Get more Zen’: More Aussies will have mortgages hanging over them at retirement
An upsetting reality awaits millions of Aussies working to own their own home outright, with one expert sharing a surprising insight.


News.com.au
January 5, 2025

As house prices remain stubbornly high, it’s becoming more likely Australians will be paying off their mortgages into their 70s and won’t be able to retire on time.  :( 

Predicting what effect expensive house prices will have on owners in 30 to 50 years is a tall order.

Multiple academics told NewsWire that creating a model on ‘how long will current mortgages take to pay off’ was too difficult an exercise. The Australian Bureau of Statistics said they couldn’t figure it out either.

But more and more Australians are undoubtedly reaching retirement without owning their home outright; whether they still have a slice of their mortgage, or they are renting.

The lengths of mortgages will likely extend after this period of high interest rates, but projecting the increase is a tough task. 
Griffith University senior business lecturer, Di Johnson, says there are a host of “politically unpalatable” options which could have more retirees in homes they own.

“There’s wide-ranging policy implications on the mortgage market development in Australia. For example, long-term mortgages, rethinking age bias in responsible lending obligations, shared equity, social housing and tax changes – lots of politically unpalatable choices to make,” she said.

Dr Johnson said the way Australia’s housing market is headed, people needed to accept owning their home when they retired would simply not happen for everyone.   :(

“We need to get a lot more Zen with mortgages in retirement … but I completely understand why we’re not,” she said.

Rising interest rates on the back of the pandemic have put older renters under the same stress as young tenants.

“Still, it’s far worse to fall out or opt out of homeownership even with a very long-term mortgage and then rent in retirement, rather than pay some amount of mortgage in retirement.”


Census data shows from 2000 to 2020, the number of Australians aged 55 to 64 who owned their homes outright has plummeted from 64 per cent to 36 per cent.

Researchers with Housing For The Aged Action Group, Swinburne, Curtin and Western Sydney university used ABS data to publish a detailed analysis in 2023.

It showed the percentage of older people who own their own homes outright by age 55 has declined and the percentage of those reaching 55 years of age with mortgage debt has increased.

“While the majority of older people will retire as homeowners, the last two decades have seen growing signs of housing insecurity,” the researchers found. 


In 2011, 19 per cent of over-55s still had a mortgage. In 2021, that had increased to 23 per cent.

“It is beyond the scope of this report to assess the dollar scale of mortgage debt among older people, however, other evidence indicates that this can be considerable with consequences for financial security in older age,” the researchers concluded.

Melbourne mortgage broker Luke Coates says generally more clients approaching retirement age are planning to work longer out of necessity.

But this period of high interest rates has almost split the mortgage-holding, near-retirement class in two: Investors who saw the interest rate rise coming and offloaded a property, versus people who were stretched and paying interest only on their mortgage.

Dr Di Johnson says there are politically unpalatable options to addressing the problem of more retirees still holding mortgages.

Another factor Mr Coates has identified is the Victorian tax system: “More than any time in the last 15 years, people are selling”.

Data out this week shows Australian house values decreased in December – the first monthly slide in almost two years.

REA Group analysis pointed to Victoria’s tax regime as a boon for housing supply, as investors exit the market.

The house value data shows Sydney house values rose 2.3 per cent in 2024, to $1.19m.

Sydney mortgage broker Craig McDonald said some clients were pushing back retirement out of necessity.   :(

What is the retirement age in Australia 2024?
67 years of age
While there is no official retirement age in Australia, to be eligible for the Age Pension, you must be at least 67 years of age.   :(

whiteknight wrote on Jan 5^th, 2025 at 9:43am:

What is the retirement age in Australia 2024? 67 years of age While there is no official retirement age in Australia, to be eligible for the Age Pension, you must be at least 67 years of age.   :(

How old are you?
Are you eligible for an age pension?
Do you have a mortgage?

Labor put the pension retirement age up to 67 years old.  However we must not forget that the liberals, were going to put it up to 70 years.  That did not happen.  However even 67 seems a little too old, for the government funded aged pension.  Lets put it back to 65.   :(          

When Bismarck first introduced the age pension in the late 19th century, he set it at age 70. He was himself 74.
The life expectancy in Germany at the time was about 50.
It was lowered to 65 years in 1916, when the life expectancy was around 58.

