We understand finances can be a cause of concern when it comes to retirement. Superannuation, pension, and savings are some of the factors that can worry those approaching or already in retirement.

However, in a recent newspaper column in the Sun Herald, a wealthy retired couple boasting millions in their Self-Managed Super Fund (SMSF) has sparked outrage among everyday Aussies for seeking financial advice that some interpret as 'greedy'.

According to the column, the couple, aged 78 and 79, wrote to financial expert George Cochrane to ask for guidance about their investment situation. In 2017, the man's holdings were valued at $1,599,956, and combined with his wife's $675,590, they together held just under $2.3 million.

Fast forward a few years, and their superannuation total has grown to an astonishing amount well above $3 million, placing them in the top 0.5% of Australians.

A pair of multi-millionaire retirees have infuriated struggling Aussies with 'greedy' questions in a newspaper money column. Credit: Pexels/Anastasia Shuraeva.

This staggering growth means that their fund will be taxed at a higher rate starting July 2025, as announced by the Albanese government in February.

To avoid this, the man asked Cochrane whether they should sell some of their shares to remain below the $3 million threshold, saying, 'What will be the tax implications if my SMSF reaches $4 million and my wife's $1.8 million? Should we sell some of our shares to stay below the $3 million threshold?'

As you can imagine, this request for advice didn't sit well with many Australians who are struggling to make ends meet or juggle multiple jobs to save for their retirement. Critics argue that this couple seems more concerned with avoiding higher taxes, while many people are grappling with the rising costs of living.

The Albanese government's proposed changes will only affect around 80,000 super savers or the top 0.5% of Australians. The remaining 99.5% of Aussies will continue to benefit from the 'same generous tax breaks', meaning the 15% concessional rate will remain unchanged for them.

George Cochrane didn't offer specific guidance to the couple but instead responded by saying, 'If your super benefit is valued at $4 million in July 2025, and your wife's is $1.8 million, then 69% of the fund's income will fall into your account.'

He continued: 'Of this, 75% of your income will be untaxed and 25% taxed at 30%, including any capital gains tax. Your wife's benefit remains untaxed.'

The news of this column spread to social media; an excerpt of the column was posted on Twitter with the caption: 'Honestly, if you want to get your blood up about generational inequality in Australia, may I recommend the letters on the Money page of the Sun Herald.'

​

And sure enough, it generated quite a stir. Social media users flocked to criticise the couple, with comments such as Bl**dy heck the dilemma! Sickens me, not what super was intended for' and 'They're both nearly 80, getting to spend what they already have will be an achievement, and they're worrying about generating more.'

'I've always found this column loaded with whinging people who have too much money a real insult to general society. All they want to do is get free advice on how to rort the system when they can easily afford a financial advisor. Vile people,' another commented.

Not everyone, however, was unsympathetic. One reader stood up for the couple, saying that those leaving negative comments were 'simply envious', adding that it was only natural that others wished to have such wealth to retire with.

Key Takeaways

• A couple with millions in superannuation has come under fire after writing to a newspaper asking for financial help.
• This angered some Aussies, who criticised the couple for looking for ways to keep their pockets deep while others were struggling through the cost of living crisis.
• The Albanese government announced changes in February that would double the tax amount for superannuation accounts with more than $3 million, affecting the top 0.5% of super savers.

Whatever your stance, this column has undoubtedly opened a conversation about generational wealth and the perceived divide between everyday Australians and the top 0.5%. While it's important to consider future financial situations, it's also necessary to remain aware of the struggles faced by many of our fellow Aussies.

What do you all think about this story, members? Do you think the couple was being 'greedy' by seeking advice on how to grow their money, or do you believe there was nothing wrong with asking for guidance?

We're eager to hear your thoughts on this matter, so please share them in the comments below. And as usual, let's maintain a friendly and courteous atmosphere while engaging in conversations with one another!

 

[Happyjack]

A couple of things
- a correction to your headline - they are not after financial help which infers they need money, but rather financial advice.
- is the whole thing actually a windup. That much money and asking advice in a newspaper column? Surely a prudent person would go to tax accountant or private adviser - or would that mean they had to spend money??

 

[Bill MacL]

Probably retired politicians, they don't give a rat's arse about anyone but themselves. Every week there are similar stories in that column, the greed of some people is sickening.

 

[StephenNikita]

We understand finances can be a cause of concern when it comes to retirement. Superannuation, pension, and savings are some of the factors that can worry those approaching or already in retirement.

However, in a recent newspaper column in the Sun Herald, a wealthy retired couple boasting millions in their Self-Managed Super Fund (SMSF) has sparked outrage among everyday Aussies for seeking financial advice that some interpret as 'greedy'.

According to the column, the couple, aged 78 and 79, wrote to financial expert George Cochrane to ask for guidance about their investment situation. In 2017, the man's holdings were valued at $1,599,956, and combined with his wife's $675,590, they together held just under $2.3 million.

