Pension Age may move to 70

Now they are talking about denying access to Super till age 70 as well :o damned if I'll be making extra contributions if they do that!


Australians would be denied access to both superannuation and the age pension until they turned 70 under a radical plan that goes far beyond the one proposed by the Productivity Commission last week.
The pension access age is currently scheduled to climb six months from 65 to 65½ in 2017. After that it will climb six months every two years until it reaches 67 in 2017.
A new proposal from the Grattan Institute would double the pace from 2017 onwards, lifting the access age by six months every year until it hits 70 in 2025. After that it would be progressively lifted further in line with increases in lifespans, with no ultimate limit.
Developed parallel to, and without knowledge of, the Productivity Commission plan, the Grattan Institute proposal would also lift the age of access to superannuation. The super access age is already scheduled to climb from 55 to 60 by 2024. But Grattan would increase it by six months every year from 2015 until it hit 70 in 2035. Then it would index the access age to rise automatically.


Read more: No pension or superannuation until age 70 under radical plan

Who will be paying the extra costs of workers comp then ?I cant imagine it would do anything but increase as the average working age goes up. There are already enough rants about older drivers on the road as well. it is just another form of social engineering I think.

Who or what are the Grattan Institute. When did they rise to fame as spokespersons for us?

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Originally Posted by ramblingboy42

Who or what are the Grattan Institute. When did they rise to fame as spokespersons for us?

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About Us - Grattan Institute

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Originally Posted by ramblingboy42

Who or what are the Grattan Institute. When did they rise to fame as spokespersons for us?

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They are a group of self appointed toffs who think with the mindset of tenured academics who don't have any real world experience working for a wage. They are in part funded by the University of Melbourne.

CEO is an ex-Banker
Others are ex-senior public servants, mostly are academics of various disciplines. About Us - Grattan Institute

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Originally Posted by garrycol

Well you are clearly in rip off funds - my super fund made 50% over the past 12 months and that is with no deposits. The last couple of years have been some of the best ever for super though the couple of years before that were among the worst ever.

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Fair dinkum? 50%?


Mine made not quite 10% (with no deposits) and that's the best since 2008.
Course, after losing half in 2008 I'm back to where I was then, now.

As for raising the pension age to 70, it makes a laughing stock of anyone who is now 60+ and thinking to retire a little early if the proposal got up and was effective immediately, or even a couple of years down the track.

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Originally Posted by ramblingboy42

Who or what are the Grattan Institute. When did they rise to fame as spokespersons for us?

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Seeing you asked: Been around for years (since 2009) so they would really have a handle on everything. (It is named after a street in Melbourne -nothing to do with Michelle Grattan, the author, editor and journalist):

Home - Grattan Institute

Grattan Institute is an independent think tank dedicated to developing high quality public policy for Australia’s future. It was formed in 2008 in response to a widespread view in government and business that Australia needed a non-partisan think tank providing independent, rigorous and practical solutions to some of the country’s most pressing problems.

These three words are vital to Grattan’s mission. We are independent, taking the perspective of the Australian public interest rather than any interest group. We avoid commissioned work to ensure this independence.

We are rigorous in obtaining the best available evidence from our own data analysis and from published work. And we are practical in articulating what governments should do to improve the lives of all Australians.

Grattan runs six policy programs: Cities, Energy, Health, Higher Education, School Education, and Productivity Growth. We chose them because we believe they are vital to shaping Australia’s direction as a liberal democracy in a global economy.

(Grattan Institute is a Charitable Institution and is endorsed as a Deductible Gift Recipient (DGR). Donations over $2.00 to Grattan Institute are tax deductible)

[ame="http://en.wikipedia.org/wiki/Grattan_Institute"]Grattan Institute - Wikipedia, the free encyclopedia[/ame]

Bob

Hope Im not repeating cos I haven't read the whole thread (Sorry its the Gen X in me) but I manage a small group of about 15 people. I have 33% of my staff over 60 and two are pushing 67. These veterans are the highest performers and are bloody great to have around. (They know more than I do about the job!)

A couple of them are part time but only one has signalled retirement.

As one bloke said to me "What else would I do?"

So I guess if you like your job and your still good at it and your employer is willing to be flexible (part time etc) then I say, why wouldn't you keep working?

Super changes to slash savings of women, rural workers, industry warns

The Coalition plans to scrap a $500 contribution for people earning less than $37,000 a year as part of its bill to repeal the mining tax. :censored:

Industry Super Australia says that plan, along with delays to the super guarantee deadline, will leave millions of people up to $27,000 worse off in retirement. :mad:

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Originally Posted by Sleepy

As one bloke said to me "What else would I do?"

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That is so sad :(