Life expectancy now is around 80.
https://www.aihw.gov.au/reports/life-expectancy-deaths/deaths-in-australia/contents/life-expectancy

There should be a choice of whether a worker wishes to continue working past retirement age or whether to stop and retire.
There should also be a choice at what age… anywhere between 60 to 70 years of age.

Whomever mandates pension retirement age at a later stage as a pen pusher in an air con office…should do a day or two working as a blue collar worker, a tradesman eg: bricklayer, mechanic, farmer,  and see how far they can manage that!

It definitely isn’t one size fits all…. And there is a dilemma… jobs vacancies advertised are not being filled in these current times for that back breaking work… these up and coming gens don’t want to do the dirty or back breaking work.

The promise years ago was that the majority would enjoy more leisure time.... instead they have to work on and on ... with costs rising and rising... the Eld Gel said last night that on the news a pint of beer could go to $15.  I asked where?

What this is, in reality, is runaway inflation - but shifting the goal posts has created a different 'definition' of 'inflation' .. a sort of Pascoeist Economic view ... oh - it's not inflation when costs race away from incomes - that's just a normal balance of golden skies for everybody... what's good for the cost suckers and parasites is good for everyone... um... yeah ...

Cue dividie with his flawed capitalist non-centrally controlled economic nonsense... WTF does he think makes the 'policy' that actually creates these problems?  The only question is why - apart from their own clear self-interest in promoting their 'investments' in property and shares - in which case politicians will do anything to keep the ball rolling over the top of millions of others 'on the beach' and in tent cities.... and then bring in 'replacement migrants' to pick up the 'slack' from all those displaced Australians being far removed from any real work opportunity.... most of it piece work or part-time casual anyway and thus meaningless in any real terms.

I keep telling you all we need a new party that is for real....

whiteknight wrote on Jan 5^th, 2025 at 11:45am:

Labor put the pension retirement age up to 67 years old.  However we must not forget that the liberals, were going to put it up to 70 years.  That did not happen.  However even 67 seems a little too old, for the government funded aged pension.  Lets put it back to 65.   :(

nahh - put it back to 55.

Yeah Mr. G…. We heard that too! Glass beer $15  :o
What’s the prediction for 2025? Rising costs? More businesses closing down?
And then in come the distractions to avert our interest away from it all?
What predictions for distractions? A new war? A new virus? Etc

Something came to mind… after reading people won’t be able to retire on time due to long term huge loans… then there’s a thing called reverse mortgage so people can enjoy their twilight years etc

As for pension payments… those of us that worked and paid taxes have earned it… there was a tax rise of 17% about the late 1940s?
It was to go towards pensions.
Then government changes put it all into consolidated revenue and pfft… Abracadabra… watch it disappear!

---

Quote:

Then government changes put it all into consolidated revenue and pfft… Abracadabra… watch it disappear!

The Govts. didn't put the taxes we paid for our pensions into an account for us -
they spent it all then borrowed a lot more.

If they would have bought gold with it and stored it
we would have multiplied our pensions by a factor of 10 -
we'd all be filthy rich.

I call it theft.

All government income goes into Consolidated Revenue. It is the law, Treasury Act.

Government doesn’t save money in a passbook.

Booby knows all about theft tho, practical experience.

Jovial Monk wrote on Jan 5^th, 2025 at 3:28pm:

All government income goes into Consolidated Revenue. It is the law, Treasury Act.

Yep. Spent or burned. It depends on the outcome of the "spending". ;)

lee wrote on Jan 5^th, 2025 at 3:33pm:

Jovial Monk wrote on Jan 5th, 2025 at 3:28pm: All government income goes into Consolidated Revenue. It is the law, Treasury Act. Yep. Spent or burned. It depends on the outcome of the "spending". ;)

Now they can't pay us our pensions unless they get the RBA to print money.   WTF?

whiteknight wrote on Jan 5^th, 2025 at 11:45am:

Labor put the pension retirement age up to 67 years old.  However we must not forget that the liberals, were going to put it up to 70 years.  That did not happen.  However even 67 seems a little too old, for the government funded aged pension.  Lets put it back to 65.   :(

No WK. We are living longer so 70 is the right modern age for retirement for now. In 50 to 100 years from now retirement should be 80 years.

