Super has to go up to help the renting generation - Grey Power

Home ownership rates have been falling since 1991. Photo credit: Getty

The number of renters speeding towards retirement has prompted calls to raise superannuation payments.

Grey Power believes the gap between what's paid out and how much is required to live comfortably is widening.

President Mac Welch says it's a new issue for the Government.

"Most people my age retired owning their own freehold home. Some spent their entire life paying it off, but they retired with a freehold home."

Mr Welch says the Government either has to up its contributions or make KiwiSaver compulsory.

"KiwiSaver has to be made compulsory. It's absolute madness in my opinion not to make it compulsory, like it is in Australia."

He says the low level of home ownership in generations will cause extra headaches if this isn't addressed now.

Superannuation is presently $400.87 a week for singles living alone and $616.72 for couples. Payments start at age 65, and it is not means-tested.

Home ownership rates have been falling since 1991.