New research suggests that Australian workers may have to stay in the workforce until 70 due to shifting demographics and a growing ageing population. We know that retirement is a well-deserved milestone that many Aussies are eagerly anticipating, so this news might hit particularly hard.

Low birth rates and an ageing population are the core reasons for the recent proposal from Macquarie University's Business School, which suggests Australia should increase the pension age to 70 years by 2050.

Already, senior Australians are grappling with rising eligibility ages for the age pension based on their birthdate. For example, people born between July 1, 1952, and December 31, 1953, can currently receive a pension at the age of 65 years and six months.

However, the age gradually increases for those born later, with people born after January 1, 1957, expected to work until they're 67 before accessing the pension.

Australians could face another decade in the workforce after new research found a pension age increase is required. Credit: Unsplash/Philinit.

Professor Hanlin Shang and his co-authors argue that based on their analysis, the pension age should increase three more times in the next 27 years. They propose it should rise to 68 by 2030, to 69 in 2036 and finally to 70 by 2050.

This might sound quite bleak for hardworking Australians, but it's crucial to consider the reasons behind the proposal. The report states that with more people retiring and fewer working-age people to support them, the old age dependency ratio (OADR) will increase, placing an additional burden on the federal budget.

This burden might grow even more, with the number of Australians aged 100 or over predicted to reach 50,000 by 2050. Professor Shang sums it up well, saying, 'As people live longer, there is a longevity risk, and they'll consume more pension from the government.'

But it isn't all doom and gloom! There are alternative solutions to help protect Australians' retirements. According to Professor Shang, our leaders should look overseas for successful examples of government policies. For instance, Canada, Singapore, and South Korea all have policies aimed at increasing birth rates, which could relieve some of the pressure on the ageing population.

The Canadian Government provides affordable childcare at $10 a day, while the South Korean Government offers new parents $10,500 cash grants. Singapore, on the other hand, will be boosting their baby bonus program, paid paternity leave, and tax relief for working mothers in the coming years.

Such policies could provide working Australian parents with opportunities to balance their careers and family life while contributing to more sustainable population growth.

​

But the pension age increase proposal hasn't been well-received by Australia's younger generations.

To quote a frustrated dad of three: 'I'm turning 40 this year. If I can work until 70, it'll be a miracle.'

These frustrations ring particularly true for workers in physically demanding industries, who may find it increasingly challenging to extend their careers beyond their 60s. Another Gen X employee lamented, 'Try and be a tradie at 70.'

Meanwhile, a retired nurse commented on the issue, saying: 'People in their 60s are exhausted, I've got back pain from nursing. I cannot work anymore. People should not have to work in old age.'

Several SDC members have expressed their thoughts on this matter. One member, debjoel21, stated, 'Imagine being a bricklayer until you're 70...no way...'

Meanwhile, another member named Kayer02 shared their personal situation, saying, 'I am 62. Have many medical problems and am unable to drive due to medications and disabilities. However, I can not get any type of pension, I have to go out and find a job. Do you realise how hard it is to get a job at my age, no matter at 70?'

Member Rex Jones also raised an interesting point by suggesting, 'I think that the retirement age should be fitted to the individual. If you are capable of working until you are 70 years of age, then fine, keep working; lots of people want to anyway.'

They further elaborated, saying, 'Some people, however, are not going to be able to work from a much younger age and should not be penalised for that by not being able to receive a pension. Like driving a car, have a doctor decide what capability you have with regards to work and have a payment to compensate those who need it.'

Expert modelling suggests that the Australian pension age should be increased to 70 by 2050. Credit: Unsplash/HarlynKingm.

While it's certainly a shock for Australians who have their retirement plans in sight, these ideas and future policies could lead to a more balanced and sustainable Australian society.

Professor Shang's predictions about the future of working Australians might be a bit gloomy, but they are more accurate than the predictions made by former Prime Minister Tony Abbott's treasury.

In 2014, the Liberal party proposed increasing the retirement age much earlier, with plans to raise it by six months every two years starting from July 2025. This would have meant that the age to qualify for a pension would have reached 70 years by July 2035, which is 15 years earlier than what Professor Shang predicted.

Fortunately, former Prime Minister Scott Morrison abandoned this proposed policy in September 2018. Instead, his government, along with the Rudd Labor government, passed laws to increase the pension age to 67 by July this year.

This decision was supported by Eva Scheerlinck, the Chief Executive of the Australian Institute of Superannuation Trustees.

'Retirement income policies need to recognise that many individuals will have a different work pattern and may not necessarily be in a position to choose their own retirement age,' she said.

Key Takeaways

• New modelling suggests that Australia's pension age should increase to 70 years by 2050 due to low birth rates and an ageing population.
• Many working Australians, particularly those in physically demanding jobs, have expressed concerns over the proposal to increase the pension age.
• According to the research, three more pension age increases should occur over the next 27 years to help sustain the livelihoods of elderly unemployed Australians.
• Professor Hanlin Shang suggests that the government could look to policies from Canada, Singapore, and South Korea to increase birth rates and the future workforce, as well as increase the number of migrants welcomed to Australia.

We hope this article has provided some insight into the reasons for this proposal and the potential alternative solutions. Rest assured, we'll keep you updated on any developments that concern your well-deserved retirement plans.

What do you think about this, members? Should the age at which people become eligible for a pension be increased? Or should it stay the same? If it should be increased, what age do you believe would be the most suitable? Share your thoughts in the comments below, and let's have a meaningful discussion!

 

[Cheezil]

New research suggests that Australian workers may have to stay in the workforce until 70 due to shifting demographics and a growing ageing population. We know that retirement is a well-deserved milestone that many Aussies are eagerly anticipating, so this news might hit particularly hard.

