Monday, April 21, 2014

You'll be working for longer but that's a good thing

If you're under 50 you won't get to retire until age 70. That's just how it will be. People over 50 should relax. There's no way that the system can force you to wait longer. I only just got hit by the first (Labor govt) increase to 67 - and I'm quite a bit under 50 years old.

So the younger of us will be expected to work until 70, unless we can organise our affairs to do it earlier. And that makes sense.

The good news is that there will be jobs. A huge body of people occupying jobs will retire soon. Many were planning for it ten years ago but their superannuation nest eggs were crippled by the GFC in 2008. Very bad news for the potential retirees, but it also sucked for younger people who were looking to get work or grow a career.

The other good news is that the jobs there are should be paid pretty well, if you can negotiate your value. That's bad luck for the (higher performing) union "brothers and sisters" who are always drawn to the middle in union dealings, but good news for the rest of us.

Of course, people working in physical jobs will be getting screwed. If you're crawling through a roof, laying one in the Queensland sun and rain or digging ditches an extra five years of work is bloody hard. I hope I won't be doing that type of work at age 65.

But for many of us, we'll be working longer. I hope to be.

- Posted using BlogPress from my iPad

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