In response to calls from the Financial Services Council (FSC) for the Government to lift the age at which people can take their super from 60 to 62, the Treasurer says “the Government is not contemplating that at all”.
[FSC CEO John Brogden recently released research that showed increasing the preservation age to 62, based on 2 years of super contributions at 12%, would reduce the super savings gap by $400bn. Increasing the time spent in the workforce for every Australian by just one year would reduce the gap by $200bn. The super savings gap is the difference between what was being saved through super and what was needed to sustain a comfortable lifestyle after retirement.]
Source: Treasurer’s interview on “Meet the Press”, 5 August 2012
[LTN 145, 30/7]