Fast forward a few years, and their superannuation total has grown to an astonishing amount well above $3 million, placing them in the top 0.5% of Australians.

View attachment 20523

A pair of multi-millionaire retirees have infuriated struggling Aussies with 'greedy' questions in a newspaper money column. Credit: Pexels/Anastasia Shuraeva.

This staggering growth means that their fund will be taxed at a higher rate starting July 2025, as announced by the Albanese government in February.

To avoid this, the man asked Cochrane whether they should sell some of their shares to remain below the $3 million threshold, saying, 'What will be the tax implications if my SMSF reaches $4 million and my wife's $1.8 million? Should we sell some of our shares to stay below the $3 million threshold?'

As you can imagine, this request for advice didn't sit well with many Australians who are struggling to make ends meet or juggle multiple jobs to save for their retirement. Critics argue that this couple seems more concerned with avoiding higher taxes, while many people are grappling with the rising costs of living.

The Albanese government's proposed changes will only affect around 80,000 super savers or the top 0.5% of Australians. The remaining 99.5% of Aussies will continue to benefit from the 'same generous tax breaks', meaning the 15% concessional rate will remain unchanged for them.

George Cochrane didn't offer specific guidance to the couple but instead responded by saying, 'If your super benefit is valued at $4 million in July 2025, and your wife's is $1.8 million, then 69% of the fund's income will fall into your account.'

He continued: 'Of this, 75% of your income will be untaxed and 25% taxed at 30%, including any capital gains tax. Your wife's benefit remains untaxed.'

The news of this column spread to social media; an excerpt of the column was posted on Twitter with the caption: 'Honestly, if you want to get your blood up about generational inequality in Australia, may I recommend the letters on the Money page of the Sun Herald.'

​

And sure enough, it generated quite a stir. Social media users flocked to criticise the couple, with comments such as Bl**dy heck the dilemma! Sickens me, not what super was intended for' and 'They're both nearly 80, getting to spend what they already have will be an achievement, and they're worrying about generating more.'

'I've always found this column loaded with whinging people who have too much money a real insult to general society. All they want to do is get free advice on how to rort the system when they can easily afford a financial advisor. Vile people,' another commented.

Not everyone, however, was unsympathetic. One reader stood up for the couple, saying that those leaving negative comments were 'simply envious', adding that it was only natural that others wished to have such wealth to retire with.

Key Takeaways

• A couple with millions in superannuation has come under fire after writing to a newspaper asking for financial help.
• This angered some Aussies, who criticised the couple for looking for ways to keep their pockets deep while others were struggling through the cost of living crisis.
• The Albanese government announced changes in February that would double the tax amount for superannuation accounts with more than $3 million, affecting the top 0.5% of super savers.

Whatever your stance, this column has undoubtedly opened a conversation about generational wealth and the perceived divide between everyday Australians and the top 0.5%. While it's important to consider future financial situations, it's also necessary to remain aware of the struggles faced by many of our fellow Aussies.

What do you all think about this story, members? Do you think the couple was being 'greedy' by seeking advice on how to grow their money, or do you believe there was nothing wrong with asking for guidance?

We're eager to hear your thoughts on this matter, so please share them in the comments below. And as usual, let's maintain a friendly and courteous atmosphere while engaging in conversations with one another!

They probably did nothing in their lives but work and save. Now they’re about to die and loaded. Bet the kids are rubbing their hands together.

 

[Heather Watson]

We understand finances can be a cause of concern when it comes to retirement. Superannuation, pension, and savings are some of the factors that can worry those approaching or already in retirement.

However, in a recent newspaper column in the Sun Herald, a wealthy retired couple boasting millions in their Self-Managed Super Fund (SMSF) has sparked outrage among everyday Aussies for seeking financial advice that some interpret as 'greedy'.

According to the column, the couple, aged 78 and 79, wrote to financial expert George Cochrane to ask for guidance about their investment situation. In 2017, the man's holdings were valued at $1,599,956, and combined with his wife's $675,590, they together held just under $2.3 million.

Fast forward a few years, and their superannuation total has grown to an astonishing amount well above $3 million, placing them in the top 0.5% of Australians.

View attachment 20523

A pair of multi-millionaire retirees have infuriated struggling Aussies with 'greedy' questions in a newspaper money column. Credit: Pexels/Anastasia Shuraeva.

This staggering growth means that their fund will be taxed at a higher rate starting July 2025, as announced by the Albanese government in February.

To avoid this, the man asked Cochrane whether they should sell some of their shares to remain below the $3 million threshold, saying, 'What will be the tax implications if my SMSF reaches $4 million and my wife's $1.8 million? Should we sell some of our shares to stay below the $3 million threshold?'

As you can imagine, this request for advice didn't sit well with many Australians who are struggling to make ends meet or juggle multiple jobs to save for their retirement. Critics argue that this couple seems more concerned with avoiding higher taxes, while many people are grappling with the rising costs of living.

