Why wait to raise retirement age? Delay costs millennials $58 billion

National have handed a $58 billion bill to under-45s, says ACT Leader David Seymour.

“According to Treasury figures, the cost of paying superannuation to 65 and 66 year olds between now and 2037 is $58 billion,” says Mr Seymour. “So delaying action represents a $58 billion wealth transfer from Millennials to the Baby Boomers.

“The scary thing is that ACT is the only party being responsible on Super. The other parties’ ideas are even worse than National’s.

-Labour have abandoned their past policy to raise the age. They know this change is essential, they’re just too scared to be up front with voters about it. The Greens are with them.

-Winston Peters ould scuttle any changes during post-election negotiations with National.

-Peter Dunne will not support any raise of the age.

-The Maori Party is even discussing lowering the age!

“Bill English could have saved Millennials $58 billion by starting the changes now, but instead he’s making them cover the escalating costs of pensions for Baby Boomers, who retire early and get off scot-free.

“Only a stronger ACT, with more MPs after the next election, can make National begin the Super changes in 2020, saving millennials from an unfair $58 billion tax burden caused by boomer pensions.”

ENDS

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