BetterMost Community Blogs > Cellar Scribblings
Cellar Scribblings
CellarDweller:
Hello Bettermost Friends!
Yeah, been away from the blog for a while, but now I'm back. LOL
that's what happens when you go on staycation, the routine just stops.
cubicle was still clean when I got to work today, so no big pile to plow through. :)
serious crayons:
--- Quote from: Front-Ranger on July 02, 2016, 12:46:21 pm ---I'm not taking social security yet. I had a vague idea that it would be good to wait and I didn't need the extra money.
--- End quote ---
I have talked to many of the country's leading experts in retirement financing -- that was a big topic at the workshop I went to in New York in June, plus I wrote about it last year and talked to people at a number of national organizations.
They emphatically endorse your vague idea. They say wait until age 70, if you can.
Now, if you have a pension, you can take that as early as you want, especially if there's no incentive for holding off. But few people have pensions these days.
brianr:
All Australians have superannuation funds if they have worked. From 1983 all employers have had to put 3% of wages into a super fund. It has gradually gone up and is now 9.5%. Employees can add to this and receive tax advantages. After I paid my house off in the early 1990's I began putting 20% into it.
I could not access it until age 55 unless severe medical needs, mainly people with a terminal illness. It is now age 60. I began to access it at age 61(2005) but kept adding to it with casual work (employer contribution only) until 2009 and when Mum died in 2006 and I inherited half her unit I added a lot more to it. The fund lost a lot in 2007 and things like Brexit do not help although it seems to have recovered since that. It is why I can travel overseas every year and do not really need to worry about money, but I cannot help myself, something I also inherited from Mum. However, as my poor mother who lived to almost 97, always said. You do not know how long you will live.
Also I got a ruling from Inland Revenue that as the withdrawals are not taxed in Australia they would not be taxed in NZ.
New Zealand has a scheme called Kiwisaver but it is not compulsory so many of my new friends here are largely relying on the Government pension and think I am very lucky.
I use the Government pension for day to day living but it does not allow luxuries. It is currently $335 (US$245) a week after tax for a single person living alone.
CellarDweller:
Hello Bettermost Friends!
How is everyone doing today?
Last night was a "fun night" for bowling. Pizza, soda, cake and a few rounds of bowling played for fun, not scoring.
Just a way to get back in touch during the summer!
New season of bowling starts in September.
serious crayons:
--- Quote from: CellarDweller on July 13, 2016, 10:23:15 am ---
--- End quote ---
Tell that to my dog! Of course, he doesn't care if it's Wednesday or some other day. ;D
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