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Australian Demographics Employment, Retirement, Ageing, Superannuation, Pensions, Tax and Youth

Australian Demographics Employment, Retirement, Ageing, Superannuation, Pensions, Tax and Youth

Secrets to ageing gainfully. In the 21st century, few issues will matter more to us than the implications of living longer….. 

But what will be the quality of life for these older Australians? Will we expand our years of good health, employment and active living? Or will it be a future that condemns us to years in nursing homes, living with disability and senility, and draining the incomes of governments and younger taxpayers? It is hard to imagine a more important issue for our future. It is happening now, at an increasing pace, raising the need for urgent decisions that our politicians are refusing to take…..

…..Reforms work best when they are done across the board. They need to remove the incentives to early retirement, and promote the shift to a new culture of working to 70 or beyond. They need to give high-care nursing homes a reliable source of funding, and invest in tackling the biggest ageing cost of all. Six issues stand out:

■ End the anachronism by which Australians living to 90 or 100 can access their retirement nest eggs from 55. Start lifting that age immediately, not in 2014, so it reaches 60 by 2020, and 65 by 2030.

■ Roll back the age at which people can take their super tax-free to 65 as soon as possible, and then raise it in line with the pension age.

■ Speed up the move to a higher pension age, by lifting it by six months each year from 2015, to reach 67 by 2018, and then to 70 by 2024.

■ Promote a culture in which working to 70 and beyond is seen as normal. Tackle the ageism of corporate HR managers.

■ Give high-care nursing homes a secure financial base by allowing them to charge accommodation bonds, as low-care homes already can, and as was proposed in 2004 by the Hogan report.

■ Increase public investment in research into Alzheimer’s disease and other causes of disability in old age, so Australians can live long lives without losing quality of life.

Labor says it is a government of reform, focused on creating jobs and caring for those in need. What better way to prove it?

Makes no mention of including changes needed in ur property culture, transport, skilled immigration in the mix, how does youth fit into this (and not be blocked from career progression), and how are older non professional or semi skilled people going to do more physical, time demanding or remote occupations such as aged care, health care, trades, hospitality etc.?

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