Pensioners living payday to payday

More than two million Australians are living on the edge.

struggling retirees

Treasurer Josh Frydenberg says he is working on the terms of reference for the Government’s retirement income review with plans to get it under way before the end of the year.

Detail about the review, announced shortly after the Coalition was returned in May, is scant although the Age Pension and superannuation will be pivotal components.

The Productivity Commission, which recommended the review in January, said it wanted a broad inquiry into the entire retirement income system, including how superannuation is affecting national savings now and into the future and the adequacy of the Age Pension.

Research reveals that almost half of Australia’s population – including age pensioners – are living precariously from payday to payday.

Close to half (42 per cent) of respondents to YourLifeChoices’ Friday Flash Poll: Deeming rates and the Age Pension say they always or often live payday to payday.

Another 34 per cent said they lived payday to payday every now and then, while 24 per cent of the 519 respondents said they were secure and never lived payday to payday.

Further research from comparison site Finder found that two million Australians could survive for a week or less if they suddenly lost their job or could no longer work.

A startling 2.1 million are living day to day, predicting they could only make ends meet for seven days or less should they be laid off or not be able to continue working.

Sophie Walsh, personal finance specialist at Finder, said the figures painted a troubling reality.

She said many Australians were struggling with rising everyday living expenses and paying for bills such as their rent or mortgage, energy and even groceries.

“We know many Aussies are putting a large amount of their pay towards essential living costs, which doesn’t leave a lot of wiggle room for an unexpected financial emergency.”

Older Australians living from pension day to pension day make up part of Finders figures. Age pensioners such as YourLifeChoices terrib are candid about their challenges.

The basic pension is still not a liveable amount. Last increase I did not receive any more money, in fact, I am now 60 cents worse off. Being in housing they take 25 per cent, but how I am worse off I have no idea. I guess I will have to contact Centrelink and housing to get to the bottom of that, but the time you spend waiting on hold is daunting to say the least. We need a rise in the basic pension backdated.”

Arvo was also despondent about the challenge of living on a pension, saying: “The Government is out of touch with age pensioners – not because they are unable to make improvement but by their oppressive design to keep age pensioners on the edge of poverty.”

SuziJ says: “Our pensions – especially for those of us with no investments – should be raised by at least $100 per fortnight to counter the fact that our bills and expenses are increasing. We’re just not receiving enough to keep up with these bills.”

The retirement income review would be the first into the Age Pension since the early 1990s.

The chief executive of actuarial firm Rice Warner, Michael Rice, said a properly conducted inquiry could take up to 18 months, meaning its findings would be delivered just ahead of the next scheduled increase in the superannuation guarantee.

“You have to look at whether the Age Pension is at the right level. If you do that, then you have to cover all sorts of other ground – there's really no limit to what might have to be examined," he said.

Mercer Australia senior partner David Knox said the review would need to look at the current age at which people can access the Age Pension.

YourLifeChoices member OlderandWiser says the whole system is broken, “too complex even for the most knowledgeable Centrelink staff and way too costly and time-consuming and needs to be tossed out and replaced with a universal pension …”

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    COMMENTS

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    Arjan
    29th Jul 2019
    10:45am
    My partner and I live solely on the age pension. Superannuation was not available during my working life. We have to watch our money but we get by, just. We don't dine out except on our birthdays and we look for specials at the supermarket etc. We use heating sparingly and go to bed early during winter to save power. I think the Government has forgotten us! And Barnaby Joyce has the cheek to say he struggles on $211,000.00 a year!! Of course, some of that is self-inflicted. He has two families to support but whose fault is that?? And the Liberal woman saying our pension is "generous" - really, what fantasy land are they living in? All politicians should be made to live on the pension for a trial period before they actually start their jobs.
    Jannie
    29th Jul 2019
    10:54am
    I am the same as you Arjan, but I am single and it is a lot harder. I live fortnight to fortnight also and go to bed early to save on power. Our politicians should get the same pension as us when they retire from office, so unfair that they get big pensions to feed their big fat bellies.
    Life is not good as most want us to believe, why should we have to struggle in our final days.
    Farside
    29th Jul 2019
    11:01am
    life on the pension might not be indulgent but requiring politicians to live on the pension for a trial is little different to requiring pensioners to live on Newstart for a trial so they can better appreciate what they have.
    Farside
    29th Jul 2019
    11:06am
    Jannie, not all retired politicians have big fat bellies, some are downright scrawny like Julie Bishop. Besides their pensions are part of their remuneration package and nothing to do with the age pension.
    TREBOR
    29th Jul 2019
    11:33am
    No comparison, Farside - many recent retirees had to exist on Nostart before they retired....

    As for their pension being part of their remuneration package - thanks for alerting us all once again that package is badly in need of review by those who pay it.... politicians set it up to suit themselves - now time for the People's House of Review to have its binding say...
    Farside
    29th Jul 2019
    11:55am
    Trebor, it is never far from my mind that pollie remuneration should be restructured to reflect the same elements as any other civil servant.

    I suggest those retirees that moved from Newstart to Pension appreciated the bump in pay. My comment was directed at those who did not make the transition via Newstart or remind those that did, that the pension is still a big improvement even tho not indulgent.
    Oldchick
    29th Jul 2019
    12:06pm
    Far side, you mention Julie Bishop. Like all the other LNP pollies who thought they’d jump the sinking ship before the election (only to then find there were a lot more stupid people who believed their ‘spin’ than they thought) she now has another highly paid job, as do the others, yet they will already be collecting the pension and all the other benefits concurrently. Add to that the rest of the motley mob have already had a hefty pay rise since the election. We live in a fair country - Not!
    Triss
    29th Jul 2019
    12:33pm
    Farside, stop trying to persuade us that pollies’ pensions are fair because they are part of their job package. Like Trebor pointed out their pensions were something they went into a secret huddle for in a back room somewhere and awarded themselves. If a third world country’s politicians had given themselves a lifelong pension plus perks after eight years in parliament they would be called corrupt...why aren’t our politicians being investigated for corruption? In my opinion they should be, along with bureaucrats and judges.
    Farside
    29th Jul 2019
    1:23pm
    Triss, you misunderstand if you think I am trying to persuade you pollies pensions are fair. I am simply stating they are part of the pay package and not comparable to the aged pension, I can't help it if you don't like the fact.

    The pollie pension is not a modern invention and the current crop had little to do with it's introduction or the increases they receive. There was no secret huddle in a back room and even if there was, changing the legislation has not become a high priority in the minds of the electorate.

    The world has changed since its introduction and lifetime employment is not the norm, especially in the "gig" economy. Accordingly I think the pollie remuneration should be restructured to reflect the same arrangements as any other civil servant.

