I’m 70 and have been in retirement since 2007 after being a surgeon for 29 years, and over those past 14 years, I have taken up hiking, swimming, traveling, and just completing my bucket list. Life’s good in retirement
I’m still working full time , I’m 60 next year. I took up serious hiking & swimming at 50yo. Now starting weights and yoga. I hope to enjoy the next 20years active , working and travelling and then pop my clogs. I think longevity for the sake of longevity has gone to far. I’m after quality and then off to asia for cheap old age care.
I retired when I paid up my mortgage. I also had married my daughter off which completed my family responsibility. I am now 73 and exploring now purposes in Life. I am not sure if I could afford a retirement village lifestyle with its ongoing fees etc.
When I became certified to work in aged care I didn't even last half a day. It broke my heart to see the quality of life they exist with and the real level of care. Ill never go back.
Aged care is a Business, that is that profit is the prime motivator, not the care of the elderly. The greater your wealth the better the care you recieve. Simple economics.
Good good ,good vitamine .That IS thé secret .After that it IS more esier when you will bé older . Don 't take lots of médical pills that you don 't need . Natural healthy good in a good Land .
Worked as an AIN in aged care for an agency; i decided there & then that i could not do that for long. Just the short staff shifts- constantly- the tiny rooms, people just basically waiting to die; aged care is a billion dollar industry, and it took me all of 5 mins working in that sector to realise- it aint good for anyone. Im a nearly 40yr old bloke who is now an RN in palliative care; i couldn't handle working in aged care homes as it just isn't right (despite all these inquiries that go no where with recommendations that never happen).
I have done a end of life contract with doctor that if I get any disease or incident like stroke or heart attack that no care will be provided and that I must be allowed to pass. Unless I can come out from it and back to work.
My mother was in this case liké Terry Schiavo .I didn't abandon her .It IS not simple but i should do that . it wasn't an Alzheimer but a cancer !!!! I learned that 2 years After her death . Don't believe that IS thé end .Not yet . My mother was Alone ,not married .
Home care packages are overrated. We were granted $50,000 a year for our relative (the highest level of care package available), but what does that equate to? Only 12 hours of care a week. Because you have to use government funded "providers". So you don't have much option but to choose someone who "manages" the package for $180 a week (they don't do much once the package is set up), people will charge $60-70 an hour just for showering, or spending time with you. No one will clean the house in the hard to reach places, because of OHS, so you're expected to use your family members for those tasks. Don't expect to rely on the home care packages. We actually found that the commonwealth home support programme (given to us while we were waiting for the home care package) to provide more for us and cost much less. It will vary depending on your assets, but CHSP only took income and not assets into account, so we were paying $6 an hour co-contribution rather than what we are expected to pay as co-contribution under the home care package.
My husband is an NDIS community care worker. He's 70. He gets $25 (thereabouts) per hour. The rest must go in agency fees (undeclared by them to him) etc. Like unemployment agencies, these agencies are very profitable.
I really wish people would stop referring to the population as consumers. We are not consumers, we are cattle. When we are born and put into childcare, pay up. When we go to school and university, pay up. When we start a career or business, pay up. When we get old and retire, pay up. We have a select few billionaires who benefit from this nations abundance in natural resources and we have the general population who are forced to eat their homes to get any dignified care in old age.
Yes, the family has been nicely broken down and therefore individuals much more easily manipulated by the government. Single mothers lose their pension if they have a partner. The partner has their Jobseeker allowamce reduced to "encourage" them to get a job. Result - the sperm donor steps away from the family. They did similar to the blacks (poor families, mostly black) in the 1960s in Detroit. Result - family breakdown. (Thomas Sowell, black historian, aged in his 90s now)
@@audiohabbits6475 Ha! The prisoner thinks he runs the prison. Stockholm syndrome to the letter mate. Get informed rather than snarky with your ignorant comments.
@@davidnorris166 what's your point? What am I supposed to get informed about? Un sure how Stockholm syndrome has to do with anything I'm only 35 and I could retire tomorrow if I wanted to because of the position I'm in....
The problem with the Eat the House post-funding model is that middle income and lower income households end up having nothing to pass to their kids, and higher income households and corps purchase the houses at sale after retirement. It's a slow process of further moving the wealth of Australians to the wealthy and away from 80% of the population. This will have dire long-term social consequences.
