Pensioners have worked hard all their lives, mine did until he was 70 so don't denigrate them with your bitter unfounded comments.
    Old Geezer
    8th Oct 2018
    12:21pm
    Misty if you are on the OAP the you have no idea what hard work is.
    Misty
    8th Oct 2018
    2:42pm
    HOW DARE YOU SPEAK TO ME LIKE THIS OG, I know what hard work is, I was 1 of 7 children growing up in a poor family, poor in monetry terms but rich in love and family value, I went to work in a box factory when I was 15, walked 3 miles on weekends to help out in a guest house until I was old enough to start my nursing career. I have 2 Nursing Certificates, 1 for General and one for Obstetrics and in those days nursing was hard work, long broken shifts and low pay so DON'T TALK TO ME ABOUT HARD WORK. During my 50 year marriage I helped rear my 4 sons, looked after the home and worked sometimes at 2 jobs, 9-3 as a School Assistant for 25 years and then 4-11 shift in our Aged Care Facility until I got Cancer and had to give up work, HOW DARE YOU MAKE ASSUMPTIONS ABOUT PEOPLE YOU DON'T KNOW.
    Misty
    8th Oct 2018
    2:45pm
    Paddington how right you are with that comment below, abusive and ungentlemanly.
    Old Geezer
    8th Oct 2018
    2:56pm
    Yes Misty I am a real man that really knows what hard work is and quite frankly you have no idea what hard work really is. You had it very easy compared to a lot of other people.
    Misty
    8th Oct 2018
    3:12pm
    OG you don't know what you are talking about, you don't know me or anything about me so don't go making statements you can't cooroborate.
    OnlyGenuineRainey
    8th Oct 2018
    3:43pm
    Ignore OG, MIsty. He's extremely rude, extremely selfish, and extremely nasty. and he hasn't a clue what he's on about. Obviously he had it WAY WAY WAY to easy in life since he has no clue what it means to experience hardship or do it really tough.
    Old Geezer
    8th Oct 2018
    3:50pm
    OGR you know as much about my life as Misty's. You don't even know if I am a man. woman or other. So you crack me up with your assumptions big time.
    OnlyGenuineRainey
    8th Oct 2018
    4:03pm
    I know you are vile, nasty, lacking in empathy, and incapable of respect for others. OG. That's about all I need to know to give you ZERO credibility.
    Misty
    8th Oct 2018
    4:08pm
    So OG there are 2 names I could use to describe your condition but being polite I will refrain from doing so other then to point out in 1 comment above that you write "you are a real man", and then in another that OGR does not know if you are a man or woman so are you now saying that OGR cannot read as well?, maybe you just confused and don't know who or what you are.
    Old Geezer
    8th Oct 2018
    4:44pm
    I'm anything but confused but not too sure about others.
    Misty
    4th Oct 2018
    7:58pm
    A few people posting here about pensioners haven't got a clue about people's circumstances and should refrain from making derogatory comments about pensioners en mass.
    Old Geezer
    5th Oct 2018
    1:50pm
    Well you are spending our hard earned money so why not?
    Banjo
    6th Oct 2018
    12:55pm
    I have asked this question many times but will do so again - Old Geezer (aka Olbaid) why are you allowed to make these derogatory remarks about pensioners?
    Misty
    6th Oct 2018
    6:06pm
    What are you talking about OG?, I never said I was a pensioner just my husband, and any way it is none of you business how I spend my money pensioner or not, I worked until I was 65, sometimes 2 jobs at once as well as raising 4 children and running a home, I paid my taxes so if any of my family need to go on welfare for a while I feel I have contributed my share to pay for them.
    Paddington
    7th Oct 2018
    9:38pm
    Agree with you Banjo. The comments directed towards pensioners are nasty. Also have noticed some misogyny! My better half and I paid taxes for 62 years in total. Maybe a code of conduct needs to be established on here to curtail any hateful speech.
    Paddington
    7th Oct 2018
    9:42pm
    Meant to include you too Misty in my last comment. Abusive and ungentlemanly behaviour is unacceptable.
    Misty
    7th Oct 2018
    9:47pm
    Banjo and Paddington, I think some people think because we are not identified by our real names they can say whatever they feel like on this site without consequences.
    OnlyGenuineRainey
    8th Oct 2018
    3:42pm
    ALL retirees who worked and paid taxes for decades should be pensioners in a fair world.

