BLOG: Kiwis should be able to choose their retirement age
I have been very happy with the response UnitedFuture’s radical superannuation policy that I announced last week. The word among the Parliamentary Press Gallery journalists was that they were all doing calculations of the ‘what would it mean for me’ variety!
Our policy is to give New Zealanders a choice that they do not currently have, to retire with superannuation anywhere from 60 to 70, rather than the current flat non-option of 65.
And the beauty of our policy is that it will cost government no more than the current scheme does.
People would be able take up superannuation at reduced rates from 64 down to 60, or enhanced rates from 66 to 70, or if they prefer, just as it is now at 65.
To give this choice, KiwiSaver – which has been adopted at a phenomenal rate by 1.75 million New Zealanders already – would be made compulsory.
New Zealanders already recognise that KiwiSaver is the anchor of their retirement savings, and will only grow in significance.
Our policy is effectively a circuit-breaker on the whole superannuation sustainability argument and the growing debate on whether it needs to be pushed out from 65 to 67... Read the full text of this blog post.
