$1m does not make you rich, Australians sayBY MARK SMITH | MONDAY, 15 FEB 2016 12:25PMA fifth of those with a household income of $200,000 are living pay-cheque to pay-cheque and having $1 million does not make you rich. Related News |
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Hugh Killen
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AUSTRALIAN AGRICULTURAL COMPANY LIMITED
For Hugh Killen, several life lessons came from spending time on pastoral properties stretching across northern New South Wales and South-West Queensland.
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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.