1 00:00:00,080 --> 00:00:02,880 Speaker 1: From the we can't get out of our own wavefile 2 00:00:03,440 --> 00:00:05,400 Speaker 1: comes The question has posed this week by the Retirement 3 00:00:05,440 --> 00:00:07,680 Speaker 1: Commissioner as to whether the people who have money in 4 00:00:07,720 --> 00:00:10,480 Speaker 1: the bank should get the pension. Now, the first part 5 00:00:10,600 --> 00:00:12,760 Speaker 1: that is wrong with that is I thought we had 6 00:00:12,800 --> 00:00:16,119 Speaker 1: decided many a decade ago, rightly or wrongly, super is 7 00:00:16,280 --> 00:00:21,440 Speaker 1: an entitlement. It's trigger rightly or wrongly is age. Therefore, 8 00:00:21,480 --> 00:00:23,919 Speaker 1: the other criteria that you might like to at a 9 00:00:24,040 --> 00:00:26,680 Speaker 1: later stage add to the equation, I don't know height, weight, job, 10 00:00:26,840 --> 00:00:30,440 Speaker 1: brain power or savings are null and void because age 11 00:00:30,680 --> 00:00:34,279 Speaker 1: is what triggers it. So are we changing that? Are 12 00:00:34,320 --> 00:00:36,159 Speaker 1: we all of a sudden because that's the inference in 13 00:00:36,200 --> 00:00:39,760 Speaker 1: the question. The inference is also this sneering socialist bent 14 00:00:39,840 --> 00:00:42,440 Speaker 1: that some people have around success. Well, don't be too successful, 15 00:00:42,680 --> 00:00:44,760 Speaker 1: and that's what savings generally are. You had a plan, 16 00:00:44,840 --> 00:00:47,600 Speaker 1: you worked hard, you put a few dollars aside. Interestingly, 17 00:00:48,200 --> 00:00:50,920 Speaker 1: the numbers are depressing. This is where the question comes from. 18 00:00:51,040 --> 00:00:54,400 Speaker 1: There are three or thirty three thousand who earn each 19 00:00:54,480 --> 00:00:57,000 Speaker 1: year between one hundred and two hundred thousand dollars a year, 20 00:00:57,280 --> 00:00:59,440 Speaker 1: nine thousand more than two hundred thousand. Now that's actually 21 00:00:59,480 --> 00:01:01,279 Speaker 1: not a lot of peace people. It shows you how 22 00:01:01,320 --> 00:01:03,320 Speaker 1: poorly paid we are in this country, how bad at 23 00:01:03,360 --> 00:01:05,440 Speaker 1: saving we are, how expensive life is. To stop your 24 00:01:05,440 --> 00:01:07,199 Speaker 1: saving in the first place, a whole bunch of stuff 25 00:01:07,280 --> 00:01:09,559 Speaker 1: leads us to not being a very well off sort 26 00:01:09,560 --> 00:01:12,560 Speaker 1: of country. Personally, I've said this many many times. I'm 27 00:01:12,560 --> 00:01:15,039 Speaker 1: not fast do whatever you want with superannuation. I didn't 28 00:01:15,120 --> 00:01:17,959 Speaker 1: join KEYI saver. I'm not relying on a pension. Why 29 00:01:18,040 --> 00:01:20,760 Speaker 1: Because when I started work in nineteen eighty two it 30 00:01:20,880 --> 00:01:24,000 Speaker 1: was very well established even then that the pension may 31 00:01:24,160 --> 00:01:26,080 Speaker 1: or may not be around at all. So why take 32 00:01:26,080 --> 00:01:28,520 Speaker 1: the risk in a nineteen eighty two as I was 33 00:01:28,600 --> 00:01:31,880 Speaker 1: on the minimum wage, as I basically worked out, I 34 00:01:31,880 --> 00:01:34,000 Speaker 1: had forty fivesh years to get my act together and 35 00:01:34,040 --> 00:01:36,720 Speaker 1: do something about it. The problem with keeping on asking 36 00:01:36,720 --> 00:01:39,800 Speaker 1: these questions is it messes with people and their intentions. 37 00:01:39,800 --> 00:01:42,600 Speaker 1: Governments been bad enough already with their constant changing of 38 00:01:42,600 --> 00:01:45,000 Speaker 1: the rules and their contributions. Last thing we need is 39 00:01:45,040 --> 00:01:48,480 Speaker 1: thought bubbles on what should be really a long term 40 00:01:48,760 --> 00:01:52,120 Speaker 1: leave it alone, get out of the way. Understanding among 41 00:01:52,200 --> 00:01:55,360 Speaker 1: us all that the pension is our society's recognition of 42 00:01:55,360 --> 00:01:58,240 Speaker 1: a life's work, change the age if you want, but 43 00:01:58,360 --> 00:02:02,000 Speaker 1: penalizing success is the opposite of what we want to 44 00:02:02,040 --> 00:02:06,320 Speaker 1: actually promote. For more from The Mic Asking Breakfast, listen 45 00:02:06,400 --> 00:02:09,360 Speaker 1: live to news Talks it B from six am weekdays, 46 00:02:09,560 --> 00:02:11,560 Speaker 1: or follow the podcast on iHeartRadio.