@Nick Santos. I am 88, still a taxpayer, no pension whatsoever and never had any type of pension at all in my life, and I see your reply. It just makes me wonder what you did with your financial life.
I remember a friend who worked for one of our major banks going to an executive meeting when we were about 24yrs old. She said, oh it's scary, in the future there will be no old age pensions. We were freaked out when she explained what the plan was. Now I'm 57yrs old. It doesn't matter who is in government, the planning is active and will never change. New world order was on the horizon over 35yrs ago.
It's wonderful to educate & inform people about all new updates , bcoz everyone doesn't understand clearly about government policy & changes. So please keep up the good work Katherine !
I'm almost positive I will be a self funded retiree when I reach 67 (60 right now) and I bet the rules will change again and again. Love your channel Kath.
By the time you reach 67 they will probably change the retirement age to 70. These people don't care that a person's ability to adapt to a new set of rules deminishes as they get older. They also don't care that your chances of remaining employed or obtaining employment to retirement age are zero. They want you to work to retirement but employers won't have you. Bottom line is they just don't care at all. If you are not busy producing more consumers (children) to fund their Ponzy scheme they'd be happy for you to go and die.
If you own a house or a car and are just below the asset threshold in super. You are not very far behind a 100% self-funded person with one million dollars of super. Your AAP payment as an asset is worth $400,000 if you could sell it.
You are most likely correct with your assumption, but this is something to be very proud of if you are self-funded. Then it is just a matter of optimising what you have and hopefully you could be eligible later on in life, when you really need it for example due to age.
I retired at 55 and moved to a low cost US state. Bought my home cash and that was 8 years ago. Now with Skyrocketing post election inflation & gasoline & diesel costs rising adding to the historic high inflation it will be tough.
Oh Danie, I agree completely, rising petrol prices and cost of electricity or gas are very high. I hope it will get easier when the Ukraine war is over.
Closed Captions are excellent in this video - nice long sentences and plenty of time to read them. If only the same can be done with all other videos on YT, tv and movies.
Yes, and your diction and volume levels are excellent. Your accent gives you away a bit. They have the biggest and the best in A-F-R-I-C-A, love the place.,
There will be no pension for those born late 70s or later. A former vietnam vet commando told me everything in twenties and I watch in horror as such forecast unfolds before me, now. God be with you, Sir. You were right... Thanks for laughs and beers in my college days, and preparing me for a world ahead almost 20 years later.
Also, the circumstances he went into war, setting up radio arrays in trees for usa arrival under the Queenies orders... I would not follow orders from USA but a decent military officer of Australia instead.
The plan to wind back pension payments via super was no secret. But what has occurred, thanks in part to the ever widening gap of wealthy and poor is that the aged pension can probably never end.
Dear Katherine, I am so grateful for your videos. I have watched them all, and some them, I watched more than once. Superannuation, ATO, and CentreLink are so intertwined, complex, and complicated. I love your accent. You've worked very hard, and great effort has been put into uploading your videos. Your videos are clear and succinct, so easy to absorb. As for the racist remarks, perhaps these people may not have been aware of the abolish of the "White Australia," Policy. The White Australia policy was abolished in 1975, which took 25 years to dismantle in Parliament. My parents were from China, they worked on a British Commonwealth Island called Christmas Island. Hence, my family and I were awarded true Australian citizenship. Sadly, there are many, many Australians who refuse to accept parliamentary changes, and are quite xenophobic. I can be classified as an ABC Australian born Chinese. Racist remarks ought not to be tolerated, however, some people are devious, and punish us in subtle ways eg. mob bully at work. Currently, in Australia, we have over 130 different races and multicultural groups in Australia. Australia allows them in, and for the good, as I see the Chinese, Vietnamese, Africans, Indians, and many more, opening shops, running businesses, encouraging their children to be hard working, Many top students in High Schools have ethnic names, some are now architects, doctors, nurses, lawyers, dentists, computer scientists, pharmacists and they help boost the schools' moral and reputation. There are so many ethnic people working in tertiary hospitals, if some racist shout that we get out of Australia, all the hospitals will collapse immediate!! I truly appreciate all you videos, and good timing too, because I am 65, and planning my retirement. I plan to retire when I become 70, if I am still healthy. So, thank you very much, Katherine, keep up the great effort, you are helping numerous people like me.
Hello ChoyChan, I thank you so very much for your message and I agree with you 100%, so many accomplished people in Australia that originate from another land. As much as I am proud of my heritage, I am very proud Australian as well, and I love Australia, this is not my second home, this is and has been my first home for many years. Thank you again for all your support, and yes, please keep on watching those videos and I will keep on preparing them every week for all to learn and benefit from. all the best and thank you again 😊
Hi Katherine, I have a question " what are the different benefits between the age pension and a disability support pension?" are the benefits the same? Thanks, I'm so grateful for all your videos ... it's very helpful and informative and your explanations are very thorough
Thank you. the benefits are the same, the test limits are the same, but DSP is not age restricted like Age Pension. I will need to prepare a new video about DSP, as I do get lot of questions about it. So say tuned for full explanation
That was interesting, thankyou. I really enjoy your videos and are better informed as a result, as I thought the family home was not included in means testing.
It does not sound like it was a good idea the LNP forced the state governments to sell there power generators. Or they had didn't write some into the export licence of the coal and gas companies so we had enough for our own countries needs from these multinational companies that get subsidised by the federal government with fuel cost. This is must have been years in the making not just since the beginning of this year. And not just in the last 2 weeks.
The seniors health card is a problem for me. I already qualified for it but moved overseas temporarily to take advantage of an opportunity to study. My plan was to return to Australia for medical check ups and treatment every 12 months or so. Unfortunately because I was overseas for more than 4 weeks my card was cancelled and I now pay full freight for medical treatment. I had to cancel an essential check up on my last visit because I couldn't spare the $500 up front charge the card would exempt me from. Its crazy. I can only use this concession when I am in Australia so why cancel it?
It might be more believable if it wasn't for the previous election. As a self funded retiree with a lower income than the pension I had already been denied all those extra benefits given to pensioners. But there policy was to strip 25% from my gross income. While protecting pensioners from the same losses. They speak of deeming rates but not ACTUAL return. Claiming that you could get more elsewhere. But without ever factoring in that higher return comes from higher risk. It isn't "free income". I am puzzled with the CHSC rules. On income I would have been eligible for years. But I was under the impression that assets tests ruled me out completely. If prescriptions are treated as multiple different prescriptions then you pay the maximum for each and every one.
If you are a self-funded retiree single no house your assets would have been about $800,000 or more when the AAP peters out. It is really impossible to have that much money in super and earn less than the Australian Aged Pension (AAP). If once your assets were depleted to $500,000 you would have been entitled to the AAP full amount of $986.30 p/f as well as been required to take at least $25,000 on top of your full pension. So where did you go wrong? I fail to see.
The pension is for those who don't have enough money in super. I think it's totally fair. Everybody tries to provide for their future. Millionaires really don't need it, it shouldn't be available to those who don't need it. Greed is killing our kids futures.
Except that a lot of people who arent millionairs, who have worked and saved all their lives are penalised while those who have either sat on their backsides and contributed nothing to society, or have spent every cent they earned, get a pension. In the UK they have a pension fund but you have to have worked and contributed to get it. The more you contribute, the bigger your pension. We, in retirement, will continue to contribute to society, and those draining the public purse will not. It makes no sense to try and tax money earned by self funded retirees more heavily because it will mean these retirees will run out of money sooner and end up on the aged pension sooner. So, all those young people yelling to tax baby boomer retirees, boomers who have already paid tax all their lives, if you tax us more heavily, youre going to end up paying more tax in the long run to pay for our centrelink pensions that we wouldnt have needed if you werent so short sighted.
The thing is everyone's needs are different. Do we give someone that has 4 houses tax brakes on that or do you give someone that is struggling to pay the house they live help. To me it's a no brainer.
