State Pensions, Australia & Others

[BookMan]

I'm not worried about the Greens : the Coalition will have such a massive majority post September that I cant see anything resembling an effective Opposition to any of their policies, regardless of any backroom deals done by the (pitifully few) Labor survivors with their lunatic fringe buddies. Even issues that should be settled with a conscience vote will, IMO, be steamrolled through both houses. I wont miss Labor, but I just cant see how we arent trading one set of incompetent financial managers for another set, and that doesn't bode well for anyone planning their futures around either Superannuation or the Aged Pension. One can only wonder what visitors to our country think when they turn on the TV and see Clive Palmer, Bob Katter and Pauline 'Combeack' Hanson trying to drum up support .....

Speaking of Superannuation...

What do people think of this trend towards self managed super funds? Within this I have seen people using their superannuation money to buy commercial properties, which they rent to themselves and have their business within.

I have also read that there is an increasing investment in residential property using self managed funds.

[watcharacters]

State Pension in Ireland is €230 (8,510 baht) a week. Is that better or worse than Australians State Pension ? Sorry for hijacking your thread OP.

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That's great money!

[watcharacters]

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http://www.humanservices.gov.au/customer/services/centrelink/age-pension

I won't qualify till I'm 67 ...

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At least you "WILL" qualify!

[David48]

I'm not worried about the Greens : the Coalition will have such a massive majority post September ...

But they mightn't control the Senate.

Without control of both houses there will be compromise on the Bills presented to the Lower House.

Remember that Senate Terms are for 6 years with only 1/2 the Senators up for re-election every time.

EDIT:- ... just saw samran's post above.

Edited June 3, 2013 by David48

[giddyup]

State Pension in Ireland is €230 (8,510 baht) a week. Is that better or worse than Australians State Pension ? Sorry for hijacking your thread OP.

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That's great money!

Aussie pension (single) is $733 per fortnight, around 466 British Pounds or 21,000 Thai Baht. Edited June 4, 2013 by giddyup

[BookMan]

State Pension in Ireland is €230 (8,510 baht) a week. Is that better or worse than Australians State Pension ? Sorry for hijacking your thread OP.

.

 

 

 

That's great money!

Aussie pension (single) is $733 per fortnight, around 466 British Pounds or 21,000 Thai Baht.

That's pretty good. didn't realise it was that much. Thought it was 250 a week or some such thing.

[kannot]

What is my pension likely to be in 18 years time? Will it cover a cappuccino, a six pack and a bit of slap and tickle?

All I can tell you is you'll get the slap alright.............probably off your own government.

[barrybankruad]

The single Aussie pension is in fact $755 a fortnight, that is (at present rate if Exch) just over 22K Thai Baht. i.e. about 45K a month (give or take). It is reviewed twice yearly, we can expect another increase in September.

[giddyup]

The single Aussie pension is in fact $755 a fortnight, that is (at present rate if Exch) just over 22K Thai Baht. i.e. about 45K a month (give or take). It is reviewed twice yearly, we can expect another increase in September.

The $733 I quoted was from March this year, has there been an increase since then?

[Jasun]

For tax purposes, it is also possible to be a resident for a 'part-year' provided you state that it is your intention to remain in Australia. This can be achieved by spending as little as a month in the country - eg 1st-30th June leading to EOFY. Under that scenario you would be entitled to a tax-free threshold of $13,464 per year, plus a % of the remaining $4763 up to the maximum $18200 threshold. Relevant info for anyone deriving extra income from things like investment property.

[Thai Chi]

For tax purposes, it is also possible to be a resident for a 'part-year' provided you state that it is your intention to remain in Australia. This can be achieved by spending as little as a month in the country - eg 1st-30th June leading to EOFY. Under that scenario you would be entitled to a tax-free threshold of $13,464 per year, plus a % of the remaining $4763 up to the maximum $18200 threshold. Relevant info for anyone deriving extra income from things like investment property.

Sounds like a good idea the first time around.

But if you left after 1 month returning the following year in June, wouldn't you fail the residency test?

[MrWorldwide]

I'm not worried about the Greens : the Coalition will have such a massive majority post September ...

But they mightn't control the Senate.

Without control of both houses there will be compromise on the Bills presented to the Lower House.

Remember that Senate Terms are for 6 years with only 1/2 the Senators up for re-election every time.

EDIT:- ... just saw samran's post above.

Already seeing Senators jump ship to run for the House of Reps in the next election - it's all Tony Abbott can do to suppress a smirk. They will absolutely bulldoze Labor - something similar to the last Queensland state elections. Any remaining dissenters in the Senate will have to do a Nick Xenophon - make loud noises everytime somone with a microphone gets within earshot. I may be naive, but I actually think Nick believes in the causes he champions - I cant say the same for the vast majority of our pollies.

