3 Comments
Dec 5, 2023Liked by Bec Wilson

1 Yes, planning retirement is really complicated, ànd not at all helped by constant rule changes and 'herding' by governments de jour and proposed plans by every group with a vested interest. 'Think tanks' are better termed 'mouthpieces'

2 I, personally, think of superannuation as my own money and I would like to make my own decisions about what I want to do with it. I have not given or lent that money to the governnment or to anyone else, so thanks for the advice but back off. They don't have to deal with the angst of returning it if they grasp that they never had it..

3, ditto, more rules for my money

My view at this time, two weeks pre retirement, is that everyone seems to know exactly how the average superannnuitant should use their funds and gets a bit hot under the collar if their particular genius plan isn't the chosen one.

The majority of these people have not been elected and are really just sticking their oar in.

The elected ones haven't been elected for this particular function by any means either, broken promises expected, and like most govts. are the result of a popularity contest rather than an intelligence test. (Least bad)

Where they get the concept of their own superiority and their disdain for the intellect of the general Australian public is unclear, undeserved and unfortunately universal

So, to the the compulsive rule/suggestion makers; thanks for caring but back off and stop making things more difficult. You have heaps of other areas that might be efit from increased attention in the meantime.

I feel better now...😊

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Dec 5, 2023Liked by Bec Wilson

Hi Bec, I wrote to you awhile ago regarding the extra withdrawal amounts retirees have to take from their super accounts this year after the Federal Government reverted to the original drawdown %s.

I came across this AMP document:- https://www.amp.com.au/insights-hub/super/managing-your-super/how-much-super-should-i-have-at-my-age

Using the figures shown, averaging the men / women amounts and the three age groups the average

balance for the 65-75+ cohort men and women is $ 476852.00. If we use the minimum drawdown rate i.e. 5% and assume everybody is withdrawing the extra 2.5% that is $ 11921.00 / person. It's my understanding there are 4.1 M retirees over 65. If this is the case that means there is the possibility of an additional $ 48.876B of extra funds in the economy. This figure ignores the fact that the 75+ cohort has to withdraw 6%. Even if we say people on average were taking half the figure it still means there is around $ 25B extra in the economy. No wonder journalists are complaining about Boomers spending up big.

Ian Kilpatrick

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I would like to see that the Government stops treating people of retirement age as morons. I do not need someone to force me into a particular retirement product "for my own good" as the previous comment said 'back off'. People about to retire are not helpless - provide comprehensive correct information in a digestible format and people will make their own choices based on their circumstances. I am finding the constant refrain that people in retirement or approaching retirement are somehow lesser people who need saving and can't add up most inappropriate and very patronising.

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