My age 70yr from Scotland I worked for fifty years long hours low pay payed Into a works pension because I did I get less of a government pension than someone who never worked
Thanks for your clear advice. RE: Selling your home residence- does this mean that regardless of 12 or 24 month exemption period?- that you have to pay income tax on the full amount of the sale? I don't understand why the govt. see that as income- ? And does that also mean that you are exempt from that income tax asessment for the 12 or 24 month period before they doso? That means instead of consolidating funds to help you in old age by downsizing - that they take it away in tax? Thanks Sasha
Im clad we have Labour government now but when the Gillard government was in they changed the law on old age pension reguarding living overseas and receiving pension . You have to be on pension for 2 years in Australia before you take it overseas . I never saw any sense in this you work for years and pay taxes ITS a right to receive pension . And living overseas it saved the government money you don't receive rent assistance your not using medicare and other bennifits you only get the basic payment. Example in Indonesia alone there are 10.000 Aussies here
Yes, that is a no-no when living overseas. On average the Australian Government is saving up to about $10,000 per year of payments to pensioners living overseas. e.g. No rent assistance, Hospital and medical expenses nil, NHS nil, and the pension supplement nil, no $575 free fuel (WA rural pensioners only) and almost free public transport and lots of other benefits. I have been living in Thailand 3 months at a time on a 90-day tourist visa there and 3/4 months back in Australia, for 10 years. Came back in late 2019 and have not been back due to Covid Complications. Yes, you lose the pension supplement but it's much cheaper to live in Thailand. as I go to and from Thailand, my pension supplement is still paid for 6 weeks after leaving Australia then it stops. The Govt is helping with the fare usually half. I rent a 3-star 32sq/m A/C studio condo in a large complex including power and water on the 13th story overlooking Cha-am Beach Thailand and it is nice. The monthly rent is Bt10,000 or Aus $400 including power and water. The complex has a wonderful pool. and is in the heart of Cha-am. There are cheaper places if you don't want to live near the beach. I still do own half a house with my estranged wife which she occupies where I stay when back in Australia, we are legally separated and living separate (all legal with Centrelink). That is if I'm not travelling around in my old 1989 like new campervan (only 170,000 on the clock). I do have a bit of supper, but not a lot where I download the compulsory amount I'm required to download each month. I still get the full-aged pension single rate because my assets are below the threshold. I am a bit self-funded. My income in Thailand is Bt75,000 a month and that is quite comfortable. I am blessed with good health for an 80 Y/O. I am not covered by Medicare or as a member of a private health fund when out of the country. That should be looked at if you pay the premium. With just a little bit of planning, this is available to all Australians...Each day I wonder what the poor people are doing.
we are pensioners on the asset test, looking to move abroad permanently later this year. when we sell our property for about $750,000 we will transfer about $400,000 abroad for our new property so therefore the balance of $350,000 becomes an asset. will we still receive the same pension. at the moment we receive about 85% because we have a small uk pension.
It is impossible for me to answer definitely, as I don't know your overall financial situation, but very likely yes, as you are already on part Age Pension only and you will have not only additional asset of $350,000, but that asset will also be counted under the Income Test based on deeming rates. You have time to get a good advise to set your finances correctly before you leave for overseas.
Maybe, there is an arrangement with the UK. I thought the age pension was suspended after leaving Australia for more than six weeks. Check with Centrelink.
@@petersinclair3997 6 weeks? That seems ridiculous. My parents have been on holiday for 6 months and the pension wasn’t reduced. One wonders why any limits should be in place if pensioners go overseas. After all, we should all be free to go where we please. It’s also cheaper for Australia if more pensioners go overseas as they’d not use the PBS or Medicare whist on holiday or if they moved abroad. To add, I know another couple who moved overseas and their pension wasn’t cut.
Yes, I'm a fifth-generation Aussie with roots back in Scotland, Wales, England and Ireland. As far as I am concerned it's "The Australian Labour Party"...period. I'm not a Yankee Doodle.
Irony is a spelling mistake when correcting a spelling mistake. Correctly, it's Liebor, which is a contraction of Nationalsozialistische Australian Liebor Party. In Australia they represent the 170 years of worldwide Left failure, the destruction of 30 countries and the killing of 200 million people by the Left, without them EVER having advanced humanity. Liebor Parasites Party is also a common name for them.
5:27 minutes in the amount of $115,522.00 is misspoken as being “One thousand one hundred and fifteen dollars, five hundred and twenty two” When speaking of money, on a topic as important as this, a mistake like this needs to be corrected.
Hi Meganne, thank you for your comment, I am amazed how enjoyable it is for some people to criticize others, yes, it is a mistake, and I realised it once the video was already on, unfortunately I am human and those things can happen, but for most viewers that was an obvious mistake. I am not a huge production company, but a small practice that is trying to help every Australian and mistakes are part of being human.
...@@AboutRetirementTV... According to Dale Carnegie the author of a book called "How to win friends and influence people" the politicians and salesman bible has been read by billions. There is no such thing as constructive criticism.
What if a person has pension in other country, how percent the Australian taxation took if the pension of that person is $200. Is there is treaty in between the Australia and other country and why, what if that pensioner in other country gave to her pension to the relatives as they need it so badly
Great video with lots of information. Off topic I know, but I am struggling to identify your accent. (Hearing impairment). Can you comment with what your accent is? Is it a single one or a blend of 2 or more. Thanks
Actually it's officially the Australian LABOR Party. There's a story behind the spelling but I've forgotten what that is. Normal English spelling in Australia would be LABOUR. Confusingly there is British LABOUR Party.
@@AboutRetirementTV Even funnier though, we have a coastal town in South Australia called Victor HARBOR not HARBOUR and a metropolitan area called Outer HARBOR. There's various speculations about why it happened that way but people are always trying to correct the spelling.
@@triarb5790 except our language is English. Not Latin, not French. This explanation is easy. At the registration of the political party, they made a mistake spelling their name on the form. It really is that simple.
I've been retrenched due to my knees .but am 66 yrs old I live in a defacto relationship. They are 8yrs younger and work .looks like iam not entitled to get a pension my defacto doesn't give me money or intrested in giving me a lifestyle and I dont blame them .so I've taken money out of my super to support myself but this won't last long .
I agree entirely and have wondered the same thing. However I think it is pure ignorance from most people and the Murdoch press that has given the votes over the past 9 years.
Thanks again Katherine, I enjoy your videos. I am still confused about deeming though. Is superannuation balance deemed, or just the income taken from it?
I take one medication for my heart. I am allergic to Sulphur so there is only one I can take and it costs over $40.00 every 30 days. My Diabetic medication that I may stop taking because it costs over $135.00 every 30 days. These are not easy to do when retired. I have always lived a healthy life with a healthy diet. I just got lucky and got everything genetic from both parents. My Diabetic medication would be at Pension prices if I had tested the usual tablets first. I can’t because of what is in them. Add those medications to all of the others I get to take daily that are now free for the rest of the year. I cannot even count the high cost one’s to get to my limit faster and I sometimes feel like the Government has found every possible way to disadvantage us for working for most of our lives. I worry about pensioners that do not own a home and how they survive.
They should a) increase the asset test by at least $50k. It's too damn low now. B) STOP taking $3 off the pension x every $1,000 you have over the mean asset test. Bring it back to $1 x every $1k. What u r talking about does not really help.
Hi Graeme, I have not heard of such proposal. I think Labor has more urgent issues on their minds, so for few years you are safe, but with the politics we never know.
This government as with Canada,Ukraine and others were not elected. They were put in place by World Economic Forum because they are manipulated. New Zealand, Jacinda adorn is a graduate of WEF and others Worldwide . There are levels depending of how they can influence the world in WEF
No you're wrong, Australians did not vote Labor for a change of Government. The Australian Labor Party got 32% of the primary vote only at the election. They got power through the vagouries of the preferential voting system.
I am 70 and although I don't work nor do I have superannuation when I was in my 30s I bought a unit then up graded to a house fully paid it off and also bought an investment property which I also paid off and on who's income I now live on . Do I have to pay tax on that income because after all the other expenses which go hand in hand with owning a property that would mean that what ever net income that I get it is far less than the pension
I know Jim, and I sympathise with you. This is one of the reasons, why so many people before or during retirement sell properties. Income is just not enough to live on.
Hi Bien, severance pay is type of a compensation and I don't think this would be paid to you if you resign, or decide to retire. It would only be paid if your contract ends early, eg. early termination.
Love the channeli have one simple question what is your estimate on retiring on the magic 1000000 dollars in super I am 66 working and my wife does not work I own my house my preservation age is 67
Hi Paul, retiring with $1Mil in your super or bank account is great, but Australian system allows you to retire with much less and still enjoy a great retirement. Most of my clients don't have that much, but they have fantastic life. It is all a matter of understanding how to maximise what you've got and how to get the best income from all sources.
I have worked and paid taxes for the past 54 years. I still work full time, 6 days a week, 10 hours a day. This year I will pay about $20 000 in tax. I don't mind paying my fair share of tax especially if it is spent wisely be Government to help our fellow Australians. I do not like tax dodgers as I feel they are depriving needy Australians from the basics.