This should go with the fact that kids are maturing slower, which is natural for extending lifespans. Legality for childhood should be 20 years of age for everything, from sex, voting, driving licence, alcohol and all the rest.

The country would be a better place if we balance our lives of not having to grow up to fast and grow old too early.

What do you have to say to that WK?

Jasin wrote on Jan 5^th, 2025 at 3:44pm:

whiteknight wrote on Jan 5th, 2025 at 11:45am: Labor put the pension retirement age up to 67 years old.  However we must not forget that the liberals, were going to put it up to 70 years.  That did not happen.  However even 67 seems a little too old, for the government funded aged pension.  Lets put it back to 65.   :(           No WK. We are living longer so 70 is the right modern age for retirement for now. In 50 to 100 years from now retirement should be 80 years. This should go with the fact that kids are maturing slower, which is natural for extending lifespans. Legality for childhood should be 20 years of age for everything, from sex, voting, driving licence, alcohol and all the rest. The country would be a better place if we balance our lives of not having to grow up to fast and grow old too early. What do you have to say to that WK?

Tell that to a builder whose knees and back are stuffed at the age of 50.

I've worked construction with at least seven tradies still working in their 70's. Amazing guys with still physical and mental abilities that left a lot of 20-somethings on site in shame. They obviously worked sensibly and did everything right. Why should we reward those who did everything wrong and couldn't keep up the pace and crumbled at just 50 years of age? That's negative.

Sophia wrote on Jan 5^th, 2025 at 2:21pm:

Yeah Mr. G…. We heard that too! Glass beer $15  :o What’s the prediction for 2025? Rising costs? More businesses closing down? And then in come the distractions to avert our interest away from it all? What predictions for distractions? A new war? A new virus? Etc Something came to mind… after reading people won’t be able to retire on time due to long term huge loans… then there’s a thing called reverse mortgage so people can enjoy their twilight years etc As for pension payments… those of us that worked and paid taxes have earned it… there was a tax rise of 17% about the late 1940s? It was to go towards pensions. Then government changes put it all into consolidated revenue and pfft… Abracadabra… watch it disappear!

All of the above and more Immigration Invasion... I keep tellin' yez all - the problems will not disappear by bringing in masses of large families - all that will do - for a very short time - is kick the problems down the road a bit - and then will become an addiction to 'solve the problems'.  I've suggested Guest Worker Visas - a worker can come here, earn more than 'at home', send some home etc, maybe bank a bit - and come home 'rich' to family that is better off - without destroying our economy over and over.

The current madness of relying on an ever-expanding population to dilute real earnings, and raise costs to keep the illusion of a sound GDP 'going and growing' via REAL runaway inflation and increasing poverty for many, along with all the social and economic problems attached to that form of madness - the crime, the disintegration, the destroyed generations of children living in tent cities - you name it...

We need a PLAN - and that must include solid policies for actual infrastructure and not some nebulous thing like 'exporting education' etc that benefits less than 1% or endless construction of ticky-tacky houses to fill with 'replacement migrants' at huge cost while displacing Australians to the tent cities or on the beach - real forward looking plans for future developments to solidify a REAL economy based on production for the future, genuine housing policies, restoration of equal rights for all, and opening up genuine opportunities for all - none of which will ever be achieved while ever people are desperate for a roof over their family's heads, a solid prospect of a viable future not hand-to-mouth and hanging on one stupid boss mistake to throw you on the scrapheap or a marriage failure to destroy you, and enough real hope and genuine courage to actually believe in a future.

Madness I tellz yez - madness... how many ideas and plans can I keep throwing at you lot of zombies (apart from a  few) ... the GAIAs +, superannuation reform, enforce bringing back Howard's stolen billions into a super fund for all, tax reform, company tax overhaul, booting out prioritising 'business plan' loans to buy houses over the top of genuine Home owners, removal of addiction to the 'global economy/socialist internationalism' and 'equality of all' nonsense that sucks the country dry, reversing affirmative action to remove the dire harm caused for forty years, fix the REAL gender wage gap, offer the Aborigines a Two State Solution or get off their arses and stop the crime and whinging etc, splitting up the outdated and over-large states so as to positively enforce the will of the people instead of some small hooded coven of unelected swill in some tiny remote corner far from reality making all the decisions to destroy people's lives, homes and rights to suit some fantasy agenda, removal of all the endless 'commissions' where old mates are slotted into nice jobs doing nothing much but preaching to those they rip off, reversal of the insane idea of having heads of department appointed via contract from the same ranks of old mates etc who know pharkall but will toe the party line; equal funding for all candidates individually at elections, royal commission into judiciary and jurisprudence, genuine truthtelling about history and who actually kills all the women etc, control the councils and force them to their work and not their personal stupid ideas of how to wreck Australia for Australians   .....

