"Glug, I agree with what I think you're saying i.e the pension age needs to be increased but those that have sufficient super should be able to retire and access it when they want ... the only dilema here is we don't want people frittering away their super to then fall back on the aged pension .. I'm not sure how you get around that issue."
Let's remember that people contribute additional amounts to super over and above the compulsory amounts because it's such a tax advantaged environment.
There's nothing to stop people separately saving outside of Super and to access that amount if they want to stop working prior to the preservation age.
On the point about people using the tax advantage in Super and then frittering it away, I think governments would be justified in insisting that part of the saved Super should have to be taken as an annuity. The provision of an income stream in retirement, is, after all, the whole purpose of setting up the compulsory Super system in the first place.
I'll be surprised if there's any significant change to the pension system for the current generation. But, as Joe Hockey pointed out on 7.30 one night this week, it's his generation that will probably need to accept working longer before reaching age pension eligibility.
And could we please dispose of this emotive stuff about the government 'forcing people to work until they drop'. Save productively during your earlier working life and you won't have to.
