Last week in Australia there was a heap of talk around how the retirement age in Australia should be raised to 70 years of age. Apparently the productivity commission has recommended to the government that they should lift the retirement age, increase taxes and take a slice of a pensioner’s home to pay for Australia’s ageing population.

You know what I say to that – A big fat NO WAY! If these guys in the productivity commission like working so much, then let them work until they die. I for one already think the existing retirement age of 67 is too high, and there is no way in hell that I would support it moving higher.

So you might be wondering why it is that they want to increase the retirement age and what benefits it will achieve? The reason is actually really simple. You see, there are going to be too many people on the pension over the next 30-50 years and not enough people in the workforce to pay for all these government handouts.

In Australia it seems that it doesn’t matter if you are too inept to save for your own retirement, because the government will be there to bail you out. I for one hate this mentality, as there is no incentive for people to look after themselves. People start to believe that they are entitled to these handouts to fund their lifestyle and so the self entitlement complex continues unabated.

The argument that the commission is making is that people are living long and so they should be in the workforce longer as they have more time for retirement. My counter to that point is that I want quality life in retirement, not a life of barely being able to walk and going from health concern to health concern. You see even though people are living longer, most of it is more like a vegetable than someone who is able to go out and enjoy themselves. That for me is not what I want for my retirement, and it is exactly the reason why I refuse to put any additional money in the government sanctioned retirement scheme called superannuation.

Fortunately the government has said that they have no plans on increasing the retirement age despite what the productivity commission has said, but I feel as if it will only be a matter of time and I for one am not planning on betting my entire retirement on the word of the government, particularly when they start to lose a fortune on welfare payments to old people. I would rather see the government reduce it’s expenses instead of looking for additional income by slugging its citizens.

 

Question

What are your thoughts on the retirement age? Do you trust the government to look after you in retirement?