The Morrison government is set to review national retirement income, and there is a push to increase the pension age.

Tom Elliott says it’s a good idea.

“I reckon it should be 70,” the 3AW Drive host said.

“It was set at 65 for men way back in 1910.

“In 1910 the average life expectancy for men was only 55 years and two months, so setting the pension at 65 meant that most people wouldn’t get it.

“The length of time we live has jumped a quarter of a century and yet the age at which we get the pension has only moved two years.

“I know it’s unpopular, but the reality is this, when the pension was set up very few Australians even got to pensionable age.

“The tax revenue has to come from somewhere.

“They don’t put the tax that you pay during your working life into a box and then give it to you when you retire. Today’s pensions are actually paid by today’s taxpayers.”

Ian Henschke, National Seniors Chief Advocate, disagreed with Tom, saying raising the pension age won’t save taxpayer money.

He said projections show we “will actually have a lower expenditure of GDP on pensions in 2050, so this idea that older Australians are a burden to the younger taxpayer is just a myth”.

“173,000 Australians between the age of 55 and 64 are on Newstart because they’ve been bounced out of jobs because of age discrimination and changes to the economy,” he told Tom Elliott.

“Those people are chewing up their super, they’re chewing up their savings.

“There’s probably 200,000 older Australians listening to you now who are going to be on the full pension, not the part pension, because they’ve been out of work.”

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