Love your channel I stopped working when Covid started I’m 72 years old but my wife is still working she’s 62 years old can I apply for a pension even though my wife is working. James
Hi James, absolutely you can apply. I don't know what your wife's income is, but the allowance if quite generous. Also, please don't forget that your assets are subject to deeming rules, which will also be counted all under Income Test as well as Assets Test.
I honestly believe that you should be very proud of yourself to be self funded, obviously you must have done few things well to be at that point. Now it is just simply a matter to maximise what you have and work out if in any point in the future there is any possibility to become eligible. This is why advice is so curtail, comes down to proper planning.
Amazing that our governments have virtually wasted nearly 1 billion taxpayers dollars on those submarines re France....but cannot increase our old age pensions to a more reasonable level?! We are now struggling due to the increased cost of living...and no party seems to have addressed this prior to the last voting session?! There's something greatly amiss here; old age pensioners have given much to this country -how about the politicians give something back!?
Well the government went ahead and had apart inclosing power stations to some , transition to other power types doesn't happen over night 🌃, should have been working on the plane to faze out coal powered power stations over 25to30 years,but no now the end result not enough power to make the system Fucton, so everyone has power supply and at a fair price ,but end result is a Power shortage now and very height prices .the government has to get a Ballance ,other wise the people of this country will be forsed out of power and out of money ,and end up on the street.so keep going on the same road watch what happens,won't end well???????
New for DK pensioneers, can now work as much as they want/can without infliction on their pension,and the same can their wife /husband from 2023.Expected to give 1600 fulltime workforce per year which the country need so hard.
I don’t think it’s fair at all that people who have worked and set themselves up for retirement don’t get the benefits that those who have not done much or nothing get. The tax system is also wrong, everyone should pay the same percentage in tax. Just because you make a good wage working hard with long hours you should not be penalised with higher tax’s as you put more back into the economy in spending. We should be congratulated for our contributions and at a minimum given the benefits when we retire.
There's only one Labour Party in Australia and that's the DLP. There is a New Zealand and British Labour Party. I am very skeptical in listening to your advice when you cannot spell the Australian Labor Party correctly.
I find you need a degree in economics to understand any of the retiree's positions regarding their money. I have a little put away in a superfund-managed fund and find that having to take out so much of the capital each month is very annoying as I don't have that much. As someone else has pointed out the rules get changed willy nilly anyway and what chance have I have to understand ny of wha goes on?
This requirement is so that pensioners don't live like paupers so that their children or beneficiaries that have access to tax-free investment money. The Government wants you to spend it on yourself.
@@davidwalden2887 Yes David I see your point mate but my little side investment portfolio relies on the market to keep up with the payment they make you take out. I suppose I am lucky in that I was in a super scheme that allows me an extra non-taxable pension but it just annoys me that the investment part has to be dipped into. I feel genuinely sorry for those who rely on that small percentage they have to take out as sooner or later the money is going to run out. I think a means test should apply for those who like me were in a super fund that paid out reasonably well.
@@johngoard8272 Most people in Australia just buy investment units in a balanced fund. Perhaps 80% of retirees do so this way. They usually get a fund manager to do it for them. That is a unit may be worth $25 but it is made up of components of perhaps the AX200 or similar type of units. 200 of the believed to be the best performing shares in proportion to their capital value in Australia. You can buy in your fund 1000, 2000, 5000, or 10,000 units depending on the amount of money you invest. These units are pretty safe not perfect and are very easily bought and sold by the fund manager with your permission. You own the units. They are yours. You won't be able to add to your allocated pension but it is tax-free remember in Australia AAP recipients can earn about $33,000 and pay no tax. If married you can add your wife's tax-free threshold to your earnings, which means you can work a job earning $60,000 a year and pay no tax, and your super download is also tax-free. And, and still will get about 50% of your Australian Aged Pension (AAP). As these units can vary in value depending on how the stock exchange is behaving. And providing you do not exceed the asset threshold your 5%, 6%, 7% compulsory down load will just keep coming. The super fund will sell or trade units by your instructions. The last year for investment funds is not good, for me, my fund is $20,000 less than it was a year ago, but I have had to take $12,000 a year out 7% now that I'm 80 y/o. This payment is tax-free and it has no effect on m Australian Aged Pension (AAP). My assets are below the threshold just. However, there is now what I call a stealth tax applied on profits with super funds applied before the dividend is declared direct to the Govt from the funds...sneaky by the Govt. That way you cannot use this tax to offset other earnings in the usual way. It's like a hidden GST. However, if your total assets are above the asset threshold that will influence your AAP entitlements. I did drive a school bus for 10 years and became very familiar with AAP payments for part-time workers who also had some super and matters relating to the work bonus. (my situation). A very close friend was an investigator for Centrelink. I became an advocate for people who were frightened of Centrelink. Centrelink offered me a job at 71 y/o and suggested I give up the bus job, I used to attend as an advocate often to help. They said young people working for Centrelink cannot get a handle on AAP payments they are very short of experienced advisors. I kept that the school bus driver job...loved it. There are lots of very angry people making enquiries with Centrelink in regard to the AAP. My local Centrelink manager said during our discussions....Not for me.
@@johngoard8272 Yes with my single pension and the download I have to take I have nudged a bit in frot over the last 10 years but this year so far my super fund has dipped 12%. This could mean unbeknown to all, the Russians may be achieving their objective after all. It may have been cheaper to let them have their way. The cost so far to the West is trillions.
@@davidwalden2887 Yes sounds a bit like me but at least I was part of a super scheme that was withdrawn by the government after it was costing them too much money but I still got benefits because I was in the scheme before they stopped it. My main concern is that business with Russia I cannot agree that they should have their own way it is genocide and after Ukraine where next?? and further downturns in the world economy. I just don't see how that war affects what I invest.
I know folk who work hard save for retirement others that laughed they’d never pay into a work pension as goverment will pay them more money could be why folk in a mess money wise
Ah! And what did the LNP give Retiree Australians for the past 9 years? Dog foo, freezing conditions during winter no money for petrol and a stuffed up economy. I will add one more and that is an energy policy that has directly contributed to the increase in eneregy prices we are experiencing now. Thank our lucky stars that Labor are boack to once again save Australia.
Yes, I have noticed, it is very frustrating, but inevitable when the channel is getting bigger. I try to watch and remove as many of those irrelevant comments as I can. Thank you though 😀
But if I am take someone seriously about a serious topic I expect them to do appropriate research. If they cannot make a simple search for the correct name of one of the only two major political parties, how can I trust that they have properly researched other information? Facts matter. Particularly to us of the older generation whose education was strict. It appears petty, but this is how marketing works, it has to be targeted appropriately, or you lose a sale.
Hi Katherine, I was surprised to receive an email regarding the complimentary 15 minute meeting we "supposedly had" which did not happen on 3 Aug '22 at 3.30pm which I booked via your online portal some time ago. A gentleman called 10 minutes later at 3.40pm, apologising that you could not make the appointment and would I be willing to reschedule, which I declined, as first impressions do count, and I was truly disappointed that a 1st introduction could not be met. Kind regards Dawn
Hello Dawn, I am sorry we didn't meet your expectation, but unfortunately I had an accident on the road, and was unable to contact the office or you in time. Well, life is life thigs happen and sometimes we just have to adjust. Thank you for your message and I wish you all the best.
@@TC-yx2ss excactly right. While young people whinge about the cost of housing, they arent paying the 17% pa interest on their home loans that we paid, nor are they paying for childcare. We didnt even get paid maternity leave. We just went without a wage for as long as we could manage.
We get to choose the left or right wings of the same bird, Labour and Liberal play tag to keep the sheep occupied and Aussies are too stupid to work it out. Your one chance to fix this was to give power to the minor parties and you blew it.
@@carloscalero2220 They won't govern FFS! The point is that they will have seats and be able to influence policy and legislation. They will force the major parties to modify their priorities.
Historically independents only disrupt governing and they mayor contributions were prompting cut supply and pushing governments to call early elections
Labor and Liberal/National parties are completely different. Labor has generally tried to govern for the people even though they have made some bad decisions in the past. The LNP govern for the entitled and could not care anything for everday people. Look at the disaster the LNP have been over the last 9 years. One big problem Labor had was to try and be a small "target" so that the Murdoch press could not attack everything they put forward as they are doooing right now on Sky News and in The Australian.
