Retirement Commissioner Diane Maxwell is recommending to raise the retirement age for Generation Y (people born on the 80s to the 2000s). This is part of a proposal to increase the retirement age by a year every 10 years starting in 2027 to address the increasing number of baby boomers (post World War II 1946 and 1964) nearing retirement. The gap between male and female retirement benefits will also be reduced, as women contribute 20% less than men.

The government is considering this proposal, as well as putting up a “flexi-super” scheme, where early retirees can avail of a lower superannuation if they choose to retire before 65.

Read more about this on the MSN Money website.