this post was submitted on 04 May 2024
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Having spent a lot of time recently on Facebook groups about retirement and superannuation I think I can safely say about 60% of the content consists of three posts:
These three posts in multiple variations are on repeat multiple times a day, and always filled with comments arguing about who should be entitled to what. I'd be willing to support a Universal Basic Income being introduced just to get rid of all these tediously repetitive arguments!
I would also like to tell all of the people asking for advice on their self managed super funds that if you have to ask for advice on Facebook about how to manage it you should not have a self managed super fund.
All for a measly 25k to people who have millions and millions in property and super.
Greed knows no bounds.
I'd rather those without independent wealth have a larger slice of the pie than old mate and his partner with 3 paid off properties and a million or 2 in super get any more.
People are obsessed with their pensions. People with large Super balances generally don't recognise that they have received and continue to recieve, more benefits in the way of tax exemptions on their Super than people on the pension get. Many seem convinced they will somehow be better off with less assets and the "free government money".
I personally think all of our welfare payments - unemployment, aged pension, childcare subsidies etc. should be paid regardless of income to anyone in the right category and keep a progressive tax system (that charges people with more means a higher percentage) with no tax-free threshold and higher taxes at the very top. Get rid of HECS - if the education leads to higher wages then those wages will be paying higher tax anyway, there is no need to double dip! People on high incomes would still be paying much more in tax than they receive back in benefits and the reduced time wasted on bureaucratic compliance and assessment procedures would probably free up enough working capacity to change everyone to a four day work week.
Obviously it would be difficult and destabilising to actually bring in such a major change, but when I become Supreme Leader of the world that is what I intend to do. Along with mandating that pets count as family for workplace leave policies.
Fully agree. They should ask their accountant(s). Sorry, registered financial planner as you need to have a licence to give advice on superannuation.
Mind you, my boss when he was a commercial law student asked his tutor for a quick 10 minute run down on how super worked. His tutor rolled on the floor laughing.
And a truly wonderful Tandberg cartoon came out in the 80s - two suits sitting at a table in a pub - one says to the other "Yeah it's a social thing. We get together on a Friday night, have a few beers and change the laws on superannuation". Says it all. I think I still have a copy somewhere as I had that stuck on my screen for years.