Please tell me if you can. I have been trying too get some one to explain why up until 8 year’s ago if you lived in Government Housing, you only had to pay 25% rent on the the Basic Pension then we got a letter telling us we now would have to also pay 25% rent on our Utilities Supplement and our Pension Supplement. This meant that we were paying a little over $20 more on rent a fortnight. Then of course any Pension rise we get 25% goes back to the Government. Also the previous Government seemed to think that all aged Pensioners had a heap of Superannuation stashed away, when in fact there are many who don’t. I’m a Baby Boomer and it seems that the people who worked and were paid the minimum wage don’t. When I had to stop working, I got $2,400 in Super and half of that I had contributed myself. It’s getting harder and harder to make end’s meet. Please don’t get me wrong I’m grateful to have my home which I’ve lived in for 19 year’s. What I can’t understand is why they started taking the extra rent from our supplements and. At the time the LNP were in government and they always hit the people with the lowest incomes, it’s a well known fact. I have tried to get an answer on this for year’s but I can’t get any answers and too be honest, myself and a lot of people in my complex feel like they are giving too us in 1 hand and taking it back with the other. I’m not saying we shouldn’t have to pay rent, I’m just saying they shouldn’t be able take rent for supplements.
Your only problem seems to be that you don't know how to manage your money. If you receive the Australian Aged Pension (AAP) of $986.30 per fortnight this leaves you about $750 a fortnight to buy food and pay for gas and power all paid for by the government. By world standards, you are at the lower end of the 90% of privileged people in the world. I would not complain.
@@davidwalden2887 I’m not complaining, but let me break it down for you, I can manage my money because I have to. So let me break it down for you seeing as how you think I’m such a Dill, let’s add it up shall we. I’m a great believer in having money taken by Centre Pay each fortnight for my electricity , Gas and Telstra . This way I know my utility bills are always paid. My rent is $246.60 a fortnight and I also pay $5 a fortnight for water. So I’m left with $630.70, I then pay my Funeral Fund $36 a fortnight and why do I do this, it is because I don’t ever want my daughter and my Grandchildren to have to find the money for my Funeral. So now I have left$598.70. I do own a car, so when I pay my insurance for my car , my Home Contents and put Petrol in my car for the fortnight and pay my Rego BAM, there goes another $150. So now I’m down to $448.70 a fortnight. I still have to buy medications, fortunately I’m pretty heathy but you can take another $36 dollars off now we are down to $412.70 and haven’t even mentioned my grocery shopping yet and I’m not going too, I don’t drink or smoke so I suppose I do save money there, however if you think the Government does any maintenance you’d be wrong. Because while the LNP were in office they decided it was up to you too maintain your home. I’ve lived in my home for 19 years and I’ve been told if I want to paint the inside of my home then I have to pay for it myself, fortunately the walls and ceiling’s are holding up pretty well, I have degenerative osteoarthritis so as much as I would like to be able too paint I can’t, I would have to pay for it myself. I could go on but I won’t but don’t you dare tell me I’m well off or I can’t manage my money very well because I do but I’m happy living here and after all isn’t that’s what counts most of all.🤷♀️
Cat got your tongue big boy, just remember the next time you try to badmouth someone, you don’t know anything about what your talking about, you are a first class fool, who think’s Pensioners and Woman are sitting on easy street. So until you’ve lived on my side of the fence, why don’t you shut your big mouth. David Walden.🤷♀️
Labour will make the cost of living worse than it already is. The things he has done in the first few weeks is crazy. Oh, and it will be we can’t afford this and that …he is full of B.S. and the national debt will be through the roof , IF he goes through with any “proposals” . They deem interest way above what its anywhere near impossible to earn. Albo won’t cut it down, They deem us getting thousands in interest which is total B.S. to what you can get. My mum used to pay her body corporate each quarter, now she is lucky if it’s a hundred a year.
@@hellboy1413 No. The Australian Labor Party has been registered as The Australian Labor Party since its foundation in 1901. 'Labor' being the Latin word for toil. 'Labour' being the old French derivation of that original Latin word.
Don t worry about the spelling what should be changed is the ripoff pension pollys get after spending 9yrs in parliment f ing you over first sco mo on 300k a yr what a joke should be hung instead
Well, the Liberal government did not adjust deeming rates to the real cash rates in Australia, hence the 2.25%. Not available directly from the bank, not even on deeming accounts that are supposed to follow deeming rates. This should not be the case, I agree.
I want to know what happens regarding 'asylum seekers' who come here? If any are aged in their 40, or 50's, what are they entitled to when they reach pensionable age, if they haven't even paid into the National Insurance system?
What do you think about those recommended changes?
When you think of how much money is spent on defense and overseas help I do wonder how little our politicians think about our own people.
That the title should say AUSTRALIA
@Nick Santos. I am 88, still a taxpayer, no pension whatsoever and never had any type of pension at all in my life, and I see your reply. It just makes me wonder what you did with your financial life.
I remember a friend who worked for one of our major banks going to an executive meeting when we were about 24yrs old. She said, oh it's scary, in the future there will be no old age pensions. We were freaked out when she explained what the plan was. Now I'm 57yrs old. It doesn't matter who is in government, the planning is active and will never change. New world order was on the horizon over 35yrs ago.
They want us dead.
It's wonderful to educate & inform people about all new updates , bcoz everyone doesn't understand clearly about government policy & changes.
So please keep up the good work Katherine !
Thank you Dipak, I will most certainly continue
And nor can everyone(no-one?) understand the words you make up.
I'm almost positive I will be a self funded retiree when I reach 67 (60 right now) and I bet the rules will change again and again. Love your channel Kath.
By the time you reach 67 they will probably change the retirement age to 70.
These people don't care that a person's ability to adapt to a new set of rules deminishes as they get older. They also don't care that your chances of remaining employed or obtaining employment to retirement age are zero. They want you to work to retirement but employers won't have you.
Bottom line is they just don't care at all. If you are not busy producing more consumers (children) to fund their Ponzy scheme they'd be happy for you to go and die.
Yep.
Same, think moving assets around, even buying bullion and burying it would be a good idea.
If you own a house or a car and are just below the asset threshold in super. You are not very far behind a 100% self-funded person with one million dollars of super. Your AAP payment as an asset is worth $400,000 if you could sell it.
You are most likely correct with your assumption, but this is something to be very proud of if you are self-funded. Then it is just a matter of optimising what you have and hopefully you could be eligible later on in life, when you really need it for example due to age.
I retired at 55 and moved to a low cost US state. Bought my home cash and that was 8 years ago. Now with Skyrocketing post election inflation & gasoline & diesel costs rising adding to the historic high inflation it will be tough.
Oh Danie, I agree completely, rising petrol prices and cost of electricity or gas are very high. I hope it will get easier when the Ukraine war is over.
Closed Captions are excellent in this video - nice long sentences and plenty of time to read them.
If only the same can be done with all other videos on YT, tv and movies.
thank you 😀
Yes, and your diction and volume levels are excellent. Your accent gives you away a bit. They have the biggest and the best in A-F-R-I-C-A, love the place.,
I will be getting nothing or very little. So once again I will be punished for working hard and saving hard throughout my working life.
But you are a true hard working Battler and I respect you.
There will be no pension for those born late 70s or later. A former vietnam vet commando told me everything in twenties and I watch in horror as such forecast unfolds before me, now. God be with you, Sir. You were right... Thanks for laughs and beers in my college days, and preparing me for a world ahead almost 20 years later.
Also, the circumstances he went into war, setting up radio arrays in trees for usa arrival under the Queenies orders... I would not follow orders from USA but a decent military officer of Australia instead.
I knew of this plan also 35yrs ago. I remember being scared at 24yrs when told of them cutting out the old age pensions.
The plan to wind back pension payments via super was no secret. But what has occurred, thanks in part to the ever widening gap of wealthy and poor is that the aged pension can probably never end.
Dear Katherine, I am so grateful for your videos. I have watched them all, and some them, I watched more than once. Superannuation, ATO, and CentreLink are so intertwined, complex, and complicated.
I love your accent. You've worked very hard, and great effort has been put into uploading your videos. Your videos are clear and succinct, so easy to absorb.
As for the racist remarks, perhaps these people may not have been aware of the abolish of the "White Australia," Policy. The White Australia policy was abolished in 1975, which took 25 years to dismantle in Parliament.
My parents were from China, they worked on a British Commonwealth Island called Christmas Island. Hence, my family and I were awarded true Australian citizenship.
Sadly, there are many, many Australians who refuse to accept parliamentary changes, and are quite xenophobic.
I can be classified as an ABC Australian born Chinese. Racist remarks ought not to be tolerated, however, some people are devious, and punish us in subtle ways eg. mob bully at work.
