i like to retire now not sure how.. might have enough savings for a few weeks
Twins only 9. so be 20 years away before they move out I gather and I be 72
Venting, ranting, whinging and all things political
- Thread starter Crusty181
- Start date
Twins only 9. so be 20 years away before they move out I gather and I be 72
By the time i could do that cash out id be to old and body seized up allmost so wont enjoy liveing like a king in my wheelchair after my years of hard work
Yes @Drover looking at Mildura and areas around it half hr out yea many great property's but it gets bloody hot out there long drive to the beach and salt water
Yes @Drover looking at Mildura and areas around it half hr out yea many great property's but it gets bloody hot out there long drive to the beach and salt water
Thats touring time, head off for a wander besides it doesn't take long after miserable Melbourne weather to find you have moved to paradise.... Walwa nice in summer, head to QLD for winter.......................
If you have insurance wrapped up in your Super, cancel it and watch your super account grow, the insurance is a ripp off and just adds to the amount of your super that is absorbed by the money grabbers, its also not much chop............... I kept a record of my super payments and the real world Total after 20 years I made 2% on what I had put into it............ They said I was making 6% but that was on what was left after the government took 15% and the Insurance Mob spirited away 2-3% when they could ......... more if I hadn't canned the insurance.......... and in the crash the bustards still wanted their full fee's even though they blew it... The implementation of the super gaurantee has never impressed me, just another hand in your pocket con.....original idea was good but it never came about..... After 12-15 yrs the can is empty often enough and you have your bum out on the Old Age and have a look at what the robbers charge to administer your money as a pension..................
I don't want to be getting my retirements financial engine room backfiring .... I'm guessing the only way to fix no money issues would be to go back to work, and looking at all you elder statesman on here, once I reach the promised land and join the Grey Gonad club it looks like going back wont be an option.
Fair assessment ?????
Depends if you are totally a self funded retiree doing odds jobs really isn't a problem but if you are supplementing your super pension with an Old Fogies/ Service Pension then its best if its under the table/cash in hand or the bustards dock you 50c in the Dollar and do your house build and clear your savings out before you grab the pension or they will deem the money to be making more money in interest than its possibly could and again dock you more money.. Some don't care as they are pulling in heaps so it doesn't matter.......... So basically if you are one of the rabble when you retire the base line is own your own house, boat, caravan and all the other stuff like new wheels and other toys, bank account at zilch, then retire and stay financially embarrassed to gain full benefit even if you are self funded............... Chances of borrowing big money after 65 are slim unless you have stacks of equity or cash in bank (catch 22) those on Military Super/Service Pensions are smiled upon as death is the only handicap to our future earnings but approval does need some back up.............
I investigated my options myself, did heaps of research and in gathering the information discovered( well confirmed) that financial advisors are just car salesmen with a fancy name, they couldn't answer my questions............... So do your homework, look at things from various angles and don't rely on professional advice as it is usually biased to their profit and your loss................................... like buying a house and land, most of the info the solicitor charges for is freely available from council, mine was and they were not happy, they wanted to slug me $600 odd, but I provided the utilities plans etc and said just look for financial skeletons regarding the land, $250 and even then a rip off.
If a dumb truckie can do it anyone can with a bit of thought..............
I investigated my options myself, did heaps of research and in gathering the information discovered( well confirmed) that financial advisors are just car salesmen with a fancy name, they couldn't answer my questions............... So do your homework, look at things from various angles and don't rely on professional advice as it is usually biased to their profit and your loss................................... like buying a house and land, most of the info the solicitor charges for is freely available from council, mine was and they were not happy, they wanted to slug me $600 odd, but I provided the utilities plans etc and said just look for financial skeletons regarding the land, $250 and even then a rip off.
If a dumb truckie can do it anyone can with a bit of thought..............
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I think my pension is about to go down the tube. Mrs CR inherited some shares a few years back but their value was down and we were below the threshold, but they are now climbing. Sounds great but, even though the value has gone up, they are not paying any more in dividends so we are going behind. But that’s life. I’ll just have to be like @Drover and use free camps. 
