Working till 70 ? Australia plans to raise retirement age

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Working till 70? Australia plans to raise retirement age

Australia is currently planning on raising the age of retirement to 70 years of age, which would make this the highest retirement age in the world. With advancements in technology and better health care readily available, many people are living longer and elderly populations are on the rise. Due to Australia’s forecasted budget deficit, pushing up the retirement age is thought to decrease the pressure on the state’s budget in the coming years.

As well as that may be, some Australians have been critical of this plan, believing that this will make it harder for young people to break into an industry, and leave older workers unemployed.

In Melbourne, Bernard Salt of KPMG doesn’t see it that way, saying that the current system is no longer appropriate for Australia today and that change is required for the economy to stay afloat.

Australia is unlikely to be the only country to continue raising the age of retirement. Already countries such as Norway and Iceland, have raised their retirement ages to 67.

Pensions are slowly slipping farther away all across the globe, with both taxpayers and pensioners suffering. Relying on the state to support you during retirement is becoming less and less attractive, leading elderly workers to take matters in their own hands and focus on their own personal retirement plan.

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