    So you think politicians, bureaucrats and judges are corrupt ... who would you have perform the investigations?
    TREBOR
    29th Jul 2019
    1:25pm
    It's amazing, Farside - when I worked for the Commonwealth part of the salary was supposedly because I missed out by not working in the private sector... *scratches head in disbelief* - after one pay rise I was only about 5% short of AWE.

    I seriously can't see how they worked that one out, given that the super was fine... not that I minded the cash, but still - the anomaly stuck... the only issue with the security services was that they gave time off and not overtime for many hours worked.... well - they said time off instead, but it didn't work out much...

    Triss - not to mention relieving El Treasuria Nacional of $130Bn to put into their personal retirement fund in a tax haven.... and then appointing one of their confreres to run it for life while already pulling his retirement salary from government...

    Good to see others getting on board with my long-stated commentary on the comparison of Australian politics with some filthy Third World Banana Republic..... the difference is that here 'democracy' for The People and the Nation has a better advertising and a better spin in the press...

    The greatest threat to Parliament is democracy...
    TREBOR
    29th Jul 2019
    1:26pm
    oh - and the hours worked didn't reflect in the super, either.....
    Rae
    29th Jul 2019
    1:55pm
    The Fair Work Commission should set Political salaries the same as they do others. A personal tribunal that always increases has blown the salary out of proportion. They used to earn the same as a grad max teacher. That is around $100 000 or so now. And if they can't find a room and a meal under $120 a day they shouldn't be running the country in my opinion.
    TREBOR
    29th Jul 2019
    2:15pm
    The very fact that they have several hundred available per day raises the cost of a room in Cambra - Heart Of The Nation.. Fart Of The Nation...
    GeorgeM
    29th Jul 2019
    9:38pm
    Quite right about Barnaby, Arjan. Also, I see no mention in the media of why he needs to support his ex-wife, given she can make her own career as she came on TV as a body builder (also she can collect Newstart if needed), and she must have got a big settlement from Barnaby as well.
    GeorgeM
    29th Jul 2019
    9:41pm
    I agree, Rae, the silly do-nothing politicians, especially those toeing the line as back-benchers, should not receive any special salaries, and their salaries should be linked to those of ordinary people say Average Wage + 25%. NOT set by their appointed mates.
    Farside
    29th Jul 2019
    11:41pm
    politicians are on the public purse so why not fix the basic MP pay equivalent to that of a senior public servant grade?
    TREBOR
    30th Jul 2019
    6:00am
    First fix the overpaid senior public service grades.. amazing how much people get paid just to organise a meeting or two... it's all BS, and frankly, they are not worth that much and most would fall flat on their faces 'outside'.

    I quit and within two years was making as much 'outside' as the head of the Sydney branch I worked in... in the private security sector....

    The executive level are all in the pocket of the government through contracted employment... when The Guv'nah says jump, they don't even ask how high ... they just leap with all their might... look at Fat Hank from the SS... (social security)....

    Disgraceful...
    Farside
    30th Jul 2019
    8:34am
    Trebor, we might like to think " frankly, they are not worth that much and most would fall flat on their faces 'outside'", however the reality is many came to politics from jobs that paid more and go to jobs that pay more when they leave politics. Remember $200,000 is not the top of end of town as Queensland blue collar miners told us during the election and why the poor luvvies needed the $11,000 tax cut.
    Not a Bludger
    29th Jul 2019
    11:06am
    Thus it always has been - 50% of the population living from payday to payday is a much lower proportion than the last generation and much, much lower than for the generation before that.
    Further, the pension was never designed to be a payment to fund a great lifestyle, rather it was/is a safety net - and so it should be.
    I, for one, am tired of retirees who get the pension (+ significant other benefits) for free whilst moaning and groaning for more taxpayers’ coin simply for a better lifestyle.
    TREBOR
    29th Jul 2019
    11:34am
    That's nice - turn back the clock - shows how far this country has gone backwards while going forward, eh?

    If retirement pay was based on hours worked in a working life - many would be far ahead of the scale of pension.
    Tanker
    29th Jul 2019
    12:00pm
    Not a Bludger is obviously in a much better financial situation than those on a full age pension. Superannuation was also not meant to fund a great lifestyle but the wealthy 20% have managed, with support from the LNP, to be living very nicely indeed through tax rorts, family trusts etc.
    ScoMo is in full flight to support this with only the less well off carrying the burden.
    Tanker
    29th Jul 2019
    12:00pm
    Not a Bludger is obviously in a much better financial situation than those on a full age pension. Superannuation was also not meant to fund a great lifestyle but the wealthy 20% have managed, with support from the LNP, to be living very nicely indeed through tax rorts, family trusts etc.
    ScoMo is in full flight to support this with only the less well off carrying the burden.
    Oldchick
    29th Jul 2019
    12:20pm
    Not A Bludger, I was never a bludger either. I was out working at age 14 whilst still at school. Never had a day out of work until I had to give up to care for my Mother with severe mobility issues and advanced dementia. Did that for 8 years, finally had to put her in a home and within 6 months she was dead from their neglect and drug overdosing. And yes, I was in there every day asking all the right questions. See, I was a woman in the workforce. I did top jobs, but I was paid a lot less than my male counterparts. Couldn’t join super until I was 25, I was a woman. The men could join straight away. Then along came the severe health issues. I own my home, live frugally, don’t put the heater on if I don’t have too. I have an Excel spreadsheet to monitor all my expenses fortnight to fortnight and pay utility and other bills ahead of time in regular payments to avoid bill shock. Good on you if you have enough money not to have to worry about it endlessly. We’re not all so fortunate
    Triss
    29th Jul 2019
    12:52pm
    Read a bit of history, NotaBludger. Pensioners are not after more of taxpayers’s coin, they actually did pay for a pension whilst they were working and the government filched it. I know you turn a blind eye but taxpayers are paying a heck of a lot of coin for pollies’ pensions and, before you jump up and down, what other pensions pay out for multiple, business class airfares for ex pollies and family, Mobile phones, newspapers, office staff, and the list goes on?
    TREBOR
    30th Jul 2019
    6:06am
    Pre-Unions, when the master/servant relationship ruled the land, MOST lived from hand to mouth... anyone with a guaranteed job was the aristocracy of the bush... working for the railways, the council, the government, the coppers ... the rest got by on swaggie's breakfast, lunch and tea... and women with families were often left alone for months while the pater familias searched for work by humping his swag around .... and sometimes he might not come home again for many reasons... occasionally an entire family would essentially be indentured on a property and would live on a pittance and a handout such as a few sheep to eat and a small garden of their own ... naturally the politician lived off the very fattest in the land and made his own rules and conditions of work ......

