Who Wants To Retire At 70?
A new late-retirement plan from the Australian government is proposing drastic changes for retirees. Part of the proposal is to move the retirement age to 70, as post World War II baby boomers hit the retirement age within the next several years.
The Productivity Commission is leading the charge in this initiative. The current retirement scheme charges taxpayers around $150 billion in welfare and health care. The argument states that a normal citizen cannot afford to pay for 35 years in retirement with their pension, and that a 5 year addition to the working age is still appropriate, where those 5 years can save taxpayers as much as $78,000 in pension for every retiree.
This new proposal is sure to raise eyebrows especially for individuals expecting to retire by the age of 65. It has already been forecasted that by 2023, the pension age will increase to 67 years. Pensioners will have to wait an additional 5 years in 2024 to access their super, increasing from 55 to 60 years.
Read more about this on the News.com.au website.