    I resent those pensioners who rort the system - like the wealthy neighbours who gave away $2 million so they could get a full pension and now want to sell a multi-million dollar house to go touring WITHOUT losing any benefits.

    The genuine pensioners - those who claim it honestly and with genuine need - deserve respect. Most of them worked hard and contributed well to building our nation. The fact that they were poorly rewarded for their efforts during their working life, and therefore couldn't save much, should not entitle anyone to be derogatory or disrespectful.

    On the other hand, I am heartily sick of those who are disrespectful and selfish in their comments about SFRs. And sadly Misty is one who has made some very offensive comments, suggesting that SFRs should suffer penalty for saving well and should not be entitled to a fair deal.
    Anonymous
    8th Oct 2018
    4:06pm
    Socialists, Marxists, so called "progressives" , SJW's and snowflakes - all the same
    The smear, offend, abusive anyone they like without impunity, but cannot handle the truth

    Misty and paddington are great examples
    Misty
    8th Oct 2018
    4:16pm
    I am very surprised at your comment above OGR, are you taking a leaf out of OGR'S BOOK OF INSULTS?, I don't know what you are going on about making insulting remarks attributed to me, I may have said that I agree to some aspects of the Labor Party Franking Credit Policy but only where it does not impact on the less wealthy.
    Misty
    8th Oct 2018
    4:19pm
    You are a bully olbaid, there are laws against online bullying in case you didn't know.
    Old Geezer
    8th Oct 2018
    4:26pm
    Misty you just don't get it labor's franking credit policy hurts the less wealthy who earn not enough to pay tax but let those who earn a lot keep their franking credits so they can use it for their expensive holidays.

    In layman's terms this is how it will work and if you think that is fair then you will know why you get the comments you do from others.

    If I earn $200,000 a year including $500 on franking credits nothing changes I still pay $5000 less in tax and get to use it to take my family on a cruise or holiday.

    However if I earn $20,000 including $5000 in franking credits I get my income reduced to $15,000 which means I have $100 less a week to pay for my groceries.

    So should the high income earner keep his $5000 and go on a family holiday and the low income earner have $100 less a week to spend on groceries?
    Misty
    8th Oct 2018
    4:32pm
    Re read my comment OG, I only agree with Labors FCP if it doesn't impact on the less wealthy, Labor is not in power, this policy has not been finalised so until both these things happen I am not going to comment on this subject again.
    Old Geezer
    8th Oct 2018
    4:43pm
    Well we all know what no comment really means.
    Misty
    8th Oct 2018
    5:13pm
    Really OG?. do we?.
    Micha
    8th Oct 2018
    7:29pm
    Banjo, I agree. Can't for the life of me understand why olbaid is still around.

    Is this not a site for retirees? His insulting behaviour to pensioners in particular is abominable. YLC are you seeing all this?
    Paddington
    8th Oct 2018
    9:10pm
    LABOR IS NOT ....REPEAT..... IS NOT ...... TAKING YOUR FRANKING CREDITS EVEN IF YOU DID NOT PAY TAX. Just need to be a pensioner!

    Stop electioneering and fear mongering.

