Jim Dandy:

It is not a doomsday scenario. It is merely the government not having enough to pay for it. Then having to either raise taxes or cut elsewhere to pay for it all. People are now talking of changing the retirement age to 70 so people can work a few extra years. Still, if you live to be 85, and retire at 65. That is 20 years of pension to be paid. People are living longer and longer. The pension system can't keep up. The most wasteful are of most governments is the military. Eventually the money will have to come from there. Where else?

Übergeek 바둑이: I didn't say it was a non issue, just that it is "overblown".60 is the new 40,65 is a very outdated retirement age.There will be an additional burden of course, but nothing like the hype suggests, due to many not seeking retirement for years or decades past 65..... IMO

Jim Dandy: australia has already changed its retirement age....it used to be 65 men and 60 women...now it depends on what year you were born as to how old you will be when you retire....we also have a compulsory superannuation scheme in which the EMPLOYER has to pay 9% of your current base wage, but this is going to increase shortly from what Ive read and the papers I get on "employment" There is also a scheme where if you donate $1000 per year the Govt will match it.....cheap savings for only a $20 pw. Also when you are of retiring age if you stay at work and dont collect a pension the Govt will give you so much extra per year towards your retirement. Can't remember the figures but it is something like $30,000 for an extra 5 years working, which is a damn site cheaper than the $12,000 to $14,000 per year you would collect on the pension.