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cobran20

SMH: Unemployment spike in elderly a risk for pension changes

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Shock, horror, surprise!!  :o  :wacko:

They might as well raise the retirement age to 100 - it will make zilch difference if there are no job opportunities for the oldies that can't afford to support themselves.

 

link

 

 

As the Abbott government plans to lift the pension age to 70, new data shows a spike in older Australians registering for unemployment benefits.

The number of Australians aged over 50 receiving the Newstart unemployment allowance grew by more than 40 per cent between 2010 and last year. This dramatically outweighs the 8 per cent growth in the over 50s general population across the same period.
Treasurer Joe Hockey has confirmed he wants to increase the pension age to 70 from 2035, up from 65.
 
The collision of these two facts poses long-term challenges to the budget, with the likelihood of tens of thousands more Australians signing up for unemployment payments in their 50s and 60s as they wait to become eligible for the pension...

 

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You now have a period of 30 productive years to make enough money to live for a further 40 to 50 years!! Huh.

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Well you can't continue being a bricklayer till 70. That's fairly obvious. Sol, I don't know how old you are but you sound older than me. No disrespect intended. I actually value your posts but I myself am older (45 YO). I respect that your experience has lead to wisdom. Young people won't realise this so the 30 productive years is possibly reduced I would say to 25 and in some cases 20. 

 

Even so, I am now required to work until 70 before receiving a pension as I am born post 1965. I'm white collar and much of my day is spent in problem solving activity. Funnily enough I still get asked for advice from younger colleagues about problem solving techniques. I can still show them up on occasion. I'm an old man in IT now - Although I still write code. However, I am a subject matter expert. Whether I can spin this out for another 25 years is doubtful. I will either keep adapting or I might start a company. In a way I hope I am found superfluous to needs by the APS. A package would provide some useful startup capital.

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 I will either keep adapting or I might start a company. In a way I hope I am found superfluous to needs by the APS. A package would provide some useful startup capital.

I'm not in the APS but do work in IT and have similar views. My package wouldn't be worth that much though as I've been with the company less than five years. The tricky thing for me is I'd prefer to go down the PT path (like Tor) but my current skills suit to face-to-face consulting.

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.... I'm an old man in IT now - Although I still write code. However, I am a subject matter expert. Whether I can spin this out for another 25 years is doubtful...

 

it might be an idea to specialize in languages no longer taught but still heavily used in old mainframe systems where the supply of experienced coders is falling off the perch! I'm thinking COBOL, PL1, IBM Assembler and a few other things I was exposed to when I first started and was glad to leave behind! I may have to change my mind and get retrained in that rubbish if I'm to work until I too fall off the perch.  :(

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The thing is if you're a bricklayer a doctor will write you up a permanent disabled ticket the first time you have a heart murmur and are told to take it easy for a while. when you tell him: i have to work doc. How else will I eat he will have little choice.

I'm thinking my strategy is going to be that. Work white collar till I'm 60 then take up a labouring job for a few months to get the disability pension. :)

I suppose the risk is with all this partial disabled scrutiny they are now doing I'd end up back in the workforce.

I really am too young to be worried about moving retirement goalposts, but 70 seems too old to still have to work. Not saying that some are not productive at this age but not even having an option to retire?

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