    Hands up those who want to return to that!!!!! Keep knocking the Unions and keep supporting the Evil Axis of LNP/Liberal if you do......
    Rae
    30th Jul 2019
    7:14am
    Seems that's the way it's headed TREBOR. By the time we all have a cashless economy card and are firmly in our little boxes and the State is fully totalitarian again it will be way too late to fix.

    It's the long game they play to undo the dreadful sharing thing that having Unions created.Why ordinary workers even owned homes and were preventing proper landlords from prospering. Now that was taking it way to far for our betters to tolerate.
    Paddington
    29th Jul 2019
    11:13am
    Franking credits came up again on Insiders yesterday. It is likely this government will have no choice but to use some of that money to rescue pensioners and new start recipients who are suffering. Low income workers probably need to be added to the list of strugglers too. It is not just pensioners doing it tough.
    Another possibility is finally removing the loopholes that protect big companies and super wealthy people avoiding tax. However, I doubt this government would go there.
    Then you have the negative gearing allowed on multiple houses. That could be pulled back surely.
    This government will not be game to do any more than hurt the most vulnerable sadly!
    VeryCaringBigBear
    29th Jul 2019
    11:16am
    The LNP government will not touch franking credits and why should they? They are very fair the way they are now.
    TREBOR
    29th Jul 2019
    11:35am
    No need for franking credits as long as everyone is doing their taxes properly. That it continues to exist is an amazing anomaly, and only means someone is not paying their taxes.
    VeryCaringBigBear
    29th Jul 2019
    11:48am
    Franking credits are withholding tax the same as PAYG and PAYG.

    Without franking credits people are double taxed.

    It is the only fair way to do it.
    Not a Bludger
    29th Jul 2019
    12:03pm
    Get your mitt out of my hip pocket, Paddington - just what I was referring to above.
    And, re Insiders - just another Marxist lot moaning & groaning for a further grab of yet more OPM.
    Paddington
    29th Jul 2019
    12:31pm
    So it is okay for it to blow out into billions upon billions into the future?
    Insiders is a great show and if you have a problem with it then it must touch a nerve, NAB.
    Your name alone tells a story. You are not a bludger but what are you? Are you a person who looks down on pensioners? Or are you someone who wants everyone to enjoy the fruits of this country fairly.
    Fairness? What does that mean? What is considered by one person to be fair and just is not by another. Is it fair to have some people suffering whilst others flourish or should there be some way to make sure everyone is okay.
    Also, the pension should support a decent lifestyle which is not scraping until the next pay day. Most pensioners do not expect to eat out or buy grog or go on holidays but they are entitled to be fed, kept warm, keep in contact with family and friends, just basic decent human needs!
    Some pensioners managing better than others also says that individual circumstances need to be looked at. Singles is one, sick people is another, isolated could also be a cause of needing more financial support.
    NAB, thank goodness everyone does not think like you do!
    TREBOR
    29th Jul 2019
    12:57pm
    Absolutely7 correct, BB - therefore (I'll answer it for you) what possible difference would it make to abolish franked credits entirely?

    That would ensure nobody was double taxed and that all taxes due were paid. the ONLY reason franked credits remain on the books is that (wait for it) they are 'tax effective'..... ergo - someone is skimming the pot ......

    If you are paid full dividend without credit, or paid part dividend with credit - what is the difference in gross amount?
    Rae
    29th Jul 2019
    2:14pm
    We could ban all gambling. At clubs, hotels and newsagents. That would make a lot of difference to people's ability to manage bills etc.
    Paddington
    29th Jul 2019
    3:24pm
    Rae, the government relies on this money at the expense of all those trapped in the cycle of gambling obsession. People are the victims. Just get rid of the pokies! It will never happen though. It becomes a mental sickness for many who cannot get off the roundabout.
    inextratime
    29th Jul 2019
    4:56pm
    You're a sick puppy NAB. The financial structure of a capitalist system will always have a wide span of wealth distribution. Many have inherited, never having contributed a cent but are now well off through no fault of their own. Others have been less fortunate due to a rift of circumstances, health, divorce, family issues, I could go on, but don't ever suggest that they are in a situation of needing more pension because they have bludged or are after your well earned dosh. What's the expression "they are none so blind as those with their eyes closed"
    inextratime
    29th Jul 2019
    4:56pm
    You're a sick puppy NAB. The financial structure of a capitalist system will always have a wide span of wealth distribution. Many have inherited, never having contributed a cent but are now well off through no fault of their own. Others have been less fortunate due to a rift of circumstances, health, divorce, family issues, I could go on, but don't ever suggest that they are in a situation of needing more pension because they have bludged or are after your well earned dosh. What's the expression "they are none so blind as those with their eyes closed"
    Misty
    31st Jul 2019
    10:12am
    I guess you must be a fan of Sky News Outsisders if you don't like the ABC Insiders NAB, what a biased media outlet that chanel is, I believe David Spears, one of their most important top rated hosts is going to take Barry Cassidy's position on Insiders in 2020 a lot of other Sky employees have jumped ship too, I wonder why?.
    mogo51
    29th Jul 2019
    11:15am
    Well articulated Arjan, you are spot on with you post. I too was aghast at Barnaby Joyce this morning whining about how difficult it is for him, simply because he can't keep it in his pants!
    What an A grade d...head. I would love to try and live on $212k a year, instead of$20k.
    When will we ever get some Politicians with some common sense. As they say, it is not very common!!!
    TREBOR
    29th Jul 2019
    11:36am
    That doesn't include his ongoing income from his other 'ventures', as well....
    TREBOR
    29th Jul 2019
    11:38am
    .. and it's not $212k - it's more like $2.5m pa to run a politician, and most of that is in tax free running costs not enjoyed by the average worker.. free transport and so forth.

    Hard to live on $212k pa when all your feed and lodging and expenses are paid for, and you most likely disappear some of the taxable income into 'ventures' that reduce your tax liability.
    Farside
    29th Jul 2019
    12:22pm
    so Barnaby clears four times the minimum wage, gets paid allowances, has travel perks and investments that he could liquidate yet struggles despite his ex and four daughters each able to work and contribute to household income ... methinks he is dreaming.
    TREBOR
    29th Jul 2019
    1:00pm
    Indeed he is dreaming.... and deliberately so.... it'd damned hard to live on four grand a week... plus all found.....

    Even Joe Business has to pay for his business office, even though it is a tax deduction etc... and Jo worker has to pay for home base, transport, ancillary staff, and so forth...