[MrWorldwide]

Even with a falling AUD, many Thais would view $755 a fortnight as a dream come true, particularly when they didnt have to work 12-hour days in a factory to earn it. I just dont see that being a sustainable figure given Australia's aging population and shrinking tax revenues, but I guess time will tell. Right now, 67 seems an awfully long way off for me - YMMV.

[Jasun]

For tax purposes, it is also possible to be a resident for a 'part-year' provided you state that it is your intention to remain in Australia. This can be achieved by spending as little as a month in the country - eg 1st-30th June leading to EOFY. Under that scenario you would be entitled to a tax-free threshold of $13,464 per year, plus a % of the remaining $4763 up to the maximum $18200 threshold. Relevant info for anyone deriving extra income from things like investment property.

Sounds like a good idea the first time around.

But if you left after 1 month returning the following year in June, wouldn't you fail the residency test?

You will have to pay the medicare levy and will need to be returning to live in Australia permanently. Again.

[Jasun]

Even with a falling AUD, many Thais would view $755 a fortnight as a dream come true, particularly when they didnt have to work 12-hour days in a factory to earn it. I just dont see that being a sustainable figure given Australia's aging population and shrinking tax revenues, but I guess time will tell. Right now, 67 seems an awfully long way off for me - YMMV.

Agree. As soon as the Baby Boomers are gone, it'll be all bets off for retirees. I'd count on getting nothing unless you're bordering on destitute.

[BookMan]

Even with a falling AUD, many Thais would view $755 a fortnight as a dream come true, particularly when they didnt have to work 12-hour days in a factory to earn it. I just dont see that being a sustainable figure given Australia's aging population and shrinking tax revenues, but I guess time will tell. Right now, 67 seems an awfully long way off for me - YMMV.

I was surprised it was that high MrWW. Certainly in some countries, other than Australia, it would go a long way. Throw in the free healthcare, if you come back to OZ, and it looks even better.

I mentioned earlier the self managed super scheme and people using it to invest in property. Add in very generous tax benefits (negative gearing) for property investment. People are starting to factor in receiving high prices for their house near retirement. Can this last? Is property overpriced in OZ? Dovetail this with the point David48 made about people sitting on huge assets in retirement yet unable to touch it.

Is the personal home of a citizen so sacrosanct that the option of having to sell to provide for yourself in old age? Surely people have to make personal sacrifices of some type to support themselves?

Im 44 and I don't expect to be able to access any government old age pension if i'm living overseas by retirement age. (most likely I will spend half the time here and half the time in SE Asia) Sure, i would love to have that income bonus of a pension, but I don't think it will be happening Might be mandatory working age of 74, in 30 years time,before you receive the pension.

[BookMan]

Even with a falling AUD, many Thais would view $755 a fortnight as a dream come true, particularly when they didnt have to work 12-hour days in a factory to earn it. I just dont see that being a sustainable figure given Australia's aging population and shrinking tax revenues, but I guess time will tell. Right now, 67 seems an awfully long way off for me - YMMV.

Agree. As soon as the Baby Boomers are gone, it'll be all bets off for retirees. I'd count on getting nothing unless you're bordering on destitute.

I do think there will be something available, it is just who qualifies to get it and what is is the acceptable asset test.

[SaintLouisBlues]

Saman seems to have missed the point that the Greens already hold the balance of power in the Australian Senate and are a key element of the government's support in the Commons and still haven't been able to implement their retirement policies. This is as good as it gets for the Greens and they're still impotent.

[samran]

Saman seems to have missed the point that the Greens already hold the balance of power in the Australian Senate and are a key element of the government's support in the Commons and still haven't been able to implement their retirement policies. This is as good as it gets for the Greens and they're still impotent.

I haven't missed anything. The Greens as part of their agreement with government had a 'to do list' this parliament, which was focused on carbon pricing and a few other things, which they held the ALP hostage to for their votes in the lower house. I would imagine that that agreement had its limits and parts of the platform wouldn't have been worked on in the House of Reps (not the commons). The Greens were never running the government - as I'm sure many on the right would have liked to believe - but they did have a greater say than usual. Having said that, pensioners already got a good deal with this government, with payments being indexed to CPI (and then some) while other welfare payments decrease in real terms. Pensioners have had it relatively good.

Come the next election, who knows? They won't hold the balance in the House of Reps, but there will always be a good chance that they'll hold it in the Senate. At which point it is game on and they'll do the normal horse trading that comes with that role. And who knows, pension reform might get a gurnsey.

[SaintLouisBlues]

The pigs are all fed and ready to fly Samran.

