How terrible and sad life must be for this person to not see how they can retire when they already have a fully paid off home and $1.1m in assets. An income producing asset base that could conceivable grow to $2m in seven years by the time they retire, and they'd rather live off $30k a year on the age pension.

Horrifying that this sort of thinking is seemingly normal.

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I know "ok boomer" has been done to death but what else can you say?

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I know "ok boomer" has been done to death but what else can you say?

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The pension is for vulnerable people! It's not a cash bonus you get for paying your taxes.

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What you have is plenty, and should grow to a nice amount. Many people would love to have that amount when retiring and get $90k a year in retirement, which is much more than you'd get on the full pension. I know which one I'd be choosing. And I also know that as I spend my money I'll eventually qualify for a part pension as a safety net to help my money last longer.

I do not understand why you'd give away money to qualify for the pension, yet it seems a mentality that many have. Of course, as Paul has previously said, give some money to help your kids, and see them enjoy it while you're still alive, but not just to qualify for the pension.

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This is really disappointing, Money magazine. Why would you give this man a platform? You're only encouraging others to rort an already struggling welfare system.

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Not actually a Boomer. Actually an X-er. But anyway.

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I suggest that you give as much as you can to your children to allow you to qualify for a full Centrelink age pension when you are of age. They can use it as deposit for a nice house each in a good neighborhood. It will also give them enough to gain a good tertiary education and perhaps see a bit of the world. But when you are struggling to live on the age pension (provided by your tax-paying friends), and the amount you have left, don't expect any gratitude or any financial help from them. And oh - then perhaps one has lost half of his/her share of your money to a divorced partner.

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When Gen-Xers become as greedy and entitled as their boomer parents...

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Why would you want to give your kids a million dollars and live on the pension?

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Such a sorry state of affairs that someone in a wealthy, gifted situation is asking for ideas & validation about tax dodging & leeching off the public purse. Clearly looks like the idea is to gift money to children 'on paper' to get the pension as well.

No wonder the future generations are screwed with logic & attitudes like this.

When are we going to embrace tax & paying our fair share so that we can live in an affluent, socially stable society?

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To be honest this querie turns my stomach.

Being 77 & relying on my aged pension, I cannot understand the greed of some people.

My husband was a printer & I was an office worker.

We bought our house, & starting to pay it off & in the mid 80's we were hit with interest rates of 18% plus.

Also for those who don't know, Superannuation was only brought in later in our working lives.

I came out with $40,000 & my husband much the same.

We paid the last of our loan & then the unseen arrived with mine & my husband health.

Heart, Cancer & other problems.

We were so grateful that we had paid off our home & so very thankful for the Disability support.

My Husbad passed 6yrs ago from pulmonary Fibrosis.

He was at least so comforted that I had a home & aged pension.

Please note all Baby Boomers are not rich.

The stories would be more like mine.

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This enquiry made me so angry, wake up and stop being so greedy, pensions are for the most needed not the rich

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I totally agree with Sam P. He is in a very comfortable financial position. He is worrying about money and could live very comfortable. The pension is there for the people who need it. If every retiree had this mentality where would our welfare system be today.

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Thank you Lynette for providing the real situation for the silent majority of Boomers. I'm in my 60s and working hard in an environment full of ambitious, if not somewhat entitled, younger generations who for some reason think us Boomers are the enemy. My wife and I came to Australia as immigrants around 40 years of age, bought a car and put a deposit on a house with our life savings from South Africa, raised two kids who are productive decent married Christian adults now, working hard in trades and medical services, contributing to Australian society and raising the next generation to be the same. My wife works for next to nothing as a professional in a charity. Our combined super is a fraction of the rich whimp (Richard), who should not get a platform to further alienate the younger generations who already seem to hate all Boomers).

Thank you Lynette for your positive reality check and best wishes to you!

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Absolutely. It is sad that this is way too common. I have came across many this kind of people, and I will not stop telling them that government pension is for those who need it, not those who has $1 million dollar home. Downsize to support your own retirement. For those who are unable to comprehend, I pay $60k tax annually to make this country a good place to live, for everyone who needs it. The OP should be ashamed of him/herself.

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Ben Chifley and JohnCurtain would turn in there graves.We now live in a society that believes its entitled,and its usually people who have plenty of money who are often looking for strategies to pay less tax or to grab a pension where possible........even when its not required.Pure selfishness greed,and ignorance.We need to support those people who have little,or who are struggling day to day to live,not give more benefits to people who have plenty.Whats wrong with these people?

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