Steele, this came about because we made a claim for the Aged Pension. The older son, Labor voter, was okay "Go for it Dad, you two have worked all you lives, why not, if you get it, good luck!".

Younger Son Liberal voter was shocked, he thinks;

One, he will be such a great asset builder himself that he'll have no need for a pension, which is for the losers or the greedy (that's me, the greedy).

Two, paying into Supa and insurance, has his own business, doing well at 32, is paying off some good assets. Forgets how much his mother and I put in to help him more than once with the business. Must have been a "Socialist" in those days when the cash was coming interest free, a repay when you can loan(s). Truthfully out of $50k he has repaid all of it back except for $10k. I told him to keep it as a gift, and he's taken me at my word.

Three, the age will go up and up, and the government will cut cut cut, and cut him off.

He said its obvious what's going to happen. well its not to me, but in his minds eye its all there.

BTW He now thinks that bloke calling himself Individual is a communist, and he's always known his father is a communist, this pension claim just confirms it.

'Ave a dekko at this,
http://www.weforum.org/agenda/2018/02/retirees-in-these-countries-receive-100-of-a-working-salary/

Makes interesting reading.

Btw, many older persons today have no super because in their youth and middle working years
the only super available was non transferable, leave the job and leave any entitlements, and then there were the employers who, when the future super payouts started to look bad, simply shut down their business and started anew.
There were also those who hired on a twelve month basis and if you wanted to work there then after Christmas you were a new starter.

Hi Issy,

Long time no speak, have you been on a Burke and Wills?

The best thing was the introduction of compulsory superannuation.
The worse thing was to put all that cash into the hands of banks and insurgence companies. Ahhhhhhhh....AMP nightmares for the unsuspecting. Always in an industry based supa fund, best of a bad lot.

I favoured a National Superannuation Fund, a Medicare of supa.

I read your link, interesting.

It is the Old Age pension contribution that needs to be made compulsory. We pay into a pension fund & when we reach retirement age we get a Pension, full stop !
Super funds should be a voluntary boost to the pension.
Too many people do not have the means or inclination to discipline so therefore they should not be rewarded more than those who plan & save.
Contribute from your weekly pay to your own pension & a percentage to a common pension fund to help the needy. There needs to be a safety net no matter what.
If we reduce the insane bureaucrat salaries & tax high income properly & remove the perks for ex politicians there'll be more than adequate funding for an Old Age pension for everyone !

Paul,

Young people have a point, and I hope that governments over the next century slowly cut pensions, while putting the pension age up - so that by, say, 2060, one has to be 75, or even 80, to get the equivalent of half the current (2019) pension.

Of course, that means anybody born after 1980 or 1985. Given medical advances, they will still have thirty years of old age left, which they can spend - as they demanded in their youth - in growing poverty.

Or do young people have some sort of cunning plan, to deprive older people of public funds now, but expand them again when they themselves are approaching old age ? Good luck with that.

Ooooh, I love seeing people hoist on their own petard :)

Joe

Dear Paul1405,

I think this is really at the heart of it.

“Three, the age will go up and up, and the government will cut cut cut, and cut him off.”

Obligation over assumed entitlement. Pretty wide streak in those who think like your youngest. Must make for some interesting dinner table conversations.