Home > Kev's Blog > 2-May-2014 Retirement Age likely to rise to 70

2-May-2014 Retirement Age likely to rise to 70

Friday 2 May 2014 Leave a comment Go to comments

Today as part of the Federal Budget, the treasurer Joe Hockey announced that for people born after 1965 the retirement age will be raised to 70. This is disappointing on a number of fronts. Mainly as I am born in 1966. Of course being a member of Generation X I had no expectation of anything less – all good things that came before us, free education, secure jobs, free health care, age pensions etc are gradually being whittled away before we get there.

I have no expectation that even when I get to 70 that I will get any aged pension, it will be means tested and anyone over the bare minimum will get nothing.

However even the cushiest jobs, like mine, sitting in an office reading and sending emails, is a big ask for a 70 year old, but anything more manual will be pretty much impossible.

Shame on you Joe Hockey, liberals, Tony Abbott etc. Do I think the other mob will be any better – no not at all. A Pox on all politicians. Can we afford any more wars ? no worries!!!!

Announcement here:

Australians born after 1965 will have to work until they are 70 before they are eligible for the age pension, Treasurer Joe Hockey has announced, as he warned there was “no such thing” as a free visit to a doctor or free welfare.
Mr Hockey confirmed on Friday that while nobody currently on the pension would be hit by a rise in the pension age, the Abbott government would raise the retirement age in coming years.

In what is expected to be his final major speech before handing down his first federal budget on May 13, Mr Hockey said the Coalition would deliver a document that is “not going to be an austerity budget, but it is going to be a prudent budget” which would prepare Australia for the demographic challenges posed by an ageing population.
“What we are going to do is to deliver a fairer system for the aged pension that is going to focus on the sustainability of the system with a reasonable quality of life. The aged pension expenditure today is currently more than we spend on defence,” he said.

“It’s rising to $72 billion rapidly, that’s over 6 per cent growth. One of the reasons why is because we’re ageing … but the pension kicks in currently at 65. When Labor increased it to 67 by 2023 we gave them bipartisan support. When we introduce legislation to increase it to 70 by July 2035, … we expect that there will be bipartisan support. The aged pension needs to be a safety net by 2035, not a cargo net.”

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