The Future of Retirement with Alan Kohler: Part One | 7.30
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- เผยแพร่เมื่อ 31 ก.ค. 2024
- During the past 18 months Australians have faced natural disasters, unemployment and work disruption on a scale that's unprecedented in modern times.
It's no surprise that the future prospect of retirement hasn't been front of mind for many. But there comes a time when our retirement plans become reality.
How big is the nest egg you need to retire comfortably, and what's the best way to get there?
Alan Kohler returns to 7.30 with a four-part special report on the future of retirement, produced by Laura Francis and Chris Gillette.
Part Two, click here: • The Future of Retireme...
Part Three, click here: • The Future of Retireme...
Part Four, click here: • The Future of Retireme...
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Im conservative in my views these days, but I will say Paul Keating was the best thing that ever happened to Australia 🇦🇺. Brilliant, beats any modern day MP hands down
came here for keating... wasn't disappointed... best treasurer in modern times and definitely up there as one of the best PMs
He lead us thru a recession?
And world class comebacks in parliament.
@@Milaaq302 qqq0000
There's another big problem for retirees. I turned 10 in 1959. In the early 1960s I notice many retirees were bored. It never occurred to them that one day they would be free.
I’ve got nothing against young people today before I continue but I’m not happy of the retirement age of 67 I started working when I was 15 1/2 and haven’t stopped since and I’m 52 people today start working when they’re about 25 years old and some jobs are much harder than others it’s very difficult for a Concretor to work to an old age but much easier for an office worker.
There should be a calculator that calculates your age how many years you been working and what type of job that would be more fair and government officials don’t need $1.5 million retirement packages when they got 10 houses.
They are the same people who are devaluing your dollars too.
The RBA which is a private business is minting 5 billion per day to buy 10year Bonds from the open market.
Would you like to mint $5 billion on a keyboard?
Dead right narario I’ve been working for 47 years as a tradie I’m now 62 and getting a knee replacement soon I’m worn out but thanks to Kevin Rudd I now have to work till I’m 67 Thanks Rudd and the labor party
Do you have super? @@grahamerae3502
When I was in my 20s I have an imagination about retirement after 60 years old and have some good time with family.When I was 35 I understand that if you are married and have kid you have a high probability that you will continue to work and earn money until you die
Why I didn't have kids. I'm no miserable slave, my kids won't be anybody's miserable future slave. And when health gets too bad I hope I have the strength to end it before nature does.
That’s if you are LUCKY enough not to get retrenched hey? Otherwise another whole kettle of fish
@@MrSvenovitch I don't have any children either. Children are a lifetime commitment, support, and responsibility regardless of what their parents say. I know that I don't that responsibility so I don't have anything and I don't regret it. I'm proud of people who did choose to have them.
Not neccessarily. Thrift and living below ones means consistently allowed people I know to raise families in expensive cities on average incomes and retire comfortably (but not lavishly) in their late 50s.
Best advice I received was when u start work start with putting 5% of your wage into super if you can. Aim for that and make increases as you can. Before you retire make sure your mortgage is paid off.
Always remember it's your money take an interest in it and seek help when you need it. And the obvious if it sounds to good to be true be wary step back and look at the situation properly.
Great advice to receive.
What about 22% salary sacrifice into super?
good advice. but was that 5% extra into super before or after tax?
The 5 % was after tax......22% into super if I am reading correctly wow...go for it if you have capacity. My comment was for newbies just starting out...it helped me in my case
@@m.macdog5113 I think 5% extra into super is a good rule of thumb, along with a solid savings plan from your take home pay. Over time hopefully wages of the individual grow so the 5% is the maximum additional to be contributed while in the beginning it is not too big of a hit to the household finances.
How about federal parliamentarians have to be on the same percentage as the rest of us. They forget that they are there to serve us.
Other Federal government workers get the same super which replaced an even more generous pension scheme
Hard time, there will always be a BETTER solution. We welcome you in that long journey.
god this was an amazing piece of journalism. its becoming less frequent on the ABC. the Llbs couldn't get rid of Abc so they are slowly turning it into a commercial channel by making the changes incremental so its a slow adjustment, just how facebook changes their platform. just look at four corners a couple years ago, now its morphing into a 60 minutes style program the way its presented. same happened a few years back with the breakfast show. more and more human interest pieces seeping in.