Low birth rates and an ageing population are the core reasons for the recent proposal from Macquarie University's Business School, which suggests Australia should increase the pension age to 70 years by 2050.

Already, senior Australians are grappling with rising eligibility ages for the age pension based on their birthdate. For example, people born between July 1, 1952, and December 31, 1953, can currently receive a pension at the age of 65 years and six months.

However, the age gradually increases for those born later, with people born after January 1, 1957, expected to work until they're 67 before accessing the pension.

View attachment 21191

Australians could face another decade in the workforce after new research found a pension age increase is required. Credit: Unsplash/Philinit.

Professor Hanlin Shang and his co-authors argue that based on their analysis, the pension age should increase three more times in the next 27 years. They propose it should rise to 68 by 2030, to 69 in 2036 and finally to 70 by 2050.

This might sound quite bleak for hardworking Australians, but it's crucial to consider the reasons behind the proposal. The report states that with more people retiring and fewer working-age people to support them, the old age dependency ratio (OADR) will increase, placing an additional burden on the federal budget.

This burden might grow even more, with the number of Australians aged 100 or over predicted to reach 50,000 by 2050. Professor Shang sums it up well, saying, 'As people live longer, there is a longevity risk, and they'll consume more pension from the government.'

But it isn't all doom and gloom! There are alternative solutions to help protect Australians' retirements. According to Professor Shang, our leaders should look overseas for successful examples of government policies. For instance, Canada, Singapore, and South Korea all have policies aimed at increasing birth rates, which could relieve some of the pressure on the ageing population.

The Canadian Government provides affordable childcare at $10 a day, while the South Korean Government offers new parents $10,500 cash grants. Singapore, on the other hand, will be boosting their baby bonus program, paid paternity leave, and tax relief for working mothers in the coming years.

Such policies could provide working Australian parents with opportunities to balance their careers and family life while contributing to more sustainable population growth.

​

But the pension age increase proposal hasn't been well-received by Australia's younger generations.

To quote a frustrated dad of three: 'I'm turning 40 this year. If I can work until 70, it'll be a miracle.'

These frustrations ring particularly true for workers in physically demanding industries, who may find it increasingly challenging to extend their careers beyond their 60s. Another Gen X employee lamented, 'Try and be a tradie at 70.'

Meanwhile, a retired nurse commented on the issue, saying: 'People in their 60s are exhausted, I've got back pain from nursing. I cannot work anymore. People should not have to work in old age.'

Several SDC members have expressed their thoughts on this matter. One member, debjoel21, stated, 'Imagine being a bricklayer until you're 70...no way...'

Meanwhile, another member named Kayer02 shared their personal situation, saying, 'I am 62. Have many medical problems and am unable to drive due to medications and disabilities. However, I can not get any type of pension, I have to go out and find a job. Do you realise how hard it is to get a job at my age, no matter at 70?'

Member Rex Jones also raised an interesting point by suggesting, 'I think that the retirement age should be fitted to the individual. If you are capable of working until you are 70 years of age, then fine, keep working; lots of people want to anyway.'

They further elaborated, saying, 'Some people, however, are not going to be able to work from a much younger age and should not be penalised for that by not being able to receive a pension. Like driving a car, have a doctor decide what capability you have with regards to work and have a payment to compensate those who need it.'

View attachment 21192

Expert modelling suggests that the Australian pension age should be increased to 70 by 2050. Credit: Unsplash/HarlynKingm.

While it's certainly a shock for Australians who have their retirement plans in sight, these ideas and future policies could lead to a more balanced and sustainable Australian society.

Professor Shang's predictions about the future of working Australians might be a bit gloomy, but they are more accurate than the predictions made by former Prime Minister Tony Abbott's treasury.

In 2014, the Liberal party proposed increasing the retirement age much earlier, with plans to raise it by six months every two years starting from July 2025. This would have meant that the age to qualify for a pension would have reached 70 years by July 2035, which is 15 years earlier than what Professor Shang predicted.

Fortunately, former Prime Minister Scott Morrison abandoned this proposed policy in September 2018. Instead, his government, along with the Rudd Labor government, passed laws to increase the pension age to 67 by July this year.

This decision was supported by Eva Scheerlinck, the Chief Executive of the Australian Institute of Superannuation Trustees.

'Retirement income policies need to recognise that many individuals will have a different work pattern and may not necessarily be in a position to choose their own retirement age,' she said.

Key Takeaways

• New modelling suggests that Australia's pension age should increase to 70 years by 2050 due to low birth rates and an ageing population.
• Many working Australians, particularly those in physically demanding jobs, have expressed concerns over the proposal to increase the pension age.
• According to the research, three more pension age increases should occur over the next 27 years to help sustain the livelihoods of elderly unemployed Australians.
• Professor Hanlin Shang suggests that the government could look to policies from Canada, Singapore, and South Korea to increase birth rates and the future workforce, as well as increase the number of migrants welcomed to Australia.

We hope this article has provided some insight into the reasons for this proposal and the potential alternative solutions. Rest assured, we'll keep you updated on any developments that concern your well-deserved retirement plans.

What do you think about this, members? Should the age at which people become eligible for a pension be increased? Or should it stay the same? If it should be increased, what age do you believe would be the most suitable? Share your thoughts in the comments below, and let's have a meaningful discussion!

Absolutely NOT fair, should be a choice not mandatory! If anything the age should be LOWERED as per the good ol' days a couole decades ago. Our pollies & all the rules they make for us (& not themselves) etc are driving people to the brink & mental health issues to come will be a huge problem. It will soon be cheaper to die than live & suicide or starvation & homelessness will be all so many of us will have left, i hate to say it!

