NZ Super proposals: What age would you work to?

Retirement Commissioner Diane Maxwell says section 70 of the Social Security Act needs to be reviewed.
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Retirement Commissioner Diane Maxwell says section 70 of the Social Security Act needs to be reviewed.

The Retirement Commissioner wants to lift the age of eligibility for NZ Super to 67 by 2034.

The transition would mean some people would end up working months, or years longer before they can claim NZ Super.

If Parliament accepted commissioner Diane Maxwell's proposals, which are designed to lower the future cost of NZ Super, nobody under the age of 54 today would get NZ Super at age 65.

And everybody under the age of 48 would only get their first NZ Super payment at the age of 67.

READ MORE: Lift NZ Super age to 67 by 2034, Retirement Commissioner tells politicians

The changes, proposed as part of Maxwell's three-yearly review of retirement income policies, would see the first rise in the age of eligibility for NZ Super happen in 2027, with people aged 55 in 2017 not getting NZ Super until age 65 and three months.

In 2028, the age at which people became entitled to NZ Super would rise to 65 years and six months.

In 2029, the age of eligibility would be 65 years and nine months.

In 2030, it would be 66 years.

In 2031, it would be 66 years and three months.

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In 2032, it would be 66 years and six months.

In 2033, it would be 66 years and nine months.

In 2034, it would hit the commissioner's target of 67.

Maxwell said: "The increase in eligibility age reflects the fact that people are living longer and receiving New Zealand Superannuation for a longer time. Longevity has increased for men and women, with average life expectancy going up by more than 20 years over the past century."

"Many people are already working longer past 65, with 43 per cent of all 65 to 69-year-olds participating in the workforce. In September 2016, 23.7 per cent of those over 65 were still in paid employment."

 - Stuff

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