The architect of superannuation in Australia, Paul Keating, has come out stating that 30 years of super contribution will not cover living into our 80s and 90s.

On the ABC's Lateline he advocated a Commonwealth insurance scheme to cover the cost of people ageing. He wants a longevity levy equating to 2 or 3% of wages, to be paid by us throughout our working life. The levy would then guarantee a lump sum of 75% of our levy/contribution when we retire and 25% as income support, aged care and aged accommodation when we turn 80. (Not sure what happens to the 25% if we die before we collect though).