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On Extending The Retirement Age To 67
Grey Power NZ Federation
Media Release
ON EXTENDING THE RETIREMENT AGE TO 67
Grey Power is prepared to accept that some day in New Zealand the retirement age may go out to 67, but it will not be soon and it will not be before a great many years. Why?
When most current superannuitants started their working lives we had low pay and high taxes to fund the infrastructure of our country, but in return we had the Provident Fund into which we paid 1/6 per pound of our after tax earnings. The government pledge was for that fund to take care of our health and our retirement until the end of our lives. In those heady days we were the envy of the developed world for our standard of living and for our health and education standards. One of our governments scrapped all that!
Later we had a plan similar to Canada’s 1969 ‘Canada Pension Plan’ which is now worth mega-billions. Another NZ government scrapped that!
Our generations then did attempt to save for ourselves. Then came the 80’s and the 90’s when our government sold off most of our hard earned national assets, did away with our jobs, and again we lost our savings while we tried to find work. Those lucky enough to have work again lost their savings in the crash of ’87.
We have tried once again to save for our retirement, but now we have the crash of 2008/09 and again our savings are gone! We are told we were too greedy for speculating in "high risk" investments and too ignorant to recognise the shonky investment companies!
At no time have we had any compensation, any apology, or any protection from any government. Even those who have invested in KIWI SAVER are not protected unless they have a Will!
TODAY IN NEW ZEALAND WE HAVE ON THE UNEMPLOYMENT BENEFIT 50,855 PERSONS. Of that number 8667 (17%) are BETWEEN THE AGES OF 50 TO 64! How many of those people will be able to find meaningful and satisfying work that will provide enough to save before they reach age 65 to supplement their meagre superannuation of 33% of the after tax average weekly wage? What if they have to wait until age 67?
GREY POWER DOES NOT SEE THE RETIREMENT AGE EXTENDING TO AGE 67 ANY TIME SOON!
Ian S Anderson
Grey Power NZ Federation
Chair, Superannuation & Taxation Committee
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