At the Seniors Discount Club, we consider managing finances and planning for retirement a key concern for our members. We know you have worked hard to contribute to this nation's prosperity.

Unfortunately, secure and comfortable retirement is becoming more challenging to attain with each passing year. We aim to keep you updated on issues concerning your future security and comfort, and that's just what this article is all about.

Recently, a photograph of a determined Aussie tradie asking a valid question about our nation's retirement age gained attention online—reigniting a long-debated discussion. The photo showcased the tradie's protest against a plan to raise the pension eligibility age, evoking a widespread response from thousands.

The sign reads, 'Only a bloke who's worked in an office his whole life would think you can work until you're 70.'

The spike in retirement age affects not only hard labour workers but also extends to other demographics. Credit: Shutterstock.

The debate gained momentum with the upcoming increase in Australia's pension age to 67 in July, with further speculation about the retirement age possibly rising to 70 by 2050. This spurred a wave of concern amongst the hardworking Aussies, many believing 70 is too long to maintain strenuous work routines.

'I've been a sign painter climbing ladders since I was 16. I'm 67 now and had a hip replacement three years ago due to wear and tear,' one worker shared.

'We need to elect a few tradies into parliament and start getting things back on track,' another expressed, supporting the unheard voices of physical labourers everywhere, suggesting that the retirement age should be even younger.

Their concerns were clear, 'wearing out' and burnout are real, and these aren't just limited to labourers but other professions demanding physical exertion like retail work.

Dr Lisa Denny, a workforce demographer and Adjunct Associate Professor with the Institute for Social Change at the University of Tasmania, shed light on this issue. She spoke about another demographic that needs to brace for an extended career—the young Australians just entering the workforce.

According to her, in the current economic climate, overwhelmed by high inflation, rising rent and interest rates, low wage growth, and cost of living pressure, the ability to contribute more to savings and superannuation is indeed 'severely curtailed'.

'With homeownership being harder these days, the likelihood that younger generations will have to work for longer is pretty high,' Dr Denny explained—a sobering outlook if there ever was one.

A team of academic experts, led by Professor Hanlin Shang from Macquarie University Business School, added to these concerns with the reveal of their report. It suggests three additional increases in the pension age over the next 27 years, aiming for a retirement age of 68 by 2030, 69 by 2036, and eventually 70 by 2050.

Their research highlighted the impacts of Australia's low birth rate on the future workforce.

They warn that fewer people in the working age group and more retirees will increase the old age dependency ratio (OADR), burdening the government pension system. With a higher OADR, fewer working people will support the elderly population.

These pressing issues aren't just confined to tradies or those doing hard physical labour. Now more than ever, it is essential for everyone to plan and prepare for retirement appropriately.

Early planning and saving for the future is essential, regardless of occupation.

For those with children or grandchildren, Dr Denny offered some advice. She urges them to understand what superannuation is for, contribute more, and not wait until they're in their 60s.

'If we don't want to work until we're 70, then we need to make sure we're planning appropriately for that,' she said.

Those approaching retirement today have the benefit of the favourable housing market. She pointed out that 'Homeownership has always been something to help shore up retirement,' and the current retirees might have done well in the housing market, setting themselves up for a more comfortable retirement.

Key Takeaways

• The eligibility age for the Australian pension is set to increase to 67 from July 1st this year, with a suggestion that it may need to rise to 70 by 2050, prompting societal debate.
• The spike in retirement age affects hard labour workers and extends to other demographics.
• Academics led by Professor Hanlin Shang from Macquarie University Business School suggest three additional increases in the pension age over the next 27 years.
• Workforce demographer Dr Lisa Denny argued that younger Australians might have to work for longer due to the difficulty of obtaining homeownership and other economic pressures.

Regarding retirement, it's important to remember that one size doesn't fit all. This complex matter involves several factors, including age, occupation, health, personal savings, and homeownership. It's crucial to be flexible and plan according to individual circumstances, regardless of profession.

In the end, one thing is clear: Australians of all ages need to start planning for their financial futures now more than ever. The trend of increasing retirement age is concerning, and it's time for us to assess our financial plans and adapt them to a potentially longer working life. By doing so, we can ensure a secure and enjoyable retirement!

