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Thread ID: 116150	2011-02-18 23:42:00	Pension fund	Nomad (952)	PC World Chat

Post ID	Timestamp	Content	User
1179729	2011-02-19 06:59:00	Maybe we should bring back social security tax or make Kiwi Saver compulsory. SST now forms part of general taxation or did you mean an additional tax as SST, with all it's required stamps. Lurking.	Lurking (218)
1179730	2011-02-19 07:03:00	We had a social security tax, for years we paid into it to fund our retirement pension and a few other perks. Suddenly, it and the money vanished, and we fell through to the universal superannuation. Obviously there was no consumer guarantee act covering the sale of shoddy goods in those days.	R2x1 (4628)
1179731	2011-02-19 07:47:00	We had a social security tax, for years we paid into it to fund our retirement pension and a few other perks. Suddenly, it and the money vanished, and we fell through to the universal superannuation. Obviously there was no consumer guarantee act covering the sale of shoddy goods in those days. R2x1, that's right, 1 shilling and sixpence in the pound and it also paid for doctors' visits. My doc. back in the 40's/50's did not charge per visit as he always said social security dept. payment was enough fees for him. This country will soon be like those P I G S countries broke. Lurking.	Lurking (218)
1179732	2011-02-19 09:14:00	We had a conversation with a man from Egypt recently. He was telling us that in Egypt they had free visits to the doctor, hospital treatment was free, they had a pension fund and education was fully funded by the state. They paid extra tax for it though. I seem to remember New Zealand being like that.	Bobh (5192)
1179733	2011-02-19 09:23:00	...Maybe just make pension on needs basis. ... So what do you do if you have two people who have had similar jobs all their lives - the first lives simply, saves hard and retires with a nest-egg. The second squanders his money on wine, woman and song and retires penniless. Do you give the pension to one or both ? What message are you sending to people?	decibel (11645)
1179734	2011-02-19 09:31:00	Give the first one the pension, give the second one some more wine.	pine-o-cleen (2955)
1179735	2011-02-19 09:33:00	So what do you do if you have two people who have had similar jobs all their lives - the first lives simply, saves hard and retires with a nest-egg. The second squanders his money on wine, woman and song and retires penniless. Do you give the pension to one or both ? What message are you sending to people? Unless they are on a low income; compulsory super will be deducted via PAYE or at their approp tax ways for self employment. If they have super, both will not be eligible. It's a double blade sword. If you have a cleaner or a CEO - at the present both gets it .... Those on a low income, may not have super deducted but many may not have the ability to live the high life. Of course there are ways, don't feed the kids and don't buy food and buy narcotics .. :rolleyes:	Nomad (952)
1179736	2011-02-19 14:00:00	Yes Nomad, it is a complex problem and is faced by most nations which experienced the post-war baby boom. One method we had in NZ not long ago was a super-tax on super-annuitants incomes. They got the pension but if they had other earnings, paid a heavy tax. The result was that by the time you earned $25k, you'd repaid all the pension. I think today the equivalent figure would be $50k. The trouble is, people hated the super-tax. It was also used in the UK with the result being that you could face paying 105% of your marginal income as tax!! But you make an excellent point. All I can say is that NZ has provided an old age pension since 1898 www.nzhistory.net.nz and was the first country in the world to do so. Have a big family - and move in with them. :D	Winston001 (3612)
1179737	2011-02-19 16:05:00	The pension gives me a headache. I'm a baby boomer and I've been saving for retirement for years, I don't think I could support my lifestyle with the "cup of tea and arrowroot biscuit" pension the government will (may) give me. So I've calculated it all out and need to put away about $400,000 for retirement. Alas if I am to be means tested (or other such system) then I won't get the Government Super and be back to a "cup of tea and arrowroot biscuit" pension of my own making. Bit of a catch 22. This will effect a lot of things. 1. If the Super is means tested then pensioners who had save (and there are quite a lot of us) will not have the spending power we expect and the economy will suffer. 2. Whoever is promising a non means tested Super when we baby boomers have all retired will be the government. 3. People won't retire till they die. Might be good for the government but not for the young people looking for jobs / movement in there careers. 4. The mid 2000s will be remembered as the years of the Zimmer Frame Riots. Those who save nothing will be as well off as those who saved hard. I've often wondered if I should just spend the lot and live with what the government gives me. The pension gives me a headache.	porkster (6331)
1179738	2011-02-19 18:32:00	Is it the will, then the arithmetic? Get in the actuaries and get on with it.	Cicero (40)
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