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.