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“The retirement outlook due for reality check”

August 30th, 2009 No comments

In his article “The retirement outlook due for reality check” Australian Financial Review (AFR) 22-23 Aug 2009 page 41 Barrie Dunstan writes that Ken Henry is toying with the idea of the government offering annuities by the government in return for handing over the super capital to the government.

Now why would anybody hand over his/her capital for an annuity when that annuity could be swallowed by the meanest “Means Test” that Centrelink applies for an age-pension, which is 50% reduction in Centrelink pension and if the retiree has to pay tax, the total reduction can be $0.815 in every dollar of an income which is barely above poverty level.

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