When will New Zealand's pension system collapse? ⎥Ep. 1887⎥Property Academy podcast

[@SeriousSchitt]

I’m not retired yet, I’m still several years away, and I fear missing out on it, which would be catastrophic for me. You see, in ‘my’ day, we were told to save a bit for your retirement but be mindful of the fact that you ‘WILL’ get the pension when you retire, everyone in this country is “entitled” to it, so, if you save a wee bit extra then that will help make life a bit more comfortable for you in your senior years. I was brought up with the ‘promise’ of the pension, and therefore lived my life accordingly. If they’re gonna put it up, it would be rude to do a “Dave Seymour” and start sticking it up straightaway, to be fair, they’d need to give at least 20 years lead in for people to prepare for it and get the affairs in order! Now, you can safely educate people, as I do the younger workers’ that you have to save like hell, and hope grandma’s rich, as you’re not going to see a single dime of the pension!

[@hamishrathgen7319]

In NZ there is no asset and income tested on pension and Australia the do have asset and income tested. For example if you living in nz have $1 million in bank account you can get retirement income from government and If live in Australia you won't get retirement income from government.

[@fgjv943]

That's not good either. One person can blow all of his income and enjoy life and other person can work his ass off to save money. It will be unfair for the second person to not have any pension.

[@mattn4594]

@@hamishrathgen7319 I’d rather die poor than beg the government to pay me pittence.

[@mattn4594]

@@fgjv943 that’s life. What one person chooses has nothing to do with what another person chooses. Socialism is evil

[@tombown9960]

Many of us who worked and earned pensions have left and lost pensions

[@LloydStone-t9v]

I have just watched your decline of the pension system. I recall Garth Morgan (leader of The Opportunities Party - TOP) who said that he was wealth and should not receive a pension. Therefore, those that leave school at 15 - spend 50 years on the Unemployment Benefit, do not pay taxes retire broke and receive a FULL pension as they are poor.......... I believe that we are all responsible for our own future and therefore our own finances, so those who do not contribute should not receive!!! Cut back on Welfare - DPB, UEB, Invalids, Sickness and superannuation. A gradual reduction (5% every 2 years on UEB, DPB etc.) and make individuals responsible for their own future. I personally lived in Singapore, where I saw some living in penthouses, and some living under cardboard boxes. Since biblical times there have been rich & poor, health & sick, academics & village idiots - we here in NZ (or western world) are not going to change this. Of the extra funds that the Govt would have by reducing welfare, spend 20% on better health & 20% on better education - making us a better educated & health society. One solution to the pension??? And Govt spending???

[@LloydStone-t9v]

retirement is monetary amount more than age related - you could stop work at any age IF YOU ARE FINANCIALLY ABLE but not rely on Govt to support you..........

[@tonywong2943]

NZ is a monetary sovereign. The government will never run out of money, they will always have the money to pay out their obligations. Government does not need to come to you hat in hand for money to fund anything! Why do people still believe this? Modern Monetary Theory - get schooled.

[@kimgriffith3597]

There are boomer pensioners NOW that laugh and say it’s their pocket money, they don’t need it

[@1redgod]

More people are also work beyond 65 too. Not enough I'm sure

[@aaronquinlan2139]

Leave it at 65yrs. And then demand a system were you have to have a reasonable level of brains to be a politician and allowed into parliament. Politicians just waste our hard earned tax dollars. 30 million for a debate on a flag when nothings wrong with current flag. 51 million on a cycle way over Harbour bridge . Look at the current lot in parliament now do your research and check out their travel expenses you'll see they are fleecing the taxpayers . So leave our pension alone and cut back on wasteful government spending instead

[@michaelferguson651]

I'd stake a bet it changes to 67 y.o before I retire, also willing to bet that it's not that far away!.

[@peterelliott2914]

Means testing should be in the mix as well.

[@3800gracie]

Make that 70 in the next 20 years and means tested. We can not afford our current system!

[@terryharris1291]

@@peterelliott2914 Why.

[@runforrestrun1965]

@@3800gracie not so. It is quite affordable and in fact the money for it continues to grow. Look at the NZ guardians retirement scheme run by the nz government. Info freely available to inform and stop misinformation like this.