It’s never been easier for us have nots to start building wealth. Of people don’t take an interest in their own financial well-being and future or don’t teach lessons to their children, it’s not anyone else’s fault
Well my respect for our former treasurer come prime minister Mr Keating has grown ten fold. I felt he was clever when I was busy being young . But his foresight and compassion for what we all want is astounding. Thank you Paul
The actual carers get $23 per hour so older people should employ someone outside the system and pay half of what they are paying now and the carers will get $30 per hour which is much more liveable wage and they will do more for you
So you think people with sweet fa knowledge of shit who do a pca course which is how long? 12 weeks? Should be paid more than certain trades that deal with 4 years shit pay to get the certification to still be paid under $30ph. Don't know what's worse, your comment or the fact the government thinks someone is readily equipped with the skillset to deal with all the variables of caring for the elderly after a few months ticking multiple choice boxes....
@@pauljones6328 in other words sweet fa knowledge is what it takes to to care for an elderly person? It takes courage and care of someone other than yourself it is not easy nor does it take no skill not to talk of how you most probably become close to your patients which many of them are and you deal with their wellbeing these are special people that can do that for years.
What a lot of people simply don't realize with aged care, many of the issues are fundamentally related to dwelling constructions permits and all the regulation around it. I've got 607 metres in Brisbane. I simply can't modify my home to take an elderly parent without spending probably 250K plus.
@@cassieoz1702 high interest rates came because they left interest rates too low for too long which allowed too much investment and the economy overheated. I'm assuming your a conservative and class yourself in the "economic managers" club meaning you believe you know things about money. Conservatives hate debt. High interest rates are mainly a problem if your in debt. Why were you in debt?. You should have factored in the potential for an overheating economy if you were watching properly. But i guess it's a lot easier to just follow the old baby boomer lines "invest in bricks and mortar" and "you'll never go wrong with property" Don't blame PJK for your lack of forward thinking.
@@MarksyS387 Ive been wondering the same thing but I reckon the difference might be that today there is such high public debt and everything being consumed is on credit cards, payday lenders etc, even though these instruments have 20% interest rates. Interest rates will have to rise at some point when inflation comes back. But inflation will have to come from rising wages and in turn people having spare cash to spend. But I'm not sure that's possible either because what people don't use to pay down their current household debt will probably be blown on more afterpay, zip, credit card funded shit from Amazon. So if wages remain low, theres unlikely expandable household spending money, then inflation doesn't come back, then interest rates remain low, then borrowing stays cheap, then asset prices continue to rise, then wealth inequality gets worse, then VOILET!!! We are the United States
@@jasonseng5463 F*** your assumptions. I was a soldier who scrimped to buy a (very) modest home, the first of my family ever to even attempt it. Then the ADF moved me so, as a non-resident home owner I was apparently an 'investor', hence the extra crippling 2%. I "assume" you're some kind of intellectual who actually understands that economics stuff. Most human beings don't. You're saying 'don't dare to aspire to your own home unless you're in the top 5% intellectually'. No real person expected interest rates to do that. I'm sick of economist jargon, it doesn't explain anything other than what economic religion/belief system you're wedded to. GDP does not put dinner on the table.
About 20% of over 80s end up in aged care, nobody really wants to be there, but the kids can’t cope with nanna’s incontinence. I work in aged care and the majority of the residents hang onto life with grim determination, not the types to turn their faces to the wall and die.
@@ladybayside7547 well, they didn't have a plan did they? (Rhetorical question). Or, they chose a bed and lingering death, clinging onto life- which is also a valid choice.
Apparently Keating is unaware that the HECS scheme is heavily faulted because people do not pay off their loans so others who have not benefitted from them end up paying for them through the taxation system.
The young must be taught at school that the management of personal finances aimed at generating wealth, from birth to death, is the most important aspect of our country. We live in an Economy, we are viewed by dollar value. Sounds callus, but better learnt young than to be naive discovering in later life that we can not afford to live well.
Very true. I’m 42 and am just making myself aware & informed of my super and options. Most youth (understandably) can’t perceive this as important however, I don’t envision things getting better. Far worse in fact!
@@pader75 To be fair, many of the people getting into financial troubles have parents which have terrible financial knowledge. Someone has to be the circuit breaker, at the moment TikTok and insta starts are filling that void with bad advice.
So many people in the 50s unable to obtain employment. Why doesn’t the government use these people to assist the people in their 70s and 80s. It’s going to be a never ending cycle so put the elderly people to work.
What do you mean by "get people to assist"? Wanting the Government to force people to do things is fascism! You want Work for Dole to expand to people in their 50s? You LIKE Work for the Dole? I can tell you it qualifies as exploitation. Which it sounds like you're a big fan of.
