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MAKING NEWS
Thu, 18 December 2008
Living longer means working longer
NEXT year marks the 100th anniversary of a big event in Australian social history -- the introduction of the age pension.
Turning 65 made you eligible back then, and today the threshold age is exactly the same.
Much else has changed, however, in the intervening years. Healthier lifestyles and advances in medical science mean we live about 20 years longer. When the age pension was first introduced, only 5 per cent of the population was older than 65, whereas today 5 per cent is older than 85.
Since many retire from work and a regular income around age 60, the challenge is to find a way to fund our health revolution and enjoy two decades of active retirement. Superannuation is not the whole answer and won't be for several decades, until today's 30-somethings reach 60-something.
The only real solution is for more people to work longer -- or in the jargon of the economists, improved workforce participation.
"We simply will have to keep people in the workforce longer," PricewaterhouseCoopers partner Catherine Nance says. "This will mean changes in workplace attitudes so employers want to keep people on, and people will have to accept that they will need to work longer."
As a first step, tax changes are needed "to remove financial disincentives to working longer, and to make it less attractive for people to get out early".
A new study by Swiss Re, the world's second biggest life insurer, has found three solutions in financial engineering products -- life annuities, long-term care insurance and reverse mortgages -- although not all are perfectly suited to local use. Life annuities are contracts that guarantee a regular series of fixed payments over a person's lifetime, thus eliminating the risk of individuals outliving their wealth. A related type is a variable annuity that offers retirees various guarantees, yet has payouts tied to the performance of an investment portfolio. Source: The Australian
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