[@runforrestrun1965]

@@3800gracieNot so. The Cullen fund/super fund is currently at 76 billion, and projected to double in the next 10-15 years. We would have had even more if Key hadn’t stopped putting into it for years, the dufus. Known worldwide as one of the best run and performing funds in the world.

[@carlholdt1042]

Your youth is emigrating and they are gone during their peak earning years. The immigrants are not likely the same quality earners as the emigrants. Immigration is also dlowing... Big problems ahead...

[@danielmcd17]

What would the projected housing demand be if you kept the worker to pensioner ratio at 4:1? To do that I’m assuming you would have to have a huge amount of immigration

[@RobFrei]

Maybe time to change to a superannuation system like Australia has...

[@RockyB334]

Simplistic way of looking at tax revenue. Income tax only

[@patrickflanagan317]

The current retirement commissioner has indicated that the current age of 65 IS sustainable. Immigration is the key as it has been in recent times. I feel there must be a change on the younger generation to build wealth and look after themselves. Personal responsibility may we'll play an increasing part on everyones financial future as it should, More education in this area is needed.

[@SeriousSchitt]

Absolutely.

[@shanedefreitas2378]

Increase super to 70

[@RexManleyM]

Another kiwisaver company trying to whip up fear for future retirees Gee the fees they charge for kiwisaver must be good.

[@timshields8720]

What about when AI fully kicks in and unemployment goes through the roof??

[@tropicoeg4354]

People are resilient and capable of retraining. AI will not create mass unemployment. We may just end up with a lot of electricians and programmers. There wasn’t long lasting mass unemployment with any other technological advances…

[@timshields8720]

@tropicoeg4354 I'm not entirely sure you know what AI actually is and is capable of doing.

[@whitt87]

Nz needs to increase Kiwisaver contribution % rate.

[@mattn4594]

Kiwi saver is a scam

[@MikeChild72]

I really can't believe we have not done more to follow the Australian model. They are setting their workers up to be able to afford a reasonably comfortable retirement, while we are setting our workers up for financial disaster in retirement.

[@mattn4594]

@ hahaha. Let’s all get together and beg the government for more. The us has the best system of all. God first. Then government

[@andrewellis7142]

Wages are too low for most.

[@mattn4594]

@@andrewellis7142 wages without purpose are evil. It ruins your soul.

[@Truth-g7h]

We need more tax to pay for things. Our government delivered a tax cut and borrowed to pay for it. Our government rules out a CGT, so further reducing a potential revenue. Brilliant aye.

[@joachimpetersen2301]

Or they could do a mixture of Increase retirement age + increase immigration + compulsory untaxed 10% income to kiwi saver + privatize half of government as they are useless at managing it. Could lower taxes more with that. Problem solved

[@TonyWhite-x3c]

Agree totally. Revision of basic PAYE people who carry the biggest load. Corporate and Trust exemptions need a serious review. Several years ago our Ngai Tahu Corp made a$ 99 million profit....great result but they paid zero tax. Something woefully wrong.

[@markkunath8440]

Sanatarium too - makers of weetbix

[@stephenlennon7369]

​@@TonyWhite-x3c that BS you got proof?

[@stephenlennon7369]

​@@TonyWhite-x3c Whenever Ngāi Tahu undertakes activities or provides distributions that are not charitable (according to the charities law), the appropriate taxes are paid, either by Te Rūnanga o Ngāi Tahu or by the recipient.

[@gummibear1735]

Since this issue is relating to lowering fertility rates, people who did not have children ought to have a smaller cut of the pension pay out? Since they lacked contribution to todays workforce. That would be more fair to the working population. That equation would incentivise a more sustainable future for the country.

[@halfnattyboomer354]

Discriminates against people who couldn't have children. Penalizes personal freedom and autonomy. Is a reductive view of social contribution. Impacts human rights and equality... Might be one of the dumbest ideas I've read today.

[@mattn4594]

KiwiSaver = Scam pension = Scam

[@bnz6931]

Ok Matt, obviously you still on the benefit

[@mattn4594]

@ No matter how hungry we get us Lions don’t eat grass.

[@tropicoeg4354]

While I disagree, I can see why people might think KiwiSaver is a scam, and it’s a big ask to trust it over the next few decades. But what on earth makes the pension a scam?

