Prediction: Pension Age Will Ultimately be Set at 1,000 Years of Age, and Rising, Just to be Sure! By James Reed
Although the constitution prescribes pensions, the founding Fathers did not set out an age for getting it. Thus, to cut costs the trick now is to simply raise the age of getting the pension, which will be 67 years in July. However, studies allegedly show that to be “sustainable” the pension age will need to be raised to 70 years, but there is no fix decision yet when this will be done; sure, this is just testing the water. I suspect soon after the rise to 67 years, maybe a year, it will be up as a live issue. The libs will salivate at the idea. Then, my guess is that given the Australian life expectancy is 83.94 years, they will want to reach that figure and beyond as soon as possible so that there are no pensions. No matter that money is wasted on mass migration, multicult madness and New World Order agenda; that is business as usual in what this place has become.
Thus, it will be, work until you die, only, there will be no jobs. Australia is truly now the unlucky country, as liberties have been allowed to be washed away. How about Aussies get some animal spirits and protest this pension scam as the French have, and are doing?
“Australia’s pension age will rise to 67 on July 1 this year and needs to increase further, new research has found, but it warns it should be a gradual climb spanning decades.
As France braces for more nationwide protests next week over its planned retirement age rise from 62 to 64, a new report by Macquarie University’s Business School says Australia’s pension system will require a pension age of 70 to be sustainable amid a fast-growing group of very old retirees.
However, it says the higher pension age of 70 should not be introduced until 2050, following a rise to 68 by 2030 and 69 by 2036.
“As Australians live longer than before, it presents a challenge to the government to fund retirees through a pension scheme,” said Macquarie University statistician Professor Hanlin Shang.
“Raising the pension age is the obvious way to sustain the current pension scheme without collecting more taxes,” he said.
The report’s suggested time frame for pension age increases is much slower than a 2014 Liberal Government plan to reach 70 by 2035.
That plan was abandoned in 2018, and Professor Shang said it had faced stiff public opposition and claims it was causing anxiety among older people.
He said raising the pension age to 70 by the mid-2030s would be “exceeding the increase in human life expectancy” and his analysis, conducted with Monash University professors Rob J. Hyndman and Yijun Zeng, found a slower gradual rise would sustain the current system without requiring extra federal government input.
“While it’s great that we are living longer, it may not be good for the government pension system.
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“Who would have ever thought there would be so many centenarians? As people live longer, there is a longevity risk and they will consume more pension from the government.”
Professor Shang said government figures showed in 2021 there were 3700 centenarians in Australia, and this was expected to reach 50,000 by 2050.
Social researcher Mark McCrindle said Australia’s pension age would need to increase but “incremental change is the way to go”.
“People live for the present – if it’s happening down the track and if it’s in small steps, we are fine with that,” he said.
“We are living longer than we were a decade ago and the trend continues to point up.”
Mr McCrindle said average life expectancies for all Australians would exceed 85 by 2030, and seniors had more active lifestyles – people in their 80s were getting hip replacements and wanting to do more.
“It’s a good new story that’s driving the ageing of the population,” he said.
“People are active in work later. Because we are in a knowledge economy people can work later and retire later.
“It’s arguable that people’s skill set grows with age in a knowledge economy – their value becomes increased in the workforce as they age.”
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