We'd love to hear your thoughts on this article. Feel free to share them with us in the comments!

 

[KSS]

I think all those lashing out here need to take a deep breath and a step back. When the 'retirement' age was originally set at 65 (and 60 for women) few ever reached that age and of those that did most died after a year or two. What we have now at least 20 years post-retirement and in far better health than ever. 67 is not old age these days and the vast majority of people of that age still have much to offer.

Now of course there will always be people who succumb to health issues at a young age and who should be assisted via welfare payments. No one would begrudge that help. However, 67 is still young and I personally see no reason to whinge about it.

For people in physically challenging jobs like tradies for example, they too should still be working BUT in mentorship and support roles for the young apprentices and even for those starting out in their own small businesses. This training and mentoring should be a natural extension of their skill set meaning they can still work but in less physically challenging roles. We know from research that being employed aids mental health and a sense of purpose, so why not be more creative in finding roles for older workers rather than just exploding with righteous indignation?

 

[KSS]

Well Petra, It was your Lovable Liberals who raised the Pension Age - GOTCH YA !!!! Still Love them as much ???

What an unkind personal remark. Unnecessary.

 

[KSS]

It's a disgrace, by the time you retire at 67 your lucky if you Have any life left in you to enjoy retirement. Take it back 60 and let people enjoy there retirement, there family's, there life most of all....

Actually, that is incorrect but a perpetuated myth. When the retirement age for men was set at 65 few ever reached that age and of those that did most were dead in a year or two. Today people are living 20 years or more AFTER they retire and with greater health than ever before. There is plenty of time to 'enjoy' retirement even with such a modest increase before claiming an age pension.

 

[KSS]

What is interesting here is that most people seem to think Australia has a retirement age. We don't. There is only mandated retirement age for a very few selected occupations, clergy, judges, air traffic controllers and the military come to mind. For everyone else, you can retire whenever you choose or indeed never work a day in your life. However, to do so you will need to be independently financially supporting yourself. Good luck with that.

What Australia actually has is a set age at which you become eligible to apply to be considered for an age pension. We already know that fewer people are eligible for a Government age pension than in the past because of the financial and other criteria that must be met. And as was written in a previous post, the age pension is not a right but a safety net for those unable to help themselves.

 

[Luckyus]

At the Seniors Discount Club, we consider managing finances and planning for retirement a key concern for our members. We know you have worked hard to contribute to this nation's prosperity.

Unfortunately, secure and comfortable retirement is becoming more challenging to attain with each passing year. We aim to keep you updated on issues concerning your future security and comfort, and that's just what this article is all about.

Recently, a photograph of a determined Aussie tradie asking a valid question about our nation's retirement age gained attention online—reigniting a long-debated discussion. The photo showcased the tradie's protest against a plan to raise the pension eligibility age, evoking a widespread response from thousands.

The sign reads, 'Only a bloke who's worked in an office his whole life would think you can work until you're 70.'

View attachment 23742

The spike in retirement age affects not only hard labour workers but also extends to other demographics. Credit: Shutterstock.

The debate gained momentum with the upcoming increase in Australia's pension age to 67 in July, with further speculation about the retirement age possibly rising to 70 by 2050. This spurred a wave of concern amongst the hardworking Aussies, many believing 70 is too long to maintain strenuous work routines.

'I've been a sign painter climbing ladders since I was 16. I'm 67 now and had a hip replacement three years ago due to wear and tear,' one worker shared.

'We need to elect a few tradies into parliament and start getting things back on track,' another expressed, supporting the unheard voices of physical labourers everywhere, suggesting that the retirement age should be even younger.

Their concerns were clear, 'wearing out' and burnout are real, and these aren't just limited to labourers but other professions demanding physical exertion like retail work.

Dr Lisa Denny, a workforce demographer and Adjunct Associate Professor with the Institute for Social Change at the University of Tasmania, shed light on this issue. She spoke about another demographic that needs to brace for an extended career—the young Australians just entering the workforce.

According to her, in the current economic climate, overwhelmed by high inflation, rising rent and interest rates, low wage growth, and cost of living pressure, the ability to contribute more to savings and superannuation is indeed 'severely curtailed'.

