Is getting the pension the right goal?
I’ve often been confounded by the notion of people wanting to get rid of money or assets so they can get the age pension or other government benefits. I get the Aussie notion of a fair go, and we should all get what we’re entitled to, no argument. But it’s hard to accumulate cash and assets, why would you want to waste them? Isn’t the main game to make sure you have a long and happy retirement?
It amazes me even more when smart, experts even, people purport strategies and benefits of having fewer assets. That’s why this article in Cuffelinks resonated so strongly with me in rebuking an AFR article. Make sure you have a plan to achieve what’s important to you, get all that you are entitled to but don’t cut your nose off to spite your face!