How much brilliant forward thinking can one man offer as pearls to swine here?

Retirement is good for us. It's those who keep working that we should worry about
Forcing Australians to work later into their 60s could be detrimental to their sense of autonomy, health and wellbeing, a study has found.
An elderly couple walk through a park.
Forcing Australians to work later into life could be impacting their health and wellbeing.
SBS News 24 March 2024.
Key points
Forcing people to work until 67 could damage their health and wellbeing, a study has found.   :(
Only 30 per cent of Australians can afford to retire before they are eligible for a pension.
Retirement significantly improves older people's physical and mental health, research shows.
Taking away people's autonomy as to when they retire and forcing them to work until 67 to qualify for a government pension could damage their health and wellbeing.   :(

With current debate swirling about who should pay for Australia's aged care burden, a study has found people more likely to experience all the benefits of retirement have been able to make the decision to stop work earlier.

But only 30 per cent of Australians can afford to retire before they are eligible for a pension, according to Dr Rong Zhu, a senior lecturer in economics at Flinders University College of Business, Government and Law.



"We need to consider the unintended consequences of delayed retirement for health and wellbeing via a reduced sense of internal locus of control," he told AAP.
READ MORE

The most (and least) happy Australians — and how we compare to the world

"If workers work beyond retirement age, they are less likely to consider life outcomes as a result of their own choices and actions."

This can impinge on all the benefits workers might otherwise get to look forward to at that stage of life.
Why retirement is good for us
Expert Rong Zhu says the unintended consequences of delayed retirement need to be considered.

"Our paper shows retirement significantly improves older people's physical and mental health as well as their subjective well-being as measured by life satisfaction," Dr Zhu said.

"One third of the positive impact of retirement on health and one fifth of that on wellbeing can be explained by the retirement-driven increase in internal locus of control.

"Facing an increased eligibility age for the age pension, if an older person defers retirement, then the health and wellbeing benefits associated with retirement also come at a later date."


$50,000 and $70,000: Why these figures are so important to your retirement

The increase in the retirement age to 67 for men and women can be tough, when they might have been enjoying the benefits of retirement a lot earlier, he added.

Australia's public pension take-up rate is the second highest in all of the OECD countries, with about 70 per cent of retirees receiving either a partial or full payment.

But a recent review into the aged care system found within the next 40 years, the proportion of people accessing the pension will decline by about 15 per cent, with the overall wealth of older Australians to rise thanks to increased superannuation and assets.
An elderly woman sits on a bench.
About 70 per cent of Australian retirees receive either a partial or full pension. Source: AAP
The government-commissioned Aged Care Task Force has recommended richer baby boomers should contribute more to aged care to take pressure off the federal budget and allow more support for those with limited means to access residential and in-home services.

The government funds about 75 per cent of residential aged care and 95 per cent of home care costs.

Reforms are needed to make the system more sustainable, according to task force member and former NSW premier Mike Baird.

"There are constraints and demands across all parts of budget," he said.

"Asking those who have the means to contribute more is a logical step and having a safety net for those that don't have the resources also provides some protection, so it's a good balance."

Jasin wrote on Jan 5^th, 2025 at 4:02pm:

I've worked construction with at least seven tradies still working in their 70's. Amazing guys with still physical and mental abilities that left a lot of 20-somethings on site in shame. They obviously worked sensibly and did everything right. Why should we reward those who did everything wrong and couldn't keep up the pace and crumbled at just 50 years of age? That's negative.

Come on JaSin -
most builders are stuffed at age 50.