The Albanese government's proposed changes will only affect around 80,000 super savers or the top 0.5% of Australians. The remaining 99.5% of Aussies will continue to benefit from the 'same generous tax breaks', meaning the 15% concessional rate will remain unchanged for them.

George Cochrane didn't offer specific guidance to the couple but instead responded by saying, 'If your super benefit is valued at $4 million in July 2025, and your wife's is $1.8 million, then 69% of the fund's income will fall into your account.'

He continued: 'Of this, 75% of your income will be untaxed and 25% taxed at 30%, including any capital gains tax. Your wife's benefit remains untaxed.'

The news of this column spread to social media; an excerpt of the column was posted on Twitter with the caption: 'Honestly, if you want to get your blood up about generational inequality in Australia, may I recommend the letters on the Money page of the Sun Herald.'

​

And sure enough, it generated quite a stir. Social media users flocked to criticise the couple, with comments such as Bl**dy heck the dilemma! Sickens me, not what super was intended for' and 'They're both nearly 80, getting to spend what they already have will be an achievement, and they're worrying about generating more.'

'I've always found this column loaded with whinging people who have too much money a real insult to general society. All they want to do is get free advice on how to rort the system when they can easily afford a financial advisor. Vile people,' another commented.

Not everyone, however, was unsympathetic. One reader stood up for the couple, saying that those leaving negative comments were 'simply envious', adding that it was only natural that others wished to have such wealth to retire with.

Key Takeaways

• A couple with millions in superannuation has come under fire after writing to a newspaper asking for financial help.
• This angered some Aussies, who criticised the couple for looking for ways to keep their pockets deep while others were struggling through the cost of living crisis.
• The Albanese government announced changes in February that would double the tax amount for superannuation accounts with more than $3 million, affecting the top 0.5% of super savers.

Whatever your stance, this column has undoubtedly opened a conversation about generational wealth and the perceived divide between everyday Australians and the top 0.5%. While it's important to consider future financial situations, it's also necessary to remain aware of the struggles faced by many of our fellow Aussies.

What do you all think about this story, members? Do you think the couple was being 'greedy' by seeking advice on how to grow their money, or do you believe there was nothing wrong with asking for guidance?

We're eager to hear your thoughts on this matter, so please share them in the comments below. And as usual, let's maintain a friendly and courteous atmosphere while engaging in conversations with one another!

 

[Heather Watson]

Great they have managed their money so well. What I would do is help out family while alive. Keeping enough to be comfortable for retirement then help other's their church,health organisations and course's that may need a helping hand.

 

[Heather Watson]

Great they have managed their money so well. What I would do is help out family while alive. Keeping enough to be comfortable for retirement then help other's their church,health organisations and course's that may need a helping hand.

 

[Heather Watson]

We understand finances can be a cause of concern when it comes to retirement. Superannuation, pension, and savings are some of the factors that can worry those approaching or already in retirement.

However, in a recent newspaper column in the Sun Herald, a wealthy retired couple boasting millions in their Self-Managed Super Fund (SMSF) has sparked outrage among everyday Aussies for seeking financial advice that some interpret as 'greedy'.

According to the column, the couple, aged 78 and 79, wrote to financial expert George Cochrane to ask for guidance about their investment situation. In 2017, the man's holdings were valued at $1,599,956, and combined with his wife's $675,590, they together held just under $2.3 million.

Fast forward a few years, and their superannuation total has grown to an astonishing amount well above $3 million, placing them in the top 0.5% of Australians.

View attachment 20523

A pair of multi-millionaire retirees have infuriated struggling Aussies with 'greedy' questions in a newspaper money column. Credit: Pexels/Anastasia Shuraeva.

This staggering growth means that their fund will be taxed at a higher rate starting July 2025, as announced by the Albanese government in February.

To avoid this, the man asked Cochrane whether they should sell some of their shares to remain below the $3 million threshold, saying, 'What will be the tax implications if my SMSF reaches $4 million and my wife's $1.8 million? Should we sell some of our shares to stay below the $3 million threshold?'

As you can imagine, this request for advice didn't sit well with many Australians who are struggling to make ends meet or juggle multiple jobs to save for their retirement. Critics argue that this couple seems more concerned with avoiding higher taxes, while many people are grappling with the rising costs of living.

The Albanese government's proposed changes will only affect around 80,000 super savers or the top 0.5% of Australians. The remaining 99.5% of Aussies will continue to benefit from the 'same generous tax breaks', meaning the 15% concessional rate will remain unchanged for them.

George Cochrane didn't offer specific guidance to the couple but instead responded by saying, 'If your super benefit is valued at $4 million in July 2025, and your wife's is $1.8 million, then 69% of the fund's income will fall into your account.'

He continued: 'Of this, 75% of your income will be untaxed and 25% taxed at 30%, including any capital gains tax. Your wife's benefit remains untaxed.'

