Joe Hockey recently expressed his thoughts that the pension age could rise to 70.
As part of the federal budget talk, Mr Hockey has indicated that he will have to make some tough decisions in this May Budget, which will also be his first budget.
One of those will be that if you are currently working and thinking you can retire at 65, you might have a surprise and have to continue on for another 5 years.
This is partly due to the expected lack of employees available or able to work given the amount of baby boomers retiring from the market place. The other part is the government just using this as a reason to push for more taxes from you for an extra 5 years and not be able to draw a pension from them.
What are your thoughts on having to work till 70? If this is something you are not looking forward to, them you should start thinking about your retirement NOW and we can help you with. As part of our expertise we can help you manage your wealth to be able to retire earlier than expected.
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