@@gribbler1695 Congratulations,hope you enjoy your retirement. There are many older people that might not be in your situation,through no fault of their own. They still need to work to survive,but because of their age find it difficult to get employment. I friend of mine got divorced a few years back aged 50,lost most of his savings,plus got stuck with the repayments on a failed business due to the divorce. His wife is now remarried and sitting pretty,while he lives week to week ,he has buger all in savings and basically no retirement funds. He understands the situation he is in and lives with it,but he also finds it hard to get full time employment. Life can throw unexpected curve balls at you anytime,being prepared for them is difficult,especially when your trying to build a business or survive week to week.
I am in my 40's been in the same job for 23 years. Pick up clinical waste and sharps containers. Been inside some great places and many others i wouldn't want to live in.
How does the principal of Mr Keating's idea of a post-paid funding model for age care, differ to 'reverse mortgages' and his associated criticism that would result in us being made to "eat the house" to fund or part fund our retirements. Also, compound interest within superannuation is a great proposition .......... provided there is the economic growth to support that proposition. Why is it that these government people make you feel that you are not being told the whole story.
I suppose two large differences are that if you're estate cannot fund the loan you're still able to obtain it (though I'm not sure how that would work) and also if it's like hecs, interest rates will just be inflation, but I see the similarity to the reverse mortgage as well
When the costs exceed the estate equity the Cwth gets into the kitchen and keeps serving. When a reverse mortgage runs out of equity, the bank shuts you down and you're on the street. But I agree, it is 'eating your home' just it will only be realized by the probate.
@@JM-hn7ju Good point, although our kindly and caring government have been offering their equivalent of reverse mortgages to those of retirement age for some time but I'm not sure what happens once your estate has been reduced to the required amount and render the probate process redundant.
Invest 10,000 for every child born, that compounds over their life and would be more than enough to fund their retirements. Far better than cheaper than 28 billion, far more productive and allows economic growth will supper reduced to 1 to 2% of income. Problem solved!
"compounds over their life" at what interest rate? 1-2% pa or 6-7% pa? What is the operative interest rate now, and in the foreseeable future like 60-70 years?
that is assuming the job those children are trained for are still there after they got out of the education system. Automation and gig economy have destroy many stable jobs already.
Rubbish. $10k even at the long-term real share market return of 5% is only $187k and that is choosing the highest risk investment option. Retiring on less than $8k a year sounds fun?
I'm sick of 'get informed' and 'get advice. They've made the system so bloody convoluted and complex that most people can't understand the explanation. And haven't we had inquiries that told us that financial advisers were corrupt or ineffectual? The top 2% of intellectuals who do these interviews are blessed if they understand this
So you would prefer free hand outs? Make it easier for people to game the system huh. If you cant understand how to find information and digest it, the system isnt the problem it's your education. People are so lazy these days!
@@audiohabbits6475 this isn't about finding information. Most folks find economics to be unintelligible. 90% of financial 'information' is theory, modelling or sponsored by industry (but not declared as such). Repeated reviews have found financial advisers to be biased, undertrained or paid-off. Telling folks who struggle with written language, or with limited intellectual/academic skills to 'get informed' is disingenuous and leaves the market open to disinformation
I agree Cassie Oz. I’m tired of governments constantly changing the retirement system so those younger will be worse off. Examples: when I started working 30+ years ago, I understood that if I pay my taxes and worked, I’d get a pension at 65. I also began to receive 4% superannuation which was to increase to 12%. Also, I understood I could salary sacrifice larger amounts into superannuation if I could afford it. Now I’m in my 50s. I must wait until 67 for the pension. I can only contribute $25k pa into superannuation (this also includes employer contributions) now that I can afford to, I’m limited (don’t want to pay more unnecessary taxes so I invest other amounts into the stock market). Also, thanks to the LNP, employer contributions have stopped at 9.5% (the 12% promise lapsed almost 20 years ago)! So increase the pension age, decrease superannuation contributions, to effect those born after 1966. Pathetic. I wonder what other stupid changes will happen? We plan accordingly, but it’s not easy when politicians change things. It’s not like I have many years left of work to contribute more into superannuation. I’ve constantly asked questions to my accountant, etc. They only tell me what laws are there. Not much else they can do.
@@cassieoz1702 define "most folk" I've made 10s of thousands since the pandemic because I paid attention to what was going on and adjusted my assets... yet by your standards its unintelligible? Here you are complaining about a system you have no idea about blaming it on your academic skills? Tbh I'm not shocked alot if Aussies are like yourself and want to blame everyone else for there problems saying it's the "systems" fault. "Leaves the market open to disinformation"???? Ever been to a library lady?
