P, are you aware that the amount one can put into super and claim the tax break is aged based. Even now in my mid fifties the most I can contribute is about $150K per annum, combined as a couple and this includes any rents received on our super investments and and dividends/ earnings from shares.

Super was always intended to replace the old aged pension, but as usual governments are too useless to implement anything without holes, so many such as 'grey nomads' sell off their surplus assets, buy their half mil motor home, travel until they are 70/80's then retire on the pension.

What's thrown the largest stick in the works is our new life expectancies as most if us enjoy an active life for up to 20 years beyond retirement age. So if we deter their savings, they will be on the pension earlier than expected. Then what?

Of cause the Abbott government wants to address this, but got knocked down as usual. If one does the math, we should be eligible for old age pension at about 103 years of age. So 72 or 5 aint that bad but it seems nobody wants it and would rather wait for the day it all crumbles, and it may well as out health system is destined to fail. Nobody wants to charge fat junk food acids, smokers, or excessive drinkers to see a doctor for their self inflicted problem either. We can't have it all but that won't stop many from trying, especially the under achievers.

sell off their surplus assets, buy their half mil motor home, travel until they are 70/80's then retire on the pension.

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Well their "half mil motor home" is still an asset so no pension.

You need to get your facts straight.

Also you SAY they die in 80s so your issue is solved as as dead folk don't get Age Pension

Good on you Bill, go get them I say!
The richest group in the luckiest country in the world (yes, it still is in comparison) are now cranky, spitting chips and bawling like big cry babys because they don't get it all their way! TOO BAD! grin n' bear it!

Tough cookies I say, these folks have totally lost all perspective on just how super lucky they are in the first place to be blessed with benefits of living and earning a living in one of the most stable democracies in the whole world. Why is this? bascially because of our social security system. If we didn't have this, we'd be having our own Australian version of the 'Arab spring' with all its riots and violence in the streets of cities and towns. When folks in these desperate circumstances have basically nothing, then they have nothing to loose, so violence to achieve an ends is justified. This could very well happen in Australia , IF there was no social security system funded by a WIDE spread of taxation.

This rich group have become so 'fat' on their arrogance and self entitlement it beggars belief! borders almost on psychopathy. How high a standard of living do they need? seriously, when is enough, enough!! The standards of living are capped and only capped by the rest of us standing up and setting this 'cap'.

From the few people whom I know as being rich in their old age, few of them spend their money on themselves. It doesn't matter whether the church and or the establishment owns and manages rental properties or private citizens own and manages rental properties. Wealthy investors after owning their own home they live in, have very little else to spend their money on. When rich people do spend their money, a working class labour content is earning an income. If rich people would spend their money rather than invest their wealth in share speculation, the private business sector would be larger while the public sector government financed take up system would be smaller. Superannuation savings money for old age retires I believe is not being spent. Large business growth seems to have stopped, while speculating on business never ends. My belief is that saving money slows consumer consumption while product advertising are mostly products few people want to buy and or very expensive and or have ongoing charges.

LOP, I didn't say they die at 80, I said they stop living an active lifestyle.

So the best retirement plan is to sell off your surplus assets and go on a spending spree until you are inactive as such, then move I to a retirement home and collect the pension. Sure beats retiring at 65 and living on crumbs for twenty odd years.

Bills idea if implemented will rob many of their rightful inheritance. If only he knew that for every action there is a reaction.

Bill Shorten is playing the class war from where Gillard left off.

It will rebound on him as it did with Gillard.

If only the so-called wealthy aged had the retirement golden handshake of leftist 'Progressive' politicians like L'il Willie and Ms Julia.

It is the politics of envy and jealousy so favoured by the left.