Retirement

This topic contains 119 replies, has 39 voices, and was last updated by Profile photo of penn016 penn016 > 7 days ago.

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  • #32818
    Profile photo of Jens
    Jens
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    Member since: May 3, 2006
    Topics: 24
    Replies: 6056

    Cookybaby, good news after all, you have something to look forward to. Still, with a higher savings culture in our younger days, more of us would have taken up life insurance for some support in case of losing a spouse.

    #32819
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    Cookybaby
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    Member since: September 24, 2007
    Topics: 52
    Replies: 2209

    Yes, My Husband had life insurance, enough for funeral, about two weeks before he died he arranged to have the amount increased, but unfortunately it was still only in the pipeline when he died. So that was weird. I also have a life/funeral insurance policy, and so do the kids.

    I agree that everyone should take out one if they can afford it, but many find the premiums just too tough.

    #32820
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    Jayla
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    Member since: June 13, 2006
    Topics: 0
    Replies: 475

    Hello cookybaby, How great that your husband was able to afford life insurance. We had just taken one out when my husband became ill and they would not pay up as he passed away only 12 months later. All my kids have Life Insurance as well, wages are different for some these days.
    Rens. You are right about the life insurance in our younger days, but on many people wages it was just not a consideration.

    #32821
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    Jens
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    Member since: May 3, 2006
    Topics: 24
    Replies: 6056

    Jayla, I started my savings with my first job and just trained myself to live modestly. That’s why I believe an all-inclusive (retirement security) savings rule built into our taxation system (as initiated through the NZ Super Fund) is so important for our future prosperity as a nation.
    Its allocation to Personal Accounts would in time lead us all to recognise and appreciate the value of us all pulling in the same direction, instead of against each other for a bigger share of the goodies at someone else’s expense.

    #32822
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    Jayla
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    Member since: June 13, 2006
    Topics: 0
    Replies: 475

    You are right. What an ideal world it would be.
    The Government are trying to get people thinking this way with certain savings schemes in place.

    #32823
    Profile photo of Joybel
    Joybel
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    Member since: November 2, 2006
    Topics: 617
    Replies: 32198

    Has anyone mentioned or asked if the retirement age will be increased by Labour or National after the election. For widows this could be a devasting kick in the teeth. The pittance afforded widows is a disgrace especially if one is unable to work through disability or small children. Unless trained for well paid work the options are not viable. Yet solo mothers are to be put to work or training, whichever of the party’s is elected. There are women in the USA still working in their 70s to pay their mortgages. We think we are hard done by but unless you have Insurance for just about everything you are at the bottom of the heap over there. An Act of God clause is not in USA insurance policies so, you need to covered for all threats.

    #32824
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    Jens
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    Member since: May 3, 2006
    Topics: 24
    Replies: 6056

    Joybel – there is no party that is going to raise the retirement age at present, nor even in 10 years. But National under Don Brash is on record as believing it inevitable at some time in the future – and even the Retirement Commissioner has warned against that possibility.
    The NZ Super Fund is suppposed to see us over the Baby Boomer Bulge – and that should be of great concern to all young taxpayers today. They (and we all) have to contribute towards BabyBoomer retirement security, with nothing in place for THEIR children!
    That’s why all concerned people should urge allocation of the NZSF to Personal Accounts as a permanent institution, to safeguard our NZ Super eligibility at age 65, because then all NZ Super will be at least partly pre -funded, as it will be for BabyBoomers from the 2020s onward.
    (And we all will benefit from having the system beginning to work NOW, instead of in the 2020s.)

    #32825
    Profile photo of Chickiwi
    Chickiwi
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    Member since: June 29, 2006
    Topics: 0
    Replies: 22

    Is it correct that the Living Alone Supplement is not income tested?

    #32826
    Profile photo of Jayla
    Jayla
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    Member since: June 13, 2006
    Topics: 0
    Replies: 475

    Hello Chickiwi,
    Yes that is correct. The living alone allowance is an addition for that which you pay exactly the same for, whether you are single or married, such as phone, power, rates etc.
    The rate for a married Couple is 66% of the average working mans wage and you would receive a little extra to help pay these costs so it is part of your payment and not means tested nor additionally taxed.

    #32827
    Profile photo of Chickiwi
    Chickiwi
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    Member since: June 29, 2006
    Topics: 0
    Replies: 22

    Thanks muchly, Jayla, for your helpful answer.
    Cheers

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