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1783 posts

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  #2410083 30-Jan-2020 11:19
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Fred99:

 

It's not a "free market".  It's heavily regulated.  If it was a "free market", then I'd be able to buy the section next door to yours, and erect a camp of tiny homes made out of old pallets and banana boxes.

 

House prices worldwide are not "all doing the same thing".  NZ is amongst the worst for unaffordability due to price increases over the past couple of decades.

 

 

Large cities also have things like higher wages and transport systems to offset the increased costs of being here. Auckland doesn't have enough of either of those things to justify the kind of living costs people endure here. 


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  #2410090 30-Jan-2020 11:40
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GV27:

 

Fred99:

 

It's not a "free market".  It's heavily regulated.  If it was a "free market", then I'd be able to buy the section next door to yours, and erect a camp of tiny homes made out of old pallets and banana boxes.

 

House prices worldwide are not "all doing the same thing".  NZ is amongst the worst for unaffordability due to price increases over the past couple of decades.

 

 

Large cities also have things like higher wages and transport systems to offset the increased costs of being here. Auckland doesn't have enough of either of those things to justify the kind of living costs people endure here. 

 

 

We are a low wage economy that's how the economy has been managed. This allow businesses to better succeed. Those whose incomes have been quite stagnant just have to miss out, that seems to be the general theme. When the minimum wage was increased, the world nearly ended here. Our economy can't seem to absorb $17-70 per hour


 
 
 
 


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  #2410092 30-Jan-2020 11:41
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Sorry - I don't want hijack the thread and divert it to become yet another thread about (IMO crazy) NZ house prices.  I'm absolutely sure that home ownership is a thoroughly justifiable and sensible part of saving for retirement/old age.  While Kiwisaver is voluntary - and able to be plundered, home ownership rates are declining, and there's endless pressure to "relieve the future burden on the taxpayer of the cost of National Super", there's risk of dooming future generations of retirees to absolute poverty.


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  #2410113 30-Jan-2020 11:54
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Fred99:

 

Sorry - I don't want hijack the thread and divert it to become yet another thread about (IMO crazy) NZ house prices.  I'm absolutely sure that home ownership is a thoroughly justifiable and sensible part of saving for retirement/old age.  While Kiwisaver is voluntary - and able to be plundered, home ownership rates are declining, and there's endless pressure to "relieve the future burden on the taxpayer of the cost of National Super", there's risk of dooming future generations of retirees to absolute poverty.

 

 

Agree fully, and I'll bring it back to Super, as what you say was in an article the other day about raising the retirement age wont help.

 

If I buy a house, my PDI will increase over time as wages slowly increase, but the mortgage doesnt. When I retire, I wont have a mortgage, so as well as not needing bucketloads of Govt Super to survive, my comfortable situation allows me to still contribute to the economy by A. Not needing to take a younguns job, B. I will be spending not just surviving. I cash up, get a smaller home, spend more money into the economy. The kids inherit the house and wealth, so now they are in a great position to benefit and spend more money into the economy and have a need to take less from the Govt due to my initial home ownership.




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  #2410359 30-Jan-2020 19:02
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I bought today's Herald for the sole purpose of reading this article https://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=12304458 which isn’t in the darn thing! Can somebody tell me what he says?


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  #2410428 30-Jan-2020 20:59
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JayADee:

 

I bought today's Herald for the sole purpose of reading this article https://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=12304458 which isn’t in the darn thing! Can somebody tell me what he says?

 

 

Dont know but th Retirement Commisioner was in the news a day or so ago at Stuff

 

https://www.stuff.co.nz/business/119095549/life-is-getting-harder-for-preretirees-so-we-cant-afford-to-raise-pension-age-retirement-commissioner

 

 




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  #2410451 30-Jan-2020 22:30
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tdgeek:

 

JayADee:

 

I bought today's Herald for the sole purpose of reading this article https://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=12304458 which isn’t in the darn thing! Can somebody tell me what he says?

 

 

Dont know but th Retirement Commisioner was in the news a day or so ago at Stuff

 

https://www.stuff.co.nz/business/119095549/life-is-getting-harder-for-preretirees-so-we-cant-afford-to-raise-pension-age-retirement-commissioner

 

 

 

 

That sidecar emergency fund isn’t a bad idea. I have an emergency savings amount set aside in an on call amount in the bank that makes next to nothing.


 
 
 
 


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  #2423535 18-Feb-2020 21:54
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As someone who could not get a new job post 50, because of ageism. 100s of applications, a few interviews, then the usual "we have found a more suitable person" response, I do not support raising the retirement age.  Thankfully we have had sufficient savings to hopefully carry us for the next few years, but we have had to do without a lot, despite living in a modest 2-bdm unit already.

 

I believe a future government could make Kiwisaver compulsory and then at age 65, you could only get a government guaranteed annuity, which reduces your state superannuation by a portion* (25%, 50% or 75%) of the annuity fortnightly value.  This way the state superannuation becomes affordable.  If the portion was 100% it may discourage saving for retirement.

 

Example.

 

Say you get $500 a fortnight from the annuity. At 50%, $250 is deducted from your state pension, but you will still end up getting $250 more then the base state pension (whatever that is at that time)

 

* Actuaries and treasury officials would need to determine what the best portion should be and advise a future government accordingly.

 

 

 

 

 

 


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