The news of this column spread to social media; an excerpt of the column was posted on Twitter with the caption: 'Honestly, if you want to get your blood up about generational inequality in Australia, may I recommend the letters on the Money page of the Sun Herald.'

​

And sure enough, it generated quite a stir. Social media users flocked to criticise the couple, with comments such as Bl**dy heck the dilemma! Sickens me, not what super was intended for' and 'They're both nearly 80, getting to spend what they already have will be an achievement, and they're worrying about generating more.'

'I've always found this column loaded with whinging people who have too much money a real insult to general society. All they want to do is get free advice on how to rort the system when they can easily afford a financial advisor. Vile people,' another commented.

Not everyone, however, was unsympathetic. One reader stood up for the couple, saying that those leaving negative comments were 'simply envious', adding that it was only natural that others wished to have such wealth to retire with.

Key Takeaways

• A couple with millions in superannuation has come under fire after writing to a newspaper asking for financial help.
• This angered some Aussies, who criticised the couple for looking for ways to keep their pockets deep while others were struggling through the cost of living crisis.
• The Albanese government announced changes in February that would double the tax amount for superannuation accounts with more than $3 million, affecting the top 0.5% of super savers.

Whatever your stance, this column has undoubtedly opened a conversation about generational wealth and the perceived divide between everyday Australians and the top 0.5%. While it's important to consider future financial situations, it's also necessary to remain aware of the struggles faced by many of our fellow Aussies.

What do you all think about this story, members? Do you think the couple was being 'greedy' by seeking advice on how to grow their money, or do you believe there was nothing wrong with asking for guidance?

We're eager to hear your thoughts on this matter, so please share them in the comments below. And as usual, let's maintain a friendly and courteous atmosphere while engaging in conversations with one another!

 

[Sloopy]

The issue this raised for me was just how many of the generous ways to minimise tax they have likely already used in achieving this wealth. Negative gearing, CGT concessions etc. Notable that their super is in SMSF, not a standard super fund. There is an identifiable profile of people who will use every means at their disposal to avoid contributing to the cost of maintaining a civil society - perfectly legal, but ethically questionable.
Our system of taxation needs a thorough overhaul.

 

[POG]

We understand finances can be a cause of concern when it comes to retirement. Superannuation, pension, and savings are some of the factors that can worry those approaching or already in retirement.

However, in a recent newspaper column in the Sun Herald, a wealthy retired couple boasting millions in their Self-Managed Super Fund (SMSF) has sparked outrage among everyday Aussies for seeking financial advice that some interpret as 'greedy'.

According to the column, the couple, aged 78 and 79, wrote to financial expert George Cochrane to ask for guidance about their investment situation. In 2017, the man's holdings were valued at $1,599,956, and combined with his wife's $675,590, they together held just under $2.3 million.

Fast forward a few years, and their superannuation total has grown to an astonishing amount well above $3 million, placing them in the top 0.5% of Australians.

View attachment 20523

A pair of multi-millionaire retirees have infuriated struggling Aussies with 'greedy' questions in a newspaper money column. Credit: Pexels/Anastasia Shuraeva.

This staggering growth means that their fund will be taxed at a higher rate starting July 2025, as announced by the Albanese government in February.

To avoid this, the man asked Cochrane whether they should sell some of their shares to remain below the $3 million threshold, saying, 'What will be the tax implications if my SMSF reaches $4 million and my wife's $1.8 million? Should we sell some of our shares to stay below the $3 million threshold?'

As you can imagine, this request for advice didn't sit well with many Australians who are struggling to make ends meet or juggle multiple jobs to save for their retirement. Critics argue that this couple seems more concerned with avoiding higher taxes, while many people are grappling with the rising costs of living.

The Albanese government's proposed changes will only affect around 80,000 super savers or the top 0.5% of Australians. The remaining 99.5% of Aussies will continue to benefit from the 'same generous tax breaks', meaning the 15% concessional rate will remain unchanged for them.

George Cochrane didn't offer specific guidance to the couple but instead responded by saying, 'If your super benefit is valued at $4 million in July 2025, and your wife's is $1.8 million, then 69% of the fund's income will fall into your account.'

He continued: 'Of this, 75% of your income will be untaxed and 25% taxed at 30%, including any capital gains tax. Your wife's benefit remains untaxed.'

The news of this column spread to social media; an excerpt of the column was posted on Twitter with the caption: 'Honestly, if you want to get your blood up about generational inequality in Australia, may I recommend the letters on the Money page of the Sun Herald.'

​

And sure enough, it generated quite a stir. Social media users flocked to criticise the couple, with comments such as Bl**dy heck the dilemma! Sickens me, not what super was intended for' and 'They're both nearly 80, getting to spend what they already have will be an achievement, and they're worrying about generating more.'

'I've always found this column loaded with whinging people who have too much money a real insult to general society. All they want to do is get free advice on how to rort the system when they can easily afford a financial advisor. Vile people,' another commented.

