Especially transport workers who work harder than most. But JIM McGIVERON says - those nearing retirement needn't worry.

News that the Rudd government had lifted the eligibility age for the age pension from 65 to 67 frightened a lot of those people struggling towards retirement.
There are a heck of a lot of former truck drivers out there who failed to make it to 60 - let alone 65.

If you want an example, read the story in the Wheel about road-train driver Ray Buckland who had to give the game away at 54. Ray became permanently disabled after operations on his shoulders and arms which had become almost crippled from years of tarping up trucks. He is hoping to take up lighter driving work if his shoulder gets better.

The TWU is opposed to the decision to lift the retirement age to 67 for the same reasons the construction unions are against it. Many of our members do the hard yakka and their bodies don't last as long as those whose work is less physical. However, it is likely that, regardless of our jumping up and down, the changes may be here to stay. I can't see the Liberal Party getting rid of them.
There have been a lot of scary stories in the media about the changes but they will not affect those who are closing in on retirement.
The changes will only affect you if you were born AFTER 1st January 1957. If you were born BEFORE that date you will still be eligible for the pension at 65. And if you were born AFTER that date you will have 15 years to prepare for retirement at 67.

Having to retire is a big worry for a lot people, especially those who don't have big nest eggs.

But if you do have to retire before you reach 65 you will still be eligible for a wide range of government benefits.
Lets say you are a couple aged 62 and neither of you can work any longer. You would receive a Newstart allowance of $409 a fortnight each. That's $21,268 a year combined income. You would also receive a wide range of benefits including pharmaceutical allowance, the Low Income Health-care Card, telephone allowance and rent assistance, if applicable. This is about $70 pr week less than an aged pensioner couple receives.
A few other interesting facts. Australia did not have a universal aged pension scheme until 1908. At that time the life expectancy of males was 55 and 58 for females. It has risen to 78 for males and 82 for females.
(Much of the information in this article was gleaned from a Sunday Times article written by columnist and financial adviser Neil Whittiker. I recommend Neil's weekly column in the business pages for anyone preparing for retirement.)