This is why you need a Self Managed Super Fund 💰| Let's talk wealth EP. 10

There was this article that I found the other day in Australian Financial Review, and I wanted to show you the top of what the article actually says. Let me try and grab it. This is what it says, and what I'd like for you to do is put in the comments for me, what do you think this means? As you read this, what do you think this means? And then let's talk about it a little bit more. So this is what it says. AustralianSuper, AwareSuper, Australian Retirement Trust, BigSuper. AustralianSuper has pushed a bold plan to seize control of retirement incomes by combining members' super savings with the government age pension. Now put in the comments to me, read between the lines there for a moment, put in the comments to me around what you think that could actually mean for you and your super and the superannuation system in general. Put in the comments for me, I'd love to get your guys' thoughts and let's talk about it a little bit more. Now, one thing that I've been talking about for about a decade now is that Quite frankly, I don't think that— how do I stop sharing screen? I don't think that you are going to get free access to your superannuation in the future at the level you get it at right now. I don't think that's going to happen. What I think is going to happen is that what I've been saying is going to be happening for almost a decade now in so many different events that I've run. Anyone that's been listening to me for a while, you would've heard me rant about this before. I think that the government is going to grab your superannuation and they're going to ration it to you as a pension. And this article right here, and a few other articles I've done some research on, is telling me without doubt that this is what they are planning to do. Now, this is just a recent article from Australian Financial Review right now. However, this actual plan was originally proposed by David Murray's Financial System, something like 10 to 15 years ago it was proposed. I didn't know about it. I just kind of did a bit of research to understand it. And what it's talking about is that everybody defaults into what's called a default pension. So what that means is that as you hit retirement age, rather than getting access to your lump sum of your superannuation right now, your superannuation from a retail and industry fund then defaults into what's called a default pension. Now, on top of that, AustralianSuper have said that they are announcing this bold plan, this bold plan, like this most ridiculous conversation I'm seeing. I haven't got the full article on this. I'm going to show you what I'm talking about. Okay. AustralianSuper's plan to keep customers for life. This is really what it is. AustralianSuper has revealed a bold plan to seize control of retirement incomes by combining members' super savings with government age pensions to create an income stream applied by default at age 67. The mega fund, which is influential within the Labor government, wants members to be automatically switched from savings mode to drawdown mode using the exact same account that they are in to make a transition seamless. Now, when you talk about a seamless transition, what you're really talking about is a seamless transition for the superannuation companies to keep your super for life in this so-called default pension so they can continue earning their fees that they pay out of it and have zero responsibility for the results that they wind up creating. I was talking to one of my investors the other day who I work with on a private level, and their superannuation fund went backwards in the last 12 months, literally hit a negative return Despite the fact of asset growth in a whole lot of different classes, which are doing really, really well right now. And he's not alone. I've had this experience, a lot of people telling me about, they're just not comfortable and happy with their superannuation funds experience. Now, as I mentioned before, I've been saying for a decade, I think the government's going to grab hold of your super, and I think they're ultimately going to ration it to you as a pension. And now there's a few different reasons why I think this is the case. Number one, factually, the government cannot afford the aging population. And they have said in these articles talking about the fact that the government is worried about as baby boomers move into retirement phases, that they're going to cash out a lot from the superannuation system, which is going to have an impact on the government pension with all their funds. Now, let's just chat about that for a moment. In Australia, we're one of the highest taxed nations in the entire world. Our highest marginal tax rate is 47.5%. So people that are earning very, very strong incomes are paying 47.5% of their income, almost half goes into tax. Now, that tax is supposed to be used to provide Social Security and pension and retirement and this and this and infrastructure and all this different type of stuff. Yet the problem that's been happening is that the government has been useless at spending it on anything actually reasonable. Have been pissing money up against the wall for years and potentially decades with overbloated government systems and stupid spending on stupid things. And like this latest referendum, and not to say the referendum was stupid, they should have done it in a very, very different way. And the, um, you know, the whole COVID situation, like billions of dollars being spent, uh, on, on really, really insane type of things, right? And yet they're going in a budget deficit every single year where you've got a country like Singapore, for example. I know it's not the same and it's