How much capital do I need to retire comfortably on ?

[Aaron]

I didn't even know this was up for discussion. Chipping away at an overly generous scheme, obviously not many affected. Not as good as income and asset testing so welfare is not being paid to those who don't need it but a step in the right direction. The last boomer retires in 2029 so expect to see some big changes after that.

https://www.stuff.co.nz/business/126...r-for-nz-super

[fungus pudding]

I didn't even know this was up for discussion. Chipping away at an overly generous scheme, obviously not many affected. Not as good as income and asset testing so welfare is not being paid to those who don't need it but a step in the right direction. The last boomer retires in 2029 so expect to see some big changes after that.

https://www.stuff.co.nz/business/126...r-for-nz-super

Yep - that's the story alright. Destroy all incentive for conventional saving and investing. What you can't pyss up - stick under the matress for Ron. (aka lat-a-ron)

[Aaron]

Yep - that's the story alright. Destroy all incentive for conventional saving and investing. What you can't pyss up - stick under the matress for Ron. (aka lat-a-ron)

Much like welfare destroys the incentive to work, but a lot of us try anyway.

[SBQ]

I didn't even know this was up for discussion. Chipping away at an overly generous scheme, obviously not many affected. Not as good as income and asset testing so welfare is not being paid to those who don't need it but a step in the right direction. The last boomer retires in 2029 so expect to see some big changes after that.

https://www.stuff.co.nz/business/126...r-for-nz-super

I FULLY support it! Too many have chosen NZ as a migration path to easy retirement. Countless of examples of Chinese migrants that bring in their extended families to NZ. They pay little or no taxes over the 10 years (and some claim benefits) and at retirement, it's easy living. Since the superannuation is funded by tax payers, we really should give the benefit to those that truly do the hard yards. By extending it to 20 years, it gives a wider chance for the migrants to contribute more.

[iceman]

I FULLY support it! Too many have chosen NZ as a migration path to easy retirement. Countless of examples of Chinese migrants that bring in their extended families to NZ. They pay little or no taxes over the 10 years (and some claim benefits) and at retirement, it's easy living. Since the superannuation is funded by tax payers, we really should give the benefit to those that truly do the hard yards. By extending it to 20 years, it gives a wider chance for the migrants to contribute more.

I agree SBQ. I think this is a good and fair change. I can't see while people should be able to move to NZ late in life and potentially never contribute to society through taxes, but be entitled to super

[Aaron]

I think its a great idea, as these people never contributed to the public purse.
If we take it one step further and consider that the people who did contribute never put any aside to fund their own retirement but are now relying on the next generation to pay for their retirement through taxation as they spent all their contributions on themselves. The next generation appears not to have benefitted from investment in state housing, free tertiary education etc so maybe those that did well over that time and generated some wealth and passive income don't put their hand out for welfare from the younger generations they have been constantly sh**ting on over many years.

[777]

The next generation appears not to have benefitted from investment in state housing, free tertiary education etc so maybe those that did well over that time and generated some wealth and passive income don't put their hand out for welfare from the younger generations they have been constantly sh**ting on over many years.

With an attitude like that you can get s*****d.

[fungus pudding]

Much like welfare destroys the incentive to work, but a lot of us try anyway.

And a lot don't.

[Aaron]

With an attitude like that you can get s*****d.

Any member of a generation below the boomers should be used to getting s*****d good and hard by now.

Maybe I am a bit harsh on the boomers, my problems are mostly of my own making but I do feel for the generations younger than me expected to pick up the tab.

[justakiwi]

"Welfare" covers a spectrum of government "assistance." I don't believe government super is concerned welfare these days. Our elderly people have contributed all their lives, by way of taxes. They have supported businesses with their spending. Many of them have contributed in non-financial ways such as doing voluntary work. I have no issue with them receiving government super. I also have no issue with those who have accumulated wealth, receiving super. What they choose to do with it is up to them.

Your comment however, is more related to other forms of welfare I suspect, such as Job Seeker payments or Sole Parent payments. As a mother of four, who's marriage ended while my youngest was 3, I had no choice but to rely on benefits such as these. Down the track later, I found myself in the position of needing Job Seeker assistance.

I can tell you. Being dependent on a benefit is not fun. It is demoralising, it destroys your confidence, it creates uncertainty and constant stress. The vast majority of people who, at some point in their lives, are dependant on "welfare" do not want to be there. They want to work, to support their families, and gain some independence. The people you are referring to, are a minority. It is high time society stopped judging beneficiaries as a group of unmotivated, lazy bums. Unless you have walked in our shoes, you literally have no idea.

And a lot don't.