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Speaker 1: Right now, providing I make it to sixty five, and

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Speaker 1: you don't want to count your blessings, do you? But

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Speaker 1: providing I make it there, assuming for a second that

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Speaker 1: I do, I don't expect that I'll be receiving the

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Speaker 1: full pension. And you know what, I would rather receive

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Speaker 1: less at a later age than pay more taxes through

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Speaker 1: my working life. Guess what the number of people over

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Speaker 1: sixty five was in this country in two thousand and six,

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Speaker 1: four hundred and ninety five thousand, about half a million.

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Speaker 1: It's increasing by eighty a day. It will reach one

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Speaker 1: million by twenty twenty eight in a couple of years,

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Speaker 1: by twenty fifty one and a half million. You can

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Speaker 1: see where this is going compared to the OECD. We

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Speaker 1: have the highest basic pension paid from general taxes in

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Speaker 1: the OECD, and of course we've got fewer young people

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Speaker 1: working to support it. Treasury says this will blow out,

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Speaker 1: we will need to increase taxes personally, No thanks. With

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Speaker 1: another about thirty years on the clock before I get

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Speaker 1: to this magic age. How much extra tax must I pay?

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Speaker 1: Which color government will be in charge when the inevitable happens?

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Speaker 1: Why can't I instead invest my own money, with the

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Speaker 1: help of compounding returns, hopefully set myself up for my

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Speaker 1: own retirement. Like most kiwis, I hope, and again you

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Speaker 1: don't count your blessings. I hope I will have invested

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Speaker 1: wisely and saved adequately to feed and house myself. If

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Speaker 1: that changes, then a means tested system should always be

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Speaker 1: a safety net. But at some point we have to

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Speaker 1: move on from think big on NZ's Super to something smaller.

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Speaker 1: We need to put this thing on a diet. For

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Speaker 1: more from early edition with Ryan Bridge, listen live to

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Speaker 1: News Talk Set B from five am weekdays, or follow

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Speaker 1: the podcast on iHeartRadio