Greens announce plan to lower pension age and increase payment rate
2022-04-08
greens.org.au
Greens Welfare spokesperson Senator Janet Rice and Queensland Lead Senate candidate Penny Allman-Payne will today in Brisbane announce the Greens’ fully-costed plan to return the retirement age back down from 67 to 65 and grant every Australian Earlier Access to the Age Pension.

This comes in addition to the Greens' recently announced commitment to raise the rate of the pension to $88 a day.

Senator Rice will join Penny Allman-Payne, who is on track to win Pauline Hanson’s seat in the Senate for the Greens, to campaign on issues that matter to Queenslanders, including the party’s plan to support older Australians.

Lowering the eligibility age will expand access to the pension for hundreds of thousands of older Australians currently living in poverty, and provide a well-deserved earlier retirement with guaranteed income support for people who have worked their entire lives on low wages in order to take care of their families.

Since the Rudd Government’s 2009 increase to the pension age from 65 to 67, Liberal and Labor have been failing low-income older Australians.

Across the country, thousands of older Australians approaching retirement age have limited capacity to continue working or have been excluded from the labour market entirely. Thousands more are in physically demanding, minimum wage jobs, forced to keep working an additional two years because of successive Labor and Liberal governments failing to give them the support they need.

Leader of the Australian Greens Adam Bandt MP says that if the Greens are successful in their campaign to kick the Liberals out and secure balance of power, they will use their leverage to push to ensure older voters and the working class aren’t left in the dust again by a future Labor government.

This is the first time the Greens have taken early-access to the Age Pension to an election, a call heard from older Australians who say they’ve been abandoned by Labor. The Greens announcement today in Queensland reflects the party’s optimism for winning Hanson’s Senate seat, the swing lower house seats of Griffith, Brisbane and Ryan, and belief that older voters especially in Queensland no longer feel represented by Labor or Liberal.

Quotes attributable to Adam Bandt MP, Leader of the Australian Greens:
“Nobody should be forced to work forever in this country, and nobody should retire into poverty. The Greens are proud to fight for the right to retire at 65 with an income that will actually pay the bills.

“There is a poverty crisis amongst older Australians, and it’s worse for older women, who are the fastest growing group facing homelessness.

“Older people who have worked in minimum wage jobs and in manual labour are being forced to look for work instead of enjoying the retirement they deserve.

“In balance of power, the Greens will fight to restore respect and dignity in ageing, and ensure that it’s rest and revitalisation, not poverty, awaiting people at the end of their working years. By making billionaires pay their fair share of tax, older Australians can retire earlier with dignity.”

Quotes attributable to Senator Janet Rice, Australian Greens spokesperson for family, ageing and community services:
“The Liberals and Labor have abandoned older voters and working families across the country. There are hundreds of thousands of older Australians living in poverty, counting the days until their next birthday so they can finally reach pension age.

“Enabling earlier access to the Age Pension will reduce poverty in Australia, and support thousands of older Australians who deserve better from our government.

“Thousands of older working people are living paycheck to paycheck and can’t afford to retire. Many are working for starvation wages, in back-breaking jobs - in manufacturing, in hospitality, in supermarkets, as labourers and salespeople - people who have worked hard all their lives and are being forced to wait an extra two years to retire. The Greens won’t make them wait any longer.

“Anyone who has ever struggled to put food on their table, or had to make a choice between paying the rent on time or getting the medication they need, knows how long an extra two-year wait really is.

“For too long, both Labor and the Liberals have pushed through policies that make the rich richer and have left everyone else behind. It’s time the government takes care of low income workers and older Australians.” 

Should the Pension justify their excessive substance abuse, which is always why they are stuffed by 50.
Working Construction is better than working out at a gym. For one thing, you get paid heaps to 'work out', rather than paying others to do so.

Truth is, there is a big difference in construction between those who enjoy it and those who hate it. It's mostly health.

Well trust the Australian greens to come up with another good idea.  Think I will put a vote in for them.  At least in the Senate anyway.   :(

The Greens should stick to environmental and especially animal conservation politics. Not be an extension of the ALP, which is what they've become since 2000.

No why should they stick to that?.  They were voted in and have every right to put their ideas to the people.  They also have the balance of power in the Senate.  So the greens are doing what they should.   :)

So they form on the basis of environment and animal conservation promises to get support. Then once in, they soon change into Leftism and Woke and make it a majority of Party priorities. Let alone aligning with the ALP with radicalism pushing out its original conservative politics.

