Join our investing community

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

    Joined:
    3rd Nov, 2013
    Posts:
    1,200
    Location:
    QLD
    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.