@@josephj6521 you would think someone of your age would have learnt that if you want something done right you should do it yourself. Paying a super fund is paying for a service, if that service doesnt do what it's meant to do then you should go somewhere else or do it yourself. You've made it clear that you have done what you're told and thrown yourself to the wayside. These services are to force people in to creating savings to assist in retirement and to relieve the stress on the government's handouts. If you haven't figured it out in your 50s I dont think theres any hope. Life doesnt reward laziness yet here you are demanding something for nothing. If super funds are so broken and your so savvy with the stock market why aren't you self managing your super fund? These funds arent magic devices that spit out money when your ready. In another life natural selection would have taken care of alot of people like yourself. Get another accountant your one clearly sucks
@@audiohabbits6475 wrong, the North Koreans will stop me, plus you are being stupid. Plenty of cheap lifestyle countries to live in which are capitalist and democratic, why choose North Korea? Are you a communist?
The problem with post payment is that it could lead to an inefficient use of resources Eg the labor and materials used to build a house. Putting a limit on the size of the family home before before benefits could work. Then people might downsize their home.
I’m not suggesting to force someone out of their home. I’m suggesting that tax payers shouldn’t subsidise someone who can’t afford to live in their home. Particularly if it is a home with 3 bedrooms or more and only 2 people living in it. If someone is truly self sufficient, then it’s their choice. There are many benefits to downsizing eg * more efficient use of resources * they may move closer to places they frequent - reducing pressure for governments to spend on roads and public transport * more rooms go onto the market - reducing rent for people in share house living situations. Also for families with children that need the extra rooms * more rooms on the market may even reduce homelessness
I think the government should scrap the old age pension.I don't see why I should be paying for old people who have not saved for retirement and have enjoyed they're full amount of income throughout their life ,Well I'm forced to paid 9.5% of my income into super.When I come to retire there will be no pension as the government will be broke.
@@bronze2956 I’ve put myself in a position where I would be fine if I stopped working, and I’m only 35, I’ve already started my first phase of semi retirement. Absolutely cannot understand how anyone cannot support themselves through retirement after 50 years of savings. It could only be poor money management through their working lives, now the taxpayers have to pick up the bill.
Keating exposes his poor financial thinking and the fallacy of his own idea of his post funding scheme. If it was aver a financially sound policy it would pay for itself and would be viable in the long term. But the reality of people having a benefit that he admits the commonwealth would pay and then the money not be paid back would mean someone else including the taxpayers who are trying to save for a retirement would have to pay for those who defaulted on the loan. This means more pressure on people who are in the situation of trying to fund their own retirement and falling short of the objective thus having to draw on the proposed scheme. A greater ponzi scheme than Keating's is seldom proposed for that very reason.
But, the old age profit making industry would make less profit. And the government couldn't vacuum up your assets at the end - their excuse being they looked after you in your old age.
Big Aunty. This video is so degrading ! Who wants to wipe Alan Kolon's back side when his future is in retirement ? Can't see any young person raising their hand even with at-home care packages. A future of retirement is dead people. V
I’m 70 and have been in retirement since 2007 after being a surgeon for 29 years, and over those past 14 years, I have taken up hiking, swimming, traveling, and just completing my bucket list. Life’s good in retirement
I’m still working full time , I’m 60 next year. I took up serious hiking & swimming at 50yo. Now starting weights and yoga. I hope to enjoy the next 20years active , working and travelling and then pop my clogs. I think longevity for the sake of longevity has gone to far. I’m after quality and then off to asia for cheap old age care.
I retired when I paid up my mortgage. I also had married my daughter off which completed my family responsibility. I am now 73 and exploring now purposes in Life. I am not sure if I could afford a retirement village lifestyle with its ongoing fees etc.
When I became certified to work in aged care I didn't even last half a day. It broke my heart to see the quality of life they exist with and the real level of care. Ill never go back.
@Rend we put my mother in home which is a God send now that geriatric is out of the house!
@@audiohabbits6475 youll be old one day.
@@Pixel8Head duh.... im not as useless as her though
Aged care is a Business, that is that profit is the prime motivator, not the care of the elderly. The greater your wealth the better the care you recieve. Simple economics.
Good good ,good vitamine .That IS thé secret .After that it IS more esier when you will bé older .
Don 't take lots of médical pills that you don 't need .
Natural healthy good in a good Land .
Worked as an AIN in aged care for an agency; i decided there & then that i could not do that for long. Just the short staff shifts- constantly- the tiny rooms, people just basically waiting to die; aged care is a billion dollar industry, and it took me all of 5 mins working in that sector to realise- it aint good for anyone.
