labor have an aviation policy

The reason we oldies relied on the pension is that part of our taxes went to fund the pension, until the government reneged on the deal.

Good to hear that a couple of the old pollies look as if they are candidates for heart attacks. We need to get them off our backs.

The reason we oldies relied on the pension is that part of our taxes went to fund the pension, until the government reneged on the deal.

 

Good to hear that a couple of the old pollies look as if they are candidates for heart attacks. We need to get them off our backs.

........................... let them eat cake

its worth pointing out that labor raised the retirement age to 68, so its easy to see why they had such a collapse in their vote. everyone retires eventually

its worth pointing out that labor raised the retirement age to 68, so its easy to see why they had such a collapse in their vote. everyone retires eventually

It’s worth pointing out also, Joe Hockey and Scomo pushed to have it raised to 70. The latter changed his mind after he ascended.

"everyone retires eventually "

NO

A lot of people Don't get to 60, never mind blooody 68. My bro, made it to 56, the wife's bro made 59

SO the government kept that lot of super, as they were unable to make a will before their demise.

AND their siblings couldn't get any of it, off the greedy government.

I made certain that NSW didn't get their greedy hands on my mothers money , AND they tried !.

spacesailor

SO the government kept that lot of super, as they were unable to make a will before their demise.

That seems highly unusual!

The government does not get to keep your super if you die without a will.

Getting your super | ASIC's MoneySmart

Who gets your super if you die

If you die, your super fund trustee normally pays your death benefit to one or more of your dependants or to your estate.

Smart tip

Update your nominations if your marital status changes or you have children.

For super death benefits, the term 'dependants' includes:

• your spouse (this includes same-sex de facto partners)
   
  
• your children
   
  
• people with whom you had an interdependency relationship
   
  
• people who depend on you financially.
   
  

Most super funds let you nominate who you want your death benefit paid to, either as a non-binding or binding nomination.

If you don't nominate someone, the super fund trustee will decide who your money goes to. This can lead to delays and may cause fights in your family.

"If you die, your super fund trustee normally pays your death benefit to one or more of your dependants or to your estate,"

No will No dependents, it goes into consolidated revenue. AND no-one knows Who the "Trustee" Is.

Only "He died, can you help pay for their funeral".

"Aged Care Assessment Program policy"

A government department, that will & has forcible taken oldies out of their home, if they are determined to Not up to acap's own criteria.

After they are Locked away in a Secure "retirement" home. acap can then take all their money (in banks) and after which, they then sell their house.

they tried it on my mother.

spacesailor

No will No dependents, it goes into consolidated revenue. AND no-one knows Who the "Trustee"

It is still paid to your estate even if you don't have a will according to the law if something different happened in your families case that seems very unusual. Apart from that super funds usually urge you to list a binding beneficiary.

I can only imagine that we are talking about different things. My wife is my beneficiary, my adult son is not listed but should we both die my super and my wifes super goes to my estate which consists of my house car bank accounts etc which will then go to my son. Without a will, some other relative could contest that but a distant cousin or the government is not going to get it. Perhaps you are referring to people who are in aged care?

"When you die, your superannuation benefit balance and any insurance benefit (known as a death benefit) is usually paid to your dependents or your legal representative. If you don’t have any dependents, it is paid to your estate and will be dealt with according to what is in your will or by the legal rules for those who die without a will. In relation to superannuation, dependents can include your current spouse or partner (including de facto or same-sex partners), your children (including step kids or adopted children) or any other person who is financially dependent on you (for example your father-in-law who lives with you) or in an interdependent relationship with you."

After death - ASFA Super Guru

You can't trust super either....

I had a friend who was in a good working position but was older (50) with 2 young children.

He decided he wanted to be "setup" by 60 and came up with a "salary sacrifice into super" plan with a financial planner.

He was sacrificing 70% of his pretax salary and everything was moving according to plan UNTIL the govt decided to change the super rules.

