- April 23, 2014
- Posted by: Rogers Property Group
- Category: Latest News
Treasurer Joe Hockey has indicated that the age pension may not be sustainable in the longer term. He highlighted the issue that people are now living much longer, in fact 30 years longer from when the age pension was originally set to kick in at 55 years old. The age pension is now set to be accessible at age 67. This is sure to go to 70 in the upcoming years.
Many Australians are accepting this fact. It is really just common economics. You have less people getting taxed and more people getting paid to not work in retirement means that the books will eventually fail to balance. A good example of this is a country like Greece. Very few people actually paying tax but a lot of people getting paid to do nothing and take a pension. In the long run the country just runs out of money and collapses.
Bottom line is that we need to take control of our own destiny and make sure we have enough to give us a comfortable retirement. Get some property investment advice and get started as soon as you can.