    Paying, say, the pay clerk who does Jo Worker's pay is taken into account in Jo's pay rate.. part of the package, neh? Barnaby on the other hand, gets the pay clerk who pays his staff for free.....
    Sundays
    29th Jul 2019
    2:26pm
    On the flip side, at least Barnaby wants an increase of Newstart unlike Morrison
    Theo1943
    29th Jul 2019
    7:01pm
    You forgot the $46,000 allowance he gets for visiting his constituents. Should he not spend all of that within his electorate, he gets to pocket the rest. Chuck in the Sitting allowance (more than Newstart), the lodging in Canberra (about the same per day as Newstarters get in a week), free travel, etc, etc.

    But, unlike Barnaby, I didn't have to think twice before I bought a coffee and shared a cake with the wife at the mall today.

    Poor bugger, Barnaby.
    80 plus
    30th Jul 2019
    9:58am
    Do not people that knock the elected rulers of our country realise that the more they earn the more they spend! as well as employ domestic help and office staff, financial advisors etc.
    patti
    29th Jul 2019
    11:20am
    I think I've done all I can to make ends meet. I live alone, don't smoke, drink alcohol, eat meat, meals out are a distant memory. Had to take out a Reverse Mortgage to do essential repairs to my house. The Age Pension is all I have - no super, no other income. But I am grateful that I don't rent, and I'm not on Newstart. What a nightmare that would be!
    Farside
    29th Jul 2019
    12:30pm
    and spare a thought, but not your pity, for the many silent older unemployed who find themselves ineligible for Newstart and realising the light at the end of the tunnel is the impending train crash after they have used their savings. They just hope they have enough in the tin to make it to pension at 67 or wherever it ends up.
    TREBOR
    29th Jul 2019
    1:08pm
    Yes, the older worker booted on the street after divorce and such is in a very dire situation..... and unlikely to ever get a decent job again.... and then Gruppehfuhrer C'Link (of the SS - Social Security) demands that they spend down all their cash before they get a cent.... thus postponing their dependence on social security until pension time, when they will have greater need for a full pension....

    Stoopid is as stoopid does, sir ...

    Abolish means and assets test for Social Security benefits NOW! The only criterion for receiving Unemployment Benefit is that you be unemployed.... who actually cares if you've got a few dollars seed money stashed for another start? Easier to do that when you can afford to eat and have some clothes - unlike many young men from poor backgrounds these days, who have to go up against Barbie Doll from the Eastern Suburbs for a job in the bank or public service...

    Hardly 'equal opportunity' is it? Never was in reality ..... affirmative action should have been based on situation in life, not on gender or gayness or ethnicity.... some CEO's daughter with every mod con would get EEO before a poor boy from the boondocks... and thus the easy ride to the nice easy dollars and lovely super etc... just to further entrench the social and economic divides in the nation, mind... nothing special .... just business as normal.... Situation Normal, All Falced Up... Beyond All Recognition... (that's German, BTW)... (SNAFUBAR) ...

    Talk about The Expendables....
    Cranky
    29th Jul 2019
    11:21am
    is not a matter of living payday to pay day. I don't have enough to eat until payday which is this coming Friday. Its water and what I an find to eat with. It is time that married couples where treated like real people and paid the same amount of pension as singles. Mot married couples worked and paid their taxes and should be treated equally. If people on the dole are given the $75.00 a week they are talking about they will get more a fortnight than an individual of a married couple and most have never worked a day in their lives and they way some of them look they will never work because no one would employ them, not only that if they want work it is there for them. We have back packers coming from overseas and they have no trouble getting work , so why can't our dole bludges be made do the same, instead of playing with their phones all day - Ma J
    older&wiser
    29th Jul 2019
    12:37pm
    Sorry Cranky - but I - as a single - get mighty annoyed with couples who bemoan the fact how hard it is to manage on the pension. Just pray like mad your partner does not die because believe me, you will get the shock of your life trying to manage on the single pension, and only THEN will you realise how easy you had it on the couples pension.

    I am now a single Aged Pensioner - and I see my friends on pension, but couples - having it FAR better and easier than me! Without exception, they ask me how do I manage, and all are scared stiff if the other should die, and they have to rely on the single pension.

    I have personally experienced this with my elderly aunt who practically raised me, and who lived over the road from me. My uncle died 4 years ago. A few months later, I went over to find her distraught, upset and crying. Why? - because going from the couples pension to the single pension was killing her. We worked it out - her expenses had dropped 16%. BUT income (from pension only) - had dropped 33%. Rates stay the same, insurance (not health - couldn't afford that) stay the same. Rego, petrol, car maintenance stay the same. Home maintenance - stay the same. Power bill stayed the same - after all, turning on the TV, or a light switch, doesn't matter how many people there are there. Food and medical expenses had changed very little.
    She was still a capable driver, but gave up her little car. She had every intention of staying in her home for the long term, but at age 87, she accepted defeat, sold her much loved little home and moved to an aged care place. Purely because she could not endure the stress of financially having to worry about the cost of living. If anything, she has blossomed,and both my and her concerns about doing this, have been totally erased. She even now goes away for a few overnight trips, something she could never contemplate before.
    What I DO agree with you though is there should not be any increase in Newstart for young ones. There is already generations of people choosing this as a lifestyle. For the over 50's - then yes, Newstart does need a kick (have experienced that personally, and I had to dip into my super, or lose the house) because employers will not hire active, willing, able, experienced and capable seniors. Junior rates are better.
    Paddington
    29th Jul 2019
    1:29pm
    Ah Cranky I felt for you until you used the words, ‘dole bludgers.’
    Why not feel for everyone doing it tough?!
    Derogatory terms are so unnecessary and when people who already feel pain use them it shocks and saddens me.
    Single pensioners are far worse off. Also, renters are worse off too. So, a single renting pensioner is very deprived. A single homeowner is put in a position to to not be able to meet the costs but they have got something worth money so they could make choices.
    We have considered this lately if one of us dies. Have someone live with you to help with the bills or sell and find something cheaper.
    One pensioner is not the same as another pensioner. Some have illnesses that cost money etc.
    AutumnOz
    29th Jul 2019
    4:21pm
    Paddington it would help all pensioners, who would like a bit of help to stay out of nursing homes, if there was some registry office they could ask a person to share their home but there doesn't seem to be anywhere to ask,
    If there was a registry then OAP's could let out their spare room knowing they could stay at home while ever there was a slightly younger person sharing their home.
    Paying board would be useful but if renting out the room it would interfere with their pension(s) which isn't good when there are medications to pay for.
    Rae
    30th Jul 2019
    7:40am
    Yes AutumnOz setting up a site like Air b&b would be good. Perhaps someone from this website could take on the task. It wouldn't be that hard if you knew what you were up to and had some sort of ratings and good advice.

    Never have anyone come live in your home without a contract for example and advice about insurances.

    A registry of this type would be great. If someone is spending to the point of no food for several days they need to either cut discretionary spending or earn more income.