a different differences, but they've got a flat 17% tax rate, yet their budget is always in the positive, and they actually put money away into the system and distribute that back to the people of Singapore, right? It's really quite insane the amount that we spend in tax, and it's supposed to be handling this whole pension thing. But what they're talking about is that the pension is going to be impacted. The government coffers are drained already because of reckless spending, and it's impacted. And so what they're saying is that, well, we're We're willing to tap into the superannuation system, which is your money that you've been saving from a lifetime of working to fund government pensions. Because if a whole lot of baby boomers take it out, then it's going to have an impact on the whole pension system. Where the reality is, they shouldn't be. It should be 2 separate things. Super over here, pension is over here. The taxes are paid by everyday people, you and me, to fund the pensions that are required. Your superannuation should be separate. How the water's got muddied on this is beyond me. But here's the reality of the matter. Reason number 2 why I think the government's going to take control of this and do something with it. It's the government's biggest slush fund and they want their piece. They have come out during the recent economic crisis associated with COVID US government and multiple other governments said this as well, that in any state of economic crisis, and by the way, COVID was an economic crisis, they are willing to dip into the superannuation system to fund things for society, so to speak. And everything associated to that. The third reason why I think the government is going to grab hold of this is that there's this constant changing set of goalposts, constant changing set of rules, which are not in your favor. It has gotten harder and harder to be actually able to take control of your own superannuation and retirement system. The rules have gotten tighter. It's gotten more difficult. They're suggesting you need a lot more money in your super to be able to do a self-managed super fund. And they're tightening the screws on many different levels to be able to make it more difficult to be able to get into, to manage your own super. Now, again, this is just being used as control mechanism in the marketplace. And money is being, make no mistake, money is being used as a control mechanism to absolutely everybody. It's a control mechanism across many different arenas of life. And the superannuation system, and this is why we're seeing the central bank digital currencies, is That's why we're seeing digital identities. And there's a whole lot of stuff which is happening, which is coming, which is going to have a big impact on people's ability to be able to control their money, control their financial future, and have sovereignty into the future. Now, if you go and read this article properly, you're going to read it and it's going to go, oh, but it's kind of giving you the option and maybe you can default and maybe you don't default into the default pension plan and you've got solutions. That is just the start. Understand that when the government comes in and breaks sweeping policies, which, which is potentially unpopular and impacts people, they have to change and condition the psychology of an entire population. You think about the digital identity which is coming as well. What they're saying is that it's a voluntary digital identity which is going to make your ability to be able to interact with government systems a more seamless, easy transition type of thing, and they base it on convenience. Right now it's voluntary, but they introduce it and they change the rules, change the rules, change the rules until it becomes compulsory. And this is the thing which has happened on a lot of these different type of government policies. So here's what I think is going to happen. This is the start of something a lot bigger. This is the start of the conversation which is going on around the fact that governments and super are going to grab hold of your superannuation savings and they will control it and they'll ration it to you as a pension for the future. And you're not going to have access at the same level that you have right now to be able to get your super out in the lump sum. So you want to be looking at this and go, how can I be more in control of my future? How can I own more of my assets? How can I control more of my income streams? Because this systematic creep on your liberties and your ability to be able to control your financial plans and for your future, I honestly look— I'm fearful for people who are not paying attention. I'm fearful for all the different things that are going on right now, right? The central bank digital currency coming, the digital identities coming, the 15-minute cities that are coming, this whole idea with the superannuation system which is coming, um, uh, and like the, the control mechanisms they put on during the whole COVID situation, the lockdown side of things, the, the director's IDs. Like, I'm honestly fearful for people who are not paying attention to what's going on because there's these forces that are happening from many different sides right now which which are going to impact your ability to be able to be in control of your future and your choices, your time and your level of freedom. And I believe that freedom is your birthright and that you have to take it back. I want to know what you think about this. I want to know how you feel about it. I want to know if you have any other ideas or any other perspectives. But here's the lesson, team. You have to look to take control of every single area and superannuation is one of those.