Retirement age

I assume the fact that if he was of retirement age, the fact that he is asset rich but cash poor, and that the family home is not considered as part of your "wealth", would mean he could claim a full aged pension.

It's the situation my in-laws are in. Their home is worth about $1.2M but they don't have much cash in the bank, so they draw a full aged pension. MrK's house is probably worth considerably more.

YEs. If I was of retirement age.

So 20+ years or so from now??

For the record, I will probably never be able to claim any aged pension payment, not at least until my Super capital declines below the threshold (late 80s with current projections - and I am unlikely to make late 80s given my family death history).

...or if you keep using power tools

skully wrote:So 20+ years or so from now??

For the record, I will probably never be able to claim any aged pension payment, not at least until my Super capital declines below the threshold (late 80s with current projections - and I am unlikely to make late 80s given my family death history).

More like 23 years.

And yes, by the then the family home will be included in the asset test so no pension for me. But it goes to show how ridiculous the current rules are.

Pretty hard to live off the value of your home. I don't think a retiree should have to sell their home to afford to live.

And if a tightwad old qunt wants to tie all of his wealth up in the family home just so he can get a pension, good luck to him. But what a miserable way to live.

skully wrote:Pretty hard to live off the value of your home. I don't think a retiree should have to sell their home to afford to live.

And if a tightwad old qunt wants to tie all of his wealth up in the family home just so he can get a pension, good luck to him. But what a miserable way to live.

Reverse mortgages. The govt could even provide them at a discounted rate. The point is, you shouldn't be able to leave an inheritance to your kids if you are living off the tax payer in retirement.

No inheritance at all.

Furry muff. Ban reverse mortgages.

reverse mortgage is a scam, just sell your house and get a new one, if you feel like it will give cash surplus.

So looks like another 3 years.

With the way the interest rates are tracking, I can't imagine how self-refunded retirees are managing.

Of course our PM seems to think that most have nest-eggs north of one mill. they have to hide to avoid the new tax penalties.

Red wrote:With the way the interest rates are tracking, I can't imagine how self-refunded retirees are managing.

Of course our PM seems to think that most have nest-eggs north of one mill. they have to hide to avoid the new tax penalties.

Interest running at 7% here. The problem is that the stock exchange isn't.

Red wrote:With the way the interest rates are tracking, I can't imagine how self-refunded retirees are managing.

Of course our PM seems to think that most have nest-eggs north of one mill. they have to hide to avoid the new tax penalties.

With current interest rates retirees should be locking in 10 year reverse mortgages.

Oi Taips
My role at work has been rejigged so my workload has increased to an impossible level. My response is to bring forward my retirement. I'm now pulling the pin on 30th September. So fu*k the world & everyone in it.

Big Dog wrote:Oi Taips
My role at work has been rejigged so my workload has increased to an impossible level. My response is to bring forward my retirement. I'm now pulling the pin on 30th September. So fu*k the world & everyone in it.

Good for you.

Sod.

By my reckoning I need at least another 3 years. The market is doing SFA here.

And last night had drinks with a couple of mates who have recently retired. Was highly pissed off.

taipan wrote:Sod.

By my reckoning I need at least another 3 years. The market is doing SFA here.

Same here but my financial advisor tells me my Super will last me 20 years so that will just about see me out.

Big Dog wrote:

taipan wrote:Sod.

By my reckoning I need at least another 3 years. The market is doing SFA here.

Same here but my financial advisor tells me my Super will last me 20 years so that will just about see me out.

Not so easy here

Big Dog wrote:Oi Taips
My role at work has been rejigged so my workload has increased to an impossible level. My response is to bring forward my retirement. I'm now pulling the pin on 30th September. So fu*k the world & everyone in it.

Well played, old cock. I look forward to having a beer with you some day soonish in the Bellerive Members, or some good pub near to home.

Big Dog wrote:Oi Taips
My role at work has been rejigged so my workload has increased to an impossible level. My response is to bring forward my retirement. I'm now pulling the pin on 30th September. So fu*k the world & everyone in it.

So 3 weeks to go

Link

taips ...Do you play poker?

Husband 'I've just won a $2.7 million jackpot at the casino'

Wife ' What are you doing at the casino?'

Big Dog wrote:

taipan wrote:Sod.

By my reckoning I need at least another 3 years. The market is doing SFA here.

Same here but my financial advisor tells me my Super will last me 20 years so that will just about see me out.

You owe it to yourself to guarantee it. Have a blast and watch the kids suffer.

embee wrote:Link

taips ...Do you play poker?

Husband 'I've just won a $2.7 million jackpot at the casino'

Wife ' What are you doing at the casino?'

Husband 'pack your bags,I've just won a $2.7 million jackpot at the casino'.

Wife ' Goodie, where are we going?'

Husband ' I'm going nowhere'