Sounds like a politician of promises promises, but are really lies, lies. They are called Fake Greens by the original Greenies now.

i could retire today and never have to worry about money

why would i?

so i can become a lazy worm who doesnt want to contribute to society ?

any person with a shred of integrity would never want to be a parasite on society.

being a taker is disgusting and unnatural

no other animal species 'retires" and sits on a beach getting fat.

when you go against nature , you lose but only 100% of the time

and the greens party who should be in sync with nature think this sort of attitude is acceptable ?

f them

Well - what's the PLAN?  I've given you plenty to work with....

Though I forgot immediate deportation - all appeals were exhausted at trials - exile for those born here who will be habitual criminals, terrorists and terrorist enablers, firebrand haters, etc, or who claim to not be Australian, same deal - all appeals have been exhausted at your trials.

Drain the Swamps!  Make Australia Great Again rather than grating its teeth at government silliness... contrary to reports we have NOT reached 'Tipping Point' in the Muslim Invasion - they remain a minority and as they sort of become part-Aussie, their mad reproduction slows down.... bit of the old Pill in the water wouldn't hurt ... Greater Bankistan Water Processing Plant (Special Additives Program) .... then when we deport/exile the ratbags we can have a tame Musso population in their ratbag place...

Time to call camels camels if you ask me... one major strike and you're out.... off the team ... three mediums and you're out... off the team ..... and then we can move on to the Asian Invasion and the Indian Incursions etc.... sort 'em all out one by one...

Crane operator Alan Blevin unimpressed by expectation he will work until he is 70



Sydney Morning Herald
May 2, 2014

Imagine a construction site filled with 70-year-old workers.   :(

For crane operator Alan Blevin, the federal government’s announcement it will raise the retirement age could make this vision a reality.

Crane operator Alan Blevin will have to work until he is 70 to get the pension.


On Friday, Treasurer Joe Hockey revealed Australians born after 1965 will have to continue working until they are 70 before they can access the age pension.   :(

That means Mr Blevin, who is now 47, will be one of millions of people forced to stay on the job for more than 20 years before he is eligible for the pension.

"It’s unthinkable," he says. "There is no chance I will be able to work until I am 70.   

"My left knee is already giving in because I’m bending down, loading gear from trucks and guiding cranes all day. But I can’t afford to just stop. I have to keep paying the rent and bills.’’

The rise to 70 by 2035, which is quicker than recommended by the National Commission of Audit, will be particularly tough for people in manual jobs, says Mr Blevin, who lives in Sans Souci and works 60 hours a week on a Zetland building project for Becton.

"When you are driving a crane it’s mentally exhausting, too. You can’t slack off because you could kill someone. You have to be sharp and alert. I know a few guys in their mid 50s now who are struggling now even though they are quite fit for their age."   :(

After working as a bricklayer's labourer for more than 15 years, Mr Blevin retrained as a crane driver to ease the pressure on his back. Although he now earns about $2000 each week, his income is unpredictable.

"One minute you have a good run of work, the next you might not have work for months. You take what you can get and just put up with it.

"Ideally I’d like to cut back to 30 hours a week in the next 10 years. My wife is studying to be a psychologist so it might be possible once she is qualified. But you can’t predict the future."

With daughters about to have families of their own, Mr Blevin said he would like to retire by 65 so he can spend time with his grandchildren.

"I’m sure the politicians won’t be going until they are 70. It’s ridiculous. But at least I’d get a discounted bus pass to get to work."   :(

Much of what that crane driver said is true.
I was going to add my input earlier RE: 70 year olds in the physical work force… yes they are very skilled and good workers, and maybe can outdo younger blokes… but there’s medication needed like painkillers, anti inflammatories, and then if lacking magnesium can get awful cramps at night from over work.
Add some stress to the work ingredient ….
Yes I understand the mind is wiling but…
The body starts to protesteth too much.

whiteknight wrote on Jan 5^th, 2025 at 5:40pm:

