Australian Pension Scheme in dire straits

[UserRequested]

AUSTRALIANS need to keep working rather than retire at 65 because Baby Boomers reaching the pension age are intensifying pressure on the nation's finances, Ageing Minister Mark Butler says.

Baby Boomers 'can't retire at 65', must keep working longer, says Ageing Minister Mark Butler | adelaidenow

Sorry Mark - I've paid my dues and will not be entitled to the pension anyway.

 

[bondi688]

Maybe the sale of canned cat food will go up when pension is cut back.

 

[UserRequested]

Maybe the sale of canned cat food will go up when pension is cut back.

No need for that, we have plenty of kangaroos and koalas in the backyard if we're desparate

 

[Nemo2]

No need for that, we have plenty of kangaroos and koalas in the backyard if we're desparate

Throw another yabby on the barbie.

 

[JoeWras]

One of the comments mentioned the real reason for this comment by the Minister. Loss of tax revenue.

Here in the good old USA, we have the same problem. And now we've started raising income taxes again. That's going to work against incentives to keep working. ER will look better all the time.

 

[Helen]

ER will look better all the time.

As if that's even possible...

 

[BLS53]

I see in the article the Australian Minister, was born in 1970. The same as Paul Ryan. Seems to be a mindset among this age group. I hope I'm taking a dirt nap before they gain widespread power. It won't be a good time to be elderly.

 

[rbmrtn]

Anyone remember this movie... 30 was mandatory retirement, 35 you were rounded up and sent to reeducation camps.

Wild in the Streets - Wikipedia, the free encyclopedia

 

[UserRequested]

. I hope I'm taking a dirt nap before they gain widespread power. It won't be a good time to be elderly.

Agree. If they need more taxpayers, there is every chance they may disincentivise RE's by direct taxation on income or wealth.
If that happens, it may be time to look for greener pastures.

 

[MichaelB]

This topic is interesting, so lets try to avoid partisan comments and views.

 

[JoeWras]

When "those in power" (pick your country, party, and cultural name for politician) start talking like this, then these are the fears that well up:

• Net worth tax
• "Passive income" tax increase. Not necessarily the USA IRS definition, but rather income gained from means other than a direct or implied employment contract between you and an employer.
• Net worth means testing for medical and retirement
• Retirement fund aggregation. Hey, let's take all that money you earned and are managing and pool it together so the gvmt can take good care of it for you.
• Increasing eligibility ages

They would all hit ERs hard.