 

[Macarj]

That's all fine if can get a job at that age from 64 to 66 and a half when I could get the pension I applied for over 90 jobs never even got an interview Government says a company can't discriminate on age but when you apply for a job you have to put your date of birth

 

[Tetavo]

New research suggests that Australian workers may have to stay in the workforce until 70 due to shifting demographics and a growing ageing population. We know that retirement is a well-deserved milestone that many Aussies are eagerly anticipating, so this news might hit particularly hard.

Low birth rates and an ageing population are the core reasons for the recent proposal from Macquarie University's Business School, which suggests Australia should increase the pension age to 70 years by 2050.

Already, senior Australians are grappling with rising eligibility ages for the age pension based on their birthdate. For example, people born between July 1, 1952, and December 31, 1953, can currently receive a pension at the age of 65 years and six months.

However, the age gradually increases for those born later, with people born after January 1, 1957, expected to work until they're 67 before accessing the pension.

View attachment 21191

Australians could face another decade in the workforce after new research found a pension age increase is required. Credit: Unsplash/Philinit.

Professor Hanlin Shang and his co-authors argue that based on their analysis, the pension age should increase three more times in the next 27 years. They propose it should rise to 68 by 2030, to 69 in 2036 and finally to 70 by 2050.

This might sound quite bleak for hardworking Australians, but it's crucial to consider the reasons behind the proposal. The report states that with more people retiring and fewer working-age people to support them, the old age dependency ratio (OADR) will increase, placing an additional burden on the federal budget.

This burden might grow even more, with the number of Australians aged 100 or over predicted to reach 50,000 by 2050. Professor Shang sums it up well, saying, 'As people live longer, there is a longevity risk, and they'll consume more pension from the government.'

But it isn't all doom and gloom! There are alternative solutions to help protect Australians' retirements. According to Professor Shang, our leaders should look overseas for successful examples of government policies. For instance, Canada, Singapore, and South Korea all have policies aimed at increasing birth rates, which could relieve some of the pressure on the ageing population.

The Canadian Government provides affordable childcare at $10 a day, while the South Korean Government offers new parents $10,500 cash grants. Singapore, on the other hand, will be boosting their baby bonus program, paid paternity leave, and tax relief for working mothers in the coming years.

Such policies could provide working Australian parents with opportunities to balance their careers and family life while contributing to more sustainable population growth.

​

But the pension age increase proposal hasn't been well-received by Australia's younger generations.

To quote a frustrated dad of three: 'I'm turning 40 this year. If I can work until 70, it'll be a miracle.'

These frustrations ring particularly true for workers in physically demanding industries, who may find it increasingly challenging to extend their careers beyond their 60s. Another Gen X employee lamented, 'Try and be a tradie at 70.'

Meanwhile, a retired nurse commented on the issue, saying: 'People in their 60s are exhausted, I've got back pain from nursing. I cannot work anymore. People should not have to work in old age.'

Several SDC members have expressed their thoughts on this matter. One member, debjoel21, stated, 'Imagine being a bricklayer until you're 70...no way...'

Meanwhile, another member named Kayer02 shared their personal situation, saying, 'I am 62. Have many medical problems and am unable to drive due to medications and disabilities. However, I can not get any type of pension, I have to go out and find a job. Do you realise how hard it is to get a job at my age, no matter at 70?'

Member Rex Jones also raised an interesting point by suggesting, 'I think that the retirement age should be fitted to the individual. If you are capable of working until you are 70 years of age, then fine, keep working; lots of people want to anyway.'

They further elaborated, saying, 'Some people, however, are not going to be able to work from a much younger age and should not be penalised for that by not being able to receive a pension. Like driving a car, have a doctor decide what capability you have with regards to work and have a payment to compensate those who need it.'

View attachment 21192

Expert modelling suggests that the Australian pension age should be increased to 70 by 2050. Credit: Unsplash/HarlynKingm.

While it's certainly a shock for Australians who have their retirement plans in sight, these ideas and future policies could lead to a more balanced and sustainable Australian society.

Professor Shang's predictions about the future of working Australians might be a bit gloomy, but they are more accurate than the predictions made by former Prime Minister Tony Abbott's treasury.

In 2014, the Liberal party proposed increasing the retirement age much earlier, with plans to raise it by six months every two years starting from July 2025. This would have meant that the age to qualify for a pension would have reached 70 years by July 2035, which is 15 years earlier than what Professor Shang predicted.

Fortunately, former Prime Minister Scott Morrison abandoned this proposed policy in September 2018. Instead, his government, along with the Rudd Labor government, passed laws to increase the pension age to 67 by July this year.

This decision was supported by Eva Scheerlinck, the Chief Executive of the Australian Institute of Superannuation Trustees.

'Retirement income policies need to recognise that many individuals will have a different work pattern and may not necessarily be in a position to choose their own retirement age,' she said.

Key Takeaways

• New modelling suggests that Australia's pension age should increase to 70 years by 2050 due to low birth rates and an ageing population.
• Many working Australians, particularly those in physically demanding jobs, have expressed concerns over the proposal to increase the pension age.
• According to the research, three more pension age increases should occur over the next 27 years to help sustain the livelihoods of elderly unemployed Australians.
• Professor Hanlin Shang suggests that the government could look to policies from Canada, Singapore, and South Korea to increase birth rates and the future workforce, as well as increase the number of migrants welcomed to Australia.

We hope this article has provided some insight into the reasons for this proposal and the potential alternative solutions. Rest assured, we'll keep you updated on any developments that concern your well-deserved retirement plans.

What do you think about this, members? Should the age at which people become eligible for a pension be increased? Or should it stay the same? If it should be increased, what age do you believe would be the most suitable? Share your thoughts in the comments below, and let's have a meaningful discussion!

