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I find it completely ridiculous and totally regressive that you have to live in Australia to receive your state pension. It’s like a final FU to the workers who
by yardie 8y ago
I find it completely ridiculous and totally regressive that you have to live in Australia to receive your state pension. It’s like a final FU to the workers who have spent all their life contributing to it.
- 1stranger 8y agoMeaning you can't retire abroad and receive your pension? How many months out of year do you have to reside in Australia?
- yardie 8y agoIf you’re out longer than a few months they cut your payout severely. Some friends sailing with us had to fly back every few months and check in. So any pensioners planning to retire to SE Asia because of the lower cost of living are screwed.
- Johnythree 8y agoThis is incorrect. If you are overseas more that a few months, some of the extra's are cut, but not the basic amount. Lots of Australian retirees live in Asia. It's possible your friends had not lived in Australia long enough to fully qualify.
- ACow_Adonis 8y agoAside from the economic physical reality (that is to say all pensions need to be financed from current stock of capital/labor), in Australia the government pension is generally funded through general revenue as a (kind of) means tested general social safety net. It is not the same system as social security in other countries. You don't notionally "pay into" your account with variations on how much you will then be able to draw out. We also have other employee pensions (though far fewer these days), and now the superannuation system (roughly 9.5% of full time earnings go into a compulsory tax effective defined contribution investment scheme)