    You know it won’t happen to pensioners so stop believing it if you are a pensioner and get a bit of a top up from the franking credits! Don’t empower the trolls on here!
    Paddington
    8th Oct 2018
    9:24pm
    OGR Your remarks seems a bit backhanded. Entitlement should replace need for example!
    Poorly rewarded? People should feel proud to be old enough to get the pension. They spend it and that helps the economy.
    As for what you said to Misty, totally uncalled for!
    She never said anything to warrant that.
    People of our age should know how to conduct themselves.
    It does not matter whether you are a pensioner or a self funded retiree or a mixture of each of those we are the same. Too much emphasis put on material things!
    What makes life worthwhile is health and family and friends.
    OnlyGenuineRainey
    9th Oct 2018
    10:40am
    Excuse me, Paddington, but Misty HAS said some disrespectful things about SFRs, and now you are showing gross ignorance and disrespect. I am NOT ''electioneering and fear mongering''. I am trying to enlighten the ignorant so that we don't end up with Shorten destroying the economy and the lives of hundreds of thousands of retirees with his stupidity.

    ''Just need to be a pensioner''? Yes, and THAT'S THE PROBLEM. You can be a very wealthy pensioner, with a multi-million-dollar home and hundreds of thousands in savings and still get franking credits. You can be someone who contrived to be a pensioner by giving money to the kids or spending up big on luxuries and still get franking credits. But if you are honest and diligent... accepted MODEST accommodation in retirement, worked hard, and saved well to be self-funded in retirement but with a low income, you are going to suffer an unfair tax at the rate of 30% of all your share income. And you are going to suffer that loss for the rest of your life, no matter how poor you might eventually become!

    I wrote to Shorten about this issue and his response was ''it only affects a small number of people'' (NOT TRUE. IT AFFECTS HUNDREDS OF THOUSANDS IF NOT MILLIONS) and ''I WILL NOT CHANGE THE POLICY. PENSIONERS ARE EXEMPT.'' It was quite clear his attitude was ''the rest of the population can go to hell. I don't care if they starve."

    "Too much emphasis on material things? Entitlement over need" Paddington?

    Sorry. but I'm heartily SICK of the BS that pensioners are more entitled to a decent standard of living than the self-supporting. I'm sick of the WE PENSIONERS ARE SPECIAL AND PRIVILEGED AND ENTITLED and SFRs should be stripped of their savings.

    No, Misty. Labor isn't in power, but a lot of honest Australians who worked damned hard to have modest comfort in retirement are living in fear of them being elected and stealing their retirement income. Many of them have already suffered a massive loss of income due to an unfair assets test that effectively applies a deeming rate of around 8% to income that might only be actually earning 3-5%. Yes, these folk have savings. They went without things others enjoyed so that they could have a little more in old age, or something to leave to their grandchildren - NOT TO BE TAXED TO DEATH SO PENSIONERS CAN HAVE MORE THAN SAVERS. How is it reasonable to give a pensioner thousands of dollars a year AND a fairer tax rate even if they have a total income of $60,000+ a year, but an SFR has to either live on $25,000 a year or drain their savings until they qualify for a pension and even then they are denied fair tax?

    It's not 'entitlement over need', Paddington. It's fairness and respect for the right of people who worked and saved to enjoy the reward they EARNED, and not have to live on LESS than pensioners just because they managed to save a little more than the battlers and the big spenders.

    I am NOT a Liberal supporter. I hate what they are doing to this nation. But Labor supporters should have the DECENCY to scream loudly that taking franking credits from SFRs who NEED them to achieve a living income (still LESS than most pensioners receive) is NOT ON.
    OnlyGenuineRainey
    9th Oct 2018
    10:46am
    Misty, for goodness sake get the mist out of your eyes. Labor's franking credit policy ONLY HURTS THE BATTLERS. The wealthy KEEP THEIR CREDITS under Shorten's dumb policy. And he has made it very clear in correspondence with me that he does not care and has no intention of changing his unfair policy that taxes ONLY SFRs on low incomes - NOT anyone who earns enough to pay tax and not anyone on a pension no matter how high their total income may be.
    Old Geezer
    9th Oct 2018
    11:40am
    Paddington your pension is under threat with Labor's non return of franking credits.

