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?
Page 1 of 102
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.
If you're on a high income then you still get full value from your franking credits. It's only lower income earners who are being targeted with this - government will take the money for these people only.
Labor have forgotten who they're representing it seems. Since when was the ALP the rich man's party? In 2019 that's exactly what it seems to have become.
For a simple example to make the point, suppose that a hefty tax is introduced on the sale of lawnmowers if they are blue or green in colour, there's a moderate rate of tax applied to those coloured red, orange or yellow and no tax on any other colour. Someone has done their research into mower sales and worked out that the tax will collect quite a bit of revenue.
I'll give you a guarantee. Within months after such a policy coming into effect you won't be able to buy a blue, gree, red, orange or yellow coloured mower. The market for them will disappear overnight and manufacturers will respond by making them a different colour whilst unsold stock of the taxed colours will be sent straight to landfill.
End result = a lot of brand new mowers dumped at the tip, no tax actually collected and we live in a world where mowers are always painted grey.
My hypothetical mower tax has a lot in common with Labor's proposal. Retirement savings will be centered around avoiding the tax rather than paying it.
Page 1 of 102