Not true! Only need about 350k from memory.
Get part pension, health card, live on $1000 per week for the rest of your life indexed. Self interest makes the super industry want to scare people.
There's plenty of info out there and books supporting this.
Latest book is called Don't Panic.
by Nick Bruining.
Seriously for people still working...
Don't be conned into living a miserable or miserly life. Don't be conned into dodgy or risky financial decisions by these sharks.
Also another common lie, the government can't afford the rising cost of pensions. In fact as a percentage of GDP the cost is reducing. Don't believe News Corp. They serve other interests not yours.
Most liked posts in thread: Superannuation, the ultimate government cash cow?
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It's still by far the most tax effective way to accumulate wealth as you lead into retirement, but the completely unnecessary levels of complexity mean a very inefficient system. Great for accountants, lawyers and the ATO.
They should either completely leave it alone, or embark on ACTUAL reform with the priority being to reduce complexity.
A very good read. I've only shown 3 paragraphs. The full story is here:
Stop political bullying: Retirees deserve respect and a ‘fair go’
Many of our current Australian retirees paid taxes (higher than what we pay today) for up to 50 years (and some still pay tax), and those taxes helped build the infrastructure and community services that we all enjoy today. Hopefully, the efforts of each successive generation will add to the experience and lifestyle of the generations following.
Merely cutting retirement incentives is not robust, strategic long-term retirement policy. We want older Australians to have accumulated assets to support their retirement. Suggesting that because they have done what they were expected to do, they should then be punished with retrospective Age Pension and superannuation policies, and selective franking credits policy, is, in my opinion, lazy policy, advised by out-of-touch advisers and egged on by a group of Australians who believe that the younger generations are immediately entitled to a lifestyle that the older generations took 30 to 40 years to create.
If a retired Australian has superannuation savings or non-superannuation savings, and they rely mainly on those savings (super pension, interest, dividends, franking credits) to live, then they did what they were asked to do. Such Australians heeded the key message of successive governments. The key message was you need to save for your retirement rather than relying solely on the Age Pension.
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