@Drover, you must have been in the wrong Super Account and not had any control over where it was invested. I am in QSUPER with the lowest fees in Australia, lots of options in how my Super is invested across the different choices and had great returns over the years. In fact, my super is galloping at the moment and more than meeting my needs. No chance of getting any Aged Pension as being a fully funded retiree, only get limited benefits for medical prescriptions from Commonwealth, but various benefits from State government...vehicle registration and electricity. Had only been on Allocated Pension for two or three years when Commonwealth government legislated that amount earned in super would be taxed, so lucky there. And any body holding large amounts in cash at the moment is wasting their money as inflation is greater than earnings in bank or fixed interest. I am no financial advisor, but have done well and continue to do so. There is a lot in it and you have to go into it in depth and FULLY UNDERSTAND the whole concept. Of course, it is easy in hindsight, but not so easy when deciding how to manage future financial plans. Don't listen to the cynics... find out for yourself!!
I turn pension age next week, I've been busy (slack) so I wandered into centrelink yesterday to ask a simple question "what do I do now?" The lovely girl with the fully inked body handed me a piece of paper which were instructions how to apply on line! So today I sat in front of my computer trying to decipher the government instructions and after a while I cracked the tom tits and went for a drive down by the river to cool off. After paying hundreds of thousands of dollars in tax over the last 48 years the best a public servant can do is give me a piece of paper and send me on my way, being a typical government web site its near impossible to follow, then the assets test only allows certain things, I'm stuffed if I know how this world stays together sometimes. I'm probably not entitled to much but geez how hard can they make things??
Nah, @Boots in Action I had an industry super which was pretty good, many have no idea how much they have contributed all up over the years when you know that and compare it to whats in the bank years later the total isn't that much bigger, especially after 20 or more years............. if you only look at the yearly balance compared to the previous year it does look good................................. Mine, once I canned the insurance leap ahead in leaps and bounds.... I'm only sorry that at the time of the GFC I had been thinking about rolling over to a cash only, no reason other than a gut feeling but by the time I got home from work I couldn't be stuffed sitting at the computer, do it 2morra, cost me being lazy would have made 2% instead of -2%, even I make incorrect decisions at times so I must be human...... If I hadn't been on top of it I would have gone 4 or 5% in the red.....
The government has always taken 15% of whatever the employer contributed each year then the super mob take theirs......................... How long an allocated pension will last or how long you want it to last takes a lot of thought and calculation.........but often 15 years and they are spent...... I spent a long time reading, studying about this stuff way back in the 90's and soon as I thought I had it they would change the rules, gave up on the military Super ,DFRB then DFRDB then MSBS they could never leave it alone and they still stuff aorund with it 50 years later, no improvement just more confusion and civvy super is the same, thankfully when I signed the line back in 2014 and the checks in the bank I could stop studying at all. ....
I always advise read and study as much as you can so when you ask questions of the professional you at least have an idea if they are BSing or not.........
@DRW wait till you have built your house and have limited your other sources of income streams........ its a bluddy minefield and requires careful study of numerous docs............making a simple mistake can take forever to get sorted, do it all online stay away from the Dole Shop.......take it slow and easy.
The government has always taken 15% of whatever the employer contributed each year then the super mob take theirs......................... How long an allocated pension will last or how long you want it to last takes a lot of thought and calculation.........but often 15 years and they are spent...... I spent a long time reading, studying about this stuff way back in the 90's and soon as I thought I had it they would change the rules, gave up on the military Super ,DFRB then DFRDB then MSBS they could never leave it alone and they still stuff aorund with it 50 years later, no improvement just more confusion and civvy super is the same, thankfully when I signed the line back in 2014 and the checks in the bank I could stop studying at all. ....
I always advise read and study as much as you can so when you ask questions of the professional you at least have an idea if they are BSing or not.........
@DRW wait till you have built your house and have limited your other sources of income streams........ its a bluddy minefield and requires careful study of numerous docs............making a simple mistake can take forever to get sorted, do it all online stay away from the Dole Shop.......take it slow and easy.
Met a guy last year in a caravan park who cut hair ,his wife did massages, both had a small sign outside the van.Told me flat out in every park he went to !Not a bad tax free lurk.!
