Report: No need to increase Superannuation age

Author
Newstalk ZB staff,
Publish Date
Wed, 29 Jan 2020, 8:49AM
The Retirement Commissioner says the age of eligibility for NZ Super should stay at 65. (Photo / Supplied)

Report: No need to increase Superannuation age

Author
Newstalk ZB staff,
Publish Date
Wed, 29 Jan 2020, 8:49AM

Superannuation researcher Michael Littlewood joins Kate Hawkesby to talk about the latest report by the Interim Retirement Commissioner.

The report states the cost of Super is sustainable for at least the next 30 years.

Most of the 19 recommendations relate to KiwiSaver.

The report suggests there will be more people in need of state support as they enter retirement in the upcoming years, not fewer.

It is a stark contrast to the last two reviews which both recommended an age rise to 67 due to the rising cost of NZ Super.

Mr Littlewood says we can not know whether the savings scheme is working, unless we have a proper longitudinal study of household finances.

"We did try that between 2002 and 2010 with the survey on family income and employment, but there's absolutely no reference to it in this report and I was extremely disappointed with that."