Im a nearly 40yr old bloke who is now an RN in palliative care; i couldn't handle working in aged care homes as it just isn't right (despite all these inquiries that go no where with recommendations that never happen).
I have done a end of life contract with doctor that if I get any disease or incident like stroke or heart attack that no care will be provided and that I must be allowed to pass. Unless I can come out from it and back to work.
My mother was in this case liké Terry Schiavo .I didn't abandon her .It IS not simple but i should do that . it wasn't an Alzheimer but a cancer !!!! I learned that 2 years After her death .
Don't believe that IS thé end .Not yet .
My mother was Alone ,not married .
Excellent series Alan!!
Home care packages are overrated. We were granted $50,000 a year for our relative (the highest level of care package available), but what does that equate to? Only 12 hours of care a week. Because you have to use government funded "providers". So you don't have much option but to choose someone who "manages" the package for $180 a week (they don't do much once the package is set up), people will charge $60-70 an hour just for showering, or spending time with you. No one will clean the house in the hard to reach places, because of OHS, so you're expected to use your family members for those tasks. Don't expect to rely on the home care packages. We actually found that the commonwealth home support programme (given to us while we were waiting for the home care package) to provide more for us and cost much less. It will vary depending on your assets, but CHSP only took income and not assets into account, so we were paying $6 an hour co-contribution rather than what we are expected to pay as co-contribution under the home care package.
... and if you're outside an urban area, there are no carers
My husband is an NDIS community care worker. He's 70. He gets $25 (thereabouts) per hour. The rest must go in agency fees (undeclared by them to him) etc. Like unemployment agencies, these agencies are very profitable.
I really wish people would stop referring to the population as consumers. We are not consumers, we are cattle. When we are born and put into childcare, pay up. When we go to school and university, pay up. When we start a career or business, pay up. When we get old and retire, pay up. We have a select few billionaires who benefit from this nations abundance in natural resources and we have the general population who are forced to eat their homes to get any dignified care in old age.
Well people like you are cattle life doesnt reward laziness
Yes, the family has been nicely broken down and therefore individuals much more easily manipulated by the government. Single mothers lose their pension if they have a partner. The partner has their Jobseeker allowamce reduced to "encourage" them to get a job. Result - the sperm donor steps away from the family. They did similar to the blacks (poor families, mostly black) in the 1960s in Detroit. Result - family breakdown. (Thomas Sowell, black historian, aged in his 90s now)
@@audiohabbits6475 Ha! The prisoner thinks he runs the prison. Stockholm syndrome to the letter mate. Get informed rather than snarky with your ignorant comments.
@@davidnorris166 what's your point? What am I supposed to get informed about? Un sure how Stockholm syndrome has to do with anything I'm only 35 and I could retire tomorrow if I wanted to because of the position I'm in....
It’s your responsibility for your own financial well-being. Victimhood isn’t going to win you friends
The problem with the Eat the House post-funding model is that middle income and lower income households end up having nothing to pass to their kids, and higher income households and corps purchase the houses at sale after retirement. It's a slow process of further moving the wealth of Australians to the wealthy and away from 80% of the population. This will have dire long-term social consequences.
It’s never been easier for us have nots to start building wealth. Of people don’t take an interest in their own financial well-being and future or don’t teach lessons to their children, it’s not anyone else’s fault
Thanks so much for kicking me out of slumber , I needed it and deserved it . I am 40
Well my respect for our former treasurer come prime minister Mr Keating has grown ten fold. I felt he was clever when I was busy being young . But his foresight and compassion for what we all want is astounding. Thank you Paul
I will be working up until lunchtime on the day of my funeral.
The actual carers get $23 per hour so older people should employ someone outside the system and pay half of what they are paying now and the carers will get $30 per hour which is much more liveable wage and they will do more for you
What maths is that? Half of 23 is 30?
So you think people with sweet fa knowledge of shit who do a pca course which is how long? 12 weeks? Should be paid more than certain trades that deal with 4 years shit pay to get the certification to still be paid under $30ph. Don't know what's worse, your comment or the fact the government thinks someone is readily equipped with the skillset to deal with all the variables of caring for the elderly after a few months ticking multiple choice boxes....
so long it's a profit driven business, age care will always be understaffed.
@@audiohabbits6475 currently the hourly charges to the elderly is between 60 and 70 dollars per hour but the staff only receive 23 per hour
@@pauljones6328 in other words sweet fa knowledge is what it takes to to care for an elderly person? It takes courage and care of someone other than yourself it is not easy nor does it take no skill not to talk of how you most probably become close to your patients which many of them are and you deal with their wellbeing these are special people that can do that for years.