I went from the worst student at school to owning 5 houses by the time I was 31, and at 35 I am already starting my first phase of semi retirement enjoying 3 day weekends.
Aiming to fully retire in my mid 40s and never set an alarm clock again.
You don’t have to be good at school, you just have to be good with money.
And no, you don’t learn that from a school teacher.
Well done.
congratulations, you have exploited a bug in the monetary system. 5 others will work past retirement age so that you may retire in your 40s.
@@majorowe isn’t that there own fault for not putting every spare dollar they have into assets? I got where I am by working harder and saving harder and investing harder than anyone I know. And for that I will be rewarded.
That was really clear and interesting.
just turned 58, had to retire as unable to find employment. With out super I would be on the street.
Well done mate.
I have 58 coming up and my whole focus is just keeping the cash flowing for just a few more years.
The complete lack about money and finances in our education system is a massive problem in this country. To think you spend you entire life working hard to earn money, yet are never taught about how to make it work for you is a joke.
Spot on, I am curious if this is deliberate. To keep people working and paying taxes.
@@xkimopye 100% it is. Our education system is completely outdated, outcome based. Just learn facts, never question. Its not all bad, but there's a lot of indoctrination. It's designed to send you out into the work force, work, work, work.
Of course, it’s designed to keep you working till you’re dead. So are the super funds. Manage you’re own money and don’t believe the system is there to help you!
@@markwoolgar2781 you are obviously an independent thinker, create your own solution for your own problems.
If I keep saving hard by the time retirement rolls around I can be living in a van down by the river.
Sounds a far better life than having to pay property tax on land you buy but never own
But it’ll be a nice van!
If you are making the most of the concessional contributions cap through salary sacrificing (currently 27k p.a.), then whether the mandatory contribution is 9.5, 10 or 12% is irrelevant. Another good tip is to move your super investment into either an Australian or International index, which will save about 0.5% in fees every year. The high fees on balanced fund options is a rort that adds to the $32b in fees extracted annually by the bloated super industry and hurts your retirement balance.
There won't be retirement for me in fifteen years time. I'll just have to continue working til I die.
Safety in Bitcoin
@Pedro Sean If there is 1 thing I can recommend. Making more dollars is not the point. Measure your wealth is satoshis. Because there will always be more dollars
Me too
@Pedro Sean Now down 40%
All the people interviewed in this program are high wage earners, who can put the required amounts into their super and retire quite comfortably, but the people they always talk about the majority, don't earn anywhere near the so called average wage, and will never have enough for that comfortable retirement, Paul Keating is a case in point and being an ex-prime minister is getting a retirement income, he would never have had it the real world.
The funds in the Aus arrangement are paid in a unique way (and not in a good way). Super suits those in stable employment (reduced by the same set of reforms Hawke-Keating introduced). Those on lower paid and precarious employment will have substantial amounts eaten up in fees, for which the funds do nothing.
Keating brought in that lovely dividend imputation.
The real question is when/if that baby even gets access to their super. My generation is looking at not getting super till 70. By his time it might be 75 or 80 which is also near the male life expectancy. If your waiting to pay off a house till you are 70 that is a huge issue. My father and I often disagree about paying off debt vs putting more in super but having the money available to pay off debts earlier in life then provides the 'option' to put more into super later when it's more likely you'll actually use it. It's also important that any 'fee reduction' doesn't wipe out insurance like the current plan to strip income/life insurance from low income super funds. Instead funds should auto-freeze or lower fees when not being paid into to not eat away at what little super young people or those in low income/casual jobs have. If they really want to increase super you need to increase wages - especially minimum wages and fix the gig economy to ensure people like the taxi driver are not left with zero income due to factors outside their control.
Stop making properties so unaffordable.
The idea that half of the wealth in Australia is based on your property is a joke, all the gov knows how to do is pump the market.
Let it drop, let people afford a property
I can only imagine your rage at the house prices this days...
love Keating
I worked in super, nothing made me happier than when a young person called.
If you could hook them in to a conversation, you could literally change their lives.
Even better was when mum and dad made them call - they listened like there was going to be a test on it haha
I love everything about being highly financially motivated, the one thing that I just cannot motivate myself with is super. I think it infuriates me too much, I’d rather forget about it, and make smart money my own way.
