Things might be about to get tougher for senior citizens.
Currently, accessing the age pension under Australian law is available to anyone who is 65 years of age and older. From July 2017, depending on your birthdate the age pension age will be 65 years and 6 months.
After that, the age pension age will go up 6 months every 2 years until 1 July 2023.* See the table below.
Before we panic and begin to worry about accessing the pension, it's important to note that any increases to the age pension past 67 years old are yet to be legislated.
This doesn't mean it won't happen.
While the current Australian age pension is set to rise from 65 to 67 years between July 2017 and July 2023. Any changes after that would need to be passed through parliament.
Currently the oldest access age for the pension is in Norway at the age of 67.
It wouldn’t be the first time that changes to the pension have been introduced. With increases in life expectancy stats, the government needs to account for a greater demand on the benefit.
In any case, yes the age pension is moving to being accessible later in life, but not to 70 at this stage. For more information on where Australia stands in terms of the pension from an Organisation for Economic Co-operation and Development (OECD) standpoint, see here or refer to the Australian Government's website.
*Source: Department of Human Services