Crane operator Alan Blevin unimpressed by expectation he will work until he is 70 Sydney Morning Herald May 2, 2014 Imagine a construction site filled with 70-year-old workers.   :( For crane operator Alan Blevin, the federal government’s announcement it will raise the retirement age could make this vision a reality. Crane operator Alan Blevin will have to work until he is 70 to get the pension. On Friday, Treasurer Joe Hockey revealed Australians born after 1965 will have to continue working until they are 70 before they can access the age pension.   :( That means Mr Blevin, who is now 47, will be one of millions of people forced to stay on the job for more than 20 years before he is eligible for the pension. "It’s unthinkable," he says. "There is no chance I will be able to work until I am 70.    "My left knee is already giving in because I’m bending down, loading gear from trucks and guiding cranes all day. But I can’t afford to just stop. I have to keep paying the rent and bills.’’ The rise to 70 by 2035, which is quicker than recommended by the National Commission of Audit, will be particularly tough for people in manual jobs, says Mr Blevin, who lives in Sans Souci and works 60 hours a week on a Zetland building project for Becton. "When you are driving a crane it’s mentally exhausting, too. You can’t slack off because you could kill someone. You have to be sharp and alert. I know a few guys in their mid 50s now who are struggling now even though they are quite fit for their age."   :( After working as a bricklayer's labourer for more than 15 years, Mr Blevin retrained as a crane driver to ease the pressure on his back. Although he now earns about $2000 each week, his income is unpredictable. "One minute you have a good run of work, the next you might not have work for months. You take what you can get and just put up with it. "Ideally I’d like to cut back to 30 hours a week in the next 10 years. My wife is studying to be a psychologist so it might be possible once she is qualified. But you can’t predict the future." With daughters about to have families of their own, Mr Blevin said he would like to retire by 65 so he can spend time with his grandchildren. "I’m sure the politicians won’t be going until they are 70. It’s ridiculous. But at least I’d get a discounted bus pass to get to work."   :(

Mr Blevin is 47 tears old now. I he puts an extra 10% into his super now and for the next 18 years when he reaches 65 he will have enough in his super to retire at 65. Come on Mr Blevin take control of your affairs.

whiteknight wrote on Jan 5^th, 2025 at 4:34pm:

No why should they stick to that?.  They were voted in and have every right to put their ideas to the people.  They also have the balance of power in the Senate.  So the greens are doing what they should.   :)

Hi Sir Crook,
you might not like the Greens so much when your power and gas bills triple in price.   :-[

whiteknight wrote on Jan 5^th, 2025 at 4:22pm:

Well trust the Australian greens to come up with another good idea.  Think I will put a vote in for them.  At least in the Senate anyway.   :(

Here's another good idea: if you have brought up 3+ children you can retire at 65 if you wish. Two children - at 67, one - 69, no kids, 75.
In other words, if you contributed to the pool of taxpayers who will pay for you government pension you can retire with the knowledge that your children 's taxes will pay for you.

Myself and many colleagues have zero interest in retirement in Australia.
Too expensive and “ culture ( a bbq at Bunnings?) not quite as interesting as other countries.

It’s a effort to move your cash offshore legally but certainly not impossible plus ?

No tax on your account earnings!

I’ve said to much 🥳

How many children you have has got nothing to do with it.  Did you not decide if and how many children you have?.  No it seems to me 65 is more than enough.  Some would say even 65 years old is too much.   :(    

Daves2017 wrote on Jan 5^th, 2025 at 9:51pm:

Myself and many colleagues have zero interest in retirement in Australia. Too expensive and “ culture ( a bbq at Bunnings?) not quite as interesting as other countries. It’s a effort to move your cash offshore legally but certainly not impossible plus ? No tax on your account earnings! I’ve said to much 🥳

Its easy, just take it with you, you are allowed to take as much money as you want when you leave Australia.

Leroy wrote on Jan 5^th, 2025 at 11:11pm:

Daves2017 wrote on Jan 5th, 2025 at 9:51pm: Myself and many colleagues have zero interest in retirement in Australia. Too expensive and “ culture ( a bbq at Bunnings?) not quite as interesting as other countries. It’s a effort to move your cash offshore legally but certainly not impossible plus ? No tax on your account earnings! I’ve said to much 🥳 Its easy, just take it with you, you are allowed to take as much money as you want when you leave Australia.

Nein, tell me your experience if you have one?

No more than ten thousand cash can be carried out side our boarders at any one time.