'With homeownership being harder these days, the likelihood that younger generations will have to work for longer is pretty high,' Dr Denny explained—a sobering outlook if there ever was one.

A team of academic experts, led by Professor Hanlin Shang from Macquarie University Business School, added to these concerns with the reveal of their report. It suggests three additional increases in the pension age over the next 27 years, aiming for a retirement age of 68 by 2030, 69 by 2036, and eventually 70 by 2050.

Their research highlighted the impacts of Australia's low birth rate on the future workforce.

They warn that fewer people in the working age group and more retirees will increase the old age dependency ratio (OADR), burdening the government pension system. With a higher OADR, fewer working people will support the elderly population.

These pressing issues aren't just confined to tradies or those doing hard physical labour. Now more than ever, it is essential for everyone to plan and prepare for retirement appropriately.

Early planning and saving for the future is essential, regardless of occupation.

For those with children or grandchildren, Dr Denny offered some advice. She urges them to understand what superannuation is for, contribute more, and not wait until they're in their 60s.

'If we don't want to work until we're 70, then we need to make sure we're planning appropriately for that,' she said.

Those approaching retirement today have the benefit of the favourable housing market. She pointed out that 'Homeownership has always been something to help shore up retirement,' and the current retirees might have done well in the housing market, setting themselves up for a more comfortable retirement.

Key Takeaways

• The eligibility age for the Australian pension is set to increase to 67 from July 1st this year, with a suggestion that it may need to rise to 70 by 2050, prompting societal debate.
• The spike in retirement age affects hard labour workers and extends to other demographics.
• Academics led by Professor Hanlin Shang from Macquarie University Business School suggest three additional increases in the pension age over the next 27 years.
• Workforce demographer Dr Lisa Denny argued that younger Australians might have to work for longer due to the difficulty of obtaining homeownership and other economic pressures.

Regarding retirement, it's important to remember that one size doesn't fit all. This complex matter involves several factors, including age, occupation, health, personal savings, and homeownership. It's crucial to be flexible and plan according to individual circumstances, regardless of profession.

In the end, one thing is clear: Australians of all ages need to start planning for their financial futures now more than ever. The trend of increasing retirement age is concerning, and it's time for us to assess our financial plans and adapt them to a potentially longer working life. By doing so, we can ensure a secure and enjoyable retirement!

We'd love to hear your thoughts on this article. Feel free to share them with us in the comments!

It should be a requirement that anybody wanting to join the Labor (labour) have a minimum ten year experience in the work place. I mean work experience that requires an amount of physical Labour.

 

[Catherines]

Somewhere in these comments and the article I believe it has been suggested the young of today should think about their future - saving and putting more into super. They are struggling now to live (albeit also wanting everything that opens and shuts, in some cases). So how are they going to put ‘more’ into their super now. This “live until 70” does not seem like it will be possible and the government better think real hard about having the CentreLink means to support a huge population. Cut out all that funding for the sport and gambling places, even if they bring in money to the economy - it hurts the lives and pockets of civilians.

First, it should be education of how to live and go without that their parents need to instil in them from a very, very young age, instead of giving in to their wants and tantrums. Say ‘NO’ if you haven’t got the money, tantrums be damned!

Something I’ve never understood is why do politicians, especially Prime Ministers on a huge wages and all the privileges that go with that while in government, have to keep getting so many privileges AFTER retiring or being ousted from government. Use your super like the rest of us. Who pays us after we retire then have to use what we’ve saved?

I sympathise with most people and their comments here. In my case I’m extremely lucky that we saved all our lives, don’t qualify for a cent in pension but now have to live off our superannuation ONLY. If push comes to shove and one of us has to go into care later, there goes our super. We’re not millionaires by any means. We don’t splurge on unneeded stuff but a move to care will break us as that is getting so expensive just to pay the bond or entry fees and you still have to keep paying for daily care. We paid our taxes, saved into our super and now get a kick in the backside. WHY, WHY, WHY?

Then, especially, there are the labourers and those that do manual (sometimes also ‘menial’) work and they are being asked to keep going. Again WHY? Their bodies cannot take too much more.

 

[maree12]

At the Seniors Discount Club, we consider managing finances and planning for retirement a key concern for our members. We know you have worked hard to contribute to this nation's prosperity.

