Definitely enjoy retirement. Do not miss work. Have always lived within our means and our actual annual budget hasn’t changed (although living costs have definitely gone up) in the past 10 years.
Not smoking, being a social drinker also helps.
Has the proposal for a “non-means” tested pension for over 65’s been forwarded to the Government? If it has, what was the response?
The taxes that have been paid by the those who have worked till past 70 years at age could be enormous. They are contributing to the Government in being self-funded retirees but shouldn’t the Government recognize this by giving a minimal pension. The Government could also allow them to be considered “Pensioner status” which helps in paying for utilities, car registration, etc. The Commonwealth Seniors Health Card does not offer any benefit in this respect.
I enjoyed my work & with good support was able to continue to 74. I will be eternally grateful as we have no financial concerns & can do pretty much anything we want . Had I retired at 60 or even 65 I believe our situation would be quite different. I appreciate not everyone can or indeed wants to work on , but I’m so glad I did.
Sarath Abayawardana
on January 19, 2021 at 12:05 pm
Agree with Beck Lee’s comment. I also had an uncertainty that if we disqualify for a Pension payment on the grounds of a Means test, after holding Pension Status for a while, would we loose the “Pensioner Status” as well?
Many retirees or people ready to retire, are constantly bombarded with the “bad news” about how much you should have to live on in retirement. This creates depression and further feelings of inadequacy. How about instead of telling us the “bad news” you write some good articles about how to overcome the obstacles of having less money. Suggestions could include the mortgages taken out, or the choice of moving to a less expensive area or even how to get discounts on products.
Stop telling us the “bad news” and think of the effect you are having one us!!!
Thanks for the comment, Kimberly. Appreciate the feedback. Certainly, can do that. It’s great to know from the Retirement Income Review that most retirees are actually quite satisfied in retirement and have less financial stress than younger folks.
Just save enough to be self-sufficient dealing with Centrelink is a nightmare even for a very tiny amount of pension. If you have nothing you are ok. People with a few dollars are treated like criminals while the pre Covid bludgers just keep on getting the dole. The system is broken and financially unsustainable.
I agree with Beck Lee. Since I have worked hard until I turned 65 and made so many sacrifices and now that I am unable to work due to health reason. More products should be added to Commonwealth Seniors card rather than just discount on medicine etc. I will be happy to work part time just to pay my bills but employers not considering older folks. We all have financial stress due to high cost of living.
Yes, agree totally with you, Sandra, I lost my job and not yet of pension age (62) and I would also be happy to work part-time or full time even to pay bills but employers are not considering older people despite their wealth of experience and knowledge. I think this is discriminatory and kind of an “unwritten” policy by most companies/employers.
Is the notion of ‘saving for a rainy day’ going out of fashion? It is really important to rely on yourself when you can, and that will hopefully ensure a pool of resources you can draw on during retirement. I worry that whilst ever the government is there to support people, they won’t try to build a nest egg. Could the government give some sort of incentive to people who actually save and put themselves in a manageable position?
Hello Jeremy,
The last time we discussed “what I think” may have been in 1969 as we shared the speech night podium at TGS. Thoughts of retirement were far in the future as they are now still. So after 40 years largely in Finance like yourself, my thoughts in relation to retirement and specifically adequacy thereof are here:
1. Do not retire…. I have not.. I still seek contracts and have been surprised at the ageist discrimination, but yet ability to get the odd contract.
2. The rules relating to the aged pension eligibility and superannuation are complex, but navigable and using software and appropriate communication with all authorities and expertise provided by organisations like retirement essentials when required.
3. Adequacy – How much for How long? – Rule of thumb – for comfort 60,000 indexed 2% till you are 80 – Single 40,000 similarly indexed till age 80. Why 80? You are not crashing too many discos after 80 doing bee gees karaoke.
4. Finally when the contracts dry up… The plan is to live on a property growing produce and selling it by the roadside… Never retire.
As a self-funded retiree about to turn 65, I like many others have watched my superannuation nestegg dwindle by around 10% over the past 12 months. I have significant health issues, requiring treatment with several prescription medications, all of which must be purchased at full price as I will not qualify for either the seniors health card or part-age pension for another 18 months. Money is tight! Is there anything that can be done for those individuals and couples who fall between the cracks!?
I am not enjoying forced retirement. My Filapina partner works hard part time, The money she gets is hers as its the first time she has been able to have any money. And I am happy for her, however I am only receiving less than $100 a week from centerlink because of this. I have next to no super and still paying off our house.
I am 72 my husband 74. I have bone cancer; my husband has had open heart surgery and a stroke. I work one day weekly; my husband was contracting one day weekly until the end of last year. We receive a part pension. The recent raise in costs mean we are trying to hang on to our house we’ve had almost 20 years. It’s all working – but barely. Should inflation rise further, our situation would be quite challenging. We don’t drink, eat simply (vegetarian 50 yrs.), and no holidays. Gratitude sustains us, but certainly would find further financial squeezing to be unsustainable.
Definitely enjoy retirement. Do not miss work. Have always lived within our means and our actual annual budget hasn’t changed (although living costs have definitely gone up) in the past 10 years.