So us baby boomers were the first to work fulltime. So we dra.atcally increased the amount of tax collected by the government. But did not contribute to super until 84. We were also the population explosion the government encouraged by paying parents child support. Therefor once again we increased tax revenue. Now we are old not getting but yeah we are old we have to put our retirement off. Then theres that group of wo.en who have little super so will depend on our pensio . Thanks for nothinh! So all the single ladies keep on working till you drop.
Id like one poli to work a shift as a nurse, teacher or brickie when they are over 65 and see how they cope

 

[Macarj]

that's totally incorrect, very very few politicians are still sitting that are eligible for the life time super. That changed in 2004, any pollies elected since that date also must wait until 60 to be able to draw down any super.

True but the incomes they are on they have money saved up and many have investments so they can still retire early

 

[Macarj]

There is not really a "retirement age", what is being increased is the age at which people may qualify to receive an age pension.

I have said it before and I say it again, we have had superannuation in this country since 1991, that's 42 years! The whole idea of super was to have people saving towards their retirement tand to wean them off the age pension!

Where Australia made a mistake was that the employer super contribution is not matched with an equal amount of employee contribution - as it is in in a number of European countries. However, this does not prevent people from voluntarily contributing to their super fund, either from pre-tax earnings or post tax.
During the final ten years of my working life, when I still had a teenage son living at home, I was contributing 20% of my gross income to super!

I payed super from 1971

 

[Cheezil]

Its not the aging popul

New research suggests that Australian workers may have to stay in the workforce until 70 due to shifting demographics and a growing ageing population. We know that retirement is a well-deserved milestone that many Aussies are eagerly anticipating, so this news might hit particularly hard.

Low birth rates and an ageing population are the core reasons for the recent proposal from Macquarie University's Business School, which suggests Australia should increase the pension age to 70 years by 2050.

Already, senior Australians are grappling with rising eligibility ages for the age pension based on their birthdate. For example, people born between July 1, 1952, and December 31, 1953, can currently receive a pension at the age of 65 years and six months.

However, the age gradually increases for those born later, with people born after January 1, 1957, expected to work until they're 67 before accessing the pension.

View attachment 21191

Australians could face another decade in the workforce after new research found a pension age increase is required. Credit: Unsplash/Philinit.

Professor Hanlin Shang and his co-authors argue that based on their analysis, the pension age should increase three more times in the next 27 years. They propose it should rise to 68 by 2030, to 69 in 2036 and finally to 70 by 2050.

This might sound quite bleak for hardworking Australians, but it's crucial to consider the reasons behind the proposal. The report states that with more people retiring and fewer working-age people to support them, the old age dependency ratio (OADR) will increase, placing an additional burden on the federal budget.

This burden might grow even more, with the number of Australians aged 100 or over predicted to reach 50,000 by 2050. Professor Shang sums it up well, saying, 'As people live longer, there is a longevity risk, and they'll consume more pension from the government.'

But it isn't all doom and gloom! There are alternative solutions to help protect Australians' retirements. According to Professor Shang, our leaders should look overseas for successful examples of government policies. For instance, Canada, Singapore, and South Korea all have policies aimed at increasing birth rates, which could relieve some of the pressure on the ageing population.

The Canadian Government provides affordable childcare at $10 a day, while the South Korean Government offers new parents $10,500 cash grants. Singapore, on the other hand, will be boosting their baby bonus program, paid paternity leave, and tax relief for working mothers in the coming years.

Such policies could provide working Australian parents with opportunities to balance their careers and family life while contributing to more sustainable population growth.

​

But the pension age increase proposal hasn't been well-received by Australia's younger generations.

To quote a frustrated dad of three: 'I'm turning 40 this year. If I can work until 70, it'll be a miracle.'

These frustrations ring particularly true for workers in physically demanding industries, who may find it increasingly challenging to extend their careers beyond their 60s. Another Gen X employee lamented, 'Try and be a tradie at 70.'

Meanwhile, a retired nurse commented on the issue, saying: 'People in their 60s are exhausted, I've got back pain from nursing. I cannot work anymore. People should not have to work in old age.'

Several SDC members have expressed their thoughts on this matter. One member, debjoel21, stated, 'Imagine being a bricklayer until you're 70...no way...'

Meanwhile, another member named Kayer02 shared their personal situation, saying, 'I am 62. Have many medical problems and am unable to drive due to medications and disabilities. However, I can not get any type of pension, I have to go out and find a job. Do you realise how hard it is to get a job at my age, no matter at 70?'

Member Rex Jones also raised an interesting point by suggesting, 'I think that the retirement age should be fitted to the individual. If you are capable of working until you are 70 years of age, then fine, keep working; lots of people want to anyway.'

They further elaborated, saying, 'Some people, however, are not going to be able to work from a much younger age and should not be penalised for that by not being able to receive a pension. Like driving a car, have a doctor decide what capability you have with regards to work and have a payment to compensate those who need it.'

View attachment 21192

Expert modelling suggests that the Australian pension age should be increased to 70 by 2050. Credit: Unsplash/HarlynKingm.

While it's certainly a shock for Australians who have their retirement plans in sight, these ideas and future policies could lead to a more balanced and sustainable Australian society.

Professor Shang's predictions about the future of working Australians might be a bit gloomy, but they are more accurate than the predictions made by former Prime Minister Tony Abbott's treasury.

In 2014, the Liberal party proposed increasing the retirement age much earlier, with plans to raise it by six months every two years starting from July 2025. This would have meant that the age to qualify for a pension would have reached 70 years by July 2035, which is 15 years earlier than what Professor Shang predicted.

Fortunately, former Prime Minister Scott Morrison abandoned this proposed policy in September 2018. Instead, his government, along with the Rudd Labor government, passed laws to increase the pension age to 67 by July this year.

This decision was supported by Eva Scheerlinck, the Chief Executive of the Australian Institute of Superannuation Trustees.

'Retirement income policies need to recognise that many individuals will have a different work pattern and may not necessarily be in a position to choose their own retirement age,' she said.