Unfortunately, secure and comfortable retirement is becoming more challenging to attain with each passing year. We aim to keep you updated on issues concerning your future security and comfort, and that's just what this article is all about.

Recently, a photograph of a determined Aussie tradie asking a valid question about our nation's retirement age gained attention online—reigniting a long-debated discussion. The photo showcased the tradie's protest against a plan to raise the pension eligibility age, evoking a widespread response from thousands.

The sign reads, 'Only a bloke who's worked in an office his whole life would think you can work until you're 70.'

View attachment 23742

The spike in retirement age affects not only hard labour workers but also extends to other demographics. Credit: Shutterstock.

The debate gained momentum with the upcoming increase in Australia's pension age to 67 in July, with further speculation about the retirement age possibly rising to 70 by 2050. This spurred a wave of concern amongst the hardworking Aussies, many believing 70 is too long to maintain strenuous work routines.

'I've been a sign painter climbing ladders since I was 16. I'm 67 now and had a hip replacement three years ago due to wear and tear,' one worker shared.

'We need to elect a few tradies into parliament and start getting things back on track,' another expressed, supporting the unheard voices of physical labourers everywhere, suggesting that the retirement age should be even younger.

Their concerns were clear, 'wearing out' and burnout are real, and these aren't just limited to labourers but other professions demanding physical exertion like retail work.

Dr Lisa Denny, a workforce demographer and Adjunct Associate Professor with the Institute for Social Change at the University of Tasmania, shed light on this issue. She spoke about another demographic that needs to brace for an extended career—the young Australians just entering the workforce.

According to her, in the current economic climate, overwhelmed by high inflation, rising rent and interest rates, low wage growth, and cost of living pressure, the ability to contribute more to savings and superannuation is indeed 'severely curtailed'.

'With homeownership being harder these days, the likelihood that younger generations will have to work for longer is pretty high,' Dr Denny explained—a sobering outlook if there ever was one.

A team of academic experts, led by Professor Hanlin Shang from Macquarie University Business School, added to these concerns with the reveal of their report. It suggests three additional increases in the pension age over the next 27 years, aiming for a retirement age of 68 by 2030, 69 by 2036, and eventually 70 by 2050.

Their research highlighted the impacts of Australia's low birth rate on the future workforce.

They warn that fewer people in the working age group and more retirees will increase the old age dependency ratio (OADR), burdening the government pension system. With a higher OADR, fewer working people will support the elderly population.

These pressing issues aren't just confined to tradies or those doing hard physical labour. Now more than ever, it is essential for everyone to plan and prepare for retirement appropriately.

Early planning and saving for the future is essential, regardless of occupation.

For those with children or grandchildren, Dr Denny offered some advice. She urges them to understand what superannuation is for, contribute more, and not wait until they're in their 60s.

'If we don't want to work until we're 70, then we need to make sure we're planning appropriately for that,' she said.

Those approaching retirement today have the benefit of the favourable housing market. She pointed out that 'Homeownership has always been something to help shore up retirement,' and the current retirees might have done well in the housing market, setting themselves up for a more comfortable retirement.

Key Takeaways

• The eligibility age for the Australian pension is set to increase to 67 from July 1st this year, with a suggestion that it may need to rise to 70 by 2050, prompting societal debate.
• The spike in retirement age affects hard labour workers and extends to other demographics.
• Academics led by Professor Hanlin Shang from Macquarie University Business School suggest three additional increases in the pension age over the next 27 years.
• Workforce demographer Dr Lisa Denny argued that younger Australians might have to work for longer due to the difficulty of obtaining homeownership and other economic pressures.

Regarding retirement, it's important to remember that one size doesn't fit all. This complex matter involves several factors, including age, occupation, health, personal savings, and homeownership. It's crucial to be flexible and plan according to individual circumstances, regardless of profession.

In the end, one thing is clear: Australians of all ages need to start planning for their financial futures now more than ever. The trend of increasing retirement age is concerning, and it's time for us to assess our financial plans and adapt them to a potentially longer working life. By doing so, we can ensure a secure and enjoyable retirement!

We'd love to hear your thoughts on this article. Feel free to share them with us in the comments!

