{"id":335161,"date":"2026-02-13T10:13:11","date_gmt":"2026-02-13T10:13:11","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/335161\/"},"modified":"2026-02-13T10:13:11","modified_gmt":"2026-02-13T10:13:11","slug":"retirement-age-will-rise-to-cover-superannuation-cost-investment-company-predicts-2","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/335161\/","title":{"rendered":"Retirement age will rise to cover superannuation cost, investment company predicts"},"content":{"rendered":"

He said the Treasury was very clear, saying that unless the retirement age rose to 72 or 73, New Zealand could not afford to pay superannuation.<\/p>\n

\u201cBy 2030, we\u2019ll have over one million people over the age of 65 and we want New Zealanders to retire with dignity and in a lifestyle they deserve.<\/p>\n

\u201cThat is just going to compound. Why? Looking back, in the 1970s you had seven workers for every person over the age of 65. Today that\u2019s about four workers for every person over the age of 65 and by 2060 it\u2019ll be two workers for every person over the age of 65.<\/p>\n

\u201cThe truth is we cannot afford the superannuation system<\/a>, because we don\u2019t have the workers and we don\u2019t have the productivity. And just to bring the productivity point to life \u2013 in terms of the 37 OECD countries, we are 27th in the rankings in terms of productivity.<\/p>\n

\u201cAnd here\u2019s the killer stat that follows that, in terms of our savings, we\u2019re 33rd, so if we have lower productivity and lower wages, that, unfortunately, really hurts our ability to save because we literally don\u2019t have the money to save for the future, even though we know we need to save.<\/p>\n

\"BlairBlair Turnbull says we cannot afford the superannuation system. Photo \/ 123RF<\/p>\n

\u201cHalf of people today are just surviving pay cheque to pay cheque and the news isn\u2019t any better for retired people because 40% of them arrive at 65 and they have little to no private savings and they\u2019re fully reliant on income from New Zealand Super, which we simply can\u2019t afford.\u201d<\/p>\n

Former cabinet minister David Parker told the conference that we have to match Australia on their better superannuation savings rate.<\/p>\n

\u201cI\u2019m in favour of following Australia into compulsory KiwiSaver and there should be a tax incentive.\u201d<\/p>\n

Former MP and CEO of the Aged Care Association Tracey Martin said a much broader conversation was needed than whether the age of superannuation should be raised.<\/p>\n

Sharon Zollner, ANZ\u2019s chief economist, told the conference the healthcare costs for older people were also a consideration. She said the health needs of people over 85 cost five times more than those aged 65.<\/p>\n

– RNZ<\/p>\n","protected":false},"excerpt":{"rendered":"He said the Treasury was very clear, saying that unless the retirement age rose to 72 or 73,…\n","protected":false},"author":2,"featured_media":335162,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[177],"tags":[34766,79,147000,2006,6402,41597,18,19,2003,17,234,235,159713,3887,28628,11782,1213,4083],"class_list":["post-335161","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-age","tag-business","tag-checkpoint","tag-company","tag-cost","tag-cover","tag-eire","tag-ie","tag-investment","tag-ireland","tag-personal-finance","tag-personalfinance","tag-predicts","tag-retirement","tag-rise","tag-superannuation","tag-to","tag-will"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/116062794698257397","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/335161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=335161"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/335161\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/335162"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=335161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=335161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=335161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}