Increasing the age pension age to 70

April 24, 2014
Jason Sibio

Do you want to work until you’re 70?

For many Australians in their 40s or younger, working until they are 70 years old is a real possibility.

Australia is experiencing a demographic shift as the population ages and people live longer.  What this means in the long term is there will be more people on the age pension for longer. Somebody has to pay for this.

Realising this trend, the previous government announced that the age pension qualifying age would increase from 65 to 67 by July 2023. Now the signs are that the government could lift the qualifying age to 70.

So what can you do about it?

The first thing is to sit down with a qualified financial adviser, such as myself and map out a plan to prepare for your retirement. This will give you the best chance of comfortably retiring on your own terms and not needing to rely on the age pension.

The scary fact is that less than 40% of the adult population has seen a financial adviser.*

This means that 3 out 5 adult Australians are either doing it themselves or have the ‘she’ll be right’ attitude.

If this is you then I can help you get on the path to a better retirement future.

For a complimentary chat about your retirement plans, call me today on 03 9432 6070 or visit my website and click on the ‘contact us’ tab at the top of the page.

Jason Sibio - BBus ADFP - Financial Adviser
Mortgage Choice Fianancial Planning
Authorised Rep No 449850

* ASIC submission to the 2014 Financial System Enquiry

Posted in: Financial planning

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