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11-02-2023, 07:14 AM | #1 | ||
FF.Com.Au Hardcore
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thanks everyone, yesterday was the last day with my employer, so all done and dusted
hmmmm, a bit of relief, the last few years have been tough with all the COVID and stuff. Time to smell the roses. Mindy you I am glad to be retired but inside I actually don't feel old enough lol |
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11-02-2023, 10:30 AM | #2 | ||
FF.Com.Au Hardcore
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I don't think there are too many 'average' workers in that position
We know money is going to be tight until we settle into the process. We will be self-funded for maybe 10 years, then the age pension |
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11-02-2023, 10:36 AM | #3 | ||
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I just ‘snuck’ the government pension in.Not the money we were after(but that is a bonus anyway) it is the health benefits attached to it & the free car rego.it also pays for our private health insurance.Win,win as far as I am concerned.
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11-02-2023, 11:01 AM | #4 | |||
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A financial advisor told me... Whatever you do (if you are smart), is to arrange your financial affairs well before you retire, so that you at least qualify for a "part pension". That qualifies you for the Health card and along with its associated benefits can be worth $6,000 a year alone. Regarding the government pension... People say, it's not much to live on, but they forget that the pension is guaranteed and indexed for life. On the other hand, your nest egg, investments, super or shares are not. For a couple (living together), and who live for another 30 years in retirement, at today's current rate, you would receive at least $1,207,128 from the government over that time (on the base pension). That's more than a lot of people have (excluding the family home), in retirement savings who are self-funded. |
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11-02-2023, 11:23 AM | #5 | |||
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2015 WZ Ford Fiesta ‘S’ Ecoboost .2022 Honda HRV e:HEV in Premium crystal red. |
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11-02-2023, 01:22 PM | #6 | ||
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The “normal”pension I reckon is plenty for a couple to live fairly easily on.Think anyone who is on the Govt gravy train gets a fair bit more courtesy of the taxpayer
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11-02-2023, 10:50 AM | #7 | ||
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If you are in a position to get a minimum pension.even just a couple of dollars a fortnight the discounts on services like power water.rates rego etc is worth a lot of dollars.Plus health care,prescriptions etc
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11-02-2023, 12:19 PM | #8 | ||
FF.Com.Au Hardcore
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I can't access the Pension system until I am 67, not quite there yet
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11-02-2023, 12:26 PM | #9 | ||
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It was 66 for me.
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11-02-2023, 12:58 PM | #10 | ||
Bolt Nerd
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Current vehicles.. Yamaha Rhino UTV, SWB 4L TJ Jeep, and boring Lhd RAV4 Bionic BF F6... UPDATE: Replaced by Shiro White 370z 7A Roadster. SOLD Workhack: FG Silhouette XR50 Turbo ute (11.63@127.44mph) SOLD 2 wheels.. 2015 103ci HD Wideglide.. SOLD SOLD THE LOT, Voted with our feet and relocated to COSTA RICA for some Pura Vida! (Ex Blood Orange #023 FPV Pursuit owner : ) |
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11-02-2023, 05:23 PM | #11 | |||
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We would survive easily on my super but centrelink (govco) certainly know how to play hard ball. |
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11-02-2023, 12:57 PM | #12 | |||
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The way it’s presently structured and means tested gives absolutely NO incentive to have lived frugally and saved for your retirement! Another rant.. How many from other countries that immigrated here in the 60’s are receiving 2 pensions? Australia has a despicable habit of not looking after their OWN elderly!
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Current vehicles.. Yamaha Rhino UTV, SWB 4L TJ Jeep, and boring Lhd RAV4 Bionic BF F6... UPDATE: Replaced by Shiro White 370z 7A Roadster. SOLD Workhack: FG Silhouette XR50 Turbo ute (11.63@127.44mph) SOLD 2 wheels.. 2015 103ci HD Wideglide.. SOLD SOLD THE LOT, Voted with our feet and relocated to COSTA RICA for some Pura Vida! (Ex Blood Orange #023 FPV Pursuit owner : ) |
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11-02-2023, 01:35 PM | #13 | |||
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11-02-2023, 01:37 PM | #14 | |||
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11-02-2023, 12:56 PM | #15 | ||
FF.Com.Au Hardcore
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Yep Kevin '07 changed that for me. I am one the first to be impacted by the 67 access to the age pension
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11-02-2023, 01:16 PM | #16 | ||
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11-02-2023, 01:23 PM | #17 | ||
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11-02-2023, 01:29 PM | #18 | ||
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11-02-2023, 01:36 PM | #19 | ||
FF.Com.Au Hardcore
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11-02-2023, 03:31 PM | #20 | ||
Bolt Nerd
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From Mygov website..