Not everyone, however, was unsympathetic. One reader stood up for the couple, saying that those leaving negative comments were 'simply envious', adding that it was only natural that others wished to have such wealth to retire with.

Key Takeaways

• A couple with millions in superannuation has come under fire after writing to a newspaper asking for financial help.
• This angered some Aussies, who criticised the couple for looking for ways to keep their pockets deep while others were struggling through the cost of living crisis.
• The Albanese government announced changes in February that would double the tax amount for superannuation accounts with more than $3 million, affecting the top 0.5% of super savers.

Whatever your stance, this column has undoubtedly opened a conversation about generational wealth and the perceived divide between everyday Australians and the top 0.5%. While it's important to consider future financial situations, it's also necessary to remain aware of the struggles faced by many of our fellow Aussies.

What do you all think about this story, members? Do you think the couple was being 'greedy' by seeking advice on how to grow their money, or do you believe there was nothing wrong with asking for guidance?

We're eager to hear your thoughts on this matter, so please share them in the comments below. And as usual, let's maintain a friendly and courteous atmosphere while engaging in conversations with one another!

It seems to me, that rich people never have enough and no empathy for most that do it tuff. These types of people you don't want on your team in case of calamities, because they are too selfish.

 

[Trudi]

Jealousy reigns supreme!

 

[Trudi]

The issue this raised for me was just how many of the generous ways to minimise tax they have likely already used in achieving this wealth. Negative gearing, CGT concessions etc. Notable that their super is in SMSF, not a standard super fund. There is an identifiable profile of people who will use every means at their disposal to avoid contributing to the cost of maintaining a civil society - perfectly legal, but ethically questionable.
Our system of taxation needs a thorough overhaul.

A hint - you can't negative gear in a SMSF! That's illegal.

 

[Taniak]

We understand finances can be a cause of concern when it comes to retirement. Superannuation, pension, and savings are some of the factors that can worry those approaching or already in retirement.

However, in a recent newspaper column in the Sun Herald, a wealthy retired couple boasting millions in their Self-Managed Super Fund (SMSF) has sparked outrage among everyday Aussies for seeking financial advice that some interpret as 'greedy'.

According to the column, the couple, aged 78 and 79, wrote to financial expert George Cochrane to ask for guidance about their investment situation. In 2017, the man's holdings were valued at $1,599,956, and combined with his wife's $675,590, they together held just under $2.3 million.

Fast forward a few years, and their superannuation total has grown to an astonishing amount well above $3 million, placing them in the top 0.5% of Australians.

View attachment 20523

A pair of multi-millionaire retirees have infuriated struggling Aussies with 'greedy' questions in a newspaper money column. Credit: Pexels/Anastasia Shuraeva.

This staggering growth means that their fund will be taxed at a higher rate starting July 2025, as announced by the Albanese government in February.

To avoid this, the man asked Cochrane whether they should sell some of their shares to remain below the $3 million threshold, saying, 'What will be the tax implications if my SMSF reaches $4 million and my wife's $1.8 million? Should we sell some of our shares to stay below the $3 million threshold?'

As you can imagine, this request for advice didn't sit well with many Australians who are struggling to make ends meet or juggle multiple jobs to save for their retirement. Critics argue that this couple seems more concerned with avoiding higher taxes, while many people are grappling with the rising costs of living.

The Albanese government's proposed changes will only affect around 80,000 super savers or the top 0.5% of Australians. The remaining 99.5% of Aussies will continue to benefit from the 'same generous tax breaks', meaning the 15% concessional rate will remain unchanged for them.

George Cochrane didn't offer specific guidance to the couple but instead responded by saying, 'If your super benefit is valued at $4 million in July 2025, and your wife's is $1.8 million, then 69% of the fund's income will fall into your account.'

He continued: 'Of this, 75% of your income will be untaxed and 25% taxed at 30%, including any capital gains tax. Your wife's benefit remains untaxed.'

The news of this column spread to social media; an excerpt of the column was posted on Twitter with the caption: 'Honestly, if you want to get your blood up about generational inequality in Australia, may I recommend the letters on the Money page of the Sun Herald.'

​

And sure enough, it generated quite a stir. Social media users flocked to criticise the couple, with comments such as Bl**dy heck the dilemma! Sickens me, not what super was intended for' and 'They're both nearly 80, getting to spend what they already have will be an achievement, and they're worrying about generating more.'

'I've always found this column loaded with whinging people who have too much money a real insult to general society. All they want to do is get free advice on how to rort the system when they can easily afford a financial advisor. Vile people,' another commented.

Not everyone, however, was unsympathetic. One reader stood up for the couple, saying that those leaving negative comments were 'simply envious', adding that it was only natural that others wished to have such wealth to retire with.

Key Takeaways

• A couple with millions in superannuation has come under fire after writing to a newspaper asking for financial help.
• This angered some Aussies, who criticised the couple for looking for ways to keep their pockets deep while others were struggling through the cost of living crisis.
• The Albanese government announced changes in February that would double the tax amount for superannuation accounts with more than $3 million, affecting the top 0.5% of super savers.