    Cranky may be renting in a desirable area which would eat up the money fast. Getting in a tenant if that is allowed is the obvious solution in my mind. Selling at markets would be my next option. I've made money by collecting old stuff on the roads, doing it up and selling it on.
    Cranky
    29th Jul 2019
    11:21am
    is not a matter of living payday to pay day. I don't have enough to eat until payday which is this coming Friday. Its water and what I an find to eat with. It is time that married couples where treated like real people and paid the same amount of pension as singles. Mot married couples worked and paid their taxes and should be treated equally. If people on the dole are given the $75.00 a week they are talking about they will get more a fortnight than an individual of a married couple and most have never worked a day in their lives and they way some of them look they will never work because no one would employ them, not only that if they want work it is there for them. We have back packers coming from overseas and they have no trouble getting work , so why can't our dole bludges be made do the same, instead of playing with their phones all day - Ma J
    cat
    29th Jul 2019
    11:26am
    For Free? We get nothing for free. There once was an amount of money put away for future pensions and following governments spent it. We pay taxes all our life to pay for the pension we receive and before superannuation came in that was it. We still pay taxes on everything we buy or eat. Power bills are outrageous and like the others I go to bed , sometimes in the afternoon, to keep warm. Summer is the opposite problem with the temperatures heating up even more, the air conditioner is becoming a necessity for at least part of the day despite all the old fashioned ways of keeping cooler.
    I have great sympathy for those on Newstart as well, I think the government think they are all young people being looked after by their parents at home and of course this is not
    always the case.
    The politicians need to cut their perks of free travel, high pensions (often while moving on to other jobs) and other stuff. The money they spend would more than cover raised pensions and Newstart
    TREBOR
    29th Jul 2019
    11:42am
    S'why my first step here was solar panels on the roof... working towards batteries and full independence... at least with the capital outlay the future payments are chopped way down. Summer should be OK with air con running from the panels all day if necessary - and it will be given that the ex I'm carer for has little heat control.

    As for politicians and their self-created retirement and salary packaging - full review is needed right now, and if they work elsewhere, no taxpayer money and means test it same as the peasants.

    How DARE they set up a preferential system like that to suit themselves?
    cat
    29th Jul 2019
    12:02pm
    Solar panels are wonderful if you own your own home but lots of us don't. At least I rent from the housing trust so my rent is only? %25 of my pension, I don't know how people paying private rental manage, well I know of several singles who have to share with another person (or two) to find the rent money, and that's not always a good outcome if you are not very compatible.
    Farside
    29th Jul 2019
    12:39pm
    Cat, politicians' perks of free travel, high pensions and other stuff would go nowhere near covering raised pensions and Newstart. The government could go a long way to improving things by simply spending this money into circulation given lack of inflationary pressure and low interest rates.
    older&wiser
    29th Jul 2019
    12:41pm
    Trebor - I am with you regarding solar panels. Around 8 years ago, I worked a 2nd job and save like mad to buy a 5KW system, cost me around $1700. BEST thing I ever did!
    Now solely on the pension, I was a bit concerned that being home more, with air con on, more computer and TV, my power bill would be high. But my hot summer Qld quarterly bill was $62.35. Have only just got my next bill - almost the same.
    Very happy!
    Farside
    29th Jul 2019
    12:42pm
    Trebor, I hope you are revisiting your manifesto with a mind to penning your Rise of the Hoi Polloi submission to Frydenburg's retirement incomes review. Perhaps YLC could reprint.
    TREBOR
    29th Jul 2019
    1:40pm
    I'll put it all together... hope it's not mistaken for a Tarrant style manifesto... I don't think a single NZ Muslim ever did anything bad there.... chees ...

    Terminator VI - Rise Of the Hoi Polloi .. hmmmm..
    TREBOR
    29th Jul 2019
    11:30am
    As long as it's not payday loan to payday loan....
    Farside
    29th Jul 2019
    12:46pm
    I was shocked when I first encountered payday loans when working in the USA during the late 90s ... bastards should be closed down and replaced by a government agency based on need and mandatory counselling to clients.
    TREBOR
    29th Jul 2019
    1:55pm
    Can't for the life of me see why such crass exploitation is not terminated forthwith... absolute limit on interest rate that can be charged... one step out of line and adios...
    Charlie
    29th Jul 2019
    11:44am
    I dont even get to "deeming rates" Sounds bad anyway.
    Blinky
    29th Jul 2019
    11:56am
    Many things are wrong with the pension system. It's low, the asset test is very restrictive, the income test does not encourage people to work cause it's way too low, if u have a little super it counts toward the asset n income test. In sum, pensioners are pushed into poverty, it's like they are not allowed to live comfortably. Then, there is the ever-present threat of putting your primary home into the asset test. If you have a nice car and a nice house, here come the so-called financial advisors who say that you are rich and you should be punished.
    How come politicians do not have any of these problems???
    Farside
    29th Jul 2019
    12:49pm
    Blinky asks how come politicians do not have any of these problems ... the politicians are have better paying jobs. Nice if you can get it.
    Rae
    30th Jul 2019
    7:48am
    Politicians are the enablers of those slowly working back to good old feudal totalitarianism.

    Even pollies don't realise in many cases where they are headed. They just follow the manifesto and are rewarded.

    By the time all the homes are back in corporate hands and we have lovely negative rates on our cashless bank accounts controlled by my Gov it will be way too late to fix.

    Why we are doing this to our Grandkids is debatable. Too stupid or too lazy and apathetic?
    Blinky
    29th Jul 2019
    11:56am
    Many things are wrong with the pension system. It's low, the asset test is very restrictive, the income test does not encourage people to work cause it's way too low, if u have a little super it counts toward the asset n income test. In sum, pensioners are pushed into poverty, it's like they are not allowed to live comfortably. Then, there is the ever-present threat of putting your primary home into the asset test. If you have a nice car and a nice house, here come the so-called financial advisors who say that you are rich and you should be punished.
    How come politicians do not have any of these problems???
    Blinky
    29th Jul 2019
    11:56am
    Many things are wrong with the pension system. It's low, the asset test is very restrictive, the income test does not encourage people to work cause it's way too low, if u have a little super it counts toward the asset n income test. In sum, pensioners are pushed into poverty, it's like they are not allowed to live comfortably. Then, there is the ever-present threat of putting your primary home into the asset test. If you have a nice car and a nice house, here come the so-called financial advisors who say that you are rich and you should be punished.
    How come politicians do not have any of these problems???

