According to an article published in the newspaper The Marker, The Australian government is planning to raise the retirement age to 70. This will make Australia the first country to raise the retirement age to 70. I have often written that in my opinion, in Israel and the rest of the Western world too, the retirement age will be raised to 70 (at least).In my opinion, this is unavoidable due to the inability of pension funds to fund more than 20 years of retirement after only 30 years of work.In other words, the increase in life expectancy, which seems like good news to us, is not so good news from the perspective of pension funds: we start our careers later, work less, and expect to live many more years at the expense of our pensions. This doesn't work. You can't square the circle like that. Therefore, pension funds are experiencing deficits, and the government's way of dealing with this is by increasing working years and decreasing pension years. This is done by raising the retirement age. Here's the rub: a large portion of citizens will not have jobs at an older age. In other words, instead of 68-year-old pensioners, they will become 68-year-old unemployed individuals.I think Australia is a wake-up call for all of us: Pension funds are not the solution! The notion that we manage most of our lives by letting experts handle problems simply won't work. Experts have no good way to handle problems. Our standard of living in old age is Our responsibility And not of the experts. We need to be the ones who take ourselves in hand, learn how to manage our finances, and take care of By ourselves So that we can live with dignity after age 60, regardless of the age the government sets for retirement.I love real estate investments and use them to provide for my family and myself in old age. Of course, there are other ways to do the same thing. For example, you can learn to invest in the stock market or elsewhere. But, it's important to remember, wherever you choose to invest, it will be your sole responsibility. Therefore, you are the ones who need to make decisions and bear the consequences. If you choose the stock market as your preferred investment channel, learn to invest in the stock market. The bank's investment advisor, for example, is no more qualified than you. Statistics also prove that he will not achieve better than average results. But the investment advisor has sub-goals that you do not share with him. For example, the investment advisor makes more money for the bank the more commissions you pay, or in other words, the more transactions you make. Educate yourselves and make decisions on your own and responsibly, and thus your prosperity will increase.Good luck.