What a lot of people simply don't realize with aged care, many of the issues are fundamentally related to dwelling constructions permits and all the regulation around it.
I've got 607 metres in Brisbane. I simply can't modify my home to take an elderly parent without spending probably 250K plus.
How good is PJK. The architect of superannuation.
Yes, I remember paying 19% p.a. on my mortgage during his reign
@@cassieoz1702 high interest rates came because they left interest rates too low for too long which allowed too much investment and the economy overheated.
I'm assuming your a conservative and class yourself in the "economic managers" club meaning you believe you know things about money. Conservatives hate debt. High interest rates are mainly a problem if your in debt. Why were you in debt?. You should have factored in the potential for an overheating economy if you were watching properly. But i guess it's a lot easier to just follow the old baby boomer lines "invest in bricks and mortar" and "you'll never go wrong with property" Don't blame PJK for your lack of forward thinking.
@@jasonseng5463 i wonder if our low interest rate environment will cause rates to go back to 19% in the future
@@MarksyS387 Ive been wondering the same thing but I reckon the difference might be that today there is such high public debt and everything being consumed is on credit cards, payday lenders etc, even though these instruments have 20% interest rates. Interest rates will have to rise at some point when inflation comes back. But inflation will have to come from rising wages and in turn people having spare cash to spend. But I'm not sure that's possible either because what people don't use to pay down their current household debt will probably be blown on more afterpay, zip, credit card funded shit from Amazon. So if wages remain low, theres unlikely expandable household spending money, then inflation doesn't come back, then interest rates remain low, then borrowing stays cheap, then asset prices continue to rise, then wealth inequality gets worse, then VOILET!!! We are the United States
@@jasonseng5463 F*** your assumptions. I was a soldier who scrimped to buy a (very) modest home, the first of my family ever to even attempt it. Then the ADF moved me so, as a non-resident home owner I was apparently an 'investor', hence the extra crippling 2%. I "assume" you're some kind of intellectual who actually understands that economics stuff. Most human beings don't. You're saying 'don't dare to aspire to your own home unless you're in the top 5% intellectually'. No real person expected interest rates to do that. I'm sick of economist jargon, it doesn't explain anything other than what economic religion/belief system you're wedded to. GDP does not put dinner on the table.
A thriving industry in aged care of westerners has emerged in places like Thailand,
It's the future,
Only way to get me into a care home is to drag my lifeless body into one. My plan when I can no longer look after myself is to die.
About 20% of over 80s end up in aged care, nobody really wants to be there, but the kids can’t cope with nanna’s incontinence. I work in aged care and the majority of the residents hang onto life with grim determination, not the types to turn their faces to the wall and die.
... but dementia will rob you of your insight into how bad you are and you will think you're perfectly capable of looking after yourself
@@ladybayside7547 well, they didn't have a plan did they? (Rhetorical question). Or, they chose a bed and lingering death, clinging onto life- which is also a valid choice.
The 75 & out plan sounds good to me.
@@historyalwaysrepeats6870 If that is the case then after 75 discontinue any health screening, medications or procedures that extend life.
A fantastic series on such an important issue. Thank you.
Apparently Keating is unaware that the HECS scheme is heavily faulted because people do not pay off their loans so others who have not benefitted from them end up paying for them through the taxation system.
The young must be taught at school that the management of personal finances aimed at generating wealth, from birth to death, is the most important aspect of our country. We live in an Economy, we are viewed by dollar value. Sounds callus, but better learnt young than to be naive discovering in later life that we can not afford to live well.
Very true. I’m 42 and am just making myself aware & informed of my super and options. Most youth (understandably) can’t perceive this as important however, I don’t envision things getting better. Far worse in fact!
@@mpras684 super is at the complete mercy of the global economy. Invest prudently in property, you'll be much better off
Exactly what is the parents responsibility these days? Everything is always someone else’s fault or responsibility
@@pader75 To be fair, many of the people getting into financial troubles have parents which have terrible financial knowledge. Someone has to be the circuit breaker, at the moment TikTok and insta starts are filling that void with bad advice.
So many people in the 50s unable to obtain employment. Why doesn’t the government use these people to assist the people in their 70s and 80s. It’s going to be a never ending cycle so put the elderly people to work.
What do you mean by "get people to assist"?
Wanting the Government to force people to do things is fascism!
You want Work for Dole to expand to people in their 50s?