“On 1 July 2021, Age Pension age increased to 66 years and 6 months for people born from 1 July 1955 to 31 December 1956, inclusive. If your birthdate is on or after 1 January 1957, you’ll have to wait until you turn 67. This will be the Age Pension age from 1 July 2023.” If they continue moving the goalposts, you’ll soon need to be 80 to be eligible!
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Current vehicles.. Yamaha Rhino UTV, SWB 4L TJ Jeep, and boring Lhd RAV4 Bionic BF F6... UPDATE: Replaced by Shiro White 370z 7A Roadster. SOLD Workhack: FG Silhouette XR50 Turbo ute (11.63@127.44mph) SOLD 2 wheels.. 2015 103ci HD Wideglide.. SOLD SOLD THE LOT, Voted with our feet and relocated to COSTA RICA for some Pura Vida! (Ex Blood Orange #023 FPV Pursuit owner : ) |
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11-02-2023, 01:35 PM | #21 | ||
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We have a couple of friends (couples) who both have no debt (own everything) and they say around $25 to $45k per year is what you need (don't listen to the Super funds), accessing the Age (part) Pension is a big help. One couple just got back from a 4 week trip to Europe
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11-02-2023, 02:15 PM | #22 | |||
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If you don't achieve a sufficient self-funded nest egg and have to rely solely on the pension, you will be able to live comfortably at least. It's those people who are on the pension who are still renting or paying off their mortgage, debts, cars, credit cards, etc... That find it difficult on the government pension. The current couple (living together) full pension is $40,238 p.a. indexed. If you can't live on that (being debt free) and have no kids to support, then there is something wrong IMO. |
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11-02-2023, 02:02 PM | #23 | ||
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I'm 73 and still can't get the pension!
The super complicated rules suck!!! |
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11-02-2023, 02:05 PM | #24 | ||
FF.Com.Au Hardcore
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Too much assets and money in the bank LG
Not even part? |
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12-02-2023, 09:39 AM | #25 | ||
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11-02-2023, 02:06 PM | #26 | ||
Sick Puppy
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I sit back and look at the angry , miserable person my old man has turned into since he has retired and honestly ill be happy to drop dead with my head inside a generator at work one day.
No plans on me retiring until I get kicked out the door. |
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11-02-2023, 02:08 PM | #27 | ||
FF.Com.Au Hardcore
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You get old and tired, you get grumpy when your body doesn't do what you head wants it to
years of physical abuse from all the labour intensive jobs, plus a few reckless hobbies (like motorbike riding in the bush) will slow you down in older age Both my shoulders have had surgery to make them not hurt so much, I am 50% deaf in one ear and 25% in the other (only in certain ranges), knees are dodgy (3 surgeries on them) and I can put it all down to driving trucks with a little bit of bike riding in the bush Shoulders are shot from driving milk tankers picking up milk from farms and swinging the heavy pick up hoses onto the sides of tankers, maybe a bit of unloading 67kg (yes 150lb) bags of flour by hand from the back of pantech semi's didn't help. The deafness is from listening to diesel and petrol driven milk pumps confined in a stainless steel compartment on the back of milk tankers (all in the days before workplace OHS was invented) and driving with the truck window down as no air con. Knees are knackered from jumping out of trucks, back then not much was provided for easy access and egress to and from trucks Don't be too hard on your dear old dad Last edited by Trevor 57; 11-02-2023 at 02:16 PM. |
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11-02-2023, 02:22 PM | #28 | |||
Kicking back
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My dad, he was in a financial position to retire at 50. So 2004. Got his golf handicap down to 8, divorced my mum, got bored of golf and had nothing else to do. He passed in 2019 aged 65 due to medical issues attributed to poor lifestyle choices. To be fair what is a better way to start a booring day then beers for breakfast? |
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11-02-2023, 02:55 PM | #29 | |||
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11-02-2023, 02:26 PM | #30 | ||
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I semi retired 2021. We came over from Nz so have under average super balance.
I get a govco pension from Nz and Aus about half half. But the amount I get as a total is controlled by Centrelink. Wife works and if she gets back pay holiday pay etc my pension might get zeroed. I never know what to expect as Centrelink told Nz to cut me back by 80 per cent two days before Xmas. Then on the 3 Jan Centrelink dropped 962$ in my ac with the notion Nz arrears. Go figure. Haven’t touched it assume it’s a balls up. Then three weeks into January Nz put their bit up to what it was previously. It’s about $210 a week at the moment total from the two govts. I do a bit of gig delivery work net about $150 a week. And pull $220 fortnight as a pension from my super fund. I also do two days a week volunteer driving for free note I can take breaks whenever I like from this. My wife gets super ****ed when my pensions get cut or zero Being kiwis we know in Nz you get full Pension at 65 no income test no asset test. I just live with the Aus system. By the way $419000 of assets out side your family home is the number that Clink start reducing your pension. |
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