Thought You Were Saving to Fund Your Retirement? Think Again…

Be warned, there’s trouble on the horizon. And it could have major implications for every Aussie wage earner, saver and investor…

Two worrying news stories came across our desk this morning. First this from ABC News:

‘Federal Treasurer Wayne Swan has refused to rule out increases in income tax as the Government tries to plug a revenue shortfall in its budget.’

And this from the Australian:

‘Treasury officials are sharpening their focus on the $460 billion held in self-managed superannuation funds as the Gillard government searches for ways to recoup tax revenue to pay for disability services and school reforms.’

Got that? We bet you thought you were saving to fund your retirement so you don’t have to live off tinned hotdogs and two-minute noodles.

But what’s really happening is that the Australian government needs your retirement money so it can fund its wasteful and excessive spending.

Four years ago we warned about the government’s plan to raid your retirement savings. Few people believed us, but now it’s happening.

Last year we decided we’d had enough. So we founded and set up the Hands Off My Super petition. You can sign it here.

Maximising Your Returns Safely
 

But there was a key paragraph in the Australian article. It’s this:

‘Critics of self-managed funds believe they use the capital gains tax exemptions more aggressively than others because they usually have only one or two members who can move quickly to buy investment properties, while big funds hold large property portfolios over longer terms with benefits shared by hundreds of thousands of members.’

We’ve got one word for you: Socialism. If you want to take care of your own life, savings and retirement, then clearly the government and lobby groups consider you to be selfish and a threat to society.

This is why it’s more important than ever that you fight back against the incursion of the State into your private affairs. A topic we’ve discussed in Pursuit of Happiness is the opportunity for Aussies to live overseas when they hit retirement.

Our old pal Nick Hubble has even come up with four top overseas locations where Aussies can live almost like a king.

But living overseas isn’t practical while you’re working and trying to save for retirement. That’s why it’s important you use the period of your working life to safely maximise your investment returns.

Cheers,
Kris


Money Morning is Australia’s most outspoken financial news service. Your Money Morning editorial team are not afraid to tell it like it is. From calling out politicians to taking on the housing industry, our aim is to cut through the hype and BS to help you make sense of the stories that make a difference to your wealth. Whether you agree with us or not, you’ll find our common-sense, thought provoking arguments well worth a read.

Money Morning Australia is published by Port Phillip Publishing, an independent financial publisher based in Melbourne, Australia. As an Australian financial services license holder we are subject to the regulations and laws of Corporations Act and Financial Services Act.


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