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Ryan Bridge: Is paying tax through your working life really worth the pension? · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: Right now, providing I make it to sixty five, and
• 0:03
  Speaker 1: you don't want to count your blessings, do you? But
• 0:05
  Speaker 1: providing I make it there, assuming for a second that
• 0:08
  Speaker 1: I do, I don't expect that I'll be receiving the
• 0:10
  Speaker 1: full pension. And you know what, I would rather receive
• 0:15
  Speaker 1: less at a later age than pay more taxes through
• 0:19
  Speaker 1: my working life. Guess what the number of people over
• 0:22
  Speaker 1: sixty five was in this country in two thousand and six,
• 0:25
  Speaker 1: four hundred and ninety five thousand, about half a million.
• 0:28
  Speaker 1: It's increasing by eighty a day. It will reach one
• 0:32
  Speaker 1: million by twenty twenty eight in a couple of years,
• 0:35
  Speaker 1: by twenty fifty one and a half million. You can
• 0:37
  Speaker 1: see where this is going compared to the OECD. We
• 0:41
  Speaker 1: have the highest basic pension paid from general taxes in
• 0:45
  Speaker 1: the OECD, and of course we've got fewer young people
• 0:48
  Speaker 1: working to support it. Treasury says this will blow out,
• 0:51
  Speaker 1: we will need to increase taxes personally, No thanks. With
• 0:56
  Speaker 1: another about thirty years on the clock before I get
• 0:59
  Speaker 1: to this magic age. How much extra tax must I pay?
• 1:03
  Speaker 1: Which color government will be in charge when the inevitable happens?
• 1:07
  Speaker 1: Why can't I instead invest my own money, with the
• 1:10
  Speaker 1: help of compounding returns, hopefully set myself up for my
• 1:13
  Speaker 1: own retirement. Like most kiwis, I hope, and again you
• 1:17
  Speaker 1: don't count your blessings. I hope I will have invested
• 1:20
  Speaker 1: wisely and saved adequately to feed and house myself. If
• 1:24
  Speaker 1: that changes, then a means tested system should always be
• 1:27
  Speaker 1: a safety net. But at some point we have to
• 1:31
  Speaker 1: move on from think big on NZ's Super to something smaller.
• 1:37
  Speaker 1: We need to put this thing on a diet. For
• 1:40
  Speaker 1: more from early edition with Ryan Bridge, listen live to
• 1:43
  Speaker 1: News Talk Set B from five am weekdays, or follow
• 1:46
  Speaker 1: the podcast on iHeartRadio