Whatever your stance, this column has undoubtedly opened a conversation about generational wealth and the perceived divide between everyday Australians and the top 0.5%. While it's important to consider future financial situations, it's also necessary to remain aware of the struggles faced by many of our fellow Aussies.

What do you all think about this story, members? Do you think the couple was being 'greedy' by seeking advice on how to grow their money, or do you believe there was nothing wrong with asking for guidance?

We're eager to hear your thoughts on this matter, so please share them in the comments below. And as usual, let's maintain a friendly and courteous atmosphere while engaging in conversations with one another!

Yes, I think they are incredibly selfish. If I had that sort of money I would not be asking for advise, let alone a perk to to save more of their so called hard earned money. Perhaps they could donate some of their asset to a worthwhile charity, or support the homeless. Shame on them for even asking. Pity the Albanese government doesn't start taxing these people sooner than 2025. I would be too ashamed to seek advice. To have that much money when your nearly eighty, tells me that they have not had a life.

 

[Tony@51]

We understand finances can be a cause of concern when it comes to retirement. Superannuation, pension, and savings are some of the factors that can worry those approaching or already in retirement.

However, in a recent newspaper column in the Sun Herald, a wealthy retired couple boasting millions in their Self-Managed Super Fund (SMSF) has sparked outrage among everyday Aussies for seeking financial advice that some interpret as 'greedy'.

According to the column, the couple, aged 78 and 79, wrote to financial expert George Cochrane to ask for guidance about their investment situation. In 2017, the man's holdings were valued at $1,599,956, and combined with his wife's $675,590, they together held just under $2.3 million.

Fast forward a few years, and their superannuation total has grown to an astonishing amount well above $3 million, placing them in the top 0.5% of Australians.

View attachment 20523

A pair of multi-millionaire retirees have infuriated struggling Aussies with 'greedy' questions in a newspaper money column. Credit: Pexels/Anastasia Shuraeva.

This staggering growth means that their fund will be taxed at a higher rate starting July 2025, as announced by the Albanese government in February.

To avoid this, the man asked Cochrane whether they should sell some of their shares to remain below the $3 million threshold, saying, 'What will be the tax implications if my SMSF reaches $4 million and my wife's $1.8 million? Should we sell some of our shares to stay below the $3 million threshold?'

As you can imagine, this request for advice didn't sit well with many Australians who are struggling to make ends meet or juggle multiple jobs to save for their retirement. Critics argue that this couple seems more concerned with avoiding higher taxes, while many people are grappling with the rising costs of living.

The Albanese government's proposed changes will only affect around 80,000 super savers or the top 0.5% of Australians. The remaining 99.5% of Aussies will continue to benefit from the 'same generous tax breaks', meaning the 15% concessional rate will remain unchanged for them.

George Cochrane didn't offer specific guidance to the couple but instead responded by saying, 'If your super benefit is valued at $4 million in July 2025, and your wife's is $1.8 million, then 69% of the fund's income will fall into your account.'

He continued: 'Of this, 75% of your income will be untaxed and 25% taxed at 30%, including any capital gains tax. Your wife's benefit remains untaxed.'

The news of this column spread to social media; an excerpt of the column was posted on Twitter with the caption: 'Honestly, if you want to get your blood up about generational inequality in Australia, may I recommend the letters on the Money page of the Sun Herald.'

​

And sure enough, it generated quite a stir. Social media users flocked to criticise the couple, with comments such as Bl**dy heck the dilemma! Sickens me, not what super was intended for' and 'They're both nearly 80, getting to spend what they already have will be an achievement, and they're worrying about generating more.'

'I've always found this column loaded with whinging people who have too much money a real insult to general society. All they want to do is get free advice on how to rort the system when they can easily afford a financial advisor. Vile people,' another commented.

Not everyone, however, was unsympathetic. One reader stood up for the couple, saying that those leaving negative comments were 'simply envious', adding that it was only natural that others wished to have such wealth to retire with.

Key Takeaways

• A couple with millions in superannuation has come under fire after writing to a newspaper asking for financial help.
• This angered some Aussies, who criticised the couple for looking for ways to keep their pockets deep while others were struggling through the cost of living crisis.
• The Albanese government announced changes in February that would double the tax amount for superannuation accounts with more than $3 million, affecting the top 0.5% of super savers.

Whatever your stance, this column has undoubtedly opened a conversation about generational wealth and the perceived divide between everyday Australians and the top 0.5%. While it's important to consider future financial situations, it's also necessary to remain aware of the struggles faced by many of our fellow Aussies.

What do you all think about this story, members? Do you think the couple was being 'greedy' by seeking advice on how to grow their money, or do you believe there was nothing wrong with asking for guidance?

