Universal Age Pension makes total sense, but good luck trying to persuade government of either persuasion to adopt such a proposal!

Certainly do, it's worked extremely well in NZ for decades...those who continue to work by choice or have investments etc pay tax on that at the secondary job rate...I'm sure our system is the most difficult anyone could think of as a 'control' measure...

Wasn't this the situation in the UK and in Norway or has it changed?

Seems a no-brainer to me as others have pointed out.  UK and NZ do it (also Norway and others?).  It would release a lot of Centrelink inter alia and individual time lost with deeming, income and assests nonsense.  The clue though is in the 'brainer' bit!  Not too much of that where it counts methinks!

so it should be - at the moment, retirees have to use their savings to live on - those savings are what they are most likely to need as they age and need to modify life styles, and deal with more health issues

Agree 100% with everyone on here !!

Somehow or other this issue needs a far higher profile in the media.

But doing that would make it simpler to administer. So it would not work in Aussie land as governments here don't like things to be simple. How would the gov. confuse retirees about pension requirements if it is made simple to apply for? 

This idea, like a lot of ideas, will not fit everybody. To suggest that there will be a saving with fewer Centrelink staff being needed sounds nice but the amount required to give a universal pension will far outweigh any savings on workers made redundant. Suggesting that an older person can earn extra by working to supplement an age pension makes a lot of assumptions. Does the person have the skills required? Do they live in an area where work for seniors is readily available? Is their health of a level where work can be carried out?

To those SMSF retirees, can I be so bold as to ask why you need all that extra money or assets? If a retiree has about $300,000 in super and a family home with the usual assets of a modest bank account, a car, maybe a caravan and furniture they will qualify for a full pension and in the case of a couple will get about $1000pw±. Why not spend a bit of cash or super or sell some assets if they want an age pension?

We worked hard all of our lives and paid our fair share of tax and a part of our taxes back then went to pay age pensions for retirees and we are now relying on people working to pay for our part pension. If all retirees get a universal age pension those working will need to carry the load and an increase in their taxes will certainly be on the table. What's the point of paying an age pension to people like Twiggy Forrest, Julia Gillard, Sir Frank Lowy and Paul Keating who obviously don't need it?

Ok I like the idea of  Universal Age Pension but some questions for example by how much better we will be economically ??? will help us ??? definitely will reduce all the Centrelink garbage process and will maintain a steady system without changes and changes and kinking our back sides every time ..... but your comments will help me ........ what do you think 1 - will be better for us and how ??? 2- Will reduce the Centrelink garbage and changes ??? or any other ??? 3 - will assist us with the cost of living and 4 - Addition of food vouchers will help ????

Today we are on a full single pension of :

      Living in AU               Overseas

Base -           $900.80         $900.80

Supplement  $70.30           $25.20

Energy           $14.10           $0.00 (Only if applicable)

Total              $985.20          $926.00

Please no rubbish comments about living O/S or any other lets be constructive

Thanks 

Apart from saving $$$$ on Centrelink processes - the pension $ will be spent on goods and services generating GST and jobs - all helps our world go round !

It certainly appears that nearly all contributors to this post are Self funded retirees. Is this because they see the pot of gold at the end of it?

There is a universal pension in the U.K. because everyone pays contributions into it for their entire working life. If we introduce a Universal Aged Pension then death duties, or an Inheritance Tax, along with an end to Franking Credits, discounted Capital Gains Tax etc etc would be a given.

The system is currently set up so that SMSF retirees do access their accumulated capital during their lifetime and not be able to built wealth to pass on to their heirs.     

Was wondering when this was going to come round again.  Been awhile since it had an airing here on YLC.

You can huff and puff all you like, but it's not going to happen, no matter how much we want it.  End of story.

I'm not eligible for a pension, so can't wait for the UP for some extra money which will make Gina and I very happy LOL