Pension on fast track to 70

The Weekend Australian headlines suggest that by 2029 the government will have crept the retirement age to 70 years. I read that both Liberal and Labor treasurers believe pushing the retirement age will improve the sustainability of the Australian pension system in the face of improvements in life expectancy.

That’s fair enough for me, because as long as I am not shuffling around a nursing home, eating mash everything, wearing a nappy and painting the walls my poo. I intend to meaningfully continue to contribute to society with gainful employment

A few weeks ago, I went for a bike ride and had to push myself to keep up with the pack leader, who is just one year short of the current retirement age. I expect he will be going strong at 70, 80 and maybe 90.

Then I thought about some of the older than me people I have seen in clinic in the last week, some will probably reached the end of their telomeres by 65 let alone 70.

But how does Treasury’s theory account for those more weathered by the morbidity of aging?

I fear that in years to come I will be filling in even more TDRs to support disability pension claims for those whose health failure predates 70.

Just another symptoms of a society arbitrarily demarcated by chronology and gender rather more selective criteria. Like start school at 5, driving at 17…….

I wonder what would happen if I were to suggest  that women should retire latter?

 

life chartlife expectancy

 

PS

You may have read in the same article the Joe Hockey quote that one in every three children born today will live to 100. I’m not sure where he gets his statistics from but from looking at ABS data it is closer t 1% rather than 33%

 

 

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