Totally ruined his projections and planning and the stress gave him mental issues.

The govt talk about planning for the future...... you make the plan..... then they change the rules.

A total scam, the lot of it...

You can't trust super either....

 

I had a friend who was in a good working position but was older (50) with 2 young children.

 

He decided he wanted to be "setup" by 60 and came up with a "salary sacrifice into super" plan with a financial planner.

 

He was sacrificing 70% of his pretax salary and everything was moving according to plan UNTIL the govt decided to change the super rules.

 

Totally ruined his projections and planning and the stress gave him mental issues.

 

The govt talk about planning for the future...... you make the plan..... then they change the rules.

 

A total scam, the lot of it...

You don't lose your money just by salary sacrificing, but 70% of your income being paid into your Super fund would be an extreme, and I take it the rule change was to lower that rate.

What Buffet says over and over again is no Financial Planner can pick the stock market well enough to beat the market index increase year in and year out, so you are better in a reputable index fund is you manage your own Super.

The beauty of compound interest is you don't have to get a big percentage to make a lot of money over a few decades, which most Super finds can do. At the same time, if the modest income is white anted by annual fees, the net income per year is a lot flatter, so you have to compare interest income and fees of the various Superannuation funds at regular intervals. Just at a rough guess right now I'd say you would be looking at a starting income of about 8 - 12% pa after fees with a stable Super fund, that could show you 20 years or so of consistent earnings.

You also need some courage at times. During the Global Financial Crisis fund balances went down by about 25 to 30%, and I have friends who cashed in their finds for hundreds of thousands of dollar losses in their life savings. The funds came back up and into profit within a couple of years for those who just let the market do its thing.

My wife and I spent many years working part-time and living on our bush block, this meant we had little superannuation. Our assumption was that we had missed the boat and would have to work until we dropped. A few years ago we got advice and salary sacrificed the maximum $25k plus we cut down our spending to what we thought we would be able to live on from super and crammed the rest into super. We also sold our property and downsized and put that money in our super. My wife and I at 57 no longer need to work, although I do work a couple of days a week because I want to and this allows me to fly. Super has certainly worked out well for us and the lesson is it is almost never too late.

You also need some courage at times. During the Global Financial Crisis fund balances went down by about 25 to 30%, and I have friends who cashed in their finds for hundreds of thousands of dollar losses in their life savings. The funds came back up and into profit within a couple of years for those who just let the market do its thing.

I tend to look at our super every day at the moment which is probably a bad habit. Most days it is up and some days it is down and then sometimes, like last October it seemed to drop and drop but then it recovers. Its growth is zig-zag line but the trend is and has been for some time up.

Well I can tell you a story about someone not having a will and also having super nominated and what happened. We went through a absolute nightmare with it all when my wife's son was killed..he was 33. Letters of administration to be able to sort of the estate which is done through the supreme court and dealing with superannutaion mob that do not give a crap about the persons wishes. There is only one way in super that your wishes are done when it comes to your super and death benefit. If you dont have a BINDING NOMINATION then you are totally wasting your time with super and what happens to it even if you have a will.

Please make sure your super is done with a binding nomination..which usually has to be resigned every 3 years to keep it current

Thanks Kyle.

I couldent Fight them, & the lawyer's would have taken most of it in fees.

spacesailor

Super sounds like a good idea and it is, o long as government doesn't get involved.

t was made compulsory by government and a certain percentage of your pay had to go into super.

That gets the salivary glands working of AMP and a load of other super specialists. Now we have vast amounts of money going into super funds and all that is really happening is that the fund managers are living the high life and we are getting as little as they can get away with passing back to us.

To get back to labors aviation policy, they never had any idea of what to do and it doesn't matter, because they have snatched defeat from the jaws of victory.

The Libs have even less RA aviation policy than Labor - but I guess with the election result, we just know now, nothing is going to change.

What I can't understand is why so many people voted for ON (8%) and Palmer (4%), quite likely not understanding that a vote for either, was simply a vote for the Libs. Preference deals are what decides election results today.

