Sunday, 30 August 2015

Retirement

This topic contains 119 replies, has 39 voices, and was last updated by Profile photo of penn016 penn016 > 24 hours.

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  • #32846
    Profile photo of JimNaseby
    JimNaseby
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    Member since: July 7, 2010
    Topics: 1
    Replies: 90

    Even if pensions were done away with, the government/taxpayer would have to continue to pay those already on one, or pay some a top-up until the generation that had fully saved for its retirement finally eventuated. :green:

    #32847
    Profile photo of Kiwigull
    Kiwigull
    Member
    Member since: December 31, 2008
    Topics: 0
    Replies: 10

    Interesting thoughts in this discussion. I’m turning 65 in October (Hooray!!) & would like to know if the rule still applies where I can continue to work part time & it will not affect my super, although I will pay higher tax on my work income. Any feed back welcomed Thanks
    Mike

    #32848
    Profile photo of Chickiwi
    Chickiwi
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    Member since: June 29, 2006
    Topics: 0
    Replies: 22

    Hi Mike
    As I understand it there is no change. I am on super and work part-time without if affecting my super.
    Cheers
    Barb

    #32849
    Profile photo of Kiwigull
    Kiwigull
    Member
    Member since: December 31, 2008
    Topics: 0
    Replies: 10

    Thanks Chickiwi, it’s good to know we can continue to do a lttle bit more
    Mike

    #32850
    Profile photo of Jens
    Jens
    Member
    Member since: May 3, 2006
    Topics: 22
    Replies: 4956

    Isn’t it unfair, that superannuitants – and all those on low incomes not able to take up KiwiSaving – are excluded from KiwiSaving incentives?
    In other words, through their taxes they have to subsidize those higher income earners taking up KiwiSavings!
    So – what about the $1000.- Kiwisaving incentive to all qualifying New Zealanders – including superannuitants – as "sleeping accounts" within the NZSF – until activated (or withdrawn by their superannutiant owners)?
    It would not cost taxpayers a cent extra, as we have saved the money already!
    The NZSF is supposed to be for the benefit of retirees, and we all would benefit from using the NZSF for the purpose it was designed for NOW, instead of in the late 2020s.

    #32851
    Profile photo of bill011
    bill011
    Member
    Member since: December 1, 2010
    Topics: 0
    Replies: 1

    Just to add another thought to this “retirement thing”. I am at the age where it is thought I “should retire”. I am on long service leave at the moment but no way am I going to retire. To many people and the firms they work for still have this fixation that when you reach a certain age that that is it ,you stop. If more people carried on working there would not be the problem of no more super.

    #32852
    Profile photo of cameo
    cameo
    Member
    Member since: October 11, 2006
    Topics: 55
    Replies: 1031

    Hi bill011.
    I have always been convinced that if a person feels like working till old age,good on them but do not expect super from the state.
    There are a lot of people burnt out at sixty five because of their occupation so I believe they are entited to super.
    To retire from a life time job does not mean that you have given up. It means that you have to look for new interests.

    I am 72 and if the urge comes on to find a job, I go and lie down for a while till the feeling passes.

    #32853
    Profile photo of Jens
    Jens
    Member
    Member since: May 3, 2006
    Topics: 22
    Replies: 4956

    According to its foundation document (Brochure #1), "GreyPower believes NZ Super should be a state, tax funded scheme payable at age 65… and not means tested".
    Due to the ageing population even after the Baby Boomer Bulge, it is known and confirmed by the Retirement Commisioner,that our current NZ Super entitlement age will have to be raised, or NZ Super means tested or reduced, or taxes raised.
    Now, the latter would be in line with what GreyPower stands for, and if our taxes are raised to resume contributions to the NZ Super Fund under the condition of the extra money to be invested immediately in jobs creative NZ infrastructure (re)construction, productivity and external debt repayments, our NZ Super would remain sustainable and even improvable, and the NZ economy would benefit immensely – and our credit rating would remain high compared to Greece etc.

    #32854
    Profile photo of unique
    unique
    Member
    Member since: January 9, 2009
    Topics: 0
    Replies: 1

    I like the idea of retirement villages especially for the security and friendships that are available with this kind of living. However, I have already given my children the inheritances as they needed money to get ahead in life, get their own homes and other things. Of course now I do not have anything to buy a licence to occupy and there seem to be very few and far between other options. I really wish there was an option to be able to rent an independent living unit rather than having to buy one. especially as now I am not in the best of health to be able to continue working. Seems such a shame that we are shut out of this great lifestyle because we have supported our families when they needed it.:?

    #32855
    Profile photo of clai019
    clai019
    Member
    Member since: June 20, 2011
    Topics: 0
    Replies: 1

    Hey all, my name is Clair and as far as this wesite is concerned I’m a newborn. I’m posting here first because I’m so interested in the topic of retirement. I’m in the position of retiring early on medical grounds in the next 3 weeks – no preparation for this – I always thought I would be working for the next 10 years, and have always put off the “evil” thought.
    I’d love a friend or 2 to help me navigate this website – any takers?

    #32856
    Profile photo of penn016
    penn016
    Member
    Member since: January 20, 2012
    Topics: 0
    Replies: 2

    Hello to you all! You all seem so friendly that I feel I can contibute to this forum and ask a question even though I have not yet retired but it won’t be long. (I’m new so if I’m in the wrong discussion please tell me.)

    My history is that I have contributed to the UK pension scheme (including putting in contributions when I was not working) and continued when I could have “opted out”. I have now been living and working in NZ for over twenty years, paying tax as usual. When Kiwisaver came out I joined and paid the top contribution.

    But I’ve now discovered that when I retire my UK pension will be deducted from my NZ pension, not leaving very much. So firstly I’m wondering why I bothered contributing to the UK scheme, secondly I’m wondering whether the Kiwisaver will be deducted from my NZ super too and I’ll just be left with the remains of my Kiwisaver.

    I’m seriously thinking of not applying for NZ super at all as I’ll be better off with my UK pension and Kiwisaver. I know I will have paid extra tax to the govt for nothing but at least I’ll be helping somebody else.

    Penn.

    #32857
    Profile photo of penn016
    penn016
    Member
    Member since: January 20, 2012
    Topics: 0
    Replies: 2

    Hello Claire!

    I’m new too …I don’t know my way around either but we could stumble around together and bring each other up-to-date as we go.

    You’ll be retired by now so I hope you’re not finding it too difficult and that your health allows you to do at least some of the things you put off until you had more time.

    Take care,

    Penn.

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