Key Takeaways

• New modelling suggests that Australia's pension age should increase to 70 years by 2050 due to low birth rates and an ageing population.
• Many working Australians, particularly those in physically demanding jobs, have expressed concerns over the proposal to increase the pension age.
• According to the research, three more pension age increases should occur over the next 27 years to help sustain the livelihoods of elderly unemployed Australians.
• Professor Hanlin Shang suggests that the government could look to policies from Canada, Singapore, and South Korea to increase birth rates and the future workforce, as well as increase the number of migrants welcomed to Australia.

We hope this article has provided some insight into the reasons for this proposal and the potential alternative solutions. Rest assured, we'll keep you updated on any developments that concern your well-deserved retirement plans.

What do you think about this, members? Should the age at which people become eligible for a pension be increased? Or should it stay the same? If it should be increased, what age do you believe would be the most suitable? Share your thoughts in the comments below, and let's have a meaningful discussion!

Pretty sure its not the aging population thats causing the "burden" on the tax/Centrelink system but more likely politicians & big business perks & supers/retirement packages, etc & possibly a huge percentage going to immigration/increaed number of migrants in our population and foreign aid maybe?? But no one admit that will they?

 

[Cheezil]

Ms

If you're working manual labour, nursing, builder or any jobs which require hands on hard work your body is worn out long before 70 but if you work in non manual labour where you're not required to stand long hours you could probably work until you're 80 perhaps politicians or government admin workers should try working until 80 oh but they don't have to because they get such a big wage when they do work that they can retire when they're 60 and enjoy life. Get real people manual labour wears the body out.

Most here would agree, but bet the ones who need to be reading our comments & aren't wouldn't agree with you, of course

 

[Cheezil]

I payed super from 1971

Thats right, 2 different things that many seem to get confused with

 

[Cheezil]

Here we go again the reality is Australia is a rich country instead of the government allowing foreign companies to buy up the farm and taking the profits out of the country start taxing the companies properly then you can lower the retirement age get real we live in a rich country and were all struggling.

Legit!

 

[Cheezil]

There is not really a "retirement age", what is being increased is the age at which people may qualify to receive an age pension.

I have said it before and I say it again, we have had superannuation in this country since 1991, that's 42 years! The whole idea of super was to have people saving towards their retirement tand to wean them off the age pension!

Where Australia made a mistake was that the employer super contribution is not matched with an equal amount of employee contribution - as it is in in a number of European countries. However, this does not prevent people from voluntarily contributing to their super fund, either from pre-tax earnings or post tax.
During the final ten years of my working life, when I still had a teenage son living at home, I was contributing 20% of my gross income to super!

Contributions are limited, but if super is for our retirement only, why is this so?

 

[Trudi]

That's all fine if can get a job at that age from 64 to 66 and a half when I could get the pension I applied for over 90 jobs never even got an interview Government says a company can't discriminate on age but when you apply for a job you have to put your date of birth

I applied for the last job I had back in 2005, when I was 59 years of age. I did NOT put my date of birth on my application!

Furthermore, it is now prohibited for employers to ask for your date of birth on your resume!

 

[Squizzy1]

New research suggests that Australian workers may have to stay in the workforce until 70 due to shifting demographics and a growing ageing population. We know that retirement is a well-deserved milestone that many Aussies are eagerly anticipating, so this news might hit particularly hard.

Low birth rates and an ageing population are the core reasons for the recent proposal from Macquarie University's Business School, which suggests Australia should increase the pension age to 70 years by 2050.

Already, senior Australians are grappling with rising eligibility ages for the age pension based on their birthdate. For example, people born between July 1, 1952, and December 31, 1953, can currently receive a pension at the age of 65 years and six months.

However, the age gradually increases for those born later, with people born after January 1, 1957, expected to work until they're 67 before accessing the pension.

View attachment 21191

Australians could face another decade in the workforce after new research found a pension age increase is required. Credit: Unsplash/Philinit.

Professor Hanlin Shang and his co-authors argue that based on their analysis, the pension age should increase three more times in the next 27 years. They propose it should rise to 68 by 2030, to 69 in 2036 and finally to 70 by 2050.

This might sound quite bleak for hardworking Australians, but it's crucial to consider the reasons behind the proposal. The report states that with more people retiring and fewer working-age people to support them, the old age dependency ratio (OADR) will increase, placing an additional burden on the federal budget.

This burden might grow even more, with the number of Australians aged 100 or over predicted to reach 50,000 by 2050. Professor Shang sums it up well, saying, 'As people live longer, there is a longevity risk, and they'll consume more pension from the government.'

But it isn't all doom and gloom! There are alternative solutions to help protect Australians' retirements. According to Professor Shang, our leaders should look overseas for successful examples of government policies. For instance, Canada, Singapore, and South Korea all have policies aimed at increasing birth rates, which could relieve some of the pressure on the ageing population.

The Canadian Government provides affordable childcare at $10 a day, while the South Korean Government offers new parents $10,500 cash grants. Singapore, on the other hand, will be boosting their baby bonus program, paid paternity leave, and tax relief for working mothers in the coming years.

Such policies could provide working Australian parents with opportunities to balance their careers and family life while contributing to more sustainable population growth.

​

But the pension age increase proposal hasn't been well-received by Australia's younger generations.

To quote a frustrated dad of three: 'I'm turning 40 this year. If I can work until 70, it'll be a miracle.'

These frustrations ring particularly true for workers in physically demanding industries, who may find it increasingly challenging to extend their careers beyond their 60s. Another Gen X employee lamented, 'Try and be a tradie at 70.'

Meanwhile, a retired nurse commented on the issue, saying: 'People in their 60s are exhausted, I've got back pain from nursing. I cannot work anymore. People should not have to work in old age.'