No one can be bothered with super, like you it’s something compulsory but forgotten about.
My simple formula:
Contributions are taxed at only 15%, not your personal income rate.
You can make additional tax deductible contributions.
You then earn compound interest in a tax friendly bubble.
Managed by teams of people handling billions in investments- they know way more than I do about investing so I leave it to the experts.
I can’t touch it for another 30 years, so it’s basically a high interest, low tax, forced savings account.
But don’t put all your eggs in one basket - spread your investments and spread your risk
Did you tell them you regularly sells shares then buy them back 5 minutes later to get your fee? These funds are designed to make you work till you’re dead, if you guys working in super are great at investing people should be working less lol
Let me guess, you never cared about your super until you started thinking of retirement now it’s the funds fault you’re working until the aged pension?
Also if you’re worried about being exploited, find a fund that DOESNT pay commissions or fees to their staff.
That’s how private funds work - making money for the board members.
Industry funds ‘generally’ reinvest profit into operating costs to lower the price you pay for their services
Just be careful that they don't put life insurance packaged with your super. It's a waste of money and eats into your contribution.
Fees are the biggest problem with Super. Government really needs have harsher punishments for this. Otherwise whats the point of super at all.
Teaching kids while still in high school about money,retirement,drugs and how to survive should be mandatory. I left school at 15,went out into the big bad world knowing stuff all. All I wanted was a job and a car, being in retirement never entered my mind. But i suppose that’s the way the government want to keep it. Mushrooms,keep them in the dark and feed them shit.
I think you need to take responsibility for your own actions. By your own admission you never thought about your own retirement. That fault is on you. Government is not to blame at all.
@@digitalsoultech
When your trying to survive day to day,week to week the last thing your thinking about is 40 years in the future. I do have a small amount in super,but according to the charts it’s not enough to survive on for the rest of my life. You can only do what you can do with the cards you have been dealt,not all of us can go onto university and become doctors,lawyers,or have the mental capabilities to be smart with money. I am not complaining or bagging those that did make it in life. I am mearly stating a fact that schools do not teach kids about savings,retirement,or how to handle money,or about interest rates. Maybe being taught those things might have helped,maybe not.
@@livingthedream6092 Apologies, it seems I misunderstood what you were trying to say and I agree with you.
Students are sent off for work experience but very few know about Super, WorkSafe, WorkCover or even the laws regarding equal opportunities, EBAs unions or even minimum wage and conditions. I don't know a single young person who hasn't been mistreated at work as a result and what's worse is when they become managers or bosses and still have zero idea of their rights and obligations. Parents often have no idea of the difference between their days and the current job market and without schools we now have generational problems resulting from this lack of education.
@@livingthedream6092 Most schools do teach these things now. Its taught in an age appropriate way, but it is taught. I wish I had been taught more. I didn't understand about credit ratings, or that paying a phone bill late can tarnish your credit rating. I didn't understand that inflation can eat up your mortgage repayments (I only understood that it could eat your savings). I took a business class as an elective but it was taught by the most inept teacher, I don't know why she was appointed to teach us. I learned nothing in that class.
Great advice by Mr Keating at the end ... young people should plan early and make sure they pay themselves (super) first ... George Clason - the Richest Man in Babylon
Super is paid by the boss, so are you saying you should sit back and do nothing?
Super', as it's related to employment income, perpetuates inequality (including gendered). The super' concessions are costing more than the pensions already. Abolish super' concessions and pay a decent aged pension.
Australian Industry Funds like Australia Super have really cheap fees compared to the Retail funds. This Minister needs to recognise this - APRA did.
I, and I assume many viewers watching this edition of, "The 7:30 Report", would be very disappointed that Alan Kohler failed miserably to ask key hard questions whilst interviewing Jane Hume (Minister for Politicians Superannuation and Banksters' Best Interest) concerning mandatory employer superannuation contributions. Alan Kohler should have asked the key question:
Federal politicians currently receive a 14.5% compulsory employer contributions to their tax payer funded Defined benefits superannuation whilst the average taxpayer only receives 9.5% employer contributions to their Define Contribution superannuation. Jane Hume states that the economy cannot afford to pay taxpayers14.5% employer contributions so must settle for 9.5%. So, why does this NOT also apply to politicians. Terminate their DB Super scheme and have DB Super scheme with 9.5% contributions for all.
