Why Should We Have To Work Longer To Receive Our Pensions

I hear all these politicians talking about various subjects no-one mentions the British people now have to work longer.

The retirement age was always 65 years for men & 60 years for women it's about time those Pen-pushers were shown the door.

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whowasthatmaskedman · 70-79, M

As someone who was caught in this net I have some thoughts. The first being that at the time the 65 year retirement age was established, that was greater than life expectancy. So not many of us expected to collect it.. Things are different now. And the number of younger tax payers is dwindling. While the number of pension beneficiaries is rising. So something has to give..If not, you end up like America, where more $ get printed to cover things and the $ has less value, year on year. In addition, personal retirement savings are far more common in employment than they used to be. So people can usually afford to support themselves in retirment to some extent. In my case, I have provided for myself well, but still qualify for pensioner support with many items like vehicle registration, health benefits and subsidies on government charges, which suits me..However, I did have to wait until almost 67 for these to kick in.😷

Roundandroundwego · 61-69

@whowasthatmaskedman I'm sixty three and retired. Working me would indeed be cruel. And a waste of my golden years.

whowasthatmaskedman · 70-79, M

@Roundandroundwego I agree, that refitting you into "the system" at this point would not be appropriate..😷

AthrillatheHunt · 51-55, M

@whowasthatmaskedman I think it’s less about how much tax individuals contribute (youngsters ) and more about how much tax revenue overall is collected .
If Oz is like US the top 10% pay well over 50% of all tax money received. We just gotta keep making billionaires and we will be okay

whowasthatmaskedman · 70-79, M

@AthrillatheHunt I dont think so. These are the current income tax rates: Remember that here state income tax doesnt exist and state taxes generally are more limited..
Australian income tax rates for 2024–25 and 2025–26 (residents)

Income thresholds Rate Tax payable on this income
$0 – $18,200 0% Nil
$18,201 – $45,000 16% 16c for each $1 over $18,200
$45,001 – $135,000 30% $4,288 plus 30c for each $1 over $45,000
$135,001 – $190,000 37% $31,288 plus 37c for each $1 over $135,000
$190,001 and over 45% $51,638 plus 45c for each $1 over $190,000
So a Billionaire here pays 45c in each $ over $190,000.. Now I am not saying they dont avoid as much as possible through shuffling $. But those are the rates..😷

AthrillatheHunt · 51-55, M

@whowasthatmaskedman 49% tax on a bill is quite a lot. What % overall do tip 10% contribute ? I said over 50% total

whowasthatmaskedman · 70-79, M

@AthrillatheHunt Tipping is uncommon here , outside dining.. Minimum wage is close to $25 an hour I believe. Pardon. Misinterpreted. I am unsure of how mucg the top 10% contribute. but of course they have strategies.

AthrillatheHunt · 51-55, M

@whowasthatmaskedman AI says your top 10 % contributed 52% of total taxes

AthrillatheHunt · 51-55, M

@whowasthatmaskedman that means 90% of Australians only contribute 48%. I’m sure a double digit % of that 90% contribute nada, same as in US

whowasthatmaskedman · 70-79, M

@AthrillatheHunt I wouldnt argue with that..And in return we get a heavily subsided thertiary education system. Universal health cover and a government prescription subsidy service the envy of the world. Not bad for a nation of 26 Million. (including migrants..)😷

AthrillatheHunt · 51-55, M

@whowasthatmaskedman the 90% have a good deal in Oz then, same as in US. We get WAY more than we contribute .

whowasthatmaskedman · 70-79, M

@AthrillatheHunt Again, I accept your numbers. But someohow we still manage to have the funding within the system to pay for it all. Something doesnt add up on your side..Where does all your money go?😷

AthrillatheHunt · 51-55, M

@whowasthatmaskedman how much does Oz give in foreign aid ? Also , Oz doesn’t have expensive “ friends “ like Israel and Ukraine

whowasthatmaskedman · 70-79, M

@AthrillatheHunt We give a lot of regional support to the pacific Island nations. And there is no more expensive "friend" than America. The F35 program and the AUKUS nuclear subs are Americas idea, to mesh with their defence plans..😷

AthrillatheHunt · 51-55, M

@whowasthatmaskedman you guys spending money to give sex reassignment surgery to folks in Central Asia too? Spending money teaching Africans how to wear a condom ? I’m not even joking . Those were just 2 examples of where our money goes , or used to go .

whowasthatmaskedman · 70-79, M

@AthrillatheHunt "family Planning" initiatives have their place in emerging economies. They free up women to be educated and move into the workforce, so their potential isnt lost. As for gender reassignment in forgein countries, while some medical research money or even proivate charity might go that way, I'm sorry. I cant see it or find any credible reference to it..😷

AthrillatheHunt · 51-55, M

@whowasthatmaskedman you asked where our tax money goes. Some of it goes to what you refer to as “family planning initiatives in emerging economies “. I called it what it was : teaching Africans how to wear a condom. Does that give you an idea of how it’s spent ?
Also , it doesn’t make me feel good knowing that when I see a homeless person here in NYC

whowasthatmaskedman · 70-79, M

@AthrillatheHunt I can only guess that the latex lobby there promotes the programs to sell more condoms in Africa. much as the baby formula companies promote bottle feeding programs as being better for the child than breast feeding. There is always an angle. But there is no profit in homelessness..😷

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