Several SDC members have expressed their thoughts on this matter. One member, debjoel21, stated, 'Imagine being a bricklayer until you're 70...no way...'

Meanwhile, another member named Kayer02 shared their personal situation, saying, 'I am 62. Have many medical problems and am unable to drive due to medications and disabilities. However, I can not get any type of pension, I have to go out and find a job. Do you realise how hard it is to get a job at my age, no matter at 70?'

Member Rex Jones also raised an interesting point by suggesting, 'I think that the retirement age should be fitted to the individual. If you are capable of working until you are 70 years of age, then fine, keep working; lots of people want to anyway.'

They further elaborated, saying, 'Some people, however, are not going to be able to work from a much younger age and should not be penalised for that by not being able to receive a pension. Like driving a car, have a doctor decide what capability you have with regards to work and have a payment to compensate those who need it.'

View attachment 21192

Expert modelling suggests that the Australian pension age should be increased to 70 by 2050. Credit: Unsplash/HarlynKingm.

While it's certainly a shock for Australians who have their retirement plans in sight, these ideas and future policies could lead to a more balanced and sustainable Australian society.

Professor Shang's predictions about the future of working Australians might be a bit gloomy, but they are more accurate than the predictions made by former Prime Minister Tony Abbott's treasury.

In 2014, the Liberal party proposed increasing the retirement age much earlier, with plans to raise it by six months every two years starting from July 2025. This would have meant that the age to qualify for a pension would have reached 70 years by July 2035, which is 15 years earlier than what Professor Shang predicted.

Fortunately, former Prime Minister Scott Morrison abandoned this proposed policy in September 2018. Instead, his government, along with the Rudd Labor government, passed laws to increase the pension age to 67 by July this year.

This decision was supported by Eva Scheerlinck, the Chief Executive of the Australian Institute of Superannuation Trustees.

'Retirement income policies need to recognise that many individuals will have a different work pattern and may not necessarily be in a position to choose their own retirement age,' she said.

Key Takeaways

• New modelling suggests that Australia's pension age should increase to 70 years by 2050 due to low birth rates and an ageing population.
• Many working Australians, particularly those in physically demanding jobs, have expressed concerns over the proposal to increase the pension age.
• According to the research, three more pension age increases should occur over the next 27 years to help sustain the livelihoods of elderly unemployed Australians.
• Professor Hanlin Shang suggests that the government could look to policies from Canada, Singapore, and South Korea to increase birth rates and the future workforce, as well as increase the number of migrants welcomed to Australia.

We hope this article has provided some insight into the reasons for this proposal and the potential alternative solutions. Rest assured, we'll keep you updated on any developments that concern your well-deserved retirement plans.

What do you think about this, members? Should the age at which people become eligible for a pension be increased? Or should it stay the same? If it should be increased, what age do you believe would be the most suitable? Share your thoughts in the comments below, and let's have a meaningful discussion!

Too bad they can't find a way for 70yr olds to bare children would solve the whole problem. If you can squeeze a few more years out of the working class why not?

 

[Trudi]

Contributions are limited, but if super is for our retirement only, why is this so?

You can contribute $25,000 each year of pre-tax income (aka salary sacrifice). This amounts includes the amount your employer contributes on your behalf.

In addition, you can contribute $110,000 of after tax money each year.

In addition, there is the "downsizer contribution when people aged 55 or older sell their family home. This is $300,000 and for couples, each partner may contribute $300,000 to their fund.

There is a lot of information available about super for free, from banks, super funds, financial advisers and the ATO

 

[mikekav53]

Professor Hanlin Shang suggests that the government could look to policies from Canada, Singapore, and South Korea to increase birth rates and the future workforce, as well as increase the number of migrants welcomed to Australia.

Our economic systems are ALL based on growth, like a giant ponzi scheme, needing more people to fuel and fund the scheme. We need to balance our ability to looks after those who are unable to work with the ability of the country/planet to sustain all those who can contribute. There is no planet B.

 

[Cheezil]

I applied for the last job I had back in 2005, when I was 59 years of age. I did NOT put my date of birth on my application!

Furthermore, it is now prohibited for employers to ask for your date of birth on your resume!

I'm nearly 62 & started a new cleaning job a couple wks ago & wasn't asked my age (& its not on my resume). I work 4 jobs to make ends meet

 

[Lynjw]

New research suggests that Australian workers may have to stay in the workforce until 70 due to shifting demographics and a growing ageing population. We know that retirement is a well-deserved milestone that many Aussies are eagerly anticipating, so this news might hit particularly hard.

Low birth rates and an ageing population are the core reasons for the recent proposal from Macquarie University's Business School, which suggests Australia should increase the pension age to 70 years by 2050.

Already, senior Australians are grappling with rising eligibility ages for the age pension based on their birthdate. For example, people born between July 1, 1952, and December 31, 1953, can currently receive a pension at the age of 65 years and six months.

However, the age gradually increases for those born later, with people born after January 1, 1957, expected to work until they're 67 before accessing the pension.

View attachment 21191

Australians could face another decade in the workforce after new research found a pension age increase is required. Credit: Unsplash/Philinit.

Professor Hanlin Shang and his co-authors argue that based on their analysis, the pension age should increase three more times in the next 27 years. They propose it should rise to 68 by 2030, to 69 in 2036 and finally to 70 by 2050.

This might sound quite bleak for hardworking Australians, but it's crucial to consider the reasons behind the proposal. The report states that with more people retiring and fewer working-age people to support them, the old age dependency ratio (OADR) will increase, placing an additional burden on the federal budget.

This burden might grow even more, with the number of Australians aged 100 or over predicted to reach 50,000 by 2050. Professor Shang sums it up well, saying, 'As people live longer, there is a longevity risk, and they'll consume more pension from the government.'

