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11 hours ago, trinube said:

Contrast this with Ted Mack who deliberately resigned from parliament two days before his pension entitlements kicked in. We need more Ted Macks.

"Shortly after his 1988 victory, he abruptly retired from all of his offices. He did so just two days short of serving seven years in parliament, which would have made him eligible for parliamentary pension entitlements in excess of $1,000,000. Mack had always taken a dim view of what he perceived as the excesses of public political office, and decided to retire in protest."

Wouldn't that trigger a bi election then? And shortly after they'd just had an election.  I thought one of those would cost at least the $1m he wanted to save the taxpayers

Edited by Mike Del
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On 21/05/2019 at 8:19 AM, Ex-Hasbeen said:

But can you really get a pension if you have $1.3M and are getting $70K income? I might be in for an easier life than I thought in retirement.

You would pass the income test, but fail the assets test at those levels as I understand it.

Not eligible for any aged pension if you have assets of $853K or more, and/or income of $80,506.40 per yr.

Asset test will knock us out of receiving any Aged Pension as our Super balances will count as assets as I understand it.

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Sorry for my rant the other day!  Clearly I needed a time out.

IJ, it wasn't directed at you, in case you were wondering?  Only my comment regarding what I'd done, in case you happened to ask me what experience I had of that.

Yes, I've read a lot of this stuff on Facebook, even from people I highly respect (or did anyway).  But I read a comment from someone here that Labor's policies attacked the very people that had worked hard to make something of themselves and saved etc, and we know Labor's policies would go after higher incomes.  It was a final straw after the crap I'd been reading on Facebook.

I'll pull my head in.

Edit to add: I know nothing was directed at me.  I just blew when I read that sentiment again.

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27 minutes ago, goughy said:

 

IJ, it wasn't directed at you, in case you were wondering?  Only my comment regarding what I'd done, in case you happened to ask me what experience I had of that

Nothing to apologise to me for mate. As I said at the time, I was just looking to clarify your position, which you did.  There was no malice on either side

The only reason there was any drama is that someone else decided to get offended on your behalf

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1 hour ago, goughy said:

But I read a comment from someone here that Labor's policies attacked the very people that had worked hard to make something of themselves and saved etc, and we know Labor's policies would go after higher incomes. 

I think most people who've done OK for themselves think it's reasonable to pay a bit more. They already pay more in income tax but they're often seen as fair game for additional taxes.

I'm not talking people making > $250K, I'm talking people with incomes around that $90-100K mark which Labor thinks is wealthy. In 2018, the average weekly full time wage was $82,436. The tiered tax system already belts the very high income earners and bracket creep just pushes average earners closer and closer to higher tax.

The best thing ANY government can do is offer incentives for people to earn more. This is not giving them money for nothing. It's cheap or free education so you can get a better job, apprenticeships so you can make decent money as a tradie, business growth so there can be more employment, more opportunity for advancement, new industries and infrastructure.

I tire of people saying wealth is bad. I want to be well off and comfortable in retirement. I don't have a uni degree. I left school and started work. I worked extra jobs and learned new skills. I averaged 50 hours a week for years to get my first home.

I'm proud of where I am and how I've gotten here. It pisses me when people want to go "let's belt this guy" because I've worked my arse off my whole life to get what we have.

Edit to say none of this is directed at Goughy and I didn't mean it to sound like a rant...

Edited by trinube
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On 18/05/2019 at 11:51 AM, more said:

I hope Shorten loses just because of the arrogant way he is strutting around as if it's already won. A bit of humility goes a long way...

Lol what was I saying about the arrogance of Labor?

https://www.msn.com/en-au/news/australia/free-beers-fancy-cocktails-and-a-lavish-slap-up-dinner-inside-labors-pre-election-party-as-they-toasted-victory-only-to-suffer-a-humiliating-defeat-in-election-stunner/ar-AABG2Np

"Labor was so sure it had victory in the bag that party headquarters in Sydney threw a huge election eve party with free booze and prawns galore.

They celebrated late into the night drinking salted caramel espresso martinis and singing Solidarity Forever with one staffer even hired to play the trumpet.The jubilant mood was the polar opposite of their somber, shell-shocked faces just 24 hours later after a stunning election defeat. 