    Here is why.

    A couple have $1 million in assets and they have $700,000 invested in shares paying $53,000 in dividends attached to which is $15,000 I franking credits giving them a gross income of $50,000.

    Now they can have $848,000 in assets and get a $1 of the OAP. Let's make that $850,000 for this exercise.

    Under Labor's policy they lose $15,000 of their $50,000 income leaving them $35,000.


    Now if they spend $150,000 of their cash on world trips and home renos their assets are reduced to $850,000 so they get the OAP and keep their $15,000 giving them a income of $50,000.

    Now by spending $150,000 they are still earning 10% pa on it but it doesn't exist.


    The real problem is that there are 500,000 or more of these people who will make interest on thin air.



    Where is the money going to come form to pay their pensions? I see a big tightening for those already on the pension so that the money available for pensions is spread more thinly across those who get it.

    Now if you think that won't concern you then why are they valuing all the houses of pensioners? Also it is only a stroke of a pen to make all pensions paid a debt on one's estate as well.
    OnlyGenuineRainey
    9th Oct 2018
    12:10pm
    I think it's time pensioners showed some respect for SFRs, and the best way to do that would be to support the protest against the franking credits policy proposal by Labor. Labor doesn't care about those affected by their unfairness, but if their own supporters start protesting, they will have to reconsider.

    If Labor supporters are going to continue supporting a cruel and grossly unfair attack on the incomes of self-supporting battlers, they should not complain about those who are paying their own way denigrating pensioners. You people are supporting an attack on livelihood, yet you whinge about a few harsh words!

    I stand up for the battlers in our society, but I'm heartily sick of the people I defend supporting an unfair and cruel attack on my livelihood. I worked damned hard to get where I am, and I don't appreciate people who are living on handouts supporting a policy that is going to wipe out everything I worked for.
    Misty
    10th Oct 2018
    12:33am
    OGR I am surprised at your vitriolic tirade above you are as bad as OG.
    OnlyGenuineRainey
    11th Oct 2018
    12:53pm
    Misty, if people you are benefiting by supporting yourself while others are supported by taxpayers suddenly decided you should forfeit 30% of your income, without them even knowing what that income is, wouldn't you be somewhat vitriolic?

    I think you are being extremely nasty and unfair and selfish. Sorry, but that's how it looks. You are happy to take taxpayer money to live on, yet you seem to think it's fine for those who don't take taxpayer money to be ground into poverty. Why? Because you are jealous of them? Or is it just pure ignorance and refusal to learn the facts?
    Misty
    11th Oct 2018
    7:47pm
    OGR you don't know anything about me, just like OG you presume I am a pensioner, how you live your life and make your decisions is up to you, I am not jealous, what a silly thing to say, I couldn't care less how you live your life, I wouldn't wish any harm or hardship on you or anyone else but you have to live by the choices you have made over the years and so can't blame other people when things don't turn out the way you want them too. This is all hyperthetical anyway, no decision has been made about Franking Credits yet as far as I know.
    OnlyGenuineRainey
    12th Oct 2018
    7:43pm
    But you ARE wishing hardship on people, Misty. You are expressing support for a policy that is cruel and unfair in the extreme.

    You have said you are a pensioner. I took that at face value. I didn't presume you would lie about it. As to blaming others - no, I don't blame others for my choices, but I did what the government said we should all do. I did what the government said was necessary for the nation to prosper and would be good for me and for the country. It is WRONG that people should suffer for doing what they were specifically told was good for the nation - AND IS GOOD FOR THE NATION. Nobody should be hurt for making the choice to do what they were told was right and for everyone's benefit.