I agree for a blue collar worker, 70 is an unreasonable retirement age. I was always an office worker, as well as a waitress, and I thoroughly planned to work until at least 65, so 70 retiremenrt would have been a welcome new ruling. In the end I had to retire @38 due to a brain injury. But we all know how long we are capable of carrying on doing the job were are in, and for many of us, working keeps us physically and cognitively healthy, which is of far greater value than being able to pick up a pension to cruise through the next 20 years. However, the older workers remaining in the workforce could mean that younger adults might find it harder to get a good job at a time when it is essential to have a good income to be able to buy a house (NOT a McMansion) and to bring up kids.

 

[GillyH]

The public recently went on strike in France due to their President dare raise the retirement age up to 64! Maybe we need to follow suite? I am currently 60, work 3 full days a week doing a physical job. I am hoping I will only have 2 more years in the workforce. I want to enjoy my retirement while I still can get around with relative ease.

 

[GillyH]

Somewhere in these comments and the article I believe it has been suggested the young of today should think about their future - saving and putting more into super. They are struggling now to live (albeit also wanting everything that opens and shuts, in some cases). So how are they going to put ‘more’ into their super now. This “live until 70” does not seem like it will be possible and the government better think real hard about having the CentreLink means to support a huge population. Cut out all that funding for the sport and gambling places, even if they bring in money to the economy - it hurts the lives and pockets of civilians.

First, it should be education of how to live and go without that their parents need to instil in them from a very, very young age, instead of giving in to their wants and tantrums. Say ‘NO’ if you haven’t got the money, tantrums be damned!

Something I’ve never understood is why do politicians, especially Prime Ministers on a huge wages and all the privileges that go with that while in government, have to keep getting so many privileges AFTER retiring or being ousted from government. Use your super like the rest of us. Who pays us after we retire then have to use what we’ve saved?

I sympathise with most people and their comments here. In my case I’m extremely lucky that we saved all our lives, don’t qualify for a cent in pension but now have to live off our superannuation ONLY. If push comes to shove and one of us has to go into care later, there goes our super. We’re not millionaires by any means. We don’t splurge on unneeded stuff but a move to care will break us as that is getting so expensive just to pay the bond or entry fees and you still have to keep paying for daily care. We paid our taxes, saved into our super and now get a kick in the backside. WHY, WHY, WHY?

Then, especially, there are the labourers and those that do manual (sometimes also ‘menial’) work and they are being asked to keep going. Again WHY? Their bodies cannot take too much more.

Totally agree with these Politicians should live off their SUPER not get all the benefits & privileges continuing after they retire. They have had a good run with wages!

 

[Cheezil]

Sad really that this, like most issues affecting us oldies (), automatically generates collective blame on the government of the moment. We all need to wake up to the fact that, regardless of who is in power at any given time, ALL politicians need to be made aware of what the people want. Trying to lay blame on one particular party is counter productive. Make ALL politicians aware that we, the public of all ages, are fed up with excuses.
If they want our votes they have to start offering us the opportunity to engage in the decision making. Instead of a referendum on the Voice, perhaps a referendum on the retirement age. What about one on the perks they continually lavish on themselves.

Well said!

 

[Cheezil]

Messed up big time! And now hard working tax payers are paying the price for their mistakes! Stop the handouts to those who are draining the funds & aren't deserving! The system is or at least has been way to easy to rip off! I know quite a few who collect Clink payments that probably could be working/paying taxes etc but wont/dont want to/want the easy ride & they get away with it & to rub salt in the wounds seem to be able to afford a lot more things than i can working my arse off 45 or so hours per week!
Lower pension age, not raise it!

 

[joshram]

Sad really that this, like most issues affecting us oldies (), automatically generates collective blame on the government of the moment. We all need to wake up to the fact that, regardless of who is in power at any given time, ALL politicians need to be made aware of what the people want. Trying to lay blame on one particular party is counter productive. Make ALL politicians aware that we, the public of all ages, are fed up with excuses.
If they want our votes they have to start offering us the opportunity to engage in the decision making. Instead of a referendum on the Voice, perhaps a referendum on the retirement age. What about one on the perks they continually lavish on themselves.