The Libs have even less RA aviation policy than Labor - but I guess with the election result, we just know now, nothing is going to change.

 

What I can't understand is why so many people voted for ON (8%) and Palmer (4%), quite likely not understanding that a vote for either, was simply a vote for the Libs. Preference deals are what decides election results today.

There haven't been any changes to the preference system. Campaign Directors need to be watching at National level, State level, District level and Booth level bfore they decide what to do and where. The best person I've even seen at this was Henry Bolte. Don't forget this time around if you voted Greens you were voting for Labor so it can be ugly when you stand back but politics requires pragmatism.

There are numerous proportional representation systems and the Australian preferential system has to be one of the worst. When someone (now gone thank goodness) who gets only 19 primary votes can get in to the senate via preferences and then spend our money flying around the country to white supremacist rallys is one very simple reason why the system needs a major overhaul. The ballot paper is absurdly long and confusing for many. A lot of people think that you have to vote as specified on the party's "how to vote card". A lot of candidates had no policies at all except for the 1 thing they decided to stand for. Even palmer who spent $60 million on advertising didn't have any documented policies. Labor & the LNP may have Aviation policies but few care about this so when in power they do nothing anyway. The Libs are back but still have no plan for renewable energy. Hopefully people will begin to realise in the next 3 years that voting for a short term benefit could backfire spectacularly as we edge ever closer to bigger climate issues. At least Abbots electorate realised having a denier as their representative was not good at all.

"Super sounds like a good idea and it is, o long as government doesn't get involved."

N.Z. Labor government introduced super. the workers money went in, Then the Muldoom's government stoped it & kept All those worker's money, spent the lot !.

Even had employers break the existing law, so they wouldn't be fined for not collecting the super.

NEVER PUT YOUR TRUST IN A GOVERNMENT.

they CAN & WILL Stop & cancel super if it suits their need.

Even the UK is having their Brexit referendum, changed by a few Government MP's, who will have Their own referendum, to suit themselves

spacesailor

The NZ super was repaid to all those who wanted it back. Some chose to continue with a super scheme and it was transferred to that. Transients and those who didn't care and those they couldn't find did not get a refund but it can still be applied for if you can prove details. I always had a super scheme with my employer so it didn't affect me. There is no compulsory super in NZ but everyone from billionaires to paupers gets the pension. I even get a NZ pension along with my Australian wife. We get nothing from Australia as the value of our assets is too high. In fact everyone in the EU & UK gets a pension when they reach the appropriate age. Not so here and we are supposed to be the lucky country

'The NZ super was repaid to all those who wanted it back. Some chose to continue with a super scheme and it was transferred to that."

MY Bro got Nothing from it, & his employer said they would Not accept any super scheme, in any shape or form. (after the governments fiasco).

Also his Union didn't help either with the super, and more importantly, not a cent towards his funeral.

spacesailor

The NZ super was repaid to all those who wanted it back. Some chose to continue with a super scheme and it was transferred to that. Transients and those who didn't care and those they couldn't find did not get a refund but it can still be applied for if you can prove details. I always had a super scheme with my employer so it didn't affect me. There is no compulsory super in NZ but everyone from billionaires to paupers gets the pension. I even get a NZ pension along with my Australian wife. We get nothing from Australia as the value of our assets is too high. In fact everyone in the EU & UK gets a pension when they reach the appropriate age. Not so here and we are supposed to be the lucky country

So you think a pension and an Australian wife are both benefits?

'The NZ super was repaid to all those who wanted it back. Some chose to continue with a super scheme and it was transferred to that."

 

MY Bro got Nothing from it, & his employer said they would Not accept any super scheme, in any shape or form. (after the governments fiasco).

 

Also his Union didn't help either with the super, and more importantly, not a cent towards his funeral.

 

spacesailor

So you think a pension and an Australian wife are both benefits?

Depends on how well you did your research before signing up...