Getting to know the question if Australians will soon be working till 70 has really taken center stage in national debates. As life expectancy grows longer and the population gets older, policy makers now reconsider the notion of retirement. In face of economic sustainability and superannuation shortfalls, the Retirement Age, indeed, is considered worthy of being extended.
Why the Retirement Age Could Go Up
Currently, Australia’s retirement age, or age of pension access, stands at 67 for anyone born after 1957. But with great economic weight on his back, a government begins to look at the possibilities of raising it to 70 sometime soon.
With human life being longer and healthier these days, it is understandable that argument stands that they can stay productive for more years. While at the same time, the government has the problem of handling the mounting financial burden of an ageing population, with one set drawing pensions and fewer younger ones through taxes supporting the system.
The Impact on Workers and the Workforce
Working till 70 is a scary prospect for many Australians, especially those in some physically demanding jobs.