    And yes, there has been a decision on Franking credits by Bill Shorten. If he's elected, he will take them from those of us who take nothing from taxpayers but struggle on low incomes to preserve our savings so we don't become dependant, and he will let those who already take tens of thousands from the taxpayer purse continue to take more and more. And anyone who endorses that is extremely nasty, selfish and unfair. I'm sorry if that offends, but it's a fact.
    Misty
    12th Oct 2018
    11:12pm
    Well OGR time will tell what Bill Shorten will or won't do.
    OnlyGenuineRainey
    13th Oct 2018
    8:32am
    He'll do a lot of harm if he's elected. We don't need time to tell that fact. He intends to wreck the lives of workers and savers to hand out more to bludgers, spendthrifts and the useless. Great way to destroy a nation! Sad, because the LNP is also hideously destructive with their ''rob the poor to feed the rich'' mentality. Unfortunately, it seems there are more greedy and selfish poor at the moment than there are self-serving wealthy, so Labor is likely to win the next election. Seems they currently appear the lesser of two evils. The idea of stealing everything from hard workers who saved to hand it to people who didn't is appealing to the lazy and those who over-spend. You've shown you colours, Misty.


    I have traditionally defended the battler and demanded people show respect and empathy for pensioners, but I'm thoroughly DISGUSTED at the greed and selfishness now in evidence from those I stood up for.

    Time will tell, Misty? No. Greed, selfishness, laziness and apathy will tell. People NOT standing up for what's right and fair will tell. People taking your self-serving attitude will tell. Shorten could easily be compelled to review his wrongful stance if his supporters would recognize the harm he threatens and hold him to account. But those who he's not hurting will just cheer that they are spared. Selfish is the extreme!
    Misty
    13th Oct 2018
    9:44am
    Calm down OGR all this ranting and raving is not good for your health, you and OG should get together and learn to chill out.
    OnlyGenuineRainey
    14th Oct 2018
    8:04am
    I'm quite calm, Misty. Calm and rational. Sufficiently so to evaluation Shorten's dishonest claims about people using tax-free super to get over $1 million a year in franking credits (which is completely impossible, because tax-free super is capped at $1.6 million!), and to evaluate his grossly UNFAIR nonsense giving concessions to WEALTHY pensioners, but not to struggling SFRs who have much less, and to evaluate the greed and selfishness or gross ignorance of the fools who swallow his lies hook line and sinker, and see just where this country is headed. Nero fiddled while Rome burned, and it's happening again. And the stupid people of this country are too apathetic to stop it. But I'm calm because fortunately I've had my life, and I won't be around to see the destruction. I do care for my grandchildren though. I care that people like you will destroy their world with your apathy, ignorance and selfishness.

    As for getting together with OG -- he's the most obnoxious, self-serving, egotistical narcissist imaginable and I hope I NEVER have the displeasure of even laying eyes on him. Unlike him (and you!), I care about other people. I care about the future of the country. I care about making society better for EVERYONE.

    Shorten is playing the divide and conquer game, just like the vile Lieberals. And he's a far bigger liar. But the stupid believe him because it suits their selfish purposes.
    Misty
    14th Oct 2018
    11:44am
    I really worry about you OGR, this topic seems to have taken over your life, you seem consumed by it and as I said before there have not been any changes to the FC so until Labor or the Coalition come out with an actual policy you should take Gladys Berejiklian's advice and take a "breather".
    OnlyGenuineRainey
    15th Oct 2018
    5:45pm
    Labor HAS stated its policy, MIsty, and despite public response Shorten insists he is sticking to it. And I'll take a breather when I can be confident that LYING Short-on-brains isn't going to wreck the country with his stupidity and dishonesty.
    Noodles
    13th Oct 2018
    12:49pm
    Plenty of people manage well on less money...here is a good example of how this young couple manage it. Others could do similar if they put their mind to doing so.

    https://www.news.com.au/lifestyle/real-life/true-stories/cash-confessions-millennial-couple-sam-and-eric-reveal-how-they-spend-and-save-their-62k-income/news-story/bf8a73c0e862b7168e55a3a265cda892


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