In case you don't realise it, society, in our case the Australian Government and the individual have a social contract; i.e.: if one works and pays one's taxes, then one can retire at 66 (was 65) , draw the old age pension (now modified to being means tested) and it is simply unfair to change this contract once the taxpayer has met his/her side of the bargain. If such a contract existed between individuals and one party defaulted, then the other could legally claim remedy.
Gen X & Gen Y seem to only consider self interest now rather than recognise the fabric of the society in which they have inherited and in which they live.
What if your bank told you that your 30 year house mortgage expired when you were retiring at 65 and then when you were 64 advised you that you would have to keep paying until you were 70?
In the early 1960's the Australian Government added 1% to personal tax and promised an aged pension for all. Some taxpayers then started work at the age of 14 having only a primary school education. Others started work at mid 20s having had a state (Taxpayer's) funded secondary and territory education.
In my opinion Australians who have worked all their life from 14 years old, paid their taxes should be allowed to retire at 64 because 50 years is long enough to work. Retirement age for others should be based on the individuals ability to work, the number of years worked and the amount of tax paid through PAYE.
Societies are judged by how they treat their young and their old and to me it seems a retrograde step towards third world status to have to work until one is 70. User pays societies have never worked at it simply seems mean spirited by some to even suggest otherwise.
