Recently attended a seminar where it was briefed that when the old age pension was first introduced the life expectancy for a male was 63 whereas the age pension kicked in at 65, so it wasn't a huge burden on the government. It was when Keating realized what the cost to government would be as a result of people living longer that he introduced superannuation so people would fund their own pensions. They briefed that a male who has attained that age of 60 today has a life expectancy of 82.