We're eager to hear your thoughts on this matter, so please share them in the comments below. And as usual, let's maintain a friendly and courteous atmosphere while engaging in conversations with one another!

well professional advice would-be a tax deduction.

 

[annvic]

We understand finances can be a cause of concern when it comes to retirement. Superannuation, pension, and savings are some of the factors that can worry those approaching or already in retirement.

However, in a recent newspaper column in the Sun Herald, a wealthy retired couple boasting millions in their Self-Managed Super Fund (SMSF) has sparked outrage among everyday Aussies for seeking financial advice that some interpret as 'greedy'.

According to the column, the couple, aged 78 and 79, wrote to financial expert George Cochrane to ask for guidance about their investment situation. In 2017, the man's holdings were valued at $1,599,956, and combined with his wife's $675,590, they together held just under $2.3 million.

Fast forward a few years, and their superannuation total has grown to an astonishing amount well above $3 million, placing them in the top 0.5% of Australians.

View attachment 20523

A pair of multi-millionaire retirees have infuriated struggling Aussies with 'greedy' questions in a newspaper money column. Credit: Pexels/Anastasia Shuraeva.

This staggering growth means that their fund will be taxed at a higher rate starting July 2025, as announced by the Albanese government in February.

To avoid this, the man asked Cochrane whether they should sell some of their shares to remain below the $3 million threshold, saying, 'What will be the tax implications if my SMSF reaches $4 million and my wife's $1.8 million? Should we sell some of our shares to stay below the $3 million threshold?'

As you can imagine, this request for advice didn't sit well with many Australians who are struggling to make ends meet or juggle multiple jobs to save for their retirement. Critics argue that this couple seems more concerned with avoiding higher taxes, while many people are grappling with the rising costs of living.

The Albanese government's proposed changes will only affect around 80,000 super savers or the top 0.5% of Australians. The remaining 99.5% of Aussies will continue to benefit from the 'same generous tax breaks', meaning the 15% concessional rate will remain unchanged for them.

George Cochrane didn't offer specific guidance to the couple but instead responded by saying, 'If your super benefit is valued at $4 million in July 2025, and your wife's is $1.8 million, then 69% of the fund's income will fall into your account.'

He continued: 'Of this, 75% of your income will be untaxed and 25% taxed at 30%, including any capital gains tax. Your wife's benefit remains untaxed.'

The news of this column spread to social media; an excerpt of the column was posted on Twitter with the caption: 'Honestly, if you want to get your blood up about generational inequality in Australia, may I recommend the letters on the Money page of the Sun Herald.'

​

And sure enough, it generated quite a stir. Social media users flocked to criticise the couple, with comments such as Bl**dy heck the dilemma! Sickens me, not what super was intended for' and 'They're both nearly 80, getting to spend what they already have will be an achievement, and they're worrying about generating more.'

'I've always found this column loaded with whinging people who have too much money a real insult to general society. All they want to do is get free advice on how to rort the system when they can easily afford a financial advisor. Vile people,' another commented.

Not everyone, however, was unsympathetic. One reader stood up for the couple, saying that those leaving negative comments were 'simply envious', adding that it was only natural that others wished to have such wealth to retire with.

Key Takeaways

• A couple with millions in superannuation has come under fire after writing to a newspaper asking for financial help.
• This angered some Aussies, who criticised the couple for looking for ways to keep their pockets deep while others were struggling through the cost of living crisis.
• The Albanese government announced changes in February that would double the tax amount for superannuation accounts with more than $3 million, affecting the top 0.5% of super savers.

Whatever your stance, this column has undoubtedly opened a conversation about generational wealth and the perceived divide between everyday Australians and the top 0.5%. While it's important to consider future financial situations, it's also necessary to remain aware of the struggles faced by many of our fellow Aussies.

What do you all think about this story, members? Do you think the couple was being 'greedy' by seeking advice on how to grow their money, or do you believe there was nothing wrong with asking for guidance?

We're eager to hear your thoughts on this matter, so please share them in the comments below. And as usual, let's maintain a friendly and courteous atmosphere while engaging in conversations with one another!

I wouldnt blame the couple to seek financial advise. Like someone else said, they just worked all their lives and their financial portfolio just increased. But I wonder why they didnt ask their children? or seek advise from financial advisors. In any case, all the best to them. I have o.o0o5% of their wealth and Im happy for them to be happy that they have this nest egg. Maybe someone should tell them go on a 3 - 12 month cruise and enjoy life. They earned it.

 

[maxesmum]

My first thought was how long are they planning to live????

 

[annvic]

My first thought was how long are they planning to live????

Exactly and good point. So they have joint pain, back pain, etc etc but they have their mental capacity to seek out advisors so they should enjoy their money while they can!

