Having just joined this Forum, I'm somewhat surprised at the quite nasty tone of some of the posts criticising self funded retirees.

As one of this apparently unkindly thought of group, I'd like to point out that at 63 years of age, I've had one overseas holiday in my life (2 weeks in Singapore and Hong Kong when I was 24), have twice had assets diminished because of marriage failure, have had to stop work early because of illness, have rarely bought other than op shop clothing for the last 20 years, and much more, saving every possible dollar so that I could be self supporting in retirement.

This has been my choice and I'm glad for it. But I do rather object to being labelled rich and/or greedy.

I know plenty of people on full government pension. One example:
a couple who had no children, worked all their lives until retirement age, spent everything they earned as they went. Why didn't these people (and many like them) use some of their earnings to fund their own retirement?

I'm more than happy for the tax I've paid over the years to support those who genuinely are in need of help. But I've volunteered in the community for 15 years and seen hundreds of examples of tax payer funded government benefits paying for gambling, excessive alcohol and drug consumption.

So maybe those who are so critical of self funded retirees might temper their remarks with some understanding of how galling it can be to unwillingly be funding so many people who just throw it up against a wall.

It is interesting to read the ill feeling / anger that some seem to be aimed against self funded retirees.
Our family believed in the creed that you needed to save all your life, to look after yourself in your old age. And that is exactly what we did. It meant that we worked six or seven days a week, we had three holidays in over forty years; we grew a lot of our food, milked a cow, bought principally secondhand clothes, furniture and white goods. I am sitting at the typewriter wearing a jacket I bought when I was 24 (and I am now 68). We never wasted money. We educated four children through University, raising a doctor, teacher, engineer, and scientist, who all contribute to society. And we are now living meagerly on our savings, frequently spending less than the fabled pension. But the loss of a health care card, should it come, would cause real anxiety in our old age. When you sling off at 'self funded retirees', stop and consider just how much many of them gave up, that you take for granted,- like entertainment, alcohol, holidays, new furniture and clothes, and be glad they are still living within their means, and trying NOT to be a drain on the governments resources.

Rothsay has the wrong end of the stick. The argument in this forum has not been about self-funded retirees on moderate incomes. Instead the focus has been on whether well-off self-funded retirees should continue to receive all the benefits awarded especially to them by the Howard government. Some of these benefits, such as the Health Care Card, are not available to families with children on much lower incomes. Is that fair?

If Rothsay is on a modest income he/she should stop worrying about losing benefits such as the Health Care Card as it is clear that the government will only be targeting much higher incomes. The fact that he/she is worrying is testimony to the beatups being splashed about in some of the mass media.

Rothsay, Take a bow, you are in my opinion a 'model Aussie Baby Boomer'. It's a pitty you were miss lead into beleving that you would be catered for in your twilite years. Unfortunately I can't appologise as I wasn't the one making the decisions at the time, but you do have my sympathy.

Australiana
I have always been of the opinion that our system is backwards.

Imagine a system that gives back a percentage of your taxes paid throughout your life in the form of a pension.

Given that we are looking like heading into 'record debt levels' I think my thoughts are more a dream than ever before.

Why should one person be catered for and another dismissed just because they succeeded while the others failed?

We live in a world that rewards failure and punishes success. Why?

I think Self-funded retiree's should take advantage of the fantastic tax concessions that John Howard brought in for Over 60 year olds with super.

Basically any money in a self-funded retiree's superannuation fund will not be taxed.

If they have more than $250,000 to invest into a superfund they can start a Self-managed superannuation fund which has low fixed rate fees.

They can make all the investment decisions themselves and not risk their money with highly paid fund managers whose perfermance has not be great lately.

Weem Financial Services allows self-funded retirees to set up their Self-managed superannuation fund online at www.weem.com.au and provides advice for self-funded retirees who would like to run their own Self-managed fund.