I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Why is the Age Pension age increased to 67 years?

The boost in the Age Pension age was discussed several years back by the previous Liberal Howard Federal Government.

However, the proposal was closed due to its level of political sensitivity. When the former ALP federal government increased the Age Pension age, the arguments that it utilized to validate the boost in qualification age for the Age Pension to 67 years were:

Age Pension age had not shifted over 65 years since its creation in 1909.

When the Age Pension was presented, a male retiring at age 65 invested, typically, 11 years on retirement. By the time, at least half of the male population will have reached the retirement age.

Today at least 85 percent of the men reaches retirement stage then can anticipate spending, generally, over 19 years through retirement.

This change follows global patterns: The United States, Germany, Iceland, Norway and Denmark presently have, or are shifting towards the retirement ages of 67. The UK increases the Age Pension age to 68.

How Does Age Pension Age Impact Retirement Plans?

For most of Australians, Age Pension will stay a major factor for a retirement package, even if the individual possesses significant superannuation and non-superannuation cost savings.

Around 80% of Australians who have reached Age Pension age presently get a complete or partial Age Pension. A number of couples who are holding more than a $1 million in assets (in addition to the household house) are presently eligible for a part Age Pension.

Ausies retiring today may access their Age Pension by the time they reach 65 (for men) and consider that July 2013, from age 65 for women. Age Pension age for women remains to be 60 years but has steadily risen to 65 years, related to the Age Pension age for men.

Keep in mind: 65 is still the Age Pension age for anybody born prior to 1952 July, and then gradually rise by 6 months in a two-year interval, up until it gets to age 67 in 2023. The first group of Australians affected by this shift in the Age Pension age will be the once who are turning 65.5 years on or after July 1, 2017.

If you are retiring soon, then you might be thinking of looking into this matter in more in-depth detail. Feel free to read more about it on our site at www.australiansuperfinder.com.au

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