But it isn't all doom and gloom! There are alternative solutions to help protect Australians' retirements. According to Professor Shang, our leaders should look overseas for successful examples of government policies. For instance, Canada, Singapore, and South Korea all have policies aimed at increasing birth rates, which could relieve some of the pressure on the ageing population.

The Canadian Government provides affordable childcare at $10 a day, while the South Korean Government offers new parents $10,500 cash grants. Singapore, on the other hand, will be boosting their baby bonus program, paid paternity leave, and tax relief for working mothers in the coming years.

Such policies could provide working Australian parents with opportunities to balance their careers and family life while contributing to more sustainable population growth.

​

But the pension age increase proposal hasn't been well-received by Australia's younger generations.

To quote a frustrated dad of three: 'I'm turning 40 this year. If I can work until 70, it'll be a miracle.'

These frustrations ring particularly true for workers in physically demanding industries, who may find it increasingly challenging to extend their careers beyond their 60s. Another Gen X employee lamented, 'Try and be a tradie at 70.'

Meanwhile, a retired nurse commented on the issue, saying: 'People in their 60s are exhausted, I've got back pain from nursing. I cannot work anymore. People should not have to work in old age.'

Several SDC members have expressed their thoughts on this matter. One member, debjoel21, stated, 'Imagine being a bricklayer until you're 70...no way...'

Meanwhile, another member named Kayer02 shared their personal situation, saying, 'I am 62. Have many medical problems and am unable to drive due to medications and disabilities. However, I can not get any type of pension, I have to go out and find a job. Do you realise how hard it is to get a job at my age, no matter at 70?'

Member Rex Jones also raised an interesting point by suggesting, 'I think that the retirement age should be fitted to the individual. If you are capable of working until you are 70 years of age, then fine, keep working; lots of people want to anyway.'

They further elaborated, saying, 'Some people, however, are not going to be able to work from a much younger age and should not be penalised for that by not being able to receive a pension. Like driving a car, have a doctor decide what capability you have with regards to work and have a payment to compensate those who need it.'

View attachment 21192

Expert modelling suggests that the Australian pension age should be increased to 70 by 2050. Credit: Unsplash/HarlynKingm.

While it's certainly a shock for Australians who have their retirement plans in sight, these ideas and future policies could lead to a more balanced and sustainable Australian society.

Professor Shang's predictions about the future of working Australians might be a bit gloomy, but they are more accurate than the predictions made by former Prime Minister Tony Abbott's treasury.

In 2014, the Liberal party proposed increasing the retirement age much earlier, with plans to raise it by six months every two years starting from July 2025. This would have meant that the age to qualify for a pension would have reached 70 years by July 2035, which is 15 years earlier than what Professor Shang predicted.

Fortunately, former Prime Minister Scott Morrison abandoned this proposed policy in September 2018. Instead, his government, along with the Rudd Labor government, passed laws to increase the pension age to 67 by July this year.

This decision was supported by Eva Scheerlinck, the Chief Executive of the Australian Institute of Superannuation Trustees.

'Retirement income policies need to recognise that many individuals will have a different work pattern and may not necessarily be in a position to choose their own retirement age,' she said.

Key Takeaways

• New modelling suggests that Australia's pension age should increase to 70 years by 2050 due to low birth rates and an ageing population.
• Many working Australians, particularly those in physically demanding jobs, have expressed concerns over the proposal to increase the pension age.
• According to the research, three more pension age increases should occur over the next 27 years to help sustain the livelihoods of elderly unemployed Australians.
• Professor Hanlin Shang suggests that the government could look to policies from Canada, Singapore, and South Korea to increase birth rates and the future workforce, as well as increase the number of migrants welcomed to Australia.

We hope this article has provided some insight into the reasons for this proposal and the potential alternative solutions. Rest assured, we'll keep you updated on any developments that concern your well-deserved retirement plans.

What do you think about this, members? Should the age at which people become eligible for a pension be increased? Or should it stay the same? If it should be increased, what age do you believe would be the most suitable? Share your thoughts in the comments below, and let's have a meaningful discussion!

Those coming up with these ludicrous proposals are probably wealthy enough to retire at 50.

 

[Judith1946]

How ridiculous to expect all people to work into their 70’s. People who work manual jobs, are at risk of so many injuries, backs, knees, shoulders. Then there are shop staff who stand for hours without respite, cooks who lift heavy pots and pans, farmers, road workers, service personnel, who bear the trauma of their job, first responders - Firefighters SES, Police, Ambos, etc. its not only physical workers who suffer. Women are a tough breed but childbirth takes a toll on the body. When I got married to a soldier 59 years ago I was a nurse but we lived in isolated areas much of the time where there was no work I was trained for, so I became a cleaner, I did private childcare in my home, anything I could. We didn’t have the luxury of childcare, our rents were twice as much as people in public housing paid and the military pay was shocking. My husband served 22 years and life wasn’t easy, we were blown up by the IRA, we never knew from one day to the next if we would be posted overseas or within Britain, and so we chose to go to New Zealand and then Australia. Australians work hard, and having experienced life in many countries we need to count our blessings but enough is enough. Each person deserves to be able to be judged on their capacity to work beyond retirement age or even before that. I have a friend who is unable to work aged 66 and yet she is hounded by Centrelink to find a job- this is ridiculou. There are very few jobs in this age group and for those who are fit, certainly not any out there for a woman who suffers acute IBS, incontinence, asthma and has a pace maker. Why not allow her to retire. The other thing is if oldies keep working where are the jobs for younger people coming from?
JS

 

[kevinwoodtufftyke52@gmail]

Who would employ a 60 yr old or older? How many people can work till their 70? Only a desk bound person!