Jane Hume is a deceitful liar and speaks with a forked tongue.
Spot on!
Here's hoping she loses her seat this election
And since covid and being stuck overseas I’ve got no super anymore and I’m nearly forty. I realised a long time ago with the rise of casualisation of the workforce, I will not be able to retire. It’ll be a thing of the past, stuck in the museum.
One year of Covid and no super “anymore” ...?.?? .... doesn’t make sense
Start managing your own super! Educate yourself, the super machine is there to keep you working until you’re dead
@Pedro Sean How do contact or follow or invest with her?
If successive Governments left the Keating superannuation model alone, people who were not entitled to superannuation before the Superannuation Guarantee Levy, would have a very comfortable retirement today.
Compounding interest doesn't exist when interest rates are low like they have been for 10 years!
The last few seconds of the vid, Paul Keating suggesting using super to pay off last bit of mortgage at age 60. Maybe governments should stop being dictated to by banks and let house prices do what they would naturally do, instead of being artificially propped up by governments and banks working together. The biggest problem people face trying to reach comfortable retirement is house prices. It’s unfortunate that so many people have been stooged into thinking that increasing house prices are a good thing for society.
When I was young I notice some old timers in the office salary sacrificing a rather large sum each year. I figure I'll do that once I pay off my mortgage. Now that I have, they've reduced how much I can. I was planning on contribution more like the older timers did. Stop changing the rules! The government is so short sighted. They want us to work till we die or take the age pension.
Become a property investor like the politicians.
@@rabidsminions2079 I object on a personal level. I don't want to contribute to the rising property prices. Maybe if we all thought like that others can afford to buy also.
@@lozza2272 you don't want to push up property prices but you're happy to lower your own tax in way the poor can't afford. Real selfless of uou
@@mabamabam that's one way of looking at it. I kind of think of it as not having to rely on the aged pension and future taxpayers. I just wanted what I planned for before they changed the rules. It took years of planning and when I got there, it was changed.
You can still contribute up to $25,000/year to your Superannuation (before tax), and pay only 15% tax on the amount that you sacrifice.
Where are the captions?
How can Hume say wages won’t rise if super rises? They aren’t rising now.
Yes they are. They just increase less than inflation. There is still plenty of wage rise left for the super industry to steal
@@mabamabam sure mate. More LNP spin.
@@ryanbruce The bankers arent your friend. The bankers are taking $40 BILLION a year to run a very expensive tax dodge for the rich. The Liberals love super because it massively favours the rich. No idea why Labor support it, it is the very definition of capital over labour.
I don't have a mortgage. I had my chance 25 years ago. I was young, had plenty of cash to put down 30% on a house but i didn't. Now i am back with nothing, renting with a friend.
Loser
Pay off mortgage or put extra into Super?
3:30 Taxi drivers are doing it very tough. Hope there is government help for them
I have no sympathy for them. It’s a job which has since been threatened by a better, cheaper service in rideshare apps. Adapt or die.
There is government help, and they're complaining they didn't get more. Taxi licenses were once the biggest asset bubble. My economics teacher at the time said that the best place he could have put his money was not shares nor property - it was in taxi licences. At the time they were being sold for $500,000. Then when uber came along, it all came crashing down. Taxi drivers only had themselves to blame for not keeping up with the times. Also, they would employ migrants without proper visas to drive in their cabs. As a young girl, I was propositioned so many times and asked to marry random drivers for money. I ended up giving up on taxis because I never felt safe around the drivers. This is why uber has flourished - cheaper, safer, and more reliable. There is the odd creep in an uber but they can be tracked down and held accountable if anything bad happens.
“Better”
@@hth3889 that’s right
Only now, they used to pull in masses of cash.
I believe that I have to work until I die . That means no retirement time
What's a super-annuation? I retired at 20% my final salary. The secret - hold the deed on your house, own a good car, and have at least a $50k nest egg. I'm actually saving more money in retirement with a $25k/yr pension, than I ever was able to do making $125K/yr.
You may be saving more but hard to believe a 100k+ loss in liquidity each year has not seen a drastic drop in quality of life or living standards. That or you stopped losing 2k a week on the Dapto Dogs and therefore it isn’t material.
a lot of people are locked out of the housing market and will rent possibly their whole lives.
Oh STFU. Easy for you to say, isn't it?