"Trying to lay blame on one particular party is counter productive. Make ALL politicians aware that we, the public of all ages, are fed up with excuses." Yet we keep voting them in. On the other hand, perhaps all those who complain about politicians ought to seek being elected.

 

[Cool Lynda]

At the Seniors Discount Club, we consider managing finances and planning for retirement a key concern for our members. We know you have worked hard to contribute to this nation's prosperity.

Unfortunately, secure and comfortable retirement is becoming more challenging to attain with each passing year. We aim to keep you updated on issues concerning your future security and comfort, and that's just what this article is all about.

Recently, a photograph of a determined Aussie tradie asking a valid question about our nation's retirement age gained attention online—reigniting a long-debated discussion. The photo showcased the tradie's protest against a plan to raise the pension eligibility age, evoking a widespread response from thousands.

The sign reads, 'Only a bloke who's worked in an office his whole life would think you can work until you're 70.'

View attachment 23742

The spike in retirement age affects not only hard labour workers but also extends to other demographics. Credit: Shutterstock.

The debate gained momentum with the upcoming increase in Australia's pension age to 67 in July, with further speculation about the retirement age possibly rising to 70 by 2050. This spurred a wave of concern amongst the hardworking Aussies, many believing 70 is too long to maintain strenuous work routines.

'I've been a sign painter climbing ladders since I was 16. I'm 67 now and had a hip replacement three years ago due to wear and tear,' one worker shared.

'We need to elect a few tradies into parliament and start getting things back on track,' another expressed, supporting the unheard voices of physical labourers everywhere, suggesting that the retirement age should be even younger.

Their concerns were clear, 'wearing out' and burnout are real, and these aren't just limited to labourers but other professions demanding physical exertion like retail work.

Dr Lisa Denny, a workforce demographer and Adjunct Associate Professor with the Institute for Social Change at the University of Tasmania, shed light on this issue. She spoke about another demographic that needs to brace for an extended career—the young Australians just entering the workforce.

According to her, in the current economic climate, overwhelmed by high inflation, rising rent and interest rates, low wage growth, and cost of living pressure, the ability to contribute more to savings and superannuation is indeed 'severely curtailed'.

'With homeownership being harder these days, the likelihood that younger generations will have to work for longer is pretty high,' Dr Denny explained—a sobering outlook if there ever was one.

A team of academic experts, led by Professor Hanlin Shang from Macquarie University Business School, added to these concerns with the reveal of their report. It suggests three additional increases in the pension age over the next 27 years, aiming for a retirement age of 68 by 2030, 69 by 2036, and eventually 70 by 2050.

Their research highlighted the impacts of Australia's low birth rate on the future workforce.

They warn that fewer people in the working age group and more retirees will increase the old age dependency ratio (OADR), burdening the government pension system. With a higher OADR, fewer working people will support the elderly population.

These pressing issues aren't just confined to tradies or those doing hard physical labour. Now more than ever, it is essential for everyone to plan and prepare for retirement appropriately.

Early planning and saving for the future is essential, regardless of occupation.

For those with children or grandchildren, Dr Denny offered some advice. She urges them to understand what superannuation is for, contribute more, and not wait until they're in their 60s.

'If we don't want to work until we're 70, then we need to make sure we're planning appropriately for that,' she said.

Those approaching retirement today have the benefit of the favourable housing market. She pointed out that 'Homeownership has always been something to help shore up retirement,' and the current retirees might have done well in the housing market, setting themselves up for a more comfortable retirement.

Key Takeaways

• The eligibility age for the Australian pension is set to increase to 67 from July 1st this year, with a suggestion that it may need to rise to 70 by 2050, prompting societal debate.
• The spike in retirement age affects hard labour workers and extends to other demographics.
• Academics led by Professor Hanlin Shang from Macquarie University Business School suggest three additional increases in the pension age over the next 27 years.
• Workforce demographer Dr Lisa Denny argued that younger Australians might have to work for longer due to the difficulty of obtaining homeownership and other economic pressures.

Regarding retirement, it's important to remember that one size doesn't fit all. This complex matter involves several factors, including age, occupation, health, personal savings, and homeownership. It's crucial to be flexible and plan according to individual circumstances, regardless of profession.

