Another week end. Hope the week went well. Much talk about Superannuation so might add a bit. Went to a seminar few years ago and heard the term The Starving Millionaires.
Refers to a group that can be sitting on a multi million dollar House but have very little funds and live like paupers. Increasingly there is a group of self Funded retirees that draw down the minimum amount of funds and then even reinvest some money and live on the bare ar-- funds. Seems weird but it is becoming a problem as elderly boomers try to hoard as much as possible to leave to their children. I know of many cases were boomers are dropping private health cover, eating cheap rubbish frozen foods and generally leading boring frugal lives whilst having $1.5 million in super. Perhaps the problem is the mentally of generations or just fear for their legacy who knows but do not go crying poor, poor me.