You LIKE Work for the Dole? I can tell you it qualifies as exploitation.
Which it sounds like you're a big fan of.
Because of super and frugal living, I have just retired at 55, and won't need the pension later. That's what Keating intended, and it's worked for me.
@@gribbler1695 Congratulations,hope you enjoy your retirement.
There are many older people that might not be in your situation,through no fault of their own. They still need to work to survive,but because of their age find it difficult to get employment. I friend of mine got divorced a few years back aged 50,lost most of his savings,plus got stuck with the repayments on a failed business due to the divorce. His wife is now remarried and sitting pretty,while he lives week to week ,he has buger all in savings and basically no retirement funds. He understands the situation he is in and lives with it,but he also finds it hard to get full time employment. Life can throw unexpected curve balls at you anytime,being prepared for them is difficult,especially when your trying to build a business or survive week to week.
I am in my 40's been in the same job for 23 years. Pick up clinical waste and sharps containers. Been inside some great places and many others i wouldn't want to live in.
How does the principal of Mr Keating's idea of a post-paid funding model for age care, differ to 'reverse mortgages' and his associated criticism that would result in us being made to "eat the house" to fund or part fund our retirements. Also, compound interest within superannuation is a great proposition .......... provided there is the economic growth to support that proposition. Why is it that these government people make you feel that you are not being told the whole story.
I suppose two large differences are that if you're estate cannot fund the loan you're still able to obtain it (though I'm not sure how that would work) and also if it's like hecs, interest rates will just be inflation, but I see the similarity to the reverse mortgage as well
When the costs exceed the estate equity the Cwth gets into the kitchen and keeps serving. When a reverse mortgage runs out of equity, the bank shuts you down and you're on the street.
But I agree, it is 'eating your home' just it will only be realized by the probate.
@@JM-hn7ju Good point, although our kindly and caring government have been offering their equivalent of reverse mortgages to those of retirement age for some time but I'm not sure what happens once your estate has been reduced to the required amount and render the probate process redundant.
Invest 10,000 for every child born, that compounds over their life and would be more than enough to fund their retirements. Far better than cheaper than 28 billion, far more productive and allows economic growth will supper reduced to 1 to 2% of income. Problem solved!
"compounds over their life" at what interest rate? 1-2% pa or 6-7% pa? What is the operative interest rate now, and in the foreseeable future like 60-70 years?
Particularly when central banks are intentionally driving interest rates into the ground.
that is assuming the job those children are trained for are still there after they got out of the education system. Automation and gig economy have destroy many stable jobs already.
Rubbish. $10k even at the long-term real share market return of 5% is only $187k and that is choosing the highest risk investment option. Retiring on less than $8k a year sounds fun?
I'm sick of 'get informed' and 'get advice. They've made the system so bloody convoluted and complex that most people can't understand the explanation. And haven't we had inquiries that told us that financial advisers were corrupt or ineffectual? The top 2% of intellectuals who do these interviews are blessed if they understand this
So you would prefer free hand outs? Make it easier for people to game the system huh. If you cant understand how to find information and digest it, the system isnt the problem it's your education. People are so lazy these days!
@@audiohabbits6475 this isn't about finding information. Most folks find economics to be unintelligible. 90% of financial 'information' is theory, modelling or sponsored by industry (but not declared as such). Repeated reviews have found financial advisers to be biased, undertrained or paid-off. Telling folks who struggle with written language, or with limited intellectual/academic skills to 'get informed' is disingenuous and leaves the market open to disinformation
I agree Cassie Oz. I’m tired of governments constantly changing the retirement system so those younger will be worse off. Examples: when I started working 30+ years ago, I understood that if I pay my taxes and worked, I’d get a pension at 65. I also began to receive 4% superannuation which was to increase to 12%. Also, I understood I could salary sacrifice larger amounts into superannuation if I could afford it.
Now I’m in my 50s. I must wait until 67 for the pension. I can only contribute $25k pa into superannuation (this also includes employer contributions) now that I can afford to, I’m limited (don’t want to pay more unnecessary taxes so I invest other amounts into the stock market). Also, thanks to the LNP, employer contributions have stopped at 9.5% (the 12% promise lapsed almost 20 years ago)!
So increase the pension age, decrease superannuation contributions, to effect those born after 1966. Pathetic. I wonder what other stupid changes will happen? We plan accordingly, but it’s not easy when politicians change things. It’s not like I have many years left of work to contribute more into superannuation.
I’ve constantly asked questions to my accountant, etc. They only tell me what laws are there. Not much else they can do.
