I retired at 55 but for people with a birthday date after 1960 I think that the preservation age it is now 60. I doubt if during next 25 years the preservation age will change to 70, at least in a universal way. Most likely future changes, if any, will be introduced on the basis of one's professional or activity sector.
Each person has his own priorities, which not only vary according to personal circumstances but also along one's life.
So, first you set your financial goals then your strategy in order to achieve them. The setting up of one's strategy does involve options and trade offs which may or may not offer the best way to achieve one's goals at the minimum cost (the optimal solution).
Super is designed to provide income during old age, a period that thanks to advances in medicine and better living conditions one can now expect to last longer than before. So, if you are looking for the optimal solution to provide income during old age then the point in consideration should be no other one than that. In other words, you have to compare super with only any other strategy to provide income for old age. For instance, reverse mortgage schemes, partial or total reliance on Centrelink, income from a discretionary trust or any other source or combination of several different sources. This may imply that you have to put a value to things such as, for instance, flexibility of access, applicable tax regimes, etc.
"Oh, this bitter earth Yes, can it be so cold? Today you're young Too soon you're old…"
