Pension Age may move to 70

It does not necessarily mean that you have to work until you're 70. I realize that some may have to,...not a pleasant prospect.
What it does mean is that you can still retire/stop work, whenever you like, but you will not get the pension until you're 70.
It also means that people should be more responsible about their financial future. Keating knew that the Pension, at current levels, would eventually become unsustainable, that's why he made super contributions compulsory.
The problem is ,many (NOT ALL), but many, have gone through life, "blowing" their hard earned dollars on all sorts of stuff, now they've got little, so they look for more & more "welfare" of many descriptions,...trouble is, like I've said before, the current level of payments, in many areas, is unsustainable, and will become progressively more so with an aging population.
Pickles.
NB: I now am ready to be flamed,...no worries,...Go for it....but be prepared, there'll be lots more "cuts", no matter what Govt is in power.

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Originally Posted by Pickles2

It does not necessarily mean that you have to work until you're 70. I realize that some may have to,...not a pleasant prospect.
What it does mean is that you can still retire/stop work, whenever you like, but you will not get the pension until you're 70.
It also means that people should be more responsible about their financial future. Keating knew that the Pension, at current levels, would eventually become unsustainable, that's why he made super contributions compulsory.
The problem is ,many (NOT ALL), but many, have gone through life, "blowing" their hard earned dollars on all sorts of stuff, now they've got little, so they look for more & more "welfare" of many descriptions,...trouble is, like I've said before, the current level of payments, in many areas, is unsustainable, and will become progressively more so with an aging population.
Pickles.
NB: I now am ready to be flamed,...no worries,...Go for it....but be prepared, there'll be lots more "cuts", no matter what Govt is in power.

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You're right there Pickles.
However, It's very disappointing that they have to cut back on "Age Pension" when there were/are many other middle class welfare schemes that should be binned.

Mick, Thank you, and I agree with you too mate,...yes, there are lots of "welfare items" that should be binned, and believe me, they will be.
Cheers, Pickles.

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Originally Posted by Pickles2

Mick, Thank you, and I agree with you too mate,...yes, there are lots of "welfare items" that should be binned, and believe me, they will be.
Cheers, Pickles.

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Agree,but the other thing that is gonna happen more and more,is the small Mum and Dad family businesses,that have taken the risks,often worked their arses off,have made some reasonable money,put it away,not blown it all,or lived the high life, so they will never get the pension,will be paying more and more to the govt one way or the other.:mad:

I would like to know how much of the pension money go back to the government and also how much of it help the Australian economy.
I guess that will be a very small proportion of the pension money that go OS.

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Originally Posted by Pickles2

Mick, Thank you, and I agree with you too mate,...yes, there are lots of "welfare items" that should be binned, and believe me, they will be.
Cheers, Pickles.

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Why? Are you the Prime Minister or Treasurer? What do you know that no one else in Australia (including most of cabinet) knows?

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Originally Posted by akelly

What do you know that no one else in Australia (including most of cabinet) knows?

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They know alright,they just haven'y got the guts to make the changes.

The GST is a good example,it needs some major changes as well,but votes and feathering their own nests are the politicians priorities.

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Originally Posted by DoubleChevron

I doubt there will even be a pension by the time I retire :( I'm only a bit over 30years away from the 70 goal post too :cool:

seeya,
Shane L.

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That's the assumption I have been working on for the last 30 years.... in another 20ish when I get to 70 it could easily be true.

Hopefully I get there to find out :p

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Originally Posted by akelly

Why? Are you the Prime Minister or Treasurer? What do you know that no one else in Australia (including most of cabinet) knows?

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Tony....er.... Pickles, they may be on to you.

what i despise is the "they have blown it" attitude

you not read what the banks and financial sector did to those that busted their guts all their lives and then had it stolen by corrupt bankers and financial advisers..

how many ex bankers living off those profits pickles old mate...?