The good news is that pensioners in Australia will get an A$32 per week increase in their pension.   The bad news is that they will have to wait until they are 67 years of age to begin receiving a pension.

Macquaire National News reports that these and other modifications will be phased in over time, with the increased retirement age to take effect in 2023.    The government says that these changes could help save A$22 billion in an effort to help reduce the national debt.

As noted in a previous posting, Finland is also considering increasing their retirement age as well as looking at implementing strategies that will encourage people to work longer.