I have been saying this for many years now and it is the main reason why  the companies Financial Gain Australia and then Financial Gain NZ were started.

Eventually and I believe this is just a matter of time, the eligibility criteria to receive government assistance in retirement will exclude just about everybody.

This article in stuff is the sort of thing that highlights the discussion is already on the table and it won’t be long before we can not receive government support in retirement until we are 70.

Article begins here.

International consultancy Mercer has joined in the call for retirement age reform in New Zealand after Australia unveiled plans to boost the eligibility age for the national super from 65 to 67.

Mercer, which is one of six approved KiwiSaver scheme providers, says New Zealand needs to match Australia’s tightening of superannuation eligibility and also build a better retirement policy framework.

Mercer’s suggestions come after the Investment Savings and Insurance Association called last week for New Zealand to start discussing the possibility of raising the minimum eligibility age for NZ Super from 65 to 67.

The ISI estimates the ageing population will push up superannuation costs from the current 4 per cent of gross domestic product to 9 per cent by 2020.

Mercer retirement, risk and finance chief Paul Newfield said super should certainly be on the Government’s policy agenda.

As New Zealand’s population increased from 4.3 million now to a little over five million by 2051, so too would the percentage of the population over 65 grow from 11 per cent to 25 per cent, putting pressure on government funds, he said.

Source: www.stuff.co.nz