@@M.-.D Don't forget that a lot of it would be taxed and put into paying off a home loan. Of course some people simply spend more as they make more. Lifestyle will obviously change when you stop working, and all the time and cost commitments related to that.
Yes if you own your home ,and have no debt, you don't need a lot of money, I live very comfortably on 30k a year .and that includes, one trip overseas per year to visit family .
After all these years of fiddling with investing I have this to say: most of people's earnings go towards interest payments and rent. If you don't pay neither you're set for life, forego pleasures, save and pay off your debts people! Everything else is just noise.
I own my home. Have good money in supper, that's double the the average. Plus shares of a solid amount.
But what pisses many like myself that worked 40 odd years is those that who didn't put any into savings and blew it all get the pension and perks that's equivalent to saving for the future
a trade off between 12% super and wage growth hey? doesn't that imply that wages are actually growing?
Does anyone know if I am able to pass on all my super to my daughter to use as a house deposit ? It won't be much only 80k I imagine., but are you allowed to do this..?
Not likely. Can she not save up her own deposit?
That falls under gifting rules mate
So the rule goes 10k a year max
And not more than 30k over a 5 yr period
With the Superannuation balance mentioned this figure mentioned seems to be far higher than most people I know. I'd say with 15% input I'd probably be at a much better level now. There was originally a problem with the pulic didn't have a choice of which super fund you could use. This then this results in a string of different funds collected as you change jobs, some of these changes being having to eventually consolidate them all at some cost. I was in three of them at one stage. Some were not particularly good as far as fees and growth. This has consequently been a big failure for at least the first 10 years or more of investment. Now at 62 I have only got 150 k worked as a Licenced Electrician most of my life. Lucky I've realised super isn't going to be giving me choices later in retirement. super has been a four letter word FAIL.
Glad I've got enough to get out of this country ASAP.
Wages have not increased in decades to match productivity. The French had a way of resolving this issue.
So much problèmes in France you Know.
Don't believe that m'y country has got good solutions all thé Time .
AT thé moment i want to k.ll my politicians .
Aspiring to only knock off your main residence mortgage when you retire so you can rip off the taxpayer in the form of a pension is pretty pathetic Paul. How about take some responsibility and some risk so you have options in retirement.
Retirement .. what’s that??
For me it's getting out of here and living in the Philippines.
In 1986 we had saved a 250000T o retire one It was hard But we saved. Now in 2021 36 years On Im down to 50000 Alone on a small pension What if l live another 10years What Im l going to do I have to Pay for someone to clean the House/Garden and take me for errands/doctor . You say why dont you go into assisted living. The only decent one is 5000pm And my cat/dog cant come with me What Now.
Have kids, treat them well, and have enough of them that you're not a burden on just one or two of the poor things when you're old. That's the only surefire retirement plan, it's been that way since humans came down from trees.
In this country that means they leave home once 18 and only see you once a year until they throw you into a retirement home. Family values don't and have never existed in this country. Asians are smarter in this regard.
@@digitalsoultech Big Irish families that were common in Australia would disagree with the idea that family values never existed here.
It's only the welfare state subsuming the role of family that's made us less reliant on those directly around us, and made us arrogant because we think we're independant due to relying on a much larger group of people we never have to interact with due to abstractions.
@@pjbyrne1997 agreed with you. But the welfare state was only formed based on the australian values of society. If society valued keeping families connected and together then the aged care system wouldn't be as large and welfare wouldn't need to exist. It would be normal for aged parents to stay or depend on their children. Personally I really wish what you wrote was how society actually acted.
@@digitalsoultech parents depending on their children later in life, that’s sounds just awful, I’m not sure the asians have got that right at all.
37% of US households earn less than 50K per year. These people can not afford to save for retirement. They can barely afford to keep a roof over their heads never mind having children. That means at least 37% of Americans will rely entirely on Social Security when they can no longer work.
All fair points
Worth mentioning this is a video on Australian retirement but okay
Was never a great fan of Mr Keating, but he was, for once, honest and made a lot of sense. The one thing that does worry me is the naivety of the younger generation.
Bitcoin?
my retirement plan is investing in Powerball (it should be worth at least in millions in the pipeline, the wins is not subject to tax of 15%, hence tax free)
A general ballpark is a fifth of your current earnings must go into retirement savings.
