Most people won’t take responsibility for their own retirement.
That would be completely against how our sick culture has developed over the past few decades.
The move towards absolute reliance on the state for almost everything is complete.
The government has actually made breaking free of state dependence a money-losing proposition for the unemployed, mothers with kids wanting to move back into work, families who almost don’t qualify for Working For Families.
This is due to the incentive effects around high marginal tax rates caused by benefit abatement and loss of tax credits if you get a pay rise.
People won’t take responsibility for their own retirement because that would be admitting they have made poor choices with their lives.
They didn’t get enough qualifications. They bought a house they couldn’t afford. They had two cars and overseas holidays. They paid for their children’s education without thinking of their own grocery bills after 65. They had children when they were broke.
It takes a lot of humility to admit that unless you change the way you manage your money you will starve to death in retirement.
The sheeple can’t admit that because they’d be admitting their entire lives have been financial failures.
There is no way in hell that future taxpayers will escape the brunt of higher taxes to pay for the lack of responsibility taken by an entire generation of greedy baby boomers.
I’m changing the way I live now – at 22 – by avoiding debt, living a low-impact lifestyle and trying to create different streams of income so I can move away from reliance on others.
4% of your income going into Kiwisaver is about 10x below what you need to be contributing in order to not be a lifelong parasite.
You have the privilege of earning an income – you are a prick if you’re not aggressively saving when some of us have to rely on intermittent freelance or contract work because of a dysfunctional labour market.
The starting point, if you are lucky enough to earn an income, is 30-40% of your after-tax going towards savings.
We are a third world country so stop deluding yourself that you can afford overseas holidays, nice clothes and frequent electronic item upgrades.
I’ve heard people say dumb stuff like they’ll use their Kiwisaver account balance (when permanently emigrating or hitting 65) to pay for an overseas trip, buy a car or towards a house deposit.
The sheeple have no idea of how screwed they are. I sure as hell won’t pay higher taxes to bail out people who stuffed up their financial lives. I intend to leave New Zealand permanently as soon as I can afford to.
Because the economic environment the baby boomers have created actively discriminates against young people like myself who simply want to be given a chance – you’ve burned your bridges when it comes to any sympathy at all with the situation you’ll be facing when you retire.