Currently, in Australia, we have over 130 different races and multicultural groups in Australia. Australia allows them in, and for the good, as I see the Chinese, Vietnamese, Africans, Indians, and many more, opening shops, running businesses, encouraging their children to be hard working, Many top students in High Schools have ethnic names, some are now architects, doctors, nurses, lawyers, dentists, computer scientists, pharmacists and they help boost the schools' moral and reputation.
There are so many ethnic people working in tertiary hospitals, if some racist shout that we get out of Australia, all the hospitals will collapse immediate!!
I truly appreciate all you videos, and good timing too, because I am 65, and planning my retirement. I plan to retire when I become 70, if I am still healthy.
So, thank you very much, Katherine, keep up the great effort, you are helping numerous people like me.
Hello ChoyChan, I thank you so very much for your message and I agree with you 100%, so many accomplished people in Australia that originate from another land. As much as I am proud of my heritage, I am very proud Australian as well, and I love Australia, this is not my second home, this is and has been my first home for many years. Thank you again for all your support, and yes, please keep on watching those videos and I will keep on preparing them every week for all to learn and benefit from. all the best and thank you again 😊
Hi Katherine, I have a question " what are the different benefits between the age pension and a disability support pension?"
are the benefits the same? Thanks, I'm so grateful for all your videos ... it's very helpful and informative and your explanations are very thorough
Thank you. the benefits are the same, the test limits are the same, but DSP is not age restricted like Age Pension. I will need to prepare a new video about DSP, as I do get lot of questions about it. So say tuned for full explanation
Well spoken and easy to understand. Thank you
Thank you Robyn
That was interesting, thankyou. I really enjoy your videos and are better informed as a result, as I thought the family home was not included in means testing.
Thank you Mark, and yes family home is excluded from means testing 😀
It does not sound like it was a good idea the LNP forced the state governments to sell there power generators. Or they had didn't write some into the export licence of the coal and gas companies so we had enough for our own countries needs from these multinational companies that get subsidised by the federal government with fuel cost. This is must have been years in the making not just since the beginning of this year. And not just in the last 2 weeks.
All true Trevor, but did you post this comment on the wrong video?
The state generator sale was started in Victoria by Cain and Kirner LABOR, it was finalised under Kennet who had no choice as the deal had been done.
Gibberish.
Well composed, helpful and concise
Thank you Al 😀
The seniors health card is a problem for me. I already qualified for it but moved overseas temporarily to take advantage of an opportunity to study. My plan was to return to Australia for medical check ups and treatment every 12 months or so. Unfortunately because I was overseas for more than 4 weeks my card was cancelled and I now pay full freight for medical treatment. I had to cancel an essential check up on my last visit because I couldn't spare the $500 up front charge the card would exempt me from. Its crazy. I can only use this concession when I am in Australia so why cancel it?
GD .. Once again the Smart Dumb people make the rules to suit themselves .. not you and those you care about .
Just out of curiosity cause I am planning to change careers pre retirement, what are you studying as a retiree?
@@last_samurai6690 I just completed a PhD in Islamic Studies at the International Institute of Islamic Civilisation in Malaysia
@@garydargan6 omg. That sounds heavy. Do you have a job in mind or it is just out of interest?
@@garydargan6 I couldn't imagine anything worse than studying a primitive, bankrupt, dangerous ideology.
Thank you so much for that very clear information. I’ve subscribed.
Thank you Robert 😀
It might be more believable if it wasn't for the previous election. As a self funded retiree with a lower income than the pension I had already been denied all those extra benefits given to pensioners. But there policy was to strip 25% from my gross income. While protecting pensioners from the same losses. They speak of deeming rates but not ACTUAL return. Claiming that you could get more elsewhere. But without ever factoring in that higher return comes from higher risk. It isn't "free income". I am puzzled with the CHSC rules. On income I would have been eligible for years. But I was under the impression that assets tests ruled me out completely. If prescriptions are treated as multiple different prescriptions then you pay the maximum for each and every one.
If you are a self-funded retiree single no house your assets would have been about $800,000 or more when the AAP peters out. It is really impossible to have that much money in super and earn less than the Australian Aged Pension (AAP). If once your assets were depleted to $500,000 you would have been entitled to the AAP full amount of $986.30 p/f as well as been required to take at least $25,000 on top of your full pension. So where did you go wrong? I fail to see.
The pension is for those who don't have enough money in super. I think it's totally fair. Everybody tries to provide for their future. Millionaires really don't need it, it shouldn't be available to those who don't need it. Greed is killing our kids futures.
Except that a lot of people who arent millionairs, who have worked and saved all their lives are penalised while those who have either sat on their backsides and contributed nothing to society, or have spent every cent they earned, get a pension. In the UK they have a pension fund but you have to have worked and contributed to get it. The more you contribute, the bigger your pension. We, in retirement, will continue to contribute to society, and those draining the public purse will not. It makes no sense to try and tax money earned by self funded retirees more heavily because it will mean these retirees will run out of money sooner and end up on the aged pension sooner. So, all those young people yelling to tax baby boomer retirees, boomers who have already paid tax all their lives, if you tax us more heavily, youre going to end up paying more tax in the long run to pay for our centrelink pensions that we wouldnt have needed if you werent so short sighted.
Thank you for the presentation. I note some of the bizarre comments which is not uncommon unfortunately on Utube.
I know, it is frustrating. Thank you Jim
Well I am new to your channel I just mite hang around for a while.
Welcome Wayne and please do 😀
The thing is everyone's needs are different. Do we give someone that has 4 houses tax brakes on that or do you give someone that is struggling to pay the house they live help. To me it's a no brainer.
Public Housing...the only instrument that will alter the existing dilemma. Both major parties run when faced with this choice. Donors?
@@hayloft3834 What’s your point?
@@hayloft3834 not free, but on 25% of one’s income.
@@robertholland7558 I don't work and don't intend to work. So no income to speak of. Give the house to me free.
@@hayloft3834 Don't deflect you wrote "10,000,00 for free" so what do you mean?Last chance
My age 70yr from Scotland I worked for fifty years long hours low pay payed Into a works pension because I did I get less of a government pension than someone who never worked
Thanks for your clear advice. RE: Selling your home residence- does this mean that regardless of 12 or 24 month exemption period?- that you have to pay income tax on the full amount of the sale? I don't understand why the govt. see that as income- ? And does that also mean that you are exempt from that income tax asessment for the 12 or 24 month period before they doso? That means instead of consolidating funds to help you in old age by downsizing - that they take it away in tax? Thanks Sasha
The increases in benefits for retirees with such money are ridiculous and not fair!!!
Has the CHSC Health Card proposed changes for self funded retirees legislation been passed yet?
How do you pay for nursing home care if you can't afford it? This stuff used to be sorted out once.
Didn’t understand any of it first time I ve heard of deeming rate
Im clad we have Labour government now but when the Gillard government was in they changed the law on old age pension reguarding living overseas and receiving pension .
You have to be on pension for 2 years in Australia before you take it overseas .
I never saw any sense in this you work for years and pay taxes ITS a right to receive pension .
And living overseas it saved the government money you don't receive rent assistance your not using medicare and other bennifits you only get the basic payment.
Example in Indonesia alone there are 10.000 Aussies here
Yes, that is a no-no when living overseas. On average the Australian Government is saving up to about $10,000 per year of payments to pensioners living overseas. e.g. No rent assistance, Hospital and medical expenses nil, NHS nil, and the pension supplement nil, no $575 free fuel (WA rural pensioners only) and almost free public transport and lots of other benefits. I have been living in Thailand 3 months at a time on a 90-day tourist visa there and 3/4 months back in Australia, for 10 years. Came back in late 2019 and have not been back due to Covid Complications.
Yes, you lose the pension supplement but it's much cheaper to live in Thailand. as I go to and from Thailand, my pension supplement is still paid for 6 weeks after leaving Australia then it stops. The Govt is helping with the fare usually half.
I rent a 3-star 32sq/m A/C studio condo in a large complex including power and water on the 13th story overlooking Cha-am Beach Thailand and it is nice. The monthly rent is Bt10,000 or Aus $400 including power and water. The complex has a wonderful pool. and is in the heart of Cha-am. There are cheaper places if you don't want to live near the beach.
I still do own half a house with my estranged wife which she occupies where I stay when back in Australia, we are legally separated and living separate (all legal with Centrelink). That is if I'm not travelling around in my old 1989 like new campervan (only 170,000 on the clock). I do have a bit of supper, but not a lot where I download the compulsory amount I'm required to download each month.
