This was gradually changed to be 65 for everyone. Then the Labor Government increased it to 67 and in April 2014 the Federal Liberal Treasurer Joe Hockey announced the Government’s intention to increase the age of eligibility for the aged pension to 70.
The rationale behind this is that we are living longer on average, and the social security system cannot sustain the current level of payments for a longer period, especially with relatively fewer Australians remaining in the workforce.
I predict that the Australian Government will restrict the age pension to people aged 70 and older.
SPECIAL REPORT “Top 10 Estate Planning Predictions for Australia”
Enjoy this article?
Check out the full report containing all 10 Estate Planning Predictions from senior Australian lawyer Rod Genders. Valuable insights to prepare for the future and help protect yourself, your family and your assets.