    29th Jul 2019
    11:56am
    Really? Again we are given a misleading heading which, on first glance suggests that 2.1 million pensioners are living payday to payday. The truth is that 218 people who answered the survey have said that they live payday to payday and, of these, we are not told how many exist solely on the age pension. Surely we need accurate figures, not scary headlines.
    VeryCaringBigBear
    29th Jul 2019
    12:09pm
    How many people answer surveys the way they think they should not with the real truth too?
    Oldchick
    29th Jul 2019
    12:32pm
    Sounds like you have plenty of money Old Man. BE GRATEFUL. there are a lot of people who don’t. I have a VERY meagre Super, but I’m grateful for even that. So many don’t have even that, and through no fault of their own. I have a several friends who are now doing great work with the homeless and needy, trust me there is a lot of poverty in this country. While the Canberra pigs are slopping up the last bits out of the taxpayer funded trough, others are trying to stop their stomach from rumbling and shivering with cold. People like Embarrassment Joyce saying ‘he’s find it tough to manage’. This Government have done nothing but rob from the poor to give to the rich- the antithesis of Robing Hood.
    Farside
    29th Jul 2019
    1:00pm
    Old Man is right in criticising YLC's conclusions based upon small sample sizes from the YLC readership, which may or may not be representative of all pensioners. I'm not sure how his comment translates into creating an impression of him having plenty of money.
    Anonymous
    29th Jul 2019
    1:11pm
    Gee Oldchick, I'd give that crystal ball a bit of a rub if I were you. Either that or take it back for repair. How did you arrive at the conclusion that we have plenty of money? I made no comment whatsoever about money, who has it or who doesn't.
    TREBOR
    29th Jul 2019
    1:57pm
    I've got a bit - but a mortgage as well... downsized to suit disability and up-priced at the same time, but it's the sea change.... nice whales yesterday ..... great animals to watch....
    Rae
    30th Jul 2019
    7:57am
    Stats quote around 55% to 60% of all income earners live payday to payday regardless of the income levels.

    Saving strategies are obviously with not taught well or not used by half the population.

    Even Barnaby on his $4000+ a week is living pay check to pay check apparently. Although with access to the Qantas Club Lounge I doubt he's going hungry or without his alcoholic haze to ease the angst.
    panos
    29th Jul 2019
    11:58am
    Face it until the pensioners get a strong voice we will be walked over again and again and just get ground into the dirt.

    The couples pension must be equal to two single people sharing a house.... it's a bloody great joke and we have let it happen....

    Give everyone the pension and get rid of centrelink...How much is that costing a year to run... I wonder
    older&wiser
    29th Jul 2019
    12:43pm
    Utter rubbish panos. I - as a single - get mighty annoyed with couples who bemoan the fact they don't both get the singles pension. Just pray like mad your partner does not die because believe me, you will get the shock of your life trying to manage on the single pension, and only THEN will you realise how easy you had it on the couples pension.

    I am now a single Aged Pensioner - and I see my friends on pension, but couples - having it FAR better and easier than me! Without exception, they ask me how do I manage, and all are scared stiff if the other should die, and they have to rely on the single pension.

    I have personally experienced this with my elderly aunt who practically raised me, and who lived over the road from me. My uncle died 4 years ago. A few months later, I went over to find her distraught, upset and crying. Why? - because going from the couples pension to the single pension was killing her. We worked it out - her expenses had dropped 16%. BUT income (from pension only) - had dropped 33%. Rates stay the same, insurance (not health - couldn't afford that) stay the same. Rego, petrol, car maintenance stay the same. Home maintenance - stay the same. Power bill stayed the same - after all, turning on the TV, or a light switch, doesn't matter how many people there are there. Food and medical expenses had changed very little.
    She was still a capable driver, but gave up her little car. She had every intention of staying in her home for the long term, but at age 87, she accepted defeat, sold her much loved little home and moved to an aged care place. Purely because she could not endure the stress of financially having to worry about the cost of living. If anything, she has blossomed,and both my and her concerns about doing this, have been totally erased. She even now goes away for a few overnight trips, something she could never contemplate before.
    Farside
    29th Jul 2019
    1:05pm
    Older & Wiser, in other words your aunt eventually adjusted to her change in circumstances and has since thrived. Perhaps there are lessons in her actions ... when the facts change then change your mind.
    Lippy
    29th Jul 2019
    12:10pm
    It goes to show, Labor didn't get in and problems still live on. ScoMo the miracle man screwing everyone also as they have all the luxuries they need and just don't care about anyone. How low will interest rates go and what will that leave for banks to share around. Clown circus has resumed and all the Lib's have are big smiles, no offers for Australians. Shame.
    TREBOR
    29th Jul 2019
    2:00pm
    Wait until he finishes with the Unions in his ideological war.... I always say the best thing the Unions could do is disengage from uni sidewalk cafe latte drinking elitist Labor is it currently exists...

    I suppose for the political theorist that makes me some kind of Trotskyite.... an actual believer in the rights of the herd being pre-eminent........ remember that the pre-Revolution Marxists viewed 'the people' as their own social class - the middle classes - and the peasants as just a mindless herd to be driven at whim....

    Elitism rules the waverers...
    KB
    29th Jul 2019
    12:38pm
    The cost of living keeps skyrocketing which makes it harder for all us who live either on the aged or disability pension I agree with you Arjan but at least Barnaby supports an increase in New start
    TREBOR
    29th Jul 2019
    4:34pm
    Too true - the cost of living skyrocketed once the dual income family became the norm and prices rose to meet, then wage pressure upwards had to increase, and costs had to go up to match... chasing its own tail..... then came 'privatisation' and its doubled and trebled cost to the end user and the stage was set for the Downfall of Australia as we know it.... and then, of course, there's the 'Australian Premium' price on imported goods - that automatic de facto tariff imposed by the global economy to 'match' our 'prosperity' level .... and ending up as pure profit for them while placing upward pressure on income demand here....

    Something has to break sometime..... those with their fingernails on the wheel are running out of options..... and the best any 'government' can do is whistle in the dark and hope it won't fall down tomorrow...
    Rae
    30th Jul 2019
    7:59am
    A factual CPI index which included all the essential spends would be a bonus for pensioners and low income workers.
    KB
    29th Jul 2019
    12:38pm
    The cost of living keeps skyrocketing which makes it harder for all us who live either on the aged or disability pension I agree with you Arjan but at least Barnaby supports an increase in New start
    Triss
    29th Jul 2019
    1:23pm
    Living payday to payday is something the government has made sure retired politicians will never have to do.
    They started the Future Fund, a financial asset fund to take care of unfunded superannuation liabilities that will become payable during a period when an ageing population is likely to place significant pressure on the Commonwealth's finances. Blame the elderly!
    Billions of dollars came from surplus and the sale of Telstra, in other words, our money which, like the pension, has been spirited away from us so politicians, public servants and judges, etc can lead unstressful lives knowing their pensions are safe.
    TREBOR
    29th Jul 2019
    4:44pm
    Yup - El Treasuria Nacional was stripped of $130Bn which went to a tax haven - the then Presidente Juan Huarte and his crony Pedro Castella zey ensure zees ....