I still get the full-aged pension single rate because my assets are below the threshold. I am a bit self-funded. My income in Thailand is Bt75,000 a month and that is quite comfortable. I am blessed with good health for an 80 Y/O. I am not covered by Medicare or as a member of a private health fund when out of the country. That should be looked at if you pay the premium.
With just a little bit of planning, this is available to all Australians...Each day I wonder what the poor people are doing.
Get a job that might help you get by
we are pensioners on the asset test, looking to move abroad permanently later this year. when we sell our property for about $750,000 we will transfer about $400,000 abroad for our new property so therefore the balance of $350,000 becomes an asset. will we still receive the same pension. at the moment we receive about 85% because we have a small uk pension.
It is impossible for me to answer definitely, as I don't know your overall financial situation, but very likely yes, as you are already on part Age Pension only and you will have not only additional asset of $350,000, but that asset will also be counted under the Income Test based on deeming rates. You have time to get a good advise to set your finances correctly before you leave for overseas.
Maybe, there is an arrangement with the UK. I thought the age pension was suspended after leaving Australia for more than six weeks. Check with Centrelink.
@@petersinclair3997 6 weeks? That seems ridiculous. My parents have been on holiday for 6 months and the pension wasn’t reduced. One wonders why any limits should be in place if pensioners go overseas. After all, we should all be free to go where we please. It’s also cheaper for Australia if more pensioners go overseas as they’d not use the PBS or Medicare whist on holiday or if they moved abroad.
To add, I know another couple who moved overseas and their pension wasn’t cut.
Suggestion is to buy a more expensive property secure the money on the property the rest is not big enough to reduce you pensioner you safe
If you are Australia citizenship have age pensioner you can take in any country
And you can stay in overseas long you like pensioner won’t be cut
Great information. I’m going to subscribe. I’ve noticed that you are spelling Labor incorrectly as Labour.
Yes, I'm a fifth-generation Aussie with roots back in Scotland, Wales, England and Ireland. As far as I am concerned it's "The Australian Labour Party"...period. I'm not a Yankee Doodle.
@@davidwalden2887 all good, I see you’re entitled to be wrong 😊
Thought it was Libor.
Irony is a spelling mistake when correcting a spelling mistake.
Correctly, it's Liebor, which is a contraction of Nationalsozialistische Australian Liebor Party. In Australia they represent the 170 years of worldwide Left failure, the destruction of 30 countries and the killing of 200 million people by the Left, without them EVER having advanced humanity.
Liebor Parasites Party is also a common name for them.
5:27 minutes in the amount of $115,522.00 is misspoken as being “One thousand one hundred and fifteen dollars, five hundred and twenty two”
When speaking of money, on a topic as important as this, a mistake like this needs to be corrected.
Language is the means to understand the spoken word. It changes daily.
Yes, but don't need to be a genius to understand there was a mistake and correct it yourself.
Hi Meganne, thank you for your comment, I am amazed how enjoyable it is for some people to criticize others, yes, it is a mistake, and I realised it once the video was already on, unfortunately I am human and those things can happen, but for most viewers that was an obvious mistake. I am not a huge production company, but a small practice that is trying to help every Australian and mistakes are part of being human.
...@@AboutRetirementTV... According to Dale Carnegie the author of a book called "How to win friends and influence people" the politicians and salesman bible has been read by billions. There is no such thing as constructive criticism.
What if a person has pension in other country, how percent the Australian taxation took if the pension of that person is $200. Is there is treaty in between the Australia and other country and why, what if that pensioner in other country gave to her pension to the relatives as they need it so badly
Great video with lots of information.
Off topic I know, but I am struggling to identify your accent. (Hearing impairment). Can you comment with what your accent is? Is it a single one or a blend of 2 or more.
Thanks
shes a WEF propaganda plant
dutch no doubt.
Hope I’m going to be ok when we plan to sell around January February 2023 regarding asset test on house
OMG Grant, that's only a year away 😮
@@AboutRetirementTV so many changes happening at the moment interest rates deeming ect I’m getting a headache
Actually it's officially the Australian LABOR Party. There's a story behind the spelling but I've forgotten what that is. Normal English spelling in Australia would be LABOUR. Confusingly there is British LABOUR Party.
I know Jeff, it is confusing and whichever way I write it someone will see it as a misspelling - oh well... we have to live with it 😆
@@AboutRetirementTV Even funnier though, we have a coastal town in South Australia called Victor HARBOR not HARBOUR and a metropolitan area called Outer HARBOR. There's various speculations about why it happened that way but people are always trying to correct the spelling.
😄 @Jeff Turner ha, ha that's just funny 😀
Labor is derived from the Latin. Labour is derived from Old French.
@@triarb5790 except our language is English. Not Latin, not French. This explanation is easy. At the registration of the political party, they made a mistake spelling their name on the form. It really is that simple.
So does this affect those grub politicians and their super, different rules?
I've been retrenched due to my knees .but am 66 yrs old I live in a defacto relationship. They are 8yrs younger and work .looks like iam not entitled to get a pension my defacto doesn't give me money or intrested in giving me a lifestyle and I dont blame them .so I've taken money out of my super to support myself but this won't last long .
Same here bro my supa nearly finished and then on a measly old age pension. All those 40 years of working and for what .
Wasn't the Commonwealth Health Card supposed to have discounts on utilities also ??
I known travel is not included but I can't recall what is.
what about the reduction in age for downsizing contribution or is that already legislated
Hi Chris, it is a proposal only, not legislated yet, hence I have not mentioned it in my video not to create confusion
Sounds good , long time needed .
Why on earth working people vote for Liberal govts like the last one I don’t know
I agree entirely and have wondered the same thing. However I think it is pure ignorance from most people and the Murdoch press that has given the votes over the past 9 years.
Thanks again Katherine, I enjoy your videos. I am still confused about deeming though. Is superannuation balance deemed, or just the income taken from it?
it is always the capital that is subject to deeming, so Centrelink can calculate your estimated (deemed) income
I take one medication for my heart. I am allergic to Sulphur so there is only one I can take and it costs over $40.00 every 30 days. My Diabetic medication that I may stop taking because it costs over $135.00 every 30 days. These are not easy to do when retired.
I have always lived a healthy life with a healthy diet. I just got lucky and got everything genetic from both parents. My Diabetic medication would be at Pension prices if I had tested the usual tablets first. I can’t because of what is in them. Add those medications to all of the others I get to take daily that are now free for the rest of the year. I cannot even count the high cost one’s to get to my limit faster and I sometimes feel like the Government has found every possible way to disadvantage us for working for most of our lives. I worry about pensioners that do not own a home and how they survive.
Very true comment and I am in similar situation. All the hard work and taxes paid and suffering continues.
Does that include or exclude smsf pension payments
Hi David, SMSF pension is treated exactly the same for Age Pension as any other pension. The same rules apply.
They should a) increase the asset test by at least $50k. It's too damn low now.
B) STOP taking $3 off the pension x every $1,000 you have over the mean asset test. Bring it back to $1 x every $1k.
What u r talking about does not really help.
Hi there, In the future do you think Labour will be putting up the assets threshold? Cheers
Hi Graeme, I have not heard of such proposal. I think Labor has more urgent issues on their minds, so for few years you are safe, but with the politics we never know.
This government as with Canada,Ukraine and others were not elected. They were put in place by World Economic Forum because they are manipulated. New Zealand, Jacinda adorn is a graduate of WEF and others Worldwide . There are levels depending of how they can influence the world in WEF
No you're wrong, Australians did not vote Labor for a change of Government. The Australian Labor Party got 32% of the primary vote only at the election. They got power through the vagouries of the preferential voting system.
Many thanks!
thank you for watching
I am 70 and although I don't work nor do I have superannuation when I was in my 30s I bought a unit then up graded to a house fully paid it off and also bought an investment property which I also paid off and on who's income I now live on .
Do I have to pay tax on that income because after all the other expenses which go hand in hand with owning a property that would mean that what ever net income that I get it is far less than the pension
I know Jim, and I sympathise with you. This is one of the reasons, why so many people before or during retirement sell properties. Income is just not enough to live on.
Hi Katherine
If I retire 0r decided to stop working at age 64 can I get severance pay from my company if I told them wanting to retire ? Thanks
Hi Bien, severance pay is type of a compensation and I don't think this would be paid to you if you resign, or decide to retire. It would only be paid if your contract ends early, eg. early termination.
I am worried about where the money is coming from for all their ideas. Labor spends other peoples money but this time there is no money to spend.
Money coming from the same place where the LNP got money ..