Labor's premature partying is now an embarrassing symbol of its hubris and complacency based on polls that got the result horribly wrong.Celebrations began with free beers in the Parramatta HQ office, then dinner at nearby Sahra by the River, according to emails seen by the Sydney Morning Herald. Staffers ate Queensland prawns costing $39 for just four pieces, barramundi at $34 a serving, and kafta skewers at $28 for three."

And then you had Bill asking Scomo for a smooth transition of power...bwhahahahahh

"Labor leader Bill Shorten is so confident of becoming Australia's next Prime Minister that he sent a letter to Scott Morrison asking for a 'smooth transition of power'. "

All I can say is they got what they deserved. Smug, condescending and arrogant...and NFI

 

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The party is OTT, but the succession planning stuff seems reasonable. 

Would also be fine for the PMs office to have declined at 8:30 Sat night 

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On 31/07/2013 at 7:20 AM, Andrew #1 said:

Sigh... Facts don't matter - LNP are born to rule. What!

Just going to leave this one here to stew...

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Quote

If you’re a full-time worker and you earn more than $1261 a week (before tax and superannuation) then you are earning more than half of all other workers, aged 15 years and older. This equates to $65,577 a year.

Median as opposed to average

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The best thing ANY government can do is offer incentives for people to earn more. This is not giving them money for nothing. It's cheap or free education so you can get a better job, apprenticeships so you can make decent money as a tradie, business growth so there can be more employment, more opportunity for advancement, new industries and infrastructure.

So true, probably the best way to get a more level playing field is sorting out education.  But I am not holding my breath.   Mind you there are still a lot that get to start out way back behind the rest from the earliest days.

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2 hours ago, more said:

Staffers ate Queensland prawns costing $39 for just four pieces, barramundi at $34 a serving, and kafta skewers at $28 for three.

Sounds like a regular city price, although that Barra seems a bit cheap 😎😎

 

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2 hours ago, more said:

LAnd then you had Bill asking Scomo for a smooth transition of power...bwhahahahahh

"Labor leader Bill Shorten is so confident of becoming Australia's next Prime Minister that he sent a letter to Scott Morrison asking for a 'smooth transition of power'. "

All I can say is they got what they deserved. Smug, condescending and arrogant...and NFI

 

Alot of people didn't know Morrison was hitting the phones every night, talking directly to voters. After the lib robo calls, people were asked to stay on the line to talk to the PM. He then answered questions from voters.

Pretty good in my books. 

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4 hours ago, ComfortablyNumb said:

You would pass the income test, but fail the assets test at those levels as I understand it.

Not eligible for any aged pension if you have assets of $853K or more, and/or income of $80,506.40 per yr.

Asset test will knock us out of receiving any Aged Pension as our Super balances will count as assets as I understand it.

In this respect, you can see why more people are chosing to 'retire' out of Australia. Even some are still getting pension and living abroad. Cost of living is much lower and places like Thailand have very good medical resources.

Retirement is becoming more of a myth. I'm 56 and will return home in my early 60's. By then I'd have worked as an expat for 30 years, with reasonable assets and some savings. However, it won't allow me not to work again. I can see myself packing shelves at Woolies to keep petrol in the car and food in the fridge in between surfs and dropping a line in the river.

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10 minutes ago, softy said:

In this respect, you can see why more people are chosing to 'retire' out of Australia. Even some are still getting pension and living abroad. Cost of living is much lower and places like Thailand have very good medical resources.

Retirement is becoming more of a myth. I'm 56 and will return home in my early 60's. By then I'd have worked as an expat for 30 years, with reasonable assets and some savings. However, it won't allow me not to work again. I can see myself packing shelves at Woolies to keep petrol in the car and food in the fridge in between surfs and dropping a line in the river.

Work harder get better job

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1 hour ago, BarryBevan said:

Work harder get better job

What does that mean?

For any kind of decent retirement , I reckon you need to own your house and have between 2 and 3 million in investments and super to generate an income of $60-80k per year. If you reckon you can do it cheaper than that, good luck. Tell me if you're in that position with your better job and harder work.

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11 minutes ago, softy said:

What does that mean?

For any kind of decent retirement , I reckon you need to own your house and have between 2 and 3 million in investments and super to generate an income of $60-80k per year. If you reckon you can do it cheaper than that, good luck. Tell me if you're in that position with your better job and harder work.

He's referring to Joe Hockey and co giving a similar response in the past, tongue firmly in cheek on Barry's part I'm sure.

By the way, the Barefoot Investor reckons $250K in super and a desire to work part time (up to the limit not to effect the pension) with your own home paid off is the magical retirement number.

