Issues for future retirees if pension age raised: Daryl Dixon

Dixon Advisory Executive Chairman Daryl Dixon spoke about the difficulties many future retirees would face if the government went ahead with a proposal to raise the pension age to 70 in a recent radio interview with Leon Compton on ABC Hobart.

“Many people are finding it difficult to work till 65 – to keep their jobs because of unemployment, because of changing circumstances,” Daryl said.

“If the government does that (raises the pension age to 70) without changing lots of other aspects of the system, for example, if your superannuation is tied up untouchable to 70, that would cause a lot of harm for people currently.”

Daryl suggested the government look at integrating the superannuation system with the age pension system and consider the issues many people would face in reaching the minimum age whatever that age was.

“I’ve run into many people who’ve been made unemployed later . . . in their mid 50s with quite a bit of super but not much prospect of getting another job,” he said.

“If you were going to deny those people access to their superannuation, it would just make it even worse because ultimately they’d end up losing their house as well as not having sufficient assets to live in retirement.”

Listen to Daryl Dixon’s interview on Statewide Mornings with Leon Compton on ABC Hobart on 14 April 2014.

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