    And there was not one outcry raised when it happened...... no censure in the UN for robbing the national treasury... no protests in the street.. no fear-filled but brave newspaper editors fearing a knock on the door at 3 AM or a bomb in their press office or a knife in an alley on their way home one night ... no religious leaders speaking out about theft from the starving masses and fearing assassination on the steps of the church ....no desperadoes taking to the hills armed with a cane knife... no civil war.. no insurgency.... no endless war of terrorism by the powerless ....... no treason or criminal trial... and Don Juan and Don Pedro enjoy ze fattest of ze land and are revered as elder statesmen..... forever...

    ... and instead the gays march for 'marriage' "rights', the feminists for unequal pay for equal work and unequal super for unequal work, the ethnics for their own little dream of Paradise, the Indigenous for land 'rights' and anything else available on demand ..... along with each group's host of camp followers ......

    And None Dare Call It Treason..... the Silenced Majority either watch Monsterchef or Australian Unhinger or suck it up in silence...... and silence like a cancer grows.....

    My god, but we're a stupid country .....
    Rae
    29th Jul 2019
    1:51pm
    Barnaby was whinging today of living just like this on his $300 000 odd and all the perks.

    If you go out spending a few dollars here and there it soon empties a wallet.

    Saving takes a lot of patience and willpower. It's very hard and if you can do it then you can bet these days to be punished and found guilty of not squandering with the rest of the population.
    Tricky
    29th Jul 2019
    1:52pm
    You are never going to get a fair deal from the government review, the outcome will be written to suit those hypocrites. Who are still content on robbing pensioners and part pensioners of an appropriate Deeming Rate reflecting the true market vale of cash term deposits!
    VeryCaringBigBear
    29th Jul 2019
    2:38pm
    Deeming rate has nothing to do with cash rates or term deposits at all. It was not difficult to earn over 10% with the share market itself up over 11% in the last financial year so the deeming rate is too low if anything.
    Rae
    30th Jul 2019
    8:07am
    Unfortunately term deposits are no less risky now that a well managed low cost index fund.

    Big Bear is right. Deeming isn't based on the cash rate offered by the RBA at all.
    robmur
    29th Jul 2019
    2:54pm
    It is an indictment on our social system, call it those who are federal politicians, who can allow people to have to try to survive on an aged pension regardless of whether they are single or a couple. The current pension system should be totally abolished and a universal pension introduced. Why can't politicians see the plight many elderly Australians are in? We are a rich country. There is no excuse for a government to be stingy. More and more there must be an independent body formed with its major purpose is to set allowances. Kept in the hands of the politicians is the opposite as to how their salaries and benefits are decided upon. I'm continually sickened and annoyed that so many of my fellow Australians are doing it hard and that little is being done to alleviate this forever growing problem.
    Intellego
    29th Jul 2019
    4:22pm
    This is typical of life now in Australia under a LNP government - they're incompetent nincompoops.
    robmur
    29th Jul 2019
    4:28pm
    Labour governments haven't been too anxious to raise the aged pension. Rudd was the last PM to do so. Politicians have only themselves to worry about. Blow everybody else. They can rot and not worry us, seems to be the prevailing attitude.
    Farside
    29th Jul 2019
    7:32pm
    robmur, which Labor government after Rudd do you think should have raised the pension?
    travelman
    29th Jul 2019
    4:31pm
    A good job done Janelle Ward. I would like to think you or someone in Y.L.C will read these comments and pass them on to the government(you can pass mine on to the government); here it is. My observations show that this government is more interested in achieving a surplus as if it were some weird holy grail and achieve it no matter what it will cost the economy and the poor of this nation. It is not that this government does not understand - oh no, they also turn their political 'backs' against the people. As for this Prime Minister, he behaves like some historical Szar Nicolas of twentieth century Russia. Well the people of Russia toppled that man, I am getting the feelings from this nation that this Prime Minister, Scott Morrison and his government might be toppled before their three years are completed. It is not just their refusal to tackle the problems but their refusal to listen to the people; that is what will cause a frustrated nation to rise in anger. Even though they won the election everyone knows that it was based on lies, deception and costly one sided propaganda. For the first time in our history this government may face an angry nation in protest on the streets in their thousands. What Janelle has written is only one symptom of many symptoms. Personally, I want a government that has a mandate to serve all of this nation, justly and equally; this government only serves itself and that includes the rich. I shall not be ashamed to be one of those who drag this government out of Parliament and into the street for I see so many people having to suffer, young and old at the hands of a bad and selfish government.
    TREBOR
    29th Jul 2019
    4:45pm
    The greatest danger to Parliament is democracy ......
    TREBOR
    29th Jul 2019
    4:47pm
    Morrie Antoinette - Let Them Eat Cake! (Morrie an' Tony's Net worldview)...
    inextratime
    30th Jul 2019
    12:44am
    So communism is the answer Trebor ? Stalin did a good job as did Chairman Mao and Pol Pot.
    Just wipe out your opponents and do whatever you like. Oh and they are rioting in HK.
    Yeh right.
    inextratime
    30th Jul 2019
    12:44am
    So communism is the answer Trebor ? Stalin did a good job as did Chairman Mao and Pol Pot.
    Just wipe out your opponents and do whatever you like. Oh and they are rioting in HK.
    Yeh right.
    thewizardoz
    29th Jul 2019
    5:38pm
    Payday to payday??
    I'm on the Disability Support Pension and I live at least day to day but more often hour to hour! But nobody mentions DSP recipients. :o(
    There never seems to be ANY mention of increasing the DSP but plenty about the Aged Pension and Newstart,
    I would really like people and especially the Government to consider us too!
    Theo1943
    29th Jul 2019
    7:21pm
    The morning news had a story about a DSP recipient.

    How his mum got a Robodebt demand letter requiring him to supply proof of income they assumed him to have earned.

    Six months after he died!!!!!
    Farside
    29th Jul 2019
    7:39pm
    wizard, would you prefer to be on Newstart instead of DSP? If you want DSP to be increased then grab your megaphone and make your voice known. I'm no expert but I had the impression the DSP was essentially the same as the aged pension anyhow.
    TREBOR
    29th Jul 2019
    11:20pm
    I waged a campaign years ago to get DSP the Utilities Allowance - Wee Johnnie the Vampyre gave in on that one a few days before he was booted out of his 'safe' Liberal seat..... which means The Little Rat had it as a back-up card all ready to go...

    Anyway I campaigned with the 'Department Of Second Class Pensioners cheque and having the ABC drag him up for public scrutiny and asking the important question... people power, innit?

