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Work, Retire or Superannuation?

Peter Costello is seemingly still beaming about his latest Budget. Whilst he is touting the great stride made in superannuation for everyone in his Budget, commentators are beginning to question how really economically sound the Budget really was.

The changes to the proposed superannuation laws will allow for people to work to 75 years of age and still benefit from super. But, implicit in that is that there will be jobs for people over 55 or 60. It would seem to be contrary to everything one reads or hears however anecdotal. The American "experience" with seniors continues to work or forced to retire has just been reported in the LA Times thus:

"American workers, who face growing financial pressure to stay in the workforce, are far more likely to be forced into an early retirement than many expect, according to a study being released today.

Four out of 10 retired workers left their jobs sooner than they had planned, usually because of health problems or the loss of employment, according to the report by McKinsey & Co., which was based on a national survey of 3,086 people."

Read the full article here. It would be surprising if the US situation isn't mirrored in Australia.

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