"New Zealand’s superannuation costs are spiralling out of control and threaten the country’s long-term fiscal health.
"As the number of superannuitants continues to grow, so too will the burden on the taxpayer. The longer we delay reform, the harder it becomes for future governments to respond without drastic tax hikes or cuts to essential services [sic] elsewhere."Treasury’s projections show that by 2060, superannuation expenditure could balloon to 7.4 percent of [GDP] This is not just an accounting issue - it’s a generational issue. Young and future New Zealanders will be forced to bear an ever-growing welfare bill for their parents and grandparents. Without reform, or significant productivity growth, future taxpayers face a nightmare scenario: higher taxes, deeper debt, and reductions in public services. ...
"Raising the superannuation age to 67 and indexing it to life expectancy would slow the growing burden ... Even with the higher age, retirees would still receive NZ Super for as long, or longer, than previous generations....~ Taxpayers Union from their report A Pathway to Surplus
PS: From NOT PC (March, 2017):
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