In the end, one thing is clear: Australians of all ages need to start planning for their financial futures now more than ever. The trend of increasing retirement age is concerning, and it's time for us to assess our financial plans and adapt them to a potentially longer working life. By doing so, we can ensure a secure and enjoyable retirement!

We'd love to hear your thoughts on this article. Feel free to share them with us in the comments!

When I was younger, men retired at 65 and women, at 60.
I had to wait until I was 65.5, to receive aged pension.
I see no end to it.

 

[maree12]

Somewhere in these comments and the article I believe it has been suggested the young of today should think about their future - saving and putting more into super. They are struggling now to live (albeit also wanting everything that opens and shuts, in some cases). So how are they going to put ‘more’ into their super now. This “live until 70” does not seem like it will be possible and the government better think real hard about having the CentreLink means to support a huge population. Cut out all that funding for the sport and gambling places, even if they bring in money to the economy - it hurts the lives and pockets of civilians.

First, it should be education of how to live and go without that their parents need to instil in them from a very, very young age, instead of giving in to their wants and tantrums. Say ‘NO’ if you haven’t got the money, tantrums be damned!

Something I’ve never understood is why do politicians, especially Prime Ministers on a huge wages and all the privileges that go with that while in government, have to keep getting so many privileges AFTER retiring or being ousted from government. Use your super like the rest of us. Who pays us after we retire then have to use what we’ve saved?

I sympathise with most people and their comments here. In my case I’m extremely lucky that we saved all our lives, don’t qualify for a cent in pension but now have to live off our superannuation ONLY. If push comes to shove and one of us has to go into care later, there goes our super. We’re not millionaires by any means. We don’t splurge on unneeded stuff but a move to care will break us as that is getting so expensive just to pay the bond or entry fees and you still have to keep paying for daily care. We paid our taxes, saved into our super and now get a kick in the backside. WHY, WHY, WHY?

Then, especially, there are the labourers and those that do manual (sometimes also ‘menial’) work and they are being asked to keep going. Again WHY? Their bodies cannot take too much more.

You sound so very like my immediate family. Mum stopped work at 27 when she was pregnant with my brother and did not expect her job to be held over for her. My Dad continued working till he was 72, whilst, in his last years, dealing with asthma. He retired with a reasonable super payout, which he took to manage himself, so, of course, despite all the income tax he had paid through his working life, neither qualified for a pension. So he managed their money, and sadly, invested in some scams so lost many thousands of dollars, the stress of which, I believe, helped to bring on dementia in him in his later years. But they carried on as they did as young adults, during the years of the depression, with mom managing their household budget, saving money when she went shopping by buying at the discount green grocers, and watching the catalogues for specials, they never had a house cleaner, good heavens no, they considered that a waste of money when THEY were quite capable. The only "benefit" they got was the Seniors Card, which did help with the medications that Dad needed. They had enough behind them to buy into a nursing home, but they may not have had sufficient to pay the ongoing costs, despite, like you, working all their lives, paying a heap of income tax, and rightly expecting the government would take care of them when they could not work and earn a decent wage.
I get so angry when I hear the bleating about "the poor pensioner" it is the poor self funded retiree who has it hard, but they are seen as being rich so no sympathy is wasted on them.

 

[Shane/#]

At the Seniors Discount Club, we consider managing finances and planning for retirement a key concern for our members. We know you have worked hard to contribute to this nation's prosperity.

Unfortunately, secure and comfortable retirement is becoming more challenging to attain with each passing year. We aim to keep you updated on issues concerning your future security and comfort, and that's just what this article is all about.

Recently, a photograph of a determined Aussie tradie asking a valid question about our nation's retirement age gained attention online—reigniting a long-debated discussion. The photo showcased the tradie's protest against a plan to raise the pension eligibility age, evoking a widespread response from thousands.

The sign reads, 'Only a bloke who's worked in an office his whole life would think you can work until you're 70.'

View attachment 23742

The spike in retirement age affects not only hard labour workers but also extends to other demographics. Credit: Shutterstock.

The debate gained momentum with the upcoming increase in Australia's pension age to 67 in July, with further speculation about the retirement age possibly rising to 70 by 2050. This spurred a wave of concern amongst the hardworking Aussies, many believing 70 is too long to maintain strenuous work routines.