In European countries thé crise IS coming soon.Invest in a house or jewels .Not in insurance -life who will goes down .
Bé careful ......
Hume is a joke. Keating is right as usual.
For any guys in the comment section, if you want to have a comfortable retirement, dont get married and dont have kids. You'll be all set.
Already on that train. Been with my girlfriend for 16 years, since we were teeneagers, we’re not getting married and not having kids, and our house is almost fully payed off in our mid 30s, and we’re already reducing our working days, it’s a 3 day weekend every week. Who would want kids?
@@xkimopye im just a stranger on the internet but i would advice you get married for the tax benefits and so if something were to happen to one of you, you would be able to make medical decisions for the other.
@@mister0sir I appreciate the sincerity. But no, the idea of calling my girlfriend a “wife” is (for the lack of a better word) yuck. And she feels the same. We both don’t like weddings or marriage. We seem to be in a longer and stronger relationship than those around who have gotten married (and divorced). Even my happily married parents agree with me that there is no good reason for getting married if you don’t have kids, and that we’ve made the right move. This is putting aside the fact that the price of the average wedding $36000 and a minimum of $10000, what a huge waste of money.
Even if I went to propose, she would be so annoyed with me for doing so, and she would definitely say no.
Again I appreciate what you’re saying but not all people should get married and not all people should be having kids. And that is us.
@@xkimopye I'm married and never spend.36,000 on my wedding. We spend 2,000 dollars a wedding in the back with just a family. And we are married for 16 years own our home 100% and trying to pay our other house. We've got 3 kids too.
But I suppose you choose to live life like that and I respect that.
@@rubymones8933 back at you. $2k for a wedding is smart, which is proven by the fact you’ve payed off your house I’m sure you’ve been smart with money. A wedding and marriage and kids is just something that we wouldn’t enjoy but that is just a personal feeling for us. My in-laws suggested we got married in 2020 when you couldn’t have guests due to covid but that totally missed the point that we just do want marriage. It makes me happy to not be married. But yes we all think different things, which is a good thing.
47 now. Working dangerous jobs in the early 90's and being 'unable to flaunt my earnings' I had nearly a cool million in Super before I was 22. Tax Dept read it as an 'irregularity' and took the lot. I voluntary contribute to my super today, but fact is, I cannot trust it. I've just been told too many lies by the well-to-do. You need permission to be wealthy in this country, but less so than before.
Super was designed by the puppets in the parliament for the hedge fund managers, stock market/Wall-Street to suck dry my super
They can just take your money like that? I'd be cutting throats and lynching anyone responsible after doing everything via due process the nicely nicely way and receiving no resolution from the ATO
@@thanhpham1647 In the us that is very true, here we have some options but again its not the best system. Anything that you want to build a future with should not have nearly as much volatility as shares.
53. Last 7 yrs home duties parent. No income no super contributions. 90k super balance. Trying to return to work now. Doesn't look good. No complaints. Is what it is. Those who complain that everyone else didn't get their act together on super and will now be receiving a pension? Boohoo. It's called a safety net. If your govt did not educate me as an 18yr old apprentice about super, then allowed for the contractor tax (pps) system to be forced upon me resulting in many years of no super contributions then what should my dumb bum have done? Is what it is.
Don't tax contributions at 15%
My income is taxed at more than double that, contribution concessions are very significant.
Up to 250k. That would boost peoples investments a hell of a lot
@@danielcockerill3761 in a year? If individuals can invest that amount in Super they can afford to pay tax on a majority of the contributions.
The system needs to be fair incentivised long term saving. Not a tax haven for the wealthy.
This is said as someone who would happily contribute six figures to super every year for both my wife and I.
@@M.-.D The tax rate on super contributions could be progressive, just like your regular tax rate. This could encourage low income earners to save for retirement without creating a tax haven for the wealthy, as you say.
I certainly do agree that the amount suggested by Daniel is absurd. If you can squirrel that away in a year chances are you already have a safe and secure retirement plan.
@@MrMalthusMusic it somewhat is progressive with the contribution cap, the concession threshold, and the low income super match scheme. I do think the rate could be a little bit lower 7.5%-10% with profits post retirement taxed within the fund while withdrawals still not being income taxable.
