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!

 

[Moses1]

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!

I worked till I was 72 and could have gone on working longer if I wanted to. However, it really depends on the type of work you are doing, it's hard to work in some jobs after you have turn 60.

 

[Toyo]

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.

 

[Malcolm #1]

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.

 

[Bill MacL]

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!

How about we all become Politicians, then we can retire on full pensions after working or doing whatever it is that Politicians do, for less than 10 years.

 

[Bernice S]

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 aand vehiclespension 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!

If this is to be introduced then it should apply to ALL people including politicians. No more political perks for our pollies after they retire from parliament. How many retired politicians are sucking us dry by collecting to save pensions and working high pay jobs at the same time? Free flights and tax funded offices aetc. It's time for the government to look in its own back yard if it is trying to save money.

 

[Big John M]

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!

Increasing the age is a must. Millennials, Gen X, Y and Z are being looked after now in their early years of their lives. Now concerned that there is payback in the latter part of life.
They have to remember that the Baby Boomers weren’t supported with payments for ‘child care’, ‘tax concessions’, ‘maternity leave for both men and women’ and the list goes on.
Then there is the low interest rates 3 to 4% as compared to 8 to 18% we had to deal with. And don’t bring up the ‘but they cannot afford to pay the $800K to $1,200K price tag. They have to learn to live within their means, the same as we had too.
And that means not expecting to buy their first home with everything they want in it.
It took 8 years before we had floor coverings, curtains and all internal painting complete. Fences, concrete driveway, concrete under the house, lawns etc were completed as finances allowed.
And still today, I do not have some of the comforts that most if not all the younger generations expect to have as a starting point.
SO younger generations, STOP THE WHINGE on TWITTER about having to support the older generation, for they supported you growing up.
It is payback of some of the HANDOUTS you get from government (the taxpayers) now.

OH, the other big issue that has to be addressed is, the EXCESSIVE SUPER PAID TO POLITICIANS and total disregard of when they can receive the GOLDEN EGG from the taxpayer.

 

[Bill MacL]

Increasing the age is a must. Millennials, Gen X, Y and Z are being looked after now in their early years of their lives. Now concerned that there is payback in the latter part of life.
They have to remember that the Baby Boomers weren’t supported with payments for ‘child care’, ‘tax concessions’, ‘maternity leave for both men and women’ and the list goes on.
Then there is the low interest rates 3 to 4% as compared to 8 to 18% we had to deal with. And don’t bring up the ‘but they cannot afford to pay the $800K to $1,200K price tag. They have to learn to live within their means, the same as we had too.
And that means not expecting to buy their first home with everything they want in it.
It took 8 years before we had floor coverings, curtains and all internal painting complete. Fences, concrete driveway, concrete under the house, lawns etc were completed as finances allowed.
And still today, I do not have some of the comforts that most if not all the younger generations expect to have as a starting point.
SO younger generations, STOP THE WHINGE on TWITTER about having to support the older generation, for they supported you growing up.
It is payback of some of the HANDOUTS you get from government (the taxpayers) now.

OH, the other big issue that has to be addressed is, the EXCESSIVE SUPER PAID TO POLITICIANS and total disregard of when they can receive the GOLDEN EGG from the taxpayer.

Well said

 

[cjw1960]

Hang on a minute. Government staff are not expected to work many years same as Prime Ministers or Premiers. They only work for around 7 years then they get a full pension plus their super and retire. Why can’t it be the same for us? Why should we have to work our entire lives then drop dead just to keep the younger ones in their roles as dole recipients! AND don’t get any life at all just work then die.
Gloomy prospect!!

 

[NTSmith]

On so many levels this is wrong!
The people making these decisions need to walk in the shoes of those in the construction industries for a month, concreter, plumbers, sparkies just to name some that work upto 12hr days on their knees for hour's at a time let alone the childcare sector. Then have they considered that the primary carer that stays home to raise their children miss out on thousands of dollars in their super during these important years! I can't access the pension until I'm 67 but due to stress & health from working in childcare for 20 yrs needed to finish early as did my husband who worked as a mechanic for years then truck driving & combining our super's have relied on a stream income from our superannuation to supplement our income which will be all gone by next year when I turn 67 so will have nothing left! There's no common sence only number crunching!
Pat Smith

 

[annvic]

Thats the trouble - those politicians have NO idea whats it like to not be able to work. They are always living in their cloudspace. They think by dialing up the age of retirement is like playing a game of dice and HECK about the consequences of the older people.
If they are playing a game - why stop at 70 ? keep it going to stop at 75-80-85. I will remember this during voting time.
Maybe if we stop politicians perks we could keep the support for the elderly pensioners. Bet you anything those politicians wont touch that topic at all.

 

[Luckyus]

In 2050 I doub

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!

At 2050 I doubt I'll bloody care

 

[Trudi]

Hang on a minute. Government staff are not expected to work many years same as Prime Ministers or Premiers. They only work for around 7 years then they get a full pension plus their super and retire. Why can’t it be the same for us? Why should we have to work our entire lives then drop dead just to keep the younger ones in their roles as dole recipients! AND don’t get any life at all just work then die.
Gloomy prospect!!

I don't know where you get your information from, but you are WRONG!

 

[Trudi]

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!

 

[AlanQ]

(if these story is true). Apart from the FACT that superannuation is not an investment it's a tax scheme. Anyone eligible to be registered on this site will not be impacted by any change to eligibility to get the aged pension there is NOTHING stopping people from retiring at 60, that's the age that you can start to draw down superannuation. This idea that super has to be preserved as an inheritance to leave your estate was never what super was meant to be for. Use your super. Then once it's down to the amount that will make you eligible for the aged pension.

 

[AlanQ]

I don't know where you get your information from, but you are WRONG!

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.

 

[AlanQ]

Hang on a minute. Government staff are not expected to work many years same as Prime Ministers or Premiers. They only work for around 7 years then they get a full pension plus their super and retire. Why can’t it be the same for us? Why should we have to work our entire lives then drop dead just to keep the younger ones in their roles as dole recipients! AND don’t get any life at all just work then die.
Gloomy p

Hang on a minute. Government staff are not expected to work many years same as Prime Ministers or Premiers. They only work for around 7 years then they get a full pension plus their super and retire. Why can’t it be the same for us? Why should we have to work our entire lives then drop dead just to keep the younger ones in their roles as dole recipients! AND don’t get any life at all just work then die.
Gloomy prospect!!

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.

 

[1955]

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!

I Don’t agree

 

[Trudi]

(if these story is true). Apart from the FACT that superannuation is not an investment it's a tax scheme. Anyone eligible to be registered on this site will not be impacted by any change to eligibility to get the aged pension there is NOTHING stopping people from retiring at 60, that's the age that you can start to draw down superannuation. This idea that super has to be preserved as an inheritance to leave your estate was never what super was meant to be for. Use your super. Then once it's down to the amount that will make you eligible for the aged pension.

As an accountant I am puzzled by your claim that superannuation is a "tax scheme". It is an INVESTMENT VEHICLE!

 

[Mindygirl12022]

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!

NO. If a person chooses to go on working it should be up to them. There are also some jobs that would be considered too physically difficult for a person of 65 plus.