Unfortunately what having $1m in super now does is that it disqualifies you from the Seniors Health Care card, therefore giving you the dubious pleasure of paying much more for your health costs and missing out on discounts offered to other seniors.

Also self-funded retirees miss out on "compensation" offered to others, including on the now hopefully dead and buried proposal to raise the GST, which would have been a 5% impost on our cost of living.

The constant threats of more changes are also worrying, including the proposal to tax earnings on super backing income-streams, whereas if we withdraw the money and invest elsewhere and earn less than the threshold we will pay zero tax.

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