Are you prepared to work until you are 70?

[i-need-a-martini]

There is no way I will be. I am not planning to work beyond 55!

But it won't affect people like me will it? I have my own plans and they will be self funded.

So once again, it will be those less fortunate and less able to take care of themselves who will suffer.

[*crikey*mate*]

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@debra9275 wrote:

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@diamond-halo wrote:

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@debra9275 wrote:

Yeah, I get that scenario. My OH is basically a waiter, so whilst rough work, not in the same league as a labourer, but he's pretty much done now at 52. He's a fit boy, but his body is wearing out.

well imagine if he HAD to work till seventy

people get tired you know

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Yeah, as I said there are exceptions, there will always be exceptions.

He's semi retired now, and looking to use the skills he has in a different manner.

No different to what I'm doing really, originally a chef, no way I could go back to that now or do it until I was 60. so change tack is in order.

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there would have to be MANY exceptions. Seniors tend to get more health problems, and seriously I don't think too many in the 60-70 year old age bracket would even consider starting up new business ventures, that's just plain unrealistic

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why would you start to plan ahead at 60?????

where'd anyone say that?

I wholeheartedly agree. very few will find sucess just starting at age 60

Have a read of Richard Branson, have a look what the likes of him have to say.

[nero_bolt]

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@donnashuggy wrote:

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You would agree with anything this government does

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Labor introduced changes in 2009 that will see the pension age rise from 65 to 67 between 2017 and 2023.

So where were you yelling in protest when this happened?

OOHH thats right you weren’t?   

[debra9275]

exactly,, where did anyone say that??... I certainly didn't

my 85 year old father still works, but it's his own business and he can please himself when he goes there

and that is his choice

[ufo_investigations]

Governments and policies keep changing every few years, the government don't give a rats about our welfare. You want to live in comfort when you retire? Do the hard yards now, work two jobs if you have to, and invest at least 10% of your earnings into growth assets, blue-chip shares and property. I've worked with people who rely on next pay day just to pay bills and used to ask me for $20 to get them by.  This guy was more senior than me earning more money and yet owned nothing and spent every cent, never had any money. One day we had a pub meal and he put $200 on a horse and lost. You got to be disciplined with the money you earn even if you earn $30k a year you should invest at least 10%.  Having a high paid job doesn't mean you will have lots of money when you retire, it is all about investing and saving what you have.

[*crikey*mate*]

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@the_great_she_elephant wrote:

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@diamond-halo wrote:

Judges already have a retirement age of 70.

If we are going to get a retirement age of 70, I'm glad that a lot of the manufacturing jobs etc are being phased out. Working those kinds of jobs for that many years is just too much.

and the "less fortunate" (Martinis words) will now be allowed to work longer at a higher wage than the pension would earn them.

There is good in the proposal as well as negatives. Not time for chicken little to dance just yet

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Do you mean they are obliged to work until they are 70, or they are allowed to work until they are 70 - there is a big difference?

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and that's just it she ele.

not everyone wants to retire at 65.

a lot of people like working. Or, like richo above, they like the higher income it affords as opposed to the age pension.

If someone has had a hard life and not managed to save a whole heap for their retirement, they might like to work and earn more money for longer, have a chance to have a few more years to get some money as back up for retirement. Maybe save for that long desired holiday.

a few more years where their wages are just for them and not have to be used to support the kids who are now dependent for longer on their parents.

as I said, there is bad,

But there is good too.

My OH has been semi retired for about 9 months now, and even he was grateful for the influx of work over the summer just gone, as he said, "there's only so long a man can spend fishing and painting the deck"

[debra9275]

but those who are too ill to work during their 60's and haven't accumulated enough wealth to support themselves. What happens to them??

sixty year olds did not have super for all their working lives

[*crikey*mate*]

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@debra9275 wrote:

I think it's most likely choice She-ele. I doubt that they are 'forced' to work until 70

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They don't get full pensions if they retire before 70.

It's 60% of the pension if they retire after 60

Judges (Pensions and Long
Leave) Act 1957
Current as at 29 August 2013

3 Pension of judge retiring at 70
(1) If a judge retires on reaching 70 after serving as a judge for
not less than 5 years, the judge is, subject to subsection (2),
entitled to a pension at a rate equal to 6% of the judge’s salary
for each completed year of service as a judge.
(2) The maximum pension to which the judge is entitled is the
following percentage of the judge’s salary—
(a) if the judge retired before the enactment of the Judges’
Pensions Act Amendment Act 1984—50%;
(b) in any other case—60%.

[*crikey*mate*]

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@debra9275 wrote:

exactly,, where did anyone say that??... I certainly didn't

my 85 year old father still works, but it's his own business and he can please himself when he goes there

and that is his choice

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That's pretty cool, eh?

[donnashuggy]

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@nero_wulf wrote:

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@donnashuggy wrote:

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You would agree with anything this government does

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Labor introduced changes in 2009 that will see the pension age rise from 65 to 67 between 2017 and 2023.

So where were you yelling in protest when this happened?

OOHH thats right you weren’t?   

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No I wasn't but you were.

[*crikey*mate*]

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@debra9275 wrote:

but those who are too ill to work during their 60's and haven't accumulated enough wealth to support themselves. What happens to them??

sixty year olds did not have super for all their working lives

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isn't that where the government payments step in?

If you can't work you get disability pensions or something?