THE PRINTING PRESS.
Governments don’t make money, everything they do is with money from Tax and taxpayers, all governments do is spend spend spend..
And whose money did the LNP waste over the past nine years!
@@andrewjoy7044 Ours. Now the Labor part has nothing to spend. What would Gough do in this situation. Thats right. Just borrow from the mob.
Katherine, it is the Labor Party not Labour Party.
Love the channeli have one simple question what is your estimate on retiring on the magic 1000000 dollars in super I am 66 working and my wife does not work I own my house my preservation age is 67
Hi Paul, retiring with $1Mil in your super or bank account is great, but Australian system allows you to retire with much less and still enjoy a great retirement. Most of my clients don't have that much, but they have fantastic life. It is all a matter of understanding how to maximise what you've got and how to get the best income from all sources.
I wish tax brakes were real...we need a break from taxes
Once retired, if you organise your money well, tax is no longer an issue
I have worked and paid taxes for the past 54 years. I still work full time, 6 days a week, 10 hours a day. This year I will pay about $20 000 in tax. I don't mind paying my fair share of tax especially if it is spent wisely be Government to help our fellow Australians. I do not like tax dodgers as I feel they are depriving needy Australians from the basics.
@@andrewjoy7044 Agree with you Andrew 100%. We all need to pay our share of tax.
Love your channel I stopped working when Covid started I’m 72 years old but my wife is still working she’s 62 years old can I apply for a pension even though my wife is working. James
Hi James, absolutely you can apply. I don't know what your wife's income is, but the allowance if quite generous. Also, please don't forget that your assets are subject to deeming rules, which will also be counted all under Income Test as well as Assets Test.
self funded retirees have been screwed in australia
I honestly believe that you should be very proud of yourself to be self funded, obviously you must have done few things well to be at that point. Now it is just simply a matter to maximise what you have and work out if in any point in the future there is any possibility to become eligible. This is why advice is so curtail, comes down to proper planning.
it is unfair for those who downsize their homes and release equity
I've done that it's wonderful. Loverly very nice new smaller home $300,000 now in super life is a breeze. You cant take it with you.
@@davidwalden2887 genius.
Amazing that our governments have virtually wasted nearly 1 billion taxpayers dollars on those submarines re France....but cannot increase our old age pensions to a more reasonable level?! We are now struggling due to the increased cost of living...and no party seems to have addressed this prior to the last voting session?! There's something greatly amiss here; old age pensioners have given much to this country -how about the politicians give something back!?
Well the government went ahead and had apart inclosing power stations to some , transition to other power types doesn't happen over night 🌃, should have been working on the plane to faze out coal powered power stations over 25to30 years,but no now the end result not enough power to make the system Fucton, so everyone has power supply and at a fair price ,but end result is a Power shortage now and very height prices .the government has to get a Ballance ,other wise the people of this country will be forsed out of power and out of money ,and end up on the street.so keep going on the same road watch what happens,won't end well???????
Apparently we signed a international agreement to sell gas at a world price. So it’s world monopoly’s pricing
And if the Powers That Were had possessed your IQ and level of education just think what could have been accomplished!
New for DK pensioneers, can now work as much as they want/can without infliction on their pension,and the same can their wife /husband from 2023.Expected to give 1600 fulltime workforce per year which the country need so hard.
Is this also for South Africans Gov pension
My video only relates to rules introduced in Australia by Australian Government
I don’t think it’s fair at all that people who have worked and set themselves up for retirement don’t get the benefits that those who have not done much or nothing get. The tax system is also wrong, everyone should pay the same percentage in tax. Just because you make a good wage working hard with long hours you should not be penalised with higher tax’s as you put more back into the economy in spending. We should be congratulated for our contributions and at a minimum given the benefits when we retire.
There's only one Labour Party in Australia and that's the DLP. There is a New Zealand and British Labour Party. I am very skeptical in listening to your advice when you cannot spell the Australian Labor Party correctly.
Now watch your money dissapear
I find you need a degree in economics to understand any of the retiree's positions regarding their money. I have a little put away in a superfund-managed fund and find that having to take out so much of the capital each month is very annoying as I don't have that much. As someone else has pointed out the rules get changed willy nilly anyway and what chance have I have to understand ny of wha goes on?
This requirement is so that pensioners don't live like paupers so that their children or beneficiaries that have access to tax-free investment money. The Government wants you to spend it on yourself.
@@davidwalden2887 Yes David I see your point mate but my little side investment portfolio relies on the market to keep up with the payment they make you take out. I suppose I am lucky in that I was in a super scheme that allows me an extra non-taxable pension but it just annoys me that the investment part has to be dipped into. I feel genuinely sorry for those who rely on that small percentage they have to take out as sooner or later the money is going to run out. I think a means test should apply for those who like me were in a super fund that paid out reasonably well.
@@johngoard8272 Most people in Australia just buy investment units in a balanced fund. Perhaps 80% of retirees do so this way. They usually get a fund manager to do it for them. That is a unit may be worth $25 but it is made up of components of perhaps the AX200 or similar type of units. 200 of the believed to be the best performing shares in proportion to their capital value in Australia. You can buy in your fund 1000, 2000, 5000, or 10,000 units depending on the amount of money you invest.
These units are pretty safe not perfect and are very easily bought and sold by the fund manager with your permission. You own the units. They are yours.
You won't be able to add to your allocated pension but it is tax-free remember in Australia AAP recipients can earn about $33,000 and pay no tax. If married you can add your wife's tax-free threshold to your earnings, which means you can work a job earning $60,000 a year and pay no tax, and your super download is also tax-free. And, and still will get about 50% of your Australian Aged Pension (AAP).
As these units can vary in value depending on how the stock exchange is behaving. And providing you do not exceed the asset threshold your 5%, 6%, 7% compulsory down load will just keep coming. The super fund will sell or trade units by your instructions.
The last year for investment funds is not good, for me, my fund is $20,000 less than it was a year ago, but I have had to take $12,000 a year out 7% now that I'm 80 y/o. This payment is tax-free and it has no effect on m Australian Aged Pension (AAP). My assets are below the threshold just. However, there is now what I call a stealth tax applied on profits with super funds applied before the dividend is declared direct to the Govt from the funds...sneaky by the Govt. That way you cannot use this tax to offset other earnings in the usual way. It's like a hidden GST.
However, if your total assets are above the asset threshold that will influence your AAP entitlements.
I did drive a school bus for 10 years and became very familiar with AAP payments for part-time workers who also had some super and matters relating to the work bonus. (my situation). A very close friend was an investigator for Centrelink. I became an advocate for people who were frightened of Centrelink. Centrelink offered me a job at 71 y/o and suggested I give up the bus job, I used to attend as an advocate often to help. They said young people working for Centrelink cannot get a handle on AAP payments they are very short of experienced advisors. I kept that the school bus driver job...loved it.
There are lots of very angry people making enquiries with Centrelink in regard to the AAP. My local Centrelink manager said during our discussions....Not for me.
@@johngoard8272 Yes with my single pension and the download I have to take I have nudged a bit in frot over the last 10 years but this year so far my super fund has dipped 12%. This could mean unbeknown to all, the Russians may be achieving their objective after all. It may have been cheaper to let them have their way. The cost so far to the West is trillions.
@@davidwalden2887 Yes sounds a bit like me but at least I was part of a super scheme that was withdrawn by the government after it was costing them too much money but I still got benefits because I was in the scheme before they stopped it. My main concern is that business with Russia I cannot agree that they should have their own way it is genocide and after Ukraine where next?? and further downturns in the world economy. I just don't see how that war affects what I invest.
I know folk who work hard save for retirement others that laughed they’d never pay into a work pension as goverment will pay them more money could be why folk in a mess money wise
saving alone might not be enough, the trick is to know where and how. Thanks Dawn
Retirees can look forward to eating dog food , freezing, no Petrol and no economy under labor
Maybe will be better thjan paying for a footbal field aftre it was built?
No, you’re wrong.
The corrupt Scummo is gone, and the adults are back in charge
to be honest. i dont think many VOTED for labour this has been ANOTHER STOLEN FRAUD ELWCTION...as was in france and USA..
Worse with libs
Ah! And what did the LNP give Retiree Australians for the past 9 years? Dog foo, freezing conditions during winter no money for petrol and a stuffed up economy. I will add one more and that is an energy policy that has directly contributed to the increase in eneregy prices we are experiencing now. Thank our lucky stars that Labor are boack to once again save Australia.
What income
I think you might have a lot of bots accessing this channel. Also, a lot of the comments are irrelevant to the subject you are talking about.
