All the current Boomers will be over 70 by 2035 as the youngest of them are 50 this year (and the older ones 68) so this decision is more for the X generationers ( 35 to 49) and even the Y ‘s ( 20 to 34) so do we really need to do it? I think not. If the Boomers are already retired then the 70 limit will only penalise the younger generations who will already have good superannuation to live on by that year (if the industry stays true) so they wont be the burden we will be on government coffers.
Surely a better route to take would be to increase employer and employee contributions to achieve the 17-18% superannuation contribution level recommended by economists (only 9% now) that will be needed for us to sustain our old age by that time and therefore leave retirement at 67.
The government could also legislate to stop any creative accounting by the younger generations so that they were still eligible for pension at 67 even with their generous accumulated superannuation so that the pension is a safety net only at that stage for those who have little or no wealth due to circumstances beyond their control- illness, accident or disability.
Finally, readers of my web sitewww.bonza.com.au are adamant they want a referendum for euthanasia soon as possible so we can have more control over our future and not linger on bed ridden in our old age.
That would also reduce costs for government substantially as my doctor tells me that more is spent on us in our final year of life than on all the previous years of our lifetime health care.