Extending Retirement Age

I guess like our country they are hoping that many people will not make it to that age to draw the money. It's not funny and it's a realistic thing. The governments do not want to pay out this money. It's bad enough that when they do the people are living way below the poverty level and can not make enough money on the side to make up enough to even pay what they must every month much less hat they would like to have. Ours was raised from 62 to 67. The government takes more than half of what we make in taxes every year. They line their pockets and the pockets of ones they align themselves with. We are the ones on the losing end and trying to make it from payday to payday. If we lose a check or even part of it we go into a hole that is hard to get out of financially speaking.

I think it is just to reflect the fact that people are living longer than before. In the past people living over 70 may already be rare but now the line is pushing closer to 80. Thus, 65 or 67 really doesn't make much differences now. Consider this, if you are a boss and you have a very talented and experienced staff, wouldn't you want him to be in his position for as long as possible to train your other staffs? In addition, the government wants you to work for 2 more years so that they can collect tax from you for 2 more years. You may argue that you've been paying tax for your whole life already and shouldn't it be a stop now? The truth is, people are living so much longer now than before that the cost of supporting them is on the rise. If the government don't extend the retirement age, they will either have to raise the tax on the whole society (maybe the businesses, maybe the workers) or they will have to cut the benefits to the elderly. Which one would you prefer?

Hi lilaclady, I agree with you that is ridiculous. People should be able to retire and collect a pension at 60 and certainly no older than 65. Of course I don't think that people should be forced to retire but the option should be there. Blessings.

If yours works like ours it must take that long to get the points to retire. Doesn't that mean for the younger people now or is it retro for you folks too? Ugly turn of events. I am so glad I retired early and I don't have to worry about such changes anymore. I wish you well. I think we need afew of the oldsters to stay in the game anyway. So these new dinks how it is done. And the employers probably appreciate having some actual workers too. People live longer now too.

This is my theory on retirement once you have worked for 30 years you shouldn't have to work unless you want to. Its just not fair to so many who work into their sixty then die. The whole retirement system is horrible in the United States as far as I'm concerned.

Not that long ago in human history, the average life expectancy was in the 30's... But now we have so many things to extend our lives, that living into the 100's is no longer such a rare event. Only so many people can live off of the labors of others at one time, and just take a look at how many 'need to have' things we've developed: televisions, cars, regular medical checkups, designer clothing, computers and telephones, prescription glasses... The list of things each person needs to function in a highly industrialized society had grown, and the costs of supporting individuals has risen. Now that it's not as common for 15 years olds to have a job anymore, the need to fund these costs are pushed upward the age bracket. This is what happens when a society/nation decides to pursue socialized retirement. The costs have to be paid from somewhere, and less of the burden is expected to be held by the individual families of the older people.

Here in the US they keep on raising the Retirement age as well for when you can get Social Security, etc. to where eventually there will be nothing left anyways so you will have to work your whole life, and still have nothing to show for it as well. I wish there was a way to change things, but we see people working in their 60s, 70s and even 80s here. I guess it is what works best for them.

Working people contribute more to the government coffers than retired people. As for letting people retire earlier so young people can have their jobs...I don't think that will happen. Some of these people would have had their job for years and some young person simply would not have the experience to take over the work. Of course it's a multi faceted work force we have and pretty difficult to generalise as such.

I completely agree with you lilaclady, and for the life in me, I cannot understand why our Prime Minister has extended the retirement age to 67. I think after working 30-40 years is enough for anyone - give our younger ones a chance I say.

Hello lilaclady, I think it is not a good idea to extend the retirement age. Here in Malaysia, our retirement age is at 55 but at 45, you can opt to retire if you are working as a government staff. For private sectors, the retirement age is set at 55, not more than that. Unfortunately, I am working for Japanese where their retirement age is at 60. I don't think I am going to work that long. Maybe I will choose to retire when I am 55 or maybe 50. My Japanese friend told me once that in Japan, there are less youngsters and so the government decided to let senior citizens to work longer than they suppose to, if they choose to work!

Wow..the age limit seems to increase by the day, I tell you. I feel the plunge too. If only the retirement age is not increased, then it will be more awesome to enjoy our 'old life'. Some don't even have the luxury to enjoy their retirement fund since they are either too sick or die before that age reaches.

Could it be becaue the unemployment benefits goven to young people is less than the benefits given to senior citizens? In other words is the government saving money by doing this?

Hello my friend lilaclady Ji, In our country , different norms are followed. For defense it is maximum 57 yrs now, for teachers, it is 62 yrs, for others it is 60 yrs. For Politicians there is no age bar. I think, one should try and become politician. may god bless you and have a great time.

Probably because they cannot afford social security type benefits. People are living longer and longer on average, and that is costing more money.

my guess and it is a pure guess because I do not live in australia, is because they don't want to pay out old age or social security whatever you call the government pension for seniors, chopping off two year of it gives the government more money

I really don't think they should. Let's face it when you are older it's harder to find employment. If you have worked all your life and you are bless to reach 65 years, you should be able to enjoy the fruits of your labor. I for one have no desire to work that old.

In my home country the retirement age has gone up over the last five years. I agree that unemployment is rising and so it would be better to make retirement age younger not older. I think that 55 or 60 years old would suitable ages for retirement. Many older people would love to retire and younger people would love to have a job. I wonder what the retirement age will be when I reach old age.

I hate to say it but I think my retirement age if I last recalled correctly I could try @ 68 but I'd make out better if I waited til 70. I know here in the US there will be no retirement for my generation. They say to save money for your golden years well how can one these days unless you have a great job & education to go with it to save anything. Then they $crew us into paying into our Social Security system wich they say will be bankrupt by 2016. WELLLLLLLL the government over the years put their hand in to that trust fund because it was so plentiful and wasted on other bullflop and now it's short. I"m sure it's partly due to the "baby boomers" but other than that generation there hasn't been a hike in birth rates since around then due to economy and the shift in society over time. So it's also the "baby boomers" who are draining ours. Sad thing is there are so many older folks that are still working and you know the minute they stop they get sick because they stop moving & pass on. And you know they set up our retirment system based on information from the 1920's as to a person's longevity.... they just assumed by making it 62 that most would not live long enough to recieve benefits but science has definatly put a damper in that lil plan with modern meds people are living alot longer. And as they live longer their medical bills and expenses increase just as the rest of us will when we get there. But I agree if people could retire early then it would free up some jobs in the workforce. However, alot of the people still working know they'd be bored at home, need the income, and or insurance that their company provides.

that will be the ideal thing,the age of retirement is quite short for some people to gather the ideal financial strength that can help them live a good life at their old age, in africa, a lot of government workers do reduce their ages just to beat the retirement age and i dont blame them because they have to feed their families as well

I think its not good to have an age retirement of 65 and above. Though they might have that strong minds even at that old age, they should be retired since we have lots of people awaiting to do that job and much even vulnerable than those who are old enough. One issue regarding those kind of age retirement is that will they deliver their job? Or they might forget something and cannot deliver the work due to old age? I hope in my country, doesn't see that to be passed over the congress though no one have submitted it for review. Having to consider employment needs, we should think that by the age of 55 might be better as a retirement age, having it in age 60 be force retirement. Especially considering health to old age they should be resting and enjoying life rather than be working. There are lots of promising people to hold that job just in case people ahving to retire have done their best as well.