[samran]

The pigs are all fed and ready to fly Samran.

There you go again. I didn't say 'will'. I implied that I don't even know what is on the agenda for the next parliament. I said 'might'. But will they hold the balance of power? Possibly. Not that I'd want them to. But therein lies the black box of possiblities.

Edited June 5, 2013 by samran

[simple1]

Even with a falling AUD, many Thais would view $755 a fortnight as a dream come true, particularly when they didnt have to work 12-hour days in a factory to earn it. I just dont see that being a sustainable figure given Australia's aging population and shrinking tax revenues, but I guess time will tell. Right now, 67 seems an awfully long way off for me - YMMV.

I was surprised it was that high MrWW. Certainly in some countries, other than Australia, it would go a long way. Throw in the free healthcare, if you come back to OZ, and it looks even better.

I mentioned earlier the self managed super scheme and people using it to invest in property. Add in very generous tax benefits (negative gearing) for property investment. People are starting to factor in receiving high prices for their house near retirement. Can this last? Is property overpriced in OZ? Dovetail this with the point David48 made about people sitting on huge assets in retirement yet unable to touch it.

Is the personal home of a citizen so sacrosanct that the option of having to sell to provide for yourself in old age? Surely people have to make personal sacrifices of some type to support themselves?

Im 44 and I don't expect to be able to access any government old age pension if i'm living overseas by retirement age. (most likely I will spend half the time here and half the time in SE Asia) Sure, i would love to have that income bonus of a pension, but I don't think it will be happening Might be mandatory working age of 74, in 30 years time,before you receive the pension.

You may be interested in something I just came across regards downsizing your home in retirement.

In the 2013 Federal Budget, the government announced a pilot program to assist senior Australians to downsize to a home more suitable to their needs without reducing their Age Pension entitlements.

According to the Budget papers, “from 1 July 2014, senior Australian homeowners who have owned their family home for at least 25 years and who decide to downsize will have the option to invest surplus funds (up to $200,000) in an account. The funds invested in the account and earned interest, will be exempt from the Age Pension means test for up to 10 years.”

Edited June 5, 2013 by simple1

[MrWorldwide]

I've just hatched a cunning plan to fix everything - the economy, the environment and the tourism industry.

They just ran a story on 'The Project' about the rate at which cane toads are spreading across the Kimberley, including footage of them being collected and humanely disposed of. Consider:

- golf tourism is huge business in other parts of the world, including Thailand

- the Kimberley is widely recognised as an area of immense natural beauty

- the best time to be out and about is at dusk, when it cools down - also the best time for belting cane toads with a nine iron

- after a few hours of all that exercise, its back to the campfire for a feed and a few slabs of Swan Lager/Margaret River wines

OK - there might be a few animal lovers who object to this plan, but I think the fact that it's almost certain to be embraced by Greenies and the tourism industry alike, I say we get this thing up and running ! Who's with me ?

[BookMan]

I've just hatched a cunning plan to fix everything - the economy, the environment and the tourism industry.

They just ran a story on 'The Project' about the rate at which cane toads are spreading across the Kimberley, including footage of them being collected and humanely disposed of. Consider:

- golf tourism is huge business in other parts of the world, including Thailand

- the Kimberley is widely recognised as an area of immense natural beauty

- the best time to be out and about is at dusk, when it cools down - also the best time for belting cane toads with a nine iron

- after a few hours of all that exercise, its back to the campfire for a feed and a few slabs of Swan Lager/Margaret River wines

OK - there might be a few animal lovers who object to this plan, but I think the fact that it's almost certain to be embraced by Greenies and the tourism industry alike, I say we get this thing up and running ! Who's with me ?

Were beers involved in the planning process WW?

[weegee]

"Agree. As soon as the Baby Boomers are gone, it'll be all bets off for retirees. I'd count on getting nothing unless you're bordering on destitute. "

jasun....all the posts and opinions are sensible to the point, of my question.

Has any of the young ones(not Baby Boomers) posting here sat and thought that....MAYBE the Baby boomers did get it right, and the next generation didnt look after what was put in place, for the future?...

[kevvy]

heh, i am a baby boomer , but not relying on an Australian pension. Australia is a nanny state ...

[weegee]

heh, i am a baby boomer , but not relying on an Australian pension. Australia is a nanny state ...

your not robinson whatever his name is.....

[kevvy]

heh, i am a baby boomer , but not relying on an Australian pension. Australia is a nanny state ...

your not robinson whatever his name is.....

WELL IT IS NOT CRUSOE

[mickjn]

True you get less pension if you are living overs.You get more pension if you are living in Australia

[expatoz]

live away from australia your pension will be stopped............ after 6 weeks