Understanding the retiring kind
The Government argues that encouraging people to work longer is also helping them do something for their own benefit. However, increasing the retirement age is asking people to contribute time at a life stage when time is scarce. For boomers, being compelled to work later means that individuals are giving up something - time - that they cannot retrieve. With superannuation, individuals will get it all back, and more, at a time when they feel that they will need it most. It has only been 14 years since the introduction of compulsory super. It is evident that it is transforming not just retirement incomes but the relationship between citizens and government.