Pension Age may move to 70

I see it like this:- If people over say 55 years old or so can't get work because they are too old as employers want younger staff and you can't get the pension till 70 then the government will still be paying due to a massive increase in long term unemployment of the elderly, so I can't see how raising the age to 70 will save them lots of $$. The only real solution is to get more people working and stay working to pay tax until a genuine retirement age like 65. JMHO

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Originally Posted by Chucaro

That it is not what I mean, we should have the choice to invest in a super or in real estate. Either way we will face the consequences if things are go pear shape but at least we made the choices not some other individual with our hard earned money.

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My way of thinking is your super should be allowed to pay off your biggest investment, your home as this is what we are generally paying stupid amounts of interest on. Once this is paid off you should have to continue the standard super contribution rate plus a calculated additional % to make up for paying your home off. We would all be winners if this could be done.

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Originally Posted by SLOWBOAT

I see it like this:- If people over say 55 years old or so can't get work because they are too old as employers want younger staff and you can't get the pension till 70 then the government will still be paying due to a massive increase in long term unemployment of the elderly, so I can't see how raising the age to 70 will save them lots of $$. The only real solution is to get more people working and stay working to pay tax until a genuine retirement age like 65. JMHO

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Slowboat for PM.
Mr. Slowboat, what is your policy on keeping the elderly employed until 70?
If you had the answer to that, you'd be PM for a long time and probably pick up a few Nobel prizes along the way.

I've recently become unemployed. I'm not 55 yet. I work in a service industry that services lots of industry including manufacturing. Over the years it has become increasingly harder to get a job. There are no projects out there in Australia and it looks as though tougher times are yet to come.

I would love to work until I am 70+ but, sadly, I don't see it happening.

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Originally Posted by Mick_Marsh

I would love to work until I am 70+ but, sadly,

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Silly boy - life is too short - remember the thing from the bible about living three score and ten.

I retired when I was 53 and am loving it.

Garry

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Originally Posted by CraigE

My way of thinking is your super should be allowed to pay off your biggest investment, your home as this is what we are generally paying stupid amounts of interest on. Once this is paid off you should have to continue the standard super contribution rate plus a calculated additional % to make up for paying your home off. We would all be winners if this could be done.

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i quite like this idea.
are there any negatives though?

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Originally Posted by garrycol

Silly boy - life is too short - remember the thing from the bible about living three score and ten.

I retired when I was 53 and am loving it.

Garry

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The thing is, Garry, I enjoy what I do so much.
Mind you, I would love to reduce it to three 9hr days a week.

I agree - do what you are happy doing.

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Originally Posted by Eevo

i quite like this idea.
are there any negatives though?

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I cannot see any real negatives if done correctly and people bound by a contract. The issue may be that people use this to pay off a mortgage, sell and buy bigger and bigger and then will not contribute additional % to make up for using the super to pay off.
To a certain extent you can do this if made redundant and claim hardship.

Now the government thinktank is suggesting the family home should be included in means testing for pension

How is it the most populus part of Australian society (post war baby boomers), who provided the major wealth to Govt, during their working lives, are soon to become the major drain on society?

Im glad I took charge of my own finances. However, I suspect the Govt will devise methods to punish people who are trying to be financially independent

I heard that as well - why not go all the way and tax workers 100% - give them food stamps to get food and provide free Government housing. No problem with the surplus then.

The Gratton Institute need a bit of a reality check.

Garry