The facts of Australia’s ageing population are stark: around 13.5% are currently aged 65 and over, but by 2050 this age group will make up almost 23% of the population. There will be just 2.7 people of working age (15-64) compared to five now, for each Australian aged 65 years and over.
Taxation, social spending and economic growth are set to feel the pressure of the growing aged population, according to the last Treasury Intergenerational Report.
One response to these pressures is to require older people to work for longer. The eligibility age for the means-tested age pension increases from 65 to 67 by 2023, affecting everyone born after July 1 1952. The preservation age for superannuation increases from 55 to 60 years and affects everyone born after July 1 1960.
Read the full article on The Conversation.