@@cassieoz1702 define "most folk" I've made 10s of thousands since the pandemic because I paid attention to what was going on and adjusted my assets... yet by your standards its unintelligible? Here you are complaining about a system you have no idea about blaming it on your academic skills? Tbh I'm not shocked alot if Aussies are like yourself and want to blame everyone else for there problems saying it's the "systems" fault. "Leaves the market open to disinformation"???? Ever been to a library lady?
@@josephj6521 you would think someone of your age would have learnt that if you want something done right you should do it yourself.
Paying a super fund is paying for a service, if that service doesnt do what it's meant to do then you should go somewhere else or do it yourself.
You've made it clear that you have done what you're told and thrown yourself to the wayside. These services are to force people in to creating savings to assist in retirement and to relieve the stress on the government's handouts.
If you haven't figured it out in your 50s I dont think theres any hope. Life doesnt reward laziness yet here you are demanding something for nothing.
If super funds are so broken and your so savvy with the stock market why aren't you self managing your super fund? These funds arent magic devices that spit out money when your ready. In another life natural selection would have taken care of alot of people like yourself.
Get another accountant your one clearly sucks
I hope they raise retirement age
And our medical system is falling through the cracks.
Aged care doesn't fall under the Health umbrella
remind me again why anyone pays taxes
Take your age pension and retire in a cheaper country, Shitsville Australia is an expensive rip off.
Go retire in North Korea then no ones going to stop you
@@audiohabbits6475 wrong, the North Koreans will stop me, plus you are being stupid. Plenty of cheap lifestyle countries to live in which are capitalist and democratic, why choose North Korea? Are you a communist?
@@Travelingman-1980 needed to match your level of ridiculousness
The problem with post payment is that it could lead to an inefficient use of resources
Eg the labor and materials used to build a house.
Putting a limit on the size of the family home before before benefits could work. Then people might downsize their home.
Why would you force someone in retirement out of their home exactly?
I’m not suggesting to force someone out of their home. I’m suggesting that tax payers shouldn’t subsidise someone who can’t afford to live in their home. Particularly if it is a home with 3 bedrooms or more and only 2 people living in it.
If someone is truly self sufficient, then it’s their choice.
There are many benefits to downsizing eg
* more efficient use of resources
* they may move closer to places they frequent - reducing pressure for governments to spend on roads and public transport
* more rooms go onto the market - reducing rent for people in share house living situations. Also for families with children that need the extra rooms
* more rooms on the market may even reduce homelessness
I think the government should scrap the old age pension.I don't see why I should be paying for old people who have not saved for retirement and have enjoyed they're full amount of income throughout their life ,Well I'm forced to paid 9.5% of my income into super.When I come to retire there will be no pension as the government will be broke.
@@bronze2956 I’ve put myself in a position where I would be fine if I stopped working, and I’m only 35, I’ve already started my first phase of semi retirement. Absolutely cannot understand how anyone cannot support themselves through retirement after 50 years of savings. It could only be poor money management through their working lives, now the taxpayers have to pick up the bill.
The system wasn’t fully in place for the current retirees
Pity we r governed by muppets
Then stop electing muppets. In most Western countries it is whoever promises the most are elected. It is the downfall of our society.
I'm starting to doubt democracy as the people are either too dumb or too naive when they vote
Keating exposes his poor financial thinking and the fallacy of his own idea of his post funding scheme.
If it was aver a financially sound policy it would pay for itself and would be viable in the long term. But the reality of people having a benefit that he admits the commonwealth would pay and then the money not be paid back would mean someone else including the taxpayers who are trying to save for a retirement would have to pay for those who defaulted on the loan. This means more pressure on people who are in the situation of trying to fund their own retirement and falling short of the objective thus having to draw on the proposed scheme.
A greater ponzi scheme than Keating's is seldom proposed for that very reason.
Don't you just love these benevolent multi-millionaire public servants (lol) telling the average Joe where best to park his hard earned money?
Yet here you are eating it up while complaining how bad it is?
Average joes should strive to become multi millionaires
HAHAHA... So take the public transportation without paying parking. LOL
WHAT RETIREMENT?
AHV ERGÄNZUNGSLEISTUNGEN
ich persönlich tippe auf EUTHANASIE
But, the old age profit making industry would make less profit. And the government couldn't vacuum up your assets at the end - their excuse being they looked after you in your old age.
Big Aunty. This video is so degrading ! Who wants to wipe Alan Kolon's back side when his future is in retirement ? Can't see any young person raising their hand even with at-home care packages. A future of retirement is dead people. V