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James Coyle
James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
Politicians believe that self funded retirees are the wealthy people in our society. Just have a look at the “assistance “ provided to this group since the pandemic. 2 payments of $750 each while my mate who was working received $750 pw when he normally received $200 for his part time job.
And ditto for many thousands of others. My wife and I have an income of less than K$10 per annum but not entitled to the age pension as we exceed the assets test. Thanks to RBA gov, (on a million bucks a year), over the last 5 years or so have received 0 interest on our cash component.
I was the stupid one that worked 2 jobs, my wife stacked shelves at woolies till midnight, so that when we paid off the mortgage, we could save so we would not have to rely on the pension in retirement. The federal treasurer informs me that there are other investments paying above the cash rate. Yep, sure are – but have a look at the market today. Takes years for the market to get where it was yesterday and today, you lose a huge chunk of it.
And while politicians shower themselves in one of the best super schemes on the planet, funded by the taxpayer, I’m going through recycle bins picking up cans and bottles.
I buy a carton of beer and are subjected to 3 layers of tax – federal excise indexed twice a year, a state tax on the container, and to top it all off, GST on the two taxes. I pay $1500 a year in rego charges on two cars and my van and then get billed with tolls everywhere I go.
I pay stamp duty on my house insurance then GST on top of that. – go figure. The State Treasury tells me “it’s been the states long term policy to levy stamp duty to pay for government “. Really, would you feed this mob?
Fortunately, The only thing I get from this lot is the health card.
As I said earlier, I’m an idiot. If I spent every dollar I earnt while I was working on grog, gambling, overseas trips etc I’d be on a full pension of $1500 pf according to your article. That’s K$35 a year. Bit better than my K$10.
Anyway, I’ve ranted on enough but my closing comment is that is it any wonder that the majority of the electorate has nothing but contempt for politicians.
If you are a self-funded retiree (that is, you bought the message years ago about saving and paying for your own old age) then you are, even in this article, ignored!
well L am stuck overseas, centre link cut me off my age pension in 2019, after advising me its fine to remain overseas, and then they changed their mind?? I have no investments, no income and living in a basic rented room in a very poor area of town my room is rat infested , just pulled a part of the ceiling away to place rat trap as they keep me awake at night. stray dogs and cats always fighting outside and nearby. . l,m living on handouts right now. so Anonymous (message above) , You think your doing it tough?? . l appealed to the AAT, 3 TIMES, l also SENT 3 EMAILS TO centre link asking them to provide me with the proof I,m not able to stay overseas and receive the pension , . Not even an answer from them…., because they do not have the proof. they are just hoping I will give up, and they fob me off. lt was so stressful dealing with them.they made numerous mistakes in their advice for my travel, and mistakes from the very start. In their review of my case they admitted there may have been mistakes ….. Anyone can understand whats really going on, with the rising aging population in Australia, and their mismanagement with the pension funds , they will do whatever they can to make it difficult to receive the pension. lts disgusting when they gave me their final analysis of why they will not pay me. key points. I do not own my own home, l did not run a business in Australia in the past. , and most of my family members have passed away??? really. If anyone cares to research , they will find thousands and thousands of complaints about the lies , and disinformation and computer system problems centre link has. l really think centre link has been outsourced and run as a corporation. l was reluctant to travel back to Australia as the CV , mandates, quarantines and where to live ?? without funds how to do that?? And then how to survive once there?? And a lawyer , how to pay. Only Australia treats its pensioners this way. they do not inform when one is due for a pension, what is necessary, and the rules etc. they just hope people do not apply , and if they do they will make it so hard. . whilst in UK, its automatic when you get to pension age your informed. . Corporation Australia. centre link staff have been given a script , ” do whatever you can to deny the pension” i hope You can address this non sense . thank you. keith.
i have been retired since October 2021 i alone receive 744.40 my wife gets’ nothing but she has had to get job seeker payments even though she is unable to work according to the chart that you have shown the 744.40 is stated as each does that mean that the payment is split between the two of us or that the wife is supposed to get 744.40 as well if she is not entitled to anything then why are we penalized to live of a reduced pension witch would mean that the two of us have to live on 372.20 each , it seems ironic that i have worked for 50yrs payed my taxes and have the government tell me that i am only entitled to a part pension, maybe the polititions need to realise that the pension is my money earned and payed over 50yrs i am only getting back what i payed for yet the government decides that we should get part payment while they line there pockets with the money left over
Hi Harold. The full age pension rate for a couple is $1,489 a fortnight. It looks like you are receiving half of that. If your wife is receiving Job Seeker it would appear she might not yet be of Age Pension Age. If that is the case then once she reached Age Pension age she would receive the same as you i.e $744.50 each. You cab check all the pensions rates here.
As mentioned in the article, Age Pension payments are Income SUPPORT, not something that has been earned over years of paying tax. That tax paid during working life covered costs associated with running the Country then; Defence, Health, Roads, etc, etc. Pensions that are being paid by the Government today are being paid for by the Taxpayers of TODAY – your children and grandchildren and me. If you don’t qualify for a pension because you don’t pass the Asset Test, divest yourself of some assets, simple! Why should I be working hard to pay for your carton of beer? Come on people… let’s face it. The current Age Pension is a substantial payment and is not supposed to cover anything more than the basics. If you want holidays, beer, chocolate biscuits, etc in retirement, then they should have been saved for (like I am now) prior to finishing work. Add the cost of your heavily subsidised pharmaceuticals, electricity, rent (yes, Renters get extra Rent Assistance too), rates, rego and dozens of discounts working folk/tax payers don’t get…..you are on a pretty good wicket!
That statement is incorrect , years andvyears ago a levy was imposed on top of taxes to pay for pensions.
The various govt have all raided this public pension fund.
So no the pension is not income support, this is something the LNP had started by calling it welfare. It is neither. It is a due to all over the age of 60 plus as of now.
You really need to check your facts. What you are referring to is something that was around in the 1940s…some time before you started working, I would think. You may like to peruse the following Australian Parliament House website link
https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/rp/rp2122/NationalWelfareFund
which will prove you are incorrect and confirm my comments. People aged 60 plus have no entitlement unless they have had the foresight to contribute to superannuation and provide for themselves. Otherwise, I’m sorry, but you are reliant on welfare paid for by current Taxpayers!
We, as self funded retirees should not have to worry about voting, why should we take the time to go to the polling booths to vote for someone who totally ignore us. We get nothing from any form of govt. no $750. no handouts. Very little interest on our savings. Because I inherited a block of dirt from my late mother I don’t qualify for a pension. It seems I would have to eat the block of dirt first. Trying to get a carers allowance and have supplied the same answers as requested 3 times now and still being stuffed about. I think most people who work in centrelink obviously have no brains and are happy without them.
the elderly were shafted in the stimulous package by about $6000 less than people on the dole.
A single person on the dole got nearly $200 more /fn than pensioners plus over$700 cost of living compared to pensioners $200.Thecost of living concession used to be on coucil rates and the govt changed it to cost of living increase yet it has hardly increased since its inception.However now everyone except pensioners are getting it and more than pensioners.What about people who have a mortgage ,How are they better off than rentees after all they get no subsidies and on top of that pay thousands to councils for council rates.How much do renters pay in council ratesThats $100/month i have to put away for rates not to mentionnow weare forced to own a mobile phone and nbn with no compensation from the govt Thats another $40/fn