Pension reform has me feeling youthful
Posted on Thursday, March 04, 2010 at 08:27 AM
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Oh yeah! I'm feeling three years younger today. Just like that - I'm feeling that little bit more limber, my mind a touch sharper.
And to what, I hear you ask, do I attribute this burst of youthfulness? Well it's all thanks to the Irish government, actually.
You see, yesterday the Irish government decreed that no longer would those of us born after 1960 be retiring at 65 as is currently the law, but at 68. So you see, the government clearly feel I don't have enough wear and tear on me at this age. I can go on working for three more years!
The change will actually be phased in with retirement age rising to 66 in 2014 and to 67 in 2021. And you know what? I agree with the government.
The population of Ireland is aging fast and the so-called 'pensions time bomb' is ticking loudly. As Brian Cowen {photo} said when he announced the change, currently there are six workers for every pensioner, but by 2050 that ratio falls to two workers for every pensioner.
That's simply not sustainable. So now we're all a little younger than we were and that doesn't happen every day.
