Superannuation is a long-term strategy for people to have a decent retirement and not rely on the age pension. Those who go without during life to save for retirement are disadvantaged later in life. The advantage for those who save hard should be allowed to retire early, or have the opportunity to do so if they wish.

The opportunity to retire at age 60 is a must for those who can afford to do so. They have the opportunity to travel, to spend time with the grandkids or engage in a hobby or activity of their choosing. The age pension kicks in at age 67, it may even be extended to age 70 by the time I am ready to retire. When you are young enough to be active, age 60 is relative, age 70 is so much more, not just a lost decade but in terms of wear and tear on the body, medical ailments are increasing.

So, where to from here? Governments are quick to target the pool of superannuation savings for their pet projects, this will downgrade our retirements. The concessional contributions cap that was fixed at $35,000 before dropping to $25,000 including employer contributions. There is the non-concessional cap set at $100,000, the general transfer balance cap of $1.7 million and franking benefits.

This all affects accumulation funds, this is what most of us have, but the politicians and senior bureaucrats who benefit from the defined benefits scheme that the vast majority of us cannot access. If you want to make changes to superannuation, it is the defined benefits that should be targeted first, but we know that won’t happen as they won’t hurt their own benefits – just ours.