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20 minutes ago, softy said:

What does that mean?

For any kind of decent retirement , I reckon you need to own your house and have between 2 and 3 million in investments and super to generate an income of $60-80k per year. If you reckon you can do it cheaper than that, good luck. Tell me if you're in that position with your better job and harder work.

$80K a year is a hell of a lot of money to be spending with no mortgage to pay or child raising related expenses? 

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12 minutes ago, softy said:

What does that mean?

For any kind of decent retirement , I reckon you need to own your house and have between 2 and 3 million in investments and super to generate an income of $60-80k per year. If you reckon you can do it cheaper than that, good luck. Tell me if you're in that position with your better job and harder work.

I'd have to ask why you need 80k a year in tax free income when you own your own home and have no dependents. That's $1500 a week. 

Studies have shown that the most important thing is to own your own home. The pension is doable if you have no accommodation expenses. 

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28 minutes ago, softy said:

What does that mean?

For any kind of decent retirement , I reckon you need to own your house and have between 2 and 3 million in investments and super to generate an income of $60-80k per year. If you reckon you can do it cheaper than that, good luck. Tell me if you're in that position with your better job and harder work.

That’s what ironjim and his mates say.

yes I will own house

income will be over 100

worked hard

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My numbers are based on what I know my wife pays to keep the house going ( things I have no idea about ). The costs of rates, insurances, power, fuel, food, phone etc. I think the last numbers were around $1800 per month.

Add to this the cost of being comfortable - travel, stuff for grandchildren, racing, actually living a nice life after working your arse off.

I am also assuming I won't receive any pension, so the numbers may be high. But I still reckon you need to be getting at least $5k per month in.

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5 minutes ago, softy said:

My numbers are based on what I know my wife pays to keep the house going ( things I have no idea about ). The costs of rates, insurances, power, fuel, food, phone etc. I think the last numbers were around $1800 per month.

Add to this the cost of being comfortable - travel, stuff for grandchildren, racing, actually living a nice life after working your arse off.

I am also assuming I won't receive any pension, so the numbers may be high. But I still reckon you need to be getting at least $5k per month in.

So you are allowing $58k a year for travel and racing, recovering in business class would be nice 😎👌

Edited by more

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41 minutes ago, BarryBevan said:

That’s what ironjim and his mates say.

yes I will own house

income will be over 100

worked hard

I can speak for myself thanks Barry

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43 minutes ago, dazaau said:

I'd have to ask why you need 80k a year in tax free income when you own your own home and have no dependents. That's $1500 a week. 

I'd have to ask why you need $2million to generate an income of $80k

Just drawing down $80k a year from $2million would take 25 years

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4 minutes ago, BarryBevan said:

Quoting you

Let's see this 'quote' of mine then 

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5 minutes ago, BarryBevan said:

Do you have an interest in the fund management industry 

Yes

Relevance?

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4 minutes ago, BarryBevan said:

It’s in the 260 pages 

Find it then, or withdraw and apologise 

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6 minutes ago, BarryBevan said:

Conflict of interest in the discussion 

You clearly have a rather limited understanding of conflicts management

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IJ it's pretty clear.  If you have actual knowledge on a subject, particularly from experience, you are ineligible to discuss it or provide insight as it will just get in the way of ideology.  That's how the ALP select their policy team.

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2 minutes ago, Stikman said:

IJ it's pretty clear.  If you have actual knowledge on a subject, particularly from experience, you are ineligible to discuss it or provide insight as it will just get in the way of ideology.  That's how the ALP select their policy team.

Yeah, can't let those pesky fact things get in the way, can we?

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18 minutes ago, IronJimbo said:

Yeah, can't let those pesky fact things get in the way, can we?

you work in the industry and don't build a wall between your political posts and your experience (mind you we have all probably done that from time to time). You post in huge volume on loads of other subjects, are you expert in everything

 

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2 hours ago, softy said:

What does that mean?

For any kind of decent retirement , I reckon you need to own your house and have between 2 and 3 million in investments and super to generate an income of $60-80k per year. If you reckon you can do it cheaper than that, good luck. Tell me if you're in that position with your better job and harder work.

Just wondering, are these amounts for a single person or a couple.

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8 hours ago, Mike Del said:

Wouldn't that trigger a bi election then? I thought one of those would cost at least the $1m he wanted to save the taxpayers

It did, but I think he was making a point that pollies don't deserve what they were given. He'd always argued against it so it would have been hypocritical to accept it.

