The biggest nursing home provider near us has upped charges over the years so it's now closer to $800,000 & they're really slow at giving any deposits back after the resident dies.
Are you sure they are slow? It’s not when the resident dies, it’s when probate is issued and they are obligated to refund within 14 days or must report to the GOVT. Each years audit report that the resident receives during their residency must disclose any breaches. Maybe we were just lucky?
That’s the trouble, NHs are getting dear & none of us know what’s ahead of us with health but how does anyone get $4m in super? I think there should be an upper limit then tax it.
As a retired person living off my super, I can not imagine spending that much a year. I travel a few times a year and enjoy the occasional meal out. I do spend a bit on petrol as I go to melb each week from my regional town. They must be dining 5 star every night and staying in luxury for holidays.
Here's me trying to decide if it's worth trying to preserve the piffle of super I've managed to accumulate by switching investment options to be more defensive...
my life is so much easier without having to worry about when I can afford to spend all those millions of dollars I don't have in super (or anywhere else)...
I know a guy who told me he was independently wealthy, but still somehow claimed pension. I don't know where he was hiding his money but he travels overseas like 5 times a year
Nope. It was already paid off. There are ways to put money where it doesn’t count towards your pension assessment. I looked it up because I was so intrigued.
That's what my ex's grandfather did. Spread his money around all of his family members with his signature required on the accounts so they couldn't spend it. Him and his wife then claimed the aged pension while using shares just below the max amount allowed for income.
Both my ex and I reported with details but nothing ever happened to them. Meanwhile someone who hated my ex reported me for disability fraud that I wasn't doing. Still had a full investigation, threats of prison time, and payments cut off during it.
"Some years we spend $250,000" 🤬
Meanwhile I look forward to winter when I'll have my ooodie on all the time, and numerous other layers, so I don't have to spend money on heat 🙄
One of the shittest efforts of the current parliament was the failure to pass Labor’s superannuation changes. Given an opportunity to make even a small step on reducing the inequality in the super system, the parliament sided with the super wealthy. It’s a disgrace.
$4m collectively in super, and goodness knows any other assets (inc the family home). Would suggest seeking a financial advisor first rather than a letter to the fin review money section to gloat about what you have.
I have had many people who had sold their house and even after buying another house had so much money (and our assets tests are very generous) that they lost the pension and were angry about it.
I also had a lady who won a prize home and was so happy to come and tell us she didn't need it anymore.
Do you notice how it’s never sell the investment or wittle down share portfolios? It’s always I want to keep it all and live off the returns/dividends.
How long ago do you reckon they split the super to be less than $3m each? The day after Chalmers talked up an end to one tax concession? Or the week after?
This is why we need to tax super better. It is mostly being used to dodge paying tax to provide for the wealthy to give an inheritance to their wealthy kids and grandkids, meanwhile, nearly a quarter of retirees live in poverty
Super ought to be tax free/deductible going in, with earnings tax free to encourage retirement saving; and then taxed at marginal rates as income on withdrawal.
As my stockbroker told me last year, “you have to stop thinking of super as an investment vehicle. It isn’t. It’s a tax minimisation vehicle”. Nothing has ever made more sense in an instant as those words
It's an internal tax haven for the wealthy. And no other island tax haven charges you 0% tax (in pension phase) AND gives you a tax refund (franking credits). $1m in shares yielding 4.9% guves refund of $21,000...not far off a full pension.
You don’t have to be all that wealthy actually. If a couple had joint super or super and a small investment property with a total value around $600k, that’s value, not equity, you can probably justify having a SMSF. Loads of rules tho and sometimes not worth the headaches, unless you’re super minted
I wish I had their problems.
Less then 55,000 people have funds over 3 million in Australia.
I think they will be okay. Even if they had to pay the tax on the excess.
Still doing okay.
Lots of elitist attitudes behind this 'problem' raising many questions. The first not already raised is the either/or choice of why the offspring were raised to be freeloaders or why have children as late as possible in working life without thought for future consequences.
The bills won’t stop when the children have finished their education. There will be grandchildren and don’t people realise how much it costs to send the boys to Cranbrook and the girls to Ascham? One couldn’t possibly contemplate living outside the eastern suburbs…
I also thought that that would be a possibility. In that case, how did they manage to retain their wealth without financial advice. In which case, why ask the question??
it's probably as someone said earlier in this thread (I think, I cant seem to navigate back there) its just some scam by whoever wrote the article in the first place.
Comments
Peasants have it easy….
$2 million should be.
End of life placement in a home is at least $400,000 right now. That does not include luxuries.
Someone gets it back, but you need it up front.
That's right now. Things are only going to get worse.
Because we would rather foreigners pay zero tax.
😊😊😊
Meanwhile I look forward to winter when I'll have my ooodie on all the time, and numerous other layers, so I don't have to spend money on heat 🙄
What’s your goal, cause for many it’s how do
I pay as little tax as possible and get the pension asap?
I’m not kidding.
I also had a lady who won a prize home and was so happy to come and tell us she didn't need it anymore.
Up until FOTUS crashes the world economy, super generally grows at more than that anyway.
Or maybe that's because of his "fees".
Less then 55,000 people have funds over 3 million in Australia.
I think they will be okay. Even if they had to pay the tax on the excess.
Still doing okay.
Do I buy the more expensive eggs, or hang out and hope some of the cheaper brand come in tomorrow?
Gotta’ keep one eye on that last four mill I have stuck away.
Two cruises
Two European sojourns
Thoughts and prayers.