[@mattn4594]

@ your relying on someone else or the system to take care of you. The market place is fake. Life is too short.

[@mattn4594]

@@tropicoeg4354 kiwi saver is a scam. And it ruins your spirit. How much is enough when it’s all fake.

[@georgemooyman7155]

Won't Kiwisaver take over the financial care of the retired.

[@3800gracie]

Not at 6% contribution. You need to get to 10% of your total income saved from age 30.

[@mattn4594]

Kiwi saver is a scam

[@Truth-g7h]

Not for beneficiaries such as invalids , or long term unemployment.

[@peterobertson2086]

You 2 are not very clued up . The Cullen fund is huge, and getting huger ,thanks to Trump win, worldwide markets are humming .

[@cweednz]

Buffett is selling up massively. Why?

[@PatsyPickup]

I think we should be like the uk if you've paid tax in Nz for 30 plus years you get the full pension if not you get a proportion of that. So many nzers work overseas then come home later in life and expect free health and pensions. Or they work under the table and avoid tax.

[@davidgrant7866]

That's why its so important to invest in other things other than just kiwisaver dont rely on just kiwisaver or just the pension i reckon they will get rid of the pension by the time i get there (30 years time) they need to teach kids about money and investing in schools its so much more important these days ive said that for years

[@navinthehouse4710]

Agree. They should up 3% employer contributions for kiwisaver and make kiwisaver tax advantaged like aussie.

[@davidgrant7866]

@navinthehouse4710 yep I agree grandparents lived in oz for 10 years way better system they said

[@runforrestrun1965]

No, no government would ever stop retirement payments. They would never get it through. Things may be means tested like Aussie does now, but even that there is no appetite for as its been looked at and dismissed as to costly, unfair and too unwieldy to put in place. This is from the retirement commission themselves saying there no desire to change.

[@royallan3717]

There was some reason I have paid taxes all my life.can’t think why now

[@leonie563]

On "Martha" if she lived in Australia, she would cost taxpayers $1 million for every 10 year's she lives, in aged pension + community aged care packages + state govt concessions + bulk billing GP/Elective Surgery hospital. Something drastically needs to change. If Martha lives from 80-100 years, that's easily another $2 million.

[@michealhead2573]

So we are talking about most people that have worked all their lives that have contributed to their retirement - what about those that can't be bothered working & are already being supported by the government & not being means tested - why aren't they being checked or made to do something to contribute to society for their dole & if they don't contribute they should not be given the dole. Now that would be a good savings.

[@les8518]

Getting sick and tired of all you so called experts who have not got a clue about what you are talking about.

[@ericbennik2071]

The pension is taxed. Let's talk about net numbers.

[@ericbennik2071]

Traditionally in NZ no one saved for retirement. The pension was a necessity.

[@ericbennik2071]

The over 65's with good income over 100k would still be paying a net tax. These people would likely have paid a lot of tax throughout their life.

[@michaelferguson651]

@ericbennik2071 most likely they've 33%ers who've paid alot more tax overall than those 12%ers who want means testing introduced.

[@OhWow2019]

Hehe old Ed doesn’t look like Ed anymore.

[@andrewking9435]

Govt uses immigration and working for families etc to balance demograhics

[@ebaab9913]

The projection is screwed; first heaps of New Zealand born citizens are leaving NZ, second heaps of young people are coming to NZ. And if we have the current government for another term most well educated NZ citizens will leave.

[@laughingkiwi-b5h]

Theyll just means test it eventually. Nats and labour have both said they wont, but thats only because saying they wont is what they think everyone wants to hear. Eventually when it becomes clear to everyone that nz super is going to collapse soon a party will just feed us the narrative that there are a lot of people on NZ super who dont need it and just like that everyone supports means testing.

[@Alice-si8uz]

Means testing is more expensive... it's inefficient

[@joshbedford5330]

Answer for nz govt is geothermal Bitcoin mining, check back in ten years..

[@williamearnshaw410]

Everything will collapse if you let Maori gain control of the Government and the purse strings....

[@stephenlennon7369]

Rubbish

[@zealman79]

Shake ya fist harder man lol