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2 hours ago, softy said:

For any kind of decent retirement , I reckon you need to own your house and have between 2 and 3 million in investments and super to generate an income of $60-80k per year. If you reckon you can do it cheaper than that, good luck. Tell me if you're in that position with your better job and harder work.

Your figures for investments are too high.

For the last 10 years the Balanced fund of my Super provider has averaged 11% (caveat past performance isn't an indicator of future etc etc). The prediction for balanced funds is they make money 9 out of 10 years. They typically have a year where they will lose. Mine's not lost but in 2012 it was 1%.

Even so, if you had $1M you should be getting close to $100k a year tax free (assuming you are retired and have it in a pension fund), probably equivalent to about $140k. If you can get $2m and own your own house you're laughing.

Edited by trinube

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44 minutes ago, IronJimbo said:

Yeah, can't let those pesky fact things get in the way, can we?

lol

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Wow, I nearly fell off the lounge.

Greg Combet just said he felt Labor was always at its best when it promoted wealth creation (Hawke/Keating era) rather than wealth distribution (Shorten/Bowen). He said the current ALP spent far to much time on the latter.

He looks a lot more relaxed now he's out of politics. I had no idea he'd hooked up with Juanita Phillips, maybe she's mellowed him.

Edited by trinube

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and in  a surprise move, Palashez, said she was sick of all the delays with Adani and wants to get it approved asap.

I was so incensed with this rubbish I had to pull over and rang ABC talk back radio

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11 hours ago, trinube said:

This bloke has zero integrity - Australia dodged a bullet. Piss off and let the party decide on their own.

This is what all the finance experts have kept saying for the last few days.

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44 minutes ago, trinube said:

Wow, I nearly fell off the lounge.

Greg Combet just said he felt Labor was always at it's best when it promoted wealth creation (Hawke/Keating era) rather than wealth distribution (Shorten/Bowen). He said the current ALP spent far to much time on the latter.

He looks a lot more relaxed now he's out of politics. I had no idea he'd hooked up with Juanita Phillips, maybe she's mellowed him.

But but but Abbott was an arsehole for saying Hawke had a Liberal head and a Labor heart.... 

Edited by more

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10 hours ago, Mike Del said:

Not any more Foz, the current scheme doesn't permit that. Changed in 2004 thanks to Latham forcing Howard into a corner, perhaps the only decent thing Latham ever accomplished. 

You could be thinking of ex Nationals Senator Bill O'Chee.

 

Good and Yes that's him.

Thanks for the education. If you learn a new thing everyday its a great day!

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1 hour ago, trinube said:

Your figures for investments are too high

That's good to know. Aim high and get what I need to live a good life.

 

1 hour ago, trinube said:

If you can get $2m and own your own house you're laughing.

I did say 2 to 3m at the start, and I'm no finance buff. So again, good to know I'm in the ball park.

The other thing is the difference in having to work, and wanting to work. If you have enough set aside to allow you to work part time to top things up and because you enjoy it, why not.

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5 minutes ago, softy said:

The other thing is the difference in having to work, and wanting to work. If you have enough set aside to allow you to work part time to top things up and because you enjoy it, why not.

Totally agree with this. A guy I used to work with does a couple of days a week doing Meals on Wheels and something for Homeless folks. I don't think I'll need the money but it would be satisfying to help people doing it tough.

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5 hours ago, softy said:

 in between surfs and dropping a line in the river.

You'll catch nothing in Shark Bay that's for sure ;)

And you forgot about the Sunday surf club swim from Broulee beach to Shark Bay and back.

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1 hour ago, BarryBevan said:

you work in the industry and don't build a wall between your political posts and your experience (mind you we have all probably done that from time to time). You post in huge volume on loads of other subjects, are you expert in everything

 

Still can't find that 'quote' eh?

You really shouldn't make claims about other posters that you can't substantiate Barry.  People might think that you're a lying sack of shit...

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It would absolutely be awesome to do something like that, Tribune and softy!  Don't think I'll have the time.

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34 minutes ago, goughy said:

It would absolutely be awesome to do something like that, Tribune and softy!  Don't think I'll have the time.

Mate if lived anywhere near you I'd be happy to volunteer a few hours a week as an apprentice - I quite like working with my hands and I reckon we'd have similar tastes in music to listen to.

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