If you can do it later and they back pay that would be great!! Thinking of buying a new Jeep this week to get rid of some this being single limits your threshold somewhat a well :-(
Hi Paul
my current Jeep is a Grand Cherokee Laredo 10 years old this year with almost 200,00K I'm looking at the new Jeep Grand Cherokee Night Eagle which is a step above the Limited a bit like a Land Cruiser Sahara spec only less than half the cost
my current Jeep is a Grand Cherokee Laredo 10 years old this year with almost 200,00K I'm looking at the new Jeep Grand Cherokee Night Eagle which is a step above the Limited a bit like a Land Cruiser Sahara spec only less than half the cost
Hi Dave, our daughter is looking at a 2011 diesel Jeep, Grand Cherokee Laredo with 134000 on it. It seems it is the same model as yours but I am not sure whether to ask your opinion as I am pretty sure I know it, but what is the tow capacity? The seller says it is 3.5 tonne but the specs say 2.268 tonne. They also say it is a 5 speed auto, is this right? I have arranged to look at it Thursday morning but I am skeptical. There does not seem to be a happy medium, either like you and a few other forum members love them or people talk about all the problems they have. I guess I could spend the dollars for an RACQ inspection but even they are not foolproof. I guess I’ll check it out and form my own option.
LoL there are jeep lovers and never owned Jeep haters
If its a 4x4 diesel its rated at 3.5 ton, it has a ZF 5 speed gearbox which are very reliable, honestly I've never driven a better gearbox and they have proven to be reliable as has the engine. The thing is only worth $10,000 BECAUSE THEY DON'T COST A LOT NEW!!! I didn't mean to put the caps lock on. Check the service manual, they are expensive to service due to the hi tech oils they use in motor and diffs, but I'm more than happy with mine its been a good thing, I even followed a Navara into the desert a few years ago and never had a problem ;-0
What I do like is they are more like a car to drive, thats what my main concern was when I was looking, the Prado at the time only had 2.5 ton towing capacity and the cruiser was way too big for a daily drive (and too expensive)
If its a 4x4 diesel its rated at 3.5 ton, it has a ZF 5 speed gearbox which are very reliable, honestly I've never driven a better gearbox and they have proven to be reliable as has the engine. The thing is only worth $10,000 BECAUSE THEY DON'T COST A LOT NEW!!! I didn't mean to put the caps lock on. Check the service manual, they are expensive to service due to the hi tech oils they use in motor and diffs, but I'm more than happy with mine its been a good thing, I even followed a Navara into the desert a few years ago and never had a problem ;-0
What I do like is they are more like a car to drive, thats what my main concern was when I was looking, the Prado at the time only had 2.5 ton towing capacity and the cruiser was way too big for a daily drive (and too expensive)
The Navara never had a problem either, except for the mongrel who threw out a bent tent peg that a tyre decided to eat.
Thanks for the info Dave, @Drover has said similar things so a close look will be required. I’d just hate to recommend it then have it drop its bundle somehow and cost her a small fortune. I’ll keep you posted.
Thanks for the info Dave, @Drover has said similar things so a close look will be required. I’d just hate to recommend it then have it drop its bundle somehow and cost her a small fortune. I’ll keep you posted.
They're all good until they break, then they're all rubbish
I say @Drover , I do not know what page you are quoting from, but it is not as bad as you make out. Firstly, the Government does NOT take 15% of your super value at all. You only pay 15% on the capital gains portion your super fund achieves (or your super fund does on your behalf), your ordinary contributions and your employers' contributions are NOT taxed at all, and the same applies to any earnings your fund makes on your behalf!! And this only applies in the Accumulation phase (before you start to draw your pension). There are limits and tax implications on voluntary extra contributions though. You pay NO tax on your super earnings in the Pension phase, but after 2018 (I think it was legislated), you are liable to be taxed on pension payments made to you from your super. I had started my pension before that date and so was unaffected. Qsuper's fees are only 0.64% on the Balanced option, lower on some other options too. Have a look at their web site for more info if you like. https://qsuper.qld.gov.au/investments/performance.
I am sorry to hear that your super only earned you around 2% over the period you were with that particular fund. Perhaps you were being very conservative?? The Qsuper Balanced option (I do not have much in that option at the moment as too much cash and fixed interest earning very little), has earned 7.74% for 1 year and 8.11% over the last 10 years NETT of fees and charges, with no contributions or withdrawals. I have more in the equity portion now for greater return (and a little more risk), but all eggs are not in the one option!!
I did not want to be limited in my retirement by trying to live on the Age Pension and so worked on having a good super fund behind me to make my life very comfortable indeed. As Noel Whittaker (well known financial writer) said, the 8th wonder of the world is the marvel of compound accumulation. However, as you said, getting organised is a "real minefield", but it is possible to arrange your finances (legally) to get around these "minefields", but you may need professional advice if you are not fully up with the latest. And your Risk Profile will have an affect on what you do. All those approaching retirement should start planning well beforehand so the transition is easy. Good luck to all and tread your own path!!