Not smoking, being a social drinker also helps.
Has the proposal for a “non-means” tested pension for over 65’s been forwarded to the Government? If it has, what was the response?
The taxes that have been paid by the those who have worked till past 70 years at age could be enormous. They are contributing to the Government in being self-funded retirees but shouldn’t the Government recognize this by giving a minimal pension. The Government could also allow them to be considered “Pensioner status” which helps in paying for utilities, car registration, etc. The Commonwealth Seniors Health Card does not offer any benefit in this respect.
Well said Beck Lee
I totally agree with you
At least some benefits can be given to people who have contributed to the Government via the tax system
Totally agree, Beck Lee.
I enjoyed my work & with good support was able to continue to 74. I will be eternally grateful as we have no financial concerns & can do pretty much anything we want . Had I retired at 60 or even 65 I believe our situation would be quite different. I appreciate not everyone can or indeed wants to work on , but I’m so glad I did.
Agree, self funded retirees over the age of 65 should receive the benefits of an aged pension, not payment, but benefits
Agree with Beck Lee’s comment. I also had an uncertainty that if we disqualify for a Pension payment on the grounds of a Means test, after holding Pension Status for a while, would we loose the “Pensioner Status” as well?
Many retirees or people ready to retire, are constantly bombarded with the “bad news” about how much you should have to live on in retirement. This creates depression and further feelings of inadequacy. How about instead of telling us the “bad news” you write some good articles about how to overcome the obstacles of having less money. Suggestions could include the mortgages taken out, or the choice of moving to a less expensive area or even how to get discounts on products.
Stop telling us the “bad news” and think of the effect you are having one us!!!
Thanks for the comment, Kimberly. Appreciate the feedback. Certainly, can do that. It’s great to know from the Retirement Income Review that most retirees are actually quite satisfied in retirement and have less financial stress than younger folks.
Every one after the retirement age should get the pension after the income or and asset test.
Just save enough to be self-sufficient dealing with Centrelink is a nightmare even for a very tiny amount of pension. If you have nothing you are ok. People with a few dollars are treated like criminals while the pre Covid bludgers just keep on getting the dole. The system is broken and financially unsustainable.
I agree with Beck Lee. Since I have worked hard until I turned 65 and made so many sacrifices and now that I am unable to work due to health reason. More products should be added to Commonwealth Seniors card rather than just discount on medicine etc. I will be happy to work part time just to pay my bills but employers not considering older folks. We all have financial stress due to high cost of living.
Yes, agree totally with you, Sandra, I lost my job and not yet of pension age (62) and I would also be happy to work part-time or full time even to pay bills but employers are not considering older people despite their wealth of experience and knowledge. I think this is discriminatory and kind of an “unwritten” policy by most companies/employers.
Is the notion of ‘saving for a rainy day’ going out of fashion? It is really important to rely on yourself when you can, and that will hopefully ensure a pool of resources you can draw on during retirement. I worry that whilst ever the government is there to support people, they won’t try to build a nest egg. Could the government give some sort of incentive to people who actually save and put themselves in a manageable position?
Hello Jeremy,
The last time we discussed “what I think” may have been in 1969 as we shared the speech night podium at TGS. Thoughts of retirement were far in the future as they are now still. So after 40 years largely in Finance like yourself, my thoughts in relation to retirement and specifically adequacy thereof are here:
1. Do not retire…. I have not.. I still seek contracts and have been surprised at the ageist discrimination, but yet ability to get the odd contract.
2. The rules relating to the aged pension eligibility and superannuation are complex, but navigable and using software and appropriate communication with all authorities and expertise provided by organisations like retirement essentials when required.
3. Adequacy – How much for How long? – Rule of thumb – for comfort 60,000 indexed 2% till you are 80 – Single 40,000 similarly indexed till age 80. Why 80? You are not crashing too many discos after 80 doing bee gees karaoke.
4. Finally when the contracts dry up… The plan is to live on a property growing produce and selling it by the roadside… Never retire.
As a self-funded retiree about to turn 65, I like many others have watched my superannuation nestegg dwindle by around 10% over the past 12 months. I have significant health issues, requiring treatment with several prescription medications, all of which must be purchased at full price as I will not qualify for either the seniors health card or part-age pension for another 18 months. Money is tight! Is there anything that can be done for those individuals and couples who fall between the cracks!?
I am not enjoying forced retirement. My Filapina partner works hard part time, The money she gets is hers as its the first time she has been able to have any money. And I am happy for her, however I am only receiving less than $100 a week from centerlink because of this. I have next to no super and still paying off our house.
I am 72 my husband 74. I have bone cancer; my husband has had open heart surgery and a stroke. I work one day weekly; my husband was contracting one day weekly until the end of last year. We receive a part pension. The recent raise in costs mean we are trying to hang on to our house we’ve had almost 20 years. It’s all working – but barely. Should inflation rise further, our situation would be quite challenging. We don’t drink, eat simply (vegetarian 50 yrs.), and no holidays. Gratitude sustains us, but certainly would find further financial squeezing to be unsustainable.