Of course several yearly trips o/s with $9990 isn’t against the law, yet.

“ Australia must report any currency they are carrying of $10,000 or more in Australian dollars, or the foreign currency equivalent.”
“ wiki.
Your confused with taking as much as you want if you are prepared to till the Australian government why and what for.

Which totally defeats the purpose of saving tax free as the Australian government will charge you tax on o/s profit “ if you tell them “.

Daves2017 wrote on Jan 5^th, 2025 at 11:26pm:

Leroy wrote on Jan 5th, 2025 at 11:11pm: Daves2017 wrote on Jan 5th, 2025 at 9:51pm: Myself and many colleagues have zero interest in retirement in Australia. Too expensive and “ culture ( a bbq at Bunnings?) not quite as interesting as other countries. It’s a effort to move your cash offshore legally but certainly not impossible plus ? No tax on your account earnings! I’ve said to much 🥳 Its easy, just take it with you, you are allowed to take as much money as you want when you leave Australia. Nein, tell me your experience if you have one? No more than ten thousand cash can be carried out side our boarders at any one time. Of course several yearly trips o/s with $9990 isn’t against the law, yet. “ Australia must report any currency they are carrying of $10,000 or more in Australian dollars, or the foreign currency equivalent.” “ wiki. Your confused with taking as much as you want if you are prepared to till the Australian government why and what for. Which totally defeats the purpose of saving tax free as the Australian government will charge you tax on o/s profit “ if you tell them “.

You only have problems if the money you want to move has been obtained illegally or is to be used for illegal purposes. If you are leaving the country there is no tax on taking your money with you.

Daves2017 wrote on Jan 5^th, 2025 at 11:26pm:

No more than ten thousand cash can be carried out side our boarders at any one time.

rubbish

You can take as much as you want. The ten thousand limit is what you are allowed to take undeclared. If you want to take more you have to declare it, that's all.

John Smith wrote on Jan 6^th, 2025 at 6:09am:

Daves2017 wrote on Jan 5th, 2025 at 11:26pm: No more than ten thousand cash can be carried out side our boarders at any one time. rubbish You can take as much as you want. The ten thousand limit is what you are allowed to take undeclared. If you want to take more you have to declare it, that's all.

Declare it all - let god sort it out.  Close the borders to money launderers and cash economy merchants ... tax Outlanders who are smuggling cash out.  8-)

Grappler Deep State Feller wrote on Jan 6^th, 2025 at 6:19am:

John Smith wrote on Jan 6th, 2025 at 6:09am: Daves2017 wrote on Jan 5th, 2025 at 11:26pm: No more than ten thousand cash can be carried out side our boarders at any one time. rubbish You can take as much as you want. The ten thousand limit is what you are allowed to take undeclared. If you want to take more you have to declare it, that's all. Declare it all - let god sort it out.  Close the borders to money launderers and cash economy merchants ... tax Outlanders who are smuggling cash out.  8-)

Best to open a bank account overseas and do a bank transfer using SWIFT.

Bobby. wrote on Jan 6^th, 2025 at 6:23am:

Best to open a bank account overseas and do a bank transfer using SWIFT.

That STILL gets declared to the government.

Daves2017 wrote on Jan 5^th, 2025 at 9:51pm:

Myself and many colleagues have zero interest in retirement in Australia. Too expensive and “ culture ( a bbq at Bunnings?) not quite as interesting as other countries. It’s a effort to move your cash offshore legally but certainly not impossible plus ? No tax on your account earnings! I’ve said to much 🥳

Where would you go?

What are the more culturally interesting but financially affordable places you are co considering?

Switzerland - I know a neurosurgeon there...

Sweden

Denmark

A few

Grappler Deep State Feller wrote on Jan 6^th, 2025 at 8:25am:

Switzerland - I know a neurosurgeon there... Sweden Denmark A few

Affordable was part of the question.

"What are the more culturally interesting but financially affordable places you are considering?"

John Smith wrote on Jan 6^th, 2025 at 6:25am:

Bobby. wrote on Jan 6th, 2025 at 6:23am: Best to open a bank account overseas and do a bank transfer using SWIFT. That STILL gets declared to the government.

It gets reported to Govts all around the world.
That's the law.