The scheme does need some balance and while incentives to low income earners is a great idea from my experience most are not interested regardless of how clear the math is. Most people regardless of wealth and income status just want their money now.
I have hardly any super at 52 working as a concreter guess I will be concreting till I am dead
Stop saying it’s over & stop saying the worst is yet to come.
I don’t understand, how come there is a housing boom now when lots of people are facing lose jobs, there are no oversea investors now
Govt. Intervention and manipulating loan market so they can have long term tax payers.
"You won't own anything, and you'll be happy." WEF
@@Keep_calm_and_slave_on waaaah
Well this is depressing..
yet not talk about the 25k cap
Easy for politicians who sit on their backsides to keep working but how about physically working from young till 67
Keating put his super into his eye fillers
We’re all gonna be poor forever. Saved you 13 min.
Poors are going to poor, but that's not all of us.
😆
@@S2Tubes it is for anyone that would watch this program
It is called the pension
I've met taxi drivers in Sydney who want to kill Paul Keating, but I think he's quite a brilliant man. Very genuinely want's the best for the working class Aussie.
Retirement is that a punchline to joke 😱😂
Corporations are *citizens* of a country. That is the *FIRST AND MOST DISATROUS MISTAKE!* Corporations *should never have been made citizens of ANY country!* Only individual people should be *citizens* of any country.
You actually mean... There's no retirement in the future
I guess if you’re bad with your money
I was broke. And very thin.
$344,000 where you get figures from. Real figure would be $70000 or less.
I'll reduce my staff in Australia hire more overseas.
So people will bé unemployment .More unemployment .....
Bravo .....And you cet After your future retirement pension ???
I've been working for 10 years and no one has paid my super
Are you sure you don't have an account you don't know about? That's incredibly illegal. You should do something about that
@@Albot940 It depends what they mean by work. Subcontracting, cash in hand, self employment, gig work, none of those have SA attached. Nothing to be done about it. Not all of it illegal either.
@@S2Tubes no, in all of those examples you still technically have to pay super unless you earn under about $450/month
@@Albot940 that’s not correct. There has to be an employer/ employee relationship for SG to be mandatory. Self employed types will need to pay themselves super just like they pay themselves wages.
@@froggyjohnson807 sorry, yeah you're right. Not sure how I got that confused. Cheers.
I retired at 21 living the dream drinking goon allday
They run this same story every year
The future of retirement.... There won't be one hahahahha😆🤣
If this taxi driver was earning $400 a day and couldn't save a safety net of minimum $10k I have no pity.
Did he own his taxi....
@@petermcgreevy6386 that fact is irrespective, he claimed he was earning it. Bloke needs to get his facts straight if he wasn't.
I don’t give squat about retirement. Covid is my god
haha hes only getting $400 a day driving in frankston from driving all the navy guys back to base
BTC. Bit coin a great retirement fund ;)
Until the entire thing crashes and you’re left with zero... and that can happen while you sleep.
Or the cost to mine 1 bitcoin requires the entire amount of electricity in the world.
Factor in the greatest depression of all time. In our near future. Folks be eating grass. Enjoy.
im just going to make talented babies so they can grow up to buy me a mansion
Please don't. There are parents out there that think the way you do, and the kids are miserable. You don't have kids to profit off them. Its about unconditional love.
I know alot of elderly parents in government nursing homes who thought like you. Don't ever think your children are going to take care of you when you get old. You might get disappointed.
@@jonniehickson5599 I know how to see value trust me if they aren't pulling there weight or turn out gay they are on the street
Same
@@blakepeter5334 You don't know how to see value if you turn your kid out if they are gay. Unless that was a joke, in which case hahahaha.
Buy bitcoin 🚀
Taxi driver Earning $400 a day!! And then loses his house have you heard of savings??
@@barlimanned I was wondering the same thing as Big Dean. Good answer.
You did have a choice your just lazy to take an interest in your future !
I am the Aztec eagle 🌎🦅🦅🦅
we the people
You complain that the immigrant takes away hours of work in the company, more time takes away the console and is Japanese
Working hard every day making America great always been 🌎 working hard for the minimum amount of money 💵
What?
This video has nothing to do with America..... Pay attention.. :(
@@EveryoneWhoUsesThisTV 1 USD = 1 •31 aud
@@rossguidice4439 ok
@@rossguidice4439 If you are trying to make a statement you have not succeeded.