    So when OAP goes up, yours should, too... or I'll bite them again...

    Plenty of biting to be done it seems...
    Rae
    30th Jul 2019
    8:16am
    I reckon the Centrelink nonsense is a deliberate plan to make it look so bad they can privatise it easily without us fussing too much when Serco or someone like that takes over and everyone gets the Cashless Card.

    Lots of money for the Party and the mates in a deal that big.
    GeorgeM
    29th Jul 2019
    9:33pm
    The Treasurer says "..he is working on the terms of reference for the Government’s retirement income review with plans to get it under way before the end of the year." Can't see his urgency as he got this recommendation from the PC in Dec 2018. Morrison rejecting calls to increase Newstart also does not bode well. Of course, they had plenty of money to push their priority tax cuts through - even planning their own massive $11,640 tax cuts from 2024! That was done in a hurry. So the can't complain about money.

    My point in summarising the above is for all Retirees to note the Govt's attitudes and pointers through their real actions, not promises. One thing is abundantly clear - Retirees MUST put up a massive fight with ALL joining together to get real action and benefits from the Retirement Incomes Review. The only way that can happen is for ALL to highlight the Broken Age Pension system especially with Pension Age lifted to 67, disgusting Assets Test changes of Jan 2017 being essentially a massive Retiree Tax and disincentive to save, and the continuing other Retiree Tax called Deeming Rates for Income Test. ALL these must be thrown OUT, and to get the Govt and Centrelink off our heads, we need to agree on an Universal Age Pension (at Age 65, and say 15 years Residency) with NO tests, taxing all other income with suitable tax system concession reductions while maintaining a capped level of benefits from super.

    It would also be consistent to scrap all politicians massive special pensions (those elected prior to 2004) which are an abomination as they needed no special treatment and these should have been stopped with their new contracts on getting re-elected from 2004 onwards.
    Triss
    29th Jul 2019
    9:57pm
    You're right about politicians' massive pensions. GeorgeM. Many of them have been on the taxpayers' backs for 20 and 30 years. Leaving parliament in their thirties and forties they couldn't possibly have accumulated the amount of super they would need to fund the huge pensions, multiple business class airfares, etc.
    TREBOR
    29th Jul 2019
    11:27pm
    I'll begin formulating the Universal Pension style scheme for presentation to Von Frydenburg's (I know he's Jewish - so were my great-great-grandparents on one side) review..... he won't like it - it will mean he'll be paid Pension at the going rate and then be taxed on everything else he earns or is gifted etc... and he won't get any of that until Pension age anyway.

    Lot of work and not that much time - I'm in demand constantly as a carer etc... a day out is driving somewhere to get the ex out of the house.... glad to see Gladys came back from a holiday - can't recall my last holiday... or when I got to retire early to spend time with family etc... or never holding a real job before getting into politics for life and the easy life forever.

    But at least I'll make the people's views known.
    Farside
    29th Jul 2019
    11:53pm
    George, that's a good point about the 2004 revisions. All MPs should have been migrated from the effective date of the 2004 act, not just those elected afterwards. It's not too late to backdate it and if they do not like then they can quit and hold by-elections; it's not like they will be missed. And at the same time they can fix the 15.4% super in the 2004 version to be same as public 9.5%.

    I remember my contract of employment being amended unilaterally to change the super element from defined benefit to the more risky accumulation method.
    Rae
    30th Jul 2019
    8:21am
    Yep I bet that review will recommend privatisation of the welfare system to make it more efficient with a welfare cashless card to help those poor people who live paychech to pay check manage better and stop wasting money on gaming and booze and cigarettes etc. Such nice helpful politicians who care deeply for the poor.
    Rae
    30th Jul 2019
    8:24am
    Farside nobody in their right mind would take a defined benefit income stream with the current deeming rules and tax implications. It's far too dangerous now since the LNP/Greens changed the rules. All those non concessional amounts may the risk high.
    Farside
    30th Jul 2019
    8:49am
    Rae, back in the early 90s the defined benefit was pretty attractive given the super balance increase was approaching around half as much as my pay, with no extra in rate of contributions (4%). My multiplier was up to 5.8 heading to 7x FAS (final average salary over previous three years). And no fees, no risk.
    Rae
    30th Jul 2019
    2:40pm
    Yes indeed Farside back in the 90s it was pretty attractive. The changes made by the LNP /Greens in 2016 put paid to people locking in income streams though as the deeming rules are too severe. There is no point having high non concessional amounts deemed 10% and the 16X rule regardless of any real amounts makes locking into an unchangeable situation just way to risky.

    Fortunately very few defined benefit accounts are still running.

    Talk of income stream products make me chuckle though as the LNP /Greens have pretty much wrecked that idea and they didn't even know they were doing it.
    Farside
    30th Jul 2019
    6:33pm
    Don't let my super gripes detract from the argument tho. I was making the point that the changes to my terms of employment were arbitrarily done without negotiation. Likewise all MPs should have been migrated to the 2004 employment terms at the following election as a condition of standing.
    RJ
    30th Jul 2019
    11:51am
    Federal Parliamentarians have the Renumeration Tribunal to award pay increases to them on a regular basis. This is exactly what Pensioners need. An independent tribunal who will look at the various pensions and make it fairer and award yearly increases. How can the politicians argue against this when it is already in place and working for them successfully. It would take the onus off them and into the hands of a tribunal which they already have faith in.
    heemskerk2019
    30th Jul 2019
    9:07pm
    the same old wingers, trebor, triss, rae, not a bludger, wonder where is mick, complaining about the liberals winning, this was 8- 9 months ago the so by labor called unloosable election, our great billyboy shorten even chose the colours for the rooms in parliament house he was going to live in Canberra, many others,since not heard of in these columns, probable still have not recovered of not taking the odds, 6 to one, liberals winning the election, laughted at it in these columns, I had $1000.00 on it and just came back from a 2 month cruise paid for by my winnings, yet here we are hearing again by these same experts "loosers" on how to run this beautiful country!!!!!!!!!
    Misty
    31st Jul 2019
    9:57am
    This govt will do nothing to increase pensions and New Start because it weould mean there would be no surplus in the next budget, nothing can get in the way of that SURPLUS, NOTHING..
    VeryCaringBigBear
    1st Aug 2019
    10:45am
    Why should those people working who are struggling too pay more for those on welfare?
    heemskerk2019
    1st Aug 2019
    7:33pm
    misty, misty, ever heart of budgeting?
    Misty
    1st Aug 2019
    11:13pm
    Yes, I do it all the time.
    johnp
    4th Aug 2019
    4:05pm
    Yep, universal pension is the only solution, that way the Govt does not lose any revenue either.