 

[Da Freddo]

I have a reasonably good retirement but not super rich like the couple we're talking about.
My view is that they saved when We and other SDC members possibly did not.
So, who are WE to moan and bitch about what they have, WE should have done the same as them!!
WE MADE THE MISTAKE OF NOT SAVING ENOUGH, not them, OUR FAULT NOT THEIRS.
So, complain "and post" about your own errors, I don't think anybody really cares, the papers won't print the stories.
So you only have this forum to air your thoughts.
Sad really sad.

 

[Don’sown]

We understand finances can be a cause of concern when it comes to retirement. Superannuation, pension, and savings are some of the factors that can worry those approaching or already in retirement.

However, in a recent newspaper column in the Sun Herald, a wealthy retired couple boasting millions in their Self-Managed Super Fund (SMSF) has sparked outrage among everyday Aussies for seeking financial advice that some interpret as 'greedy'.

According to the column, the couple, aged 78 and 79, wrote to financial expert George Cochrane to ask for guidance about their investment situation. In 2017, the man's holdings were valued at $1,599,956, and combined with his wife's $675,590, they together held just under $2.3 million.

Fast forward a few years, and their superannuation total has grown to an astonishing amount well above $3 million, placing them in the top 0.5% of Australians.

View attachment 20523

A pair of multi-millionaire retirees have infuriated struggling Aussies with 'greedy' questions in a newspaper money column. Credit: Pexels/Anastasia Shuraeva.

This staggering growth means that their fund will be taxed at a higher rate starting July 2025, as announced by the Albanese government in February.

To avoid this, the man asked Cochrane whether they should sell some of their shares to remain below the $3 million threshold, saying, 'What will be the tax implications if my SMSF reaches $4 million and my wife's $1.8 million? Should we sell some of our shares to stay below the $3 million threshold?'

As you can imagine, this request for advice didn't sit well with many Australians who are struggling to make ends meet or juggle multiple jobs to save for their retirement. Critics argue that this couple seems more concerned with avoiding higher taxes, while many people are grappling with the rising costs of living.

The Albanese government's proposed changes will only affect around 80,000 super savers or the top 0.5% of Australians. The remaining 99.5% of Aussies will continue to benefit from the 'same generous tax breaks', meaning the 15% concessional rate will remain unchanged for them.

George Cochrane didn't offer specific guidance to the couple but instead responded by saying, 'If your super benefit is valued at $4 million in July 2025, and your wife's is $1.8 million, then 69% of the fund's income will fall into your account.'

He continued: 'Of this, 75% of your income will be untaxed and 25% taxed at 30%, including any capital gains tax. Your wife's benefit remains untaxed.'

The news of this column spread to social media; an excerpt of the column was posted on Twitter with the caption: 'Honestly, if you want to get your blood up about generational inequality in Australia, may I recommend the letters on the Money page of the Sun Herald.'

​

And sure enough, it generated quite a stir. Social media users flocked to criticise the couple, with comments such as Bl**dy heck the dilemma! Sickens me, not what super was intended for' and 'They're both nearly 80, getting to spend what they already have will be an achievement, and they're worrying about generating more.'

'I've always found this column loaded with whinging people who have too much money a real insult to general society. All they want to do is get free advice on how to rort the system when they can easily afford a financial advisor. Vile people,' another commented.

Not everyone, however, was unsympathetic. One reader stood up for the couple, saying that those leaving negative comments were 'simply envious', adding that it was only natural that others wished to have such wealth to retire with.

Key Takeaways

• A couple with millions in superannuation has come under fire after writing to a newspaper asking for financial help.
• This angered some Aussies, who criticised the couple for looking for ways to keep their pockets deep while others were struggling through the cost of living crisis.
• The Albanese government announced changes in February that would double the tax amount for superannuation accounts with more than $3 million, affecting the top 0.5% of super savers.

Whatever your stance, this column has undoubtedly opened a conversation about generational wealth and the perceived divide between everyday Australians and the top 0.5%. While it's important to consider future financial situations, it's also necessary to remain aware of the struggles faced by many of our fellow Aussies.

What do you all think about this story, members? Do you think the couple was being 'greedy' by seeking advice on how to grow their money, or do you believe there was nothing wrong with asking for guidance?

We're eager to hear your thoughts on this matter, so please share them in the comments below. And as usual, let's maintain a friendly and courteous atmosphere while engaging in conversations with one another!

It must be very hurtful being envious of an elderly couple wanting to preserve their wealth, obtained by hard work, not bludging of the Government as I am sure many of the wingers are. One of the many benefits of gambling, taking overseas holidays, smoking or all ways going on expensive holidays has a known effect-not owning your own home and depending on other smart people to get rental accomodation then winge when they realise that the people renting out your accommodation want a reasonable return on their investment money. Of course there are exceptions such as abused parents or mentally unstable individuals. One way to increase the number of Government accomodations would be to evict the children from their government Housing Units initially given to their parents- have you ever driven past known Government accomodations suburbs and noted the number of expensive cars/boats/caravans these allegedly hard up families have?

 

[Sloopy]

A hint - you can't negative gear in a SMSF! That's illegal.

egative gearing