New research suggests that Australian workers may have to stay in the workforce until 70 due to shifting demographics and a growing ageing population. We know that retirement is a well-deserved milestone that many Aussies are eagerly anticipating, so this news might hit particularly hard.

Low birth rates and an ageing population are the core reasons for the recent proposal from Macquarie University's Business School, which suggests Australia should increase the pension age to 70 years by 2050.

Already, senior Australians are grappling with rising eligibility ages for the age pension based on their birthdate. For example, people born between July 1, 1952, and December 31, 1953, can currently receive a pension at the age of 65 years and six months.

However, the age gradually increases for those born later, with people born after January 1, 1957, expected to work until they're 67 before accessing the pension.

View attachment 21191

Australians could face another decade in the workforce after new research found a pension age increase is required. Credit: Unsplash/Philinit.

Professor Hanlin Shang and his co-authors argue that based on their analysis, the pension age should increase three more times in the next 27 years. They propose it should rise to 68 by 2030, to 69 in 2036 and finally to 70 by 2050.

This might sound quite bleak for hardworking Australians, but it's crucial to consider the reasons behind the proposal. The report states that with more people retiring and fewer working-age people to support them, the old age dependency ratio (OADR) will increase, placing an additional burden on the federal budget.

This burden might grow even more, with the number of Australians aged 100 or over predicted to reach 50,000 by 2050. Professor Shang sums it up well, saying, 'As people live longer, there is a longevity risk, and they'll consume more pension from the government.'

But it isn't all doom and gloom! There are alternative solutions to help protect Australians' retirements. According to Professor Shang, our leaders should look overseas for successful examples of government policies. For instance, Canada, Singapore, and South Korea all have policies aimed at increasing birth rates, which could relieve some of the pressure on the ageing population.

The Canadian Government provides affordable childcare at $10 a day, while the South Korean Government offers new parents $10,500 cash grants. Singapore, on the other hand, will be boosting their baby bonus program, paid paternity leave, and tax relief for working mothers in the coming years.

Such policies could provide working Australian parents with opportunities to balance their careers and family life while contributing to more sustainable population growth.

​

But the pension age increase proposal hasn't been well-received by Australia's younger generations.

To quote a frustrated dad of three: 'I'm turning 40 this year. If I can work until 70, it'll be a miracle.'

These frustrations ring particularly true for workers in physically demanding industries, who may find it increasingly challenging to extend their careers beyond their 60s. Another Gen X employee lamented, 'Try and be a tradie at 70.'

Meanwhile, a retired nurse commented on the issue, saying: 'People in their 60s are exhausted, I've got back pain from nursing. I cannot work anymore. People should not have to work in old age.'

Several SDC members have expressed their thoughts on this matter. One member, debjoel21, stated, 'Imagine being a bricklayer until you're 70...no way...'

Meanwhile, another member named Kayer02 shared their personal situation, saying, 'I am 62. Have many medical problems and am unable to drive due to medications and disabilities. However, I can not get any type of pension, I have to go out and find a job. Do you realise how hard it is to get a job at my age, no matter at 70?'

Member Rex Jones also raised an interesting point by suggesting, 'I think that the retirement age should be fitted to the individual. If you are capable of working until you are 70 years of age, then fine, keep working; lots of people want to anyway.'

They further elaborated, saying, 'Some people, however, are not going to be able to work from a much younger age and should not be penalised for that by not being able to receive a pension. Like driving a car, have a doctor decide what capability you have with regards to work and have a payment to compensate those who need it.'

View attachment 21192

Expert modelling suggests that the Australian pension age should be increased to 70 by 2050. Credit: Unsplash/HarlynKingm.

While it's certainly a shock for Australians who have their retirement plans in sight, these ideas and future policies could lead to a more balanced and sustainable Australian society.

Professor Shang's predictions about the future of working Australians might be a bit gloomy, but they are more accurate than the predictions made by former Prime Minister Tony Abbott's treasury.

In 2014, the Liberal party proposed increasing the retirement age much earlier, with plans to raise it by six months every two years starting from July 2025. This would have meant that the age to qualify for a pension would have reached 70 years by July 2035, which is 15 years earlier than what Professor Shang predicted.

Fortunately, former Prime Minister Scott Morrison abandoned this proposed policy in September 2018. Instead, his government, along with the Rudd Labor government, passed laws to increase the pension age to 67 by July this year.

This decision was supported by Eva Scheerlinck, the Chief Executive of the Australian Institute of Superannuation Trustees.

'Retirement income policies need to recognise that many individuals will have a different work pattern and may not necessarily be in a position to choose their own retirement age,' she said.

Key Takeaways

• New modelling suggests that Australia's pension age should increase to 70 years by 2050 due to low birth rates and an ageing population.
• Many working Australians, particularly those in physically demanding jobs, have expressed concerns over the proposal to increase the pension age.
• According to the research, three more pension age increases should occur over the next 27 years to help sustain the livelihoods of elderly unemployed Australians.
• Professor Hanlin Shang suggests that the government could look to policies from Canada, Singapore, and South Korea to increase birth rates and the future workforce, as well as increase the number of migrants welcomed to Australia.

We hope this article has provided some insight into the reasons for this proposal and the potential alternative solutions. Rest assured, we'll keep you updated on any developments that concern your well-deserved retirement plans.

What do you think about this, members? Should the age at which people become eligible for a pension be increased? Or should it stay the same? If it should be increased, what age do you believe would be the most suitable? Share your thoughts in the comments below, and let's have a meaningful discussion!

 

[SGH]

The retirement age is any age you want, the magic pension age in 2050 is 70 years and by that time there will be no pensions. Sometime in the next ten to fifteen years the government expects that we should all be self funded retirees.

 

[Cheezil]

Those coming up with these ludicrous proposals are probably wealthy enough to retire at 50.

Very well said & i bet correct!