'I've been a sign painter climbing ladders since I was 16. I'm 67 now and had a hip replacement three years ago due to wear and tear,' one worker shared.

'We need to elect a few tradies into parliament and start getting things back on track,' another expressed, supporting the unheard voices of physical labourers everywhere, suggesting that the retirement age should be even younger.

Their concerns were clear, 'wearing out' and burnout are real, and these aren't just limited to labourers but other professions demanding physical exertion like retail work.

Dr Lisa Denny, a workforce demographer and Adjunct Associate Professor with the Institute for Social Change at the University of Tasmania, shed light on this issue. She spoke about another demographic that needs to brace for an extended career—the young Australians just entering the workforce.

According to her, in the current economic climate, overwhelmed by high inflation, rising rent and interest rates, low wage growth, and cost of living pressure, the ability to contribute more to savings and superannuation is indeed 'severely curtailed'.

'With homeownership being harder these days, the likelihood that younger generations will have to work for longer is pretty high,' Dr Denny explained—a sobering outlook if there ever was one.

A team of academic experts, led by Professor Hanlin Shang from Macquarie University Business School, added to these concerns with the reveal of their report. It suggests three additional increases in the pension age over the next 27 years, aiming for a retirement age of 68 by 2030, 69 by 2036, and eventually 70 by 2050.

Their research highlighted the impacts of Australia's low birth rate on the future workforce.

They warn that fewer people in the working age group and more retirees will increase the old age dependency ratio (OADR), burdening the government pension system. With a higher OADR, fewer working people will support the elderly population.

These pressing issues aren't just confined to tradies or those doing hard physical labour. Now more than ever, it is essential for everyone to plan and prepare for retirement appropriately.

Early planning and saving for the future is essential, regardless of occupation.

For those with children or grandchildren, Dr Denny offered some advice. She urges them to understand what superannuation is for, contribute more, and not wait until they're in their 60s.

'If we don't want to work until we're 70, then we need to make sure we're planning appropriately for that,' she said.

Those approaching retirement today have the benefit of the favourable housing market. She pointed out that 'Homeownership has always been something to help shore up retirement,' and the current retirees might have done well in the housing market, setting themselves up for a more comfortable retirement.

Key Takeaways

• The eligibility age for the Australian pension is set to increase to 67 from July 1st this year, with a suggestion that it may need to rise to 70 by 2050, prompting societal debate.
• The spike in retirement age affects hard labour workers and extends to other demographics.
• Academics led by Professor Hanlin Shang from Macquarie University Business School suggest three additional increases in the pension age over the next 27 years.
• Workforce demographer Dr Lisa Denny argued that younger Australians might have to work for longer due to the difficulty of obtaining homeownership and other economic pressures.

Regarding retirement, it's important to remember that one size doesn't fit all. This complex matter involves several factors, including age, occupation, health, personal savings, and homeownership. It's crucial to be flexible and plan according to individual circumstances, regardless of profession.

In the end, one thing is clear: Australians of all ages need to start planning for their financial futures now more than ever. The trend of increasing retirement age is concerning, and it's time for us to assess our financial plans and adapt them to a potentially longer working life. By doing so, we can ensure a secure and enjoyable retirement!

We'd love to hear your thoughts on this article. Feel free to share them with us in the comments!

This idea of working longer was a Liberal government deal and another idea back in the Howard government year's he made an agreement with resources multinational companies minor tax to be payed on gas,oils etc instead of implementing royalties like other countries that have a great pension system, health system funded from these royalties instead of giving away our countries resources for minimal cost and guess what zero to no tax on the multi billion dollar companies look it up how much the companies pay in taxes

 

[Alicat09]

Well Petra, It was your Lovable Liberals who raised the Pension Age - GOTCH YA !!!! Still Love them as much ???

I believe it was Labor that raised the pension from 65 to 67 supported by the LNP. The LNP spoke about raising it to 70 but dropped the idea when they realised it was unpopular and Labour would not support it.

 

[Marj53]

The government has been talking about this for years. Long before this government. I actually thought they had raised it a long time ago. So wrong . If you can and still want to WANT to work longer go for it. If not it should not be forced.