- From: Zebee Johnstone <zebeej@xxxxxxxxx>
- Date: 4 Jun 2008 22:59:23 GMT
In alt.sysadmin.recovery on Wed, 04 Jun 2008 21:39:18 GMT
Richard Bos <raltbos@xxxxxxxxx> wrote:
Get everything you can from them while the getting is good; this is my
standard advice to people I know who are of retirement age in .us.
The odds that I will ever see any of the money I've paid in get lower with
each passing year,
The situation is Oz is different. Unlike .uk and .us we never had a
national insurance as such, the pension came from general revenue.
Some years ago the feds realised that this was a timebomb so required
a portion of everyone's paycheck to go into superannuation. This is
an account in your name rather than a general account. You can also
contribute more yourself and for a while some of it was tax deductible,
now it is just taxed at a lower rate.
For a while you couldn't choose where it was paid into, now you can.
If the superannuation industry collapeses then I'm hosed. It was
earning scads for some years, now as no funds of any kind are earning
much, neither are super funds.
The idea is that when the mid to late babyboomers retire, the middle
class ones will have a chunk of money to support themselves, the
working class ones will still be on the pension but will have a little
lump sum to help the transition or else a few more bucks a week.
Some say it will take over from the pension, I doubt it myself.
Mind you - the super funds are now huge. Beyond huge in the Oz market
anyway. They distort all sorts of things as they look for places to
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