Hockey signals pension age might climb to 70

The very reason we are working towards an equity release model that has no debt structure but enables home-owners to use the equity in their home to help fund aged care needs. A figure suggests as high as 80% of senior Australians own their home. Such an equity release would enable them to stay in their home whilst accessing some of that equity. With concessions to use ones own equity as an offset to a reduced pension combined with pushing out the pension a year or two, the problem may be solved for the current baby boomer generation. Gen X and Gen Y should be far better equipped in terms of financial independence with their super, so perhaps only a 30 year problem. Obviously people in manual employment (eg tradesmen) may find it difficult to work any longer than 65 and that group should be carved out of this structure. Not sure why contribution ceiling for super is so low when the whole idea should be to encourage financial self sufficiency in retirement.

Obviously those with Industry Super only who have enjoyed medium to low wages through working life will have to use their accumulated super starting from age 60 to 65 to exist, (in the certainty that such people on average, if not the majority, will be unable to work beyond age 60 to 65 as happens right now). They will include worn out physical workers, unable to be retrained when they are forced to stop working due to disability. This accumulated super will only last a few years so that they will become full age pensioners at age 67 or 70.

If Super is locked up till Retirement Age then the alternative will be high level wages replacement out of the National Disability scheme until retirement age is reached. So what have you achieved, Joe?

Retention of the Pension Bonus Scheme would be a much better solution and encourage those able enough to continue working past age 65.

Joe! You haven't a clue and you are getting poor advice! You have invented the perfect vote loser.