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Here’s why older Australians need not be living in poverty

Discussion in 'Investing Strategies' started by twisted strategies, 20th Oct, 2019.

  1. twisted strategies

    twisted strategies Well-Known Member

    3rd Nov, 2013
    Here’s why older Australians need not be living in poverty

    that would depend on which senior you look at , and what YOU call poverty

    i don't consider myself poor because i have kept my debt obligations low all my life

    i don't own a car ( or motor-bike ) i don't have education debt , i have no 'time payment goods ( like fridges TVs ETC , ETC )

    now if we move to younger generations who ARE burdened with HECs , often worthless health-care insurance , nice furniture ( even if they are renting ) , bombarded with 'must-have' posssessions and services , by those standards i look poor

    i try not to spend recklessly , and a government entity is that last group to lecture me on my spending habits ( and the evils of reckless spending )

    are seniors now financially secure ... NOT a FREAKING CHANCE both major parties have shown a compulsion to meddle with the aged pension AND superannuation funds DESPITE the blatant fact government inattention was a major cause of the problems now being faced ( and they will be even worse if we have a financial meltdown )

    AND AND , lets shunt the old codgers into these retirement villas ( and strip them of their assets while they are held captive )

    so why have us old codgers got little in the way of savings

    well Commbank this week sent me a statement that my account with less than $10,000 earns 0.000% interest
    $100,00- to $249.999 earns 0.35% interest

    and $500,000 and over 0.8% interest

    so is that money safe and readily available ( last Thursday's glitch at the CBA is a short answer to that ) and the government thinks it is so safe they give a government guarantee on the first $250,000 ( per ADI ) on your bank deposits ( just in case our 'unquestionably strong ' banks face a bit of a stressful period )

    so forgive me for being so cynical , but with so many mixed messages why would i have savings stockpiled high in a bank ( where they can be conveniently frozen in a genuine crisis )

    ( and of course the recent Royal Commission has shown that governments have been so relaxed with bank assurances they fell asleep at the wheel for over 10 years , will the public get a refund of those public service salaries , we sure as heck got the bill for the Royal Commission )
    RS Gumby likes this.