Yes, I have noticed, it is very frustrating, but inevitable when the channel is getting bigger. I try to watch and remove as many of those irrelevant comments as I can. Thank you though 😀
But if I am take someone seriously about a serious topic I expect them to do appropriate research. If they cannot make a simple search for the correct name of one of the only two major political parties, how can I trust that they have properly researched other information? Facts matter. Particularly to us of the older generation whose education was strict. It appears petty, but this is how marketing works, it has to be targeted appropriately, or you lose a sale.
Shouldn't that be 'Labour'?
30% voted for Labour the rest is preferential
Less voted for LNP, you conveniently forget the Coalition is made up by Nationals and Liberal!! Also no one cares!!
I love the suit and I think it is quit
Hi Katherine, I was surprised to receive an email regarding the complimentary 15 minute meeting we "supposedly had" which did not happen on 3 Aug '22 at 3.30pm which I booked via your online portal some time ago. A gentleman called 10 minutes later at 3.40pm, apologising that you could not make the appointment and would I be willing to reschedule, which I declined, as first impressions do count, and I was truly disappointed that a 1st introduction could not be met. Kind regards Dawn
Hello Dawn, I am sorry we didn't meet your expectation, but unfortunately I had an accident on the road, and was unable to contact the office or you in time. Well, life is life thigs happen and sometimes we just have to adjust. Thank you for your message and I wish you all the best.
More middle class welfare - a couple on 144,000 dollars should not need a Concession Card. Use the money to help young people get housing and homes.
But a young couple can earn $345,000 and get a 95% subsidy on child care costs.Seems fair.
@@TC-yx2ss excactly right. While young people whinge about the cost of housing, they arent paying the 17% pa interest on their home loans that we paid, nor are they paying for childcare. We didnt even get paid maternity leave. We just went without a wage for as long as we could manage.
They are greedy people. Concessions for everyone then.
The party is Labor and not as you have spelt it
Might be why speak of what might be ?? they only proposals nothing going to change heaven help us all.
ALP = less super tax consessions
Will Still Be The Lowest Pension In Europe...
We get to choose the left or right wings of the same bird, Labour and Liberal play tag to keep the sheep occupied and Aussies are too stupid to work it out. Your one chance to fix this was to give power to the minor parties and you blew it.
Minor party indeed!.. minor brains, minor resources to govern
WAIT FOR THE ALBO UN WEF PUPPET TO COME FOR YOUR HOUSE . THAT'S COMING NEXT.
@@carloscalero2220 They won't govern FFS! The point is that they will have seats and be able to influence policy and legislation. They will force the major parties to modify their priorities.
Historically independents only disrupt governing and they mayor contributions were prompting cut supply and pushing governments to call early elections
Labor and Liberal/National parties are completely different. Labor has generally tried to govern for the people even though they have made some bad decisions in the past. The LNP govern for the entitled and could not care anything for everday people. Look at the disaster the LNP have been over the last 9 years. One big problem Labor had was to try and be a small "target" so that the Murdoch press could not attack everything they put forward as they are doooing right now on Sky News and in The Australian.
Don't blame the labour for the Morrison's decisions
I'm revelling in the prospect that I will be able to afford another box of Cornflakes a week under a Labore government. Woo hoo!
English ?
Please tell me if you can. I have been trying too get some one to explain why up until 8 year’s ago if you lived in Government Housing, you only had to pay 25% rent on the the Basic Pension then we got a letter telling us we now would have to also pay 25% rent on our Utilities Supplement and our Pension Supplement. This meant that we were paying a little over $20 more on rent a fortnight. Then of course any Pension rise we get 25% goes back to the Government. Also the previous Government seemed to think that all aged Pensioners had a heap of Superannuation stashed away, when in fact there are many who don’t. I’m a Baby Boomer and it seems that the people who worked and were paid the minimum wage don’t. When I had to stop working, I got $2,400 in Super and half of that I had contributed myself. It’s getting harder and harder to make end’s meet. Please don’t get me wrong I’m grateful to have my home which I’ve lived in for 19 year’s. What I can’t understand is why they started taking the extra rent from our supplements and. At the time the LNP were in government and they always hit the people with the lowest incomes, it’s a well known fact. I have tried to get an answer on this for year’s but I can’t get any answers and too be honest, myself and a lot of people in my complex feel like they are giving too us in 1 hand and taking it back with the other. I’m not saying we shouldn’t have to pay rent, I’m just saying they shouldn’t be able take rent for supplements.
Your only problem seems to be that you don't know how to manage your money. If you receive the Australian Aged Pension (AAP) of $986.30 per fortnight this leaves you about $750 a fortnight to buy food and pay for gas and power all paid for by the government.
By world standards, you are at the lower end of the 90% of privileged people in the world. I would not complain.
@@davidwalden2887 I’m not complaining, but let me break it down for you, I can manage my money because I have to. So let me break it down for you seeing as how you think I’m such a Dill, let’s add it up shall we. I’m a great believer in having money taken by Centre Pay each fortnight for my electricity , Gas and Telstra . This way I know my utility bills are always paid. My rent is $246.60 a fortnight and I also pay $5 a fortnight for water. So I’m left with $630.70, I then pay my Funeral Fund $36 a fortnight and why do I do this, it is because I don’t ever want my daughter and my Grandchildren to have to find the money for my Funeral. So now I have left$598.70. I do own a car, so when I pay my insurance for my car , my Home Contents and put Petrol in my car for the fortnight and pay my Rego BAM, there goes another $150. So now I’m down to $448.70 a fortnight. I still have to buy medications, fortunately I’m pretty heathy but you can take another $36 dollars off now we are down to $412.70 and haven’t even mentioned my grocery shopping yet and I’m not going too, I don’t drink or smoke so I suppose I do save money there, however if you think the Government does any maintenance you’d be wrong. Because while the LNP were in office they decided it was up to you too maintain your home. I’ve lived in my home for 19 years and I’ve been told if I want to paint the inside of my home then I have to pay for it myself, fortunately the walls and ceiling’s are holding up pretty well, I have degenerative osteoarthritis so as much as I would like to be able too paint I can’t, I would have to pay for it myself. I could go on but I won’t but don’t you dare tell me I’m well off or I can’t manage my money very well because I do but I’m happy living here and after all isn’t that’s what counts most of all.🤷♀️
Cat got your tongue big boy, just remember the next time you try to badmouth someone, you don’t know anything about what your talking about, you are a first class fool, who think’s Pensioners and Woman are sitting on easy street. So until you’ve lived on my side of the fence, why don’t you shut your big mouth. David Walden.🤷♀️
Now people on I pension get used of eating Dog food
It's Labor - please correct
It is the Labia party. Get the spelling right.
Flatering on you
Labor, NOT LABOUR!!!!!
Australians didnt choose as you will find out n time.
Labour will make the cost of living worse than it already is. The things he has done in the first few weeks is crazy. Oh, and it will be we can’t afford this and that …he is full of B.S. and the national debt will be through the roof , IF he goes through with any “proposals” . They deem interest way above what its anywhere near impossible to earn. Albo won’t cut it down, They deem us getting thousands in interest which is total B.S. to what you can get. My mum used to pay her body corporate each quarter, now she is lucky if it’s a hundred a year.
I know someone else that is full of BS ... YOU!!
people should have listened when frankingstein bowen said"dont vote for us"
Get it right. The name is LABOR not LABOUR.
Labour is correct
@@hellboy1413 No. The Australian Labor Party has been registered as The Australian Labor Party since its foundation in 1901. 'Labor' being the Latin word for toil. 'Labour' being the old French derivation of that original Latin word.
Don t worry about the spelling what should be changed is the ripoff pension pollys get after spending 9yrs in parliment f ing you over first sco mo on 300k a yr what a joke should be hung instead
@@triarb5790 Are you so petty that this is what you have taken away from this presentation?
Labour is how we spell it from now on.
Labor pawn.
What a lot of bullshit. Whos getting 2.25%?
Well, the Liberal government did not adjust deeming rates to the real cash rates in Australia, hence the 2.25%. Not available directly from the bank, not even on deeming accounts that are supposed to follow deeming rates. This should not be the case, I agree.
Legalise Cannabis. 👍
Liberal ideology voting Labor!
🇦🇺🦘
I want to know what happens regarding 'asylum seekers' who come here? If any are aged in their 40, or 50's, what are they entitled to when they reach pensionable age, if they haven't even paid into the National Insurance system?
Please learn how to spell Labor. Not Labour.
No u i kabor
Disaster ahead