I know this issue faces 100% of our retired and self funded retirees so please simply read. Personally I would urge you to send an email to your local Member both Federal and State and remember that if Bill Shorten does get this through it will cause the affected companies’ share prices to drop and therefore your super funds capital. Hope this email finds you well. And we remind you that the jumps season is now underway.
I’m writing with news that could affect your financial future. Just in case you didn’t notice all the stories in the media last week, Bill Shorten said his party wants to claw back $59 billion over ten years from franking credits attached to dividend payments.
While the policy is framed as “taking from the rich to give to the poor”, it will hurt retirees and especially older ones who didn’t have the benefit of compulsory super when they were working.
Almost four in every 10 Australians own shares and around half of all Australians over 75 own shares individually and benefit from them.
We know 14,000 full pensioners will be affected by this new policy; 200,000 part-pensioners will be out of pocket, too.
Then there are the hundreds of thousands of self-funded retirees. Many people made their retirement decisions based on a policy that’s been in place since 2000 and was bipartisan at that time.
One self-funded retiree contacted me to say “unlike younger folk, these retirees are locked in: they are sitting ducks”. What can they do if a critical income stream disappears?
And this is at a time of spiralling electricity and private health care costs. The former Labor power broker and minister Graham Richardson said in a recent commentary: “Self-funded retirees live in splendid isolation from others in the same boat. They have never really organised themselves into a powerful lobby group and that makes it easier for governments to send out raiding parties.”
How right he is! But also how wrong he will be if we band together. I want you to ask at least one other person to join National Seniors, or join them up as a gift. It’s $44 a year – that’s 12 cents a day. What great value!
If we turn 140,000 members into 280,000, then we will ensure we are always heard. Already every second voter is aged over 50.
Remember we are there for you, so please talk to your friends, neighbours and family and use this opportunity to build our numbers. If they join and quote your membership number, you’ll be rewarded with a $10 WISH gift card*. To do this today, click the links below to send to a friend or gift a membership. You can also call the membership team on 1300 76 50 50.