Social Security Country Agreements "Not To Pay"

[baranghope]

SS Agreements, originally intended to facilitate a person with dual citizenship residing in either "home" country, are now simply being used to screw or squeeze individuals. Oz is now following the Kiwi example:

www.stuff.co.nz/dominion-post/news/8898559/Net-widens-on-double-dip-pensioners

Pensioners never really "double-dip", because each country has a different payment level, different exchange rate, and different pension contribution scheme.

The Kiwi government is actually seeking new SS Agreements in order to squeeze existing residents out of payments.

Another government rort, like Oz not allowing anyone now on the DSP to return to the other country without undergoing Med Review and JCA insane process (insane because they already have Med docs proving your condition). Oz just doesn't want to pay now.

It is a criminal perversion of the original intent of these Agreements.

[howdo]

I have to agree mate, bang on.

[aussieinusa]

It's something many countries are now facing: huge pension costs as the baby boomer generation retires, with much fewer younger people to pick up the bill.

Which is why John Howard increased immigration quotas so much, and also why the baby bonus was offered; to increase the number of working-age taxpayers to pay for boomer pensions. Also, why GST was introduced, so pensioners are still taxpayers now.

But sooner or later, the sums stop adding up and they have to reduce payments somehow. I'm just concerned that they're going after DSPers here first, rather than wealthy retirees. It's a huge industry now, 'financial planning', i.e. figuring out how to arrange finances so people get full pension, and get to keep their millions in assets, too. I also read somewhere that it's become common for super lump-sum payouts to be used to pay off big debts run up in the few years before retirement (e.g. for home renovations, a bigger place, a better car, a boat, a fancy caravan or whatever) so the retiree is then below the means test for assets. Will have to see if I can find the article.