New Zealand must wake up to the fact that our ageing population means NZ Superannuation will become increasingly unaffordable.
The number of people over the age of 65 will double in the next 30 years and the net annual cost of NZ Superannuation will triple over the next 20 years from $11 billion to $36 billion.
The Commission for Financial Capability has recently released the recommendations from its 2016 review of retirement income policies.
Retirement Commissioner Diane Maxwell is now calling for the age of eligibility for NZ Superannuation to be increased to 67 by 2034, and for the age of access to KiwiSaver funds to be decoupled from NZ Superannuation.
New Zealand is lagging behind other countries in making changes to retirement age.