Boomers 46 to 64

Can you achieve a stronger financial position for your retirement?

I found this report that had quite an interesting spin on us as retirees!  It talks of us not being happy that the government, both in the UK and Australia, were contemplating moving the retirement age south again.  Even though most of us have no intention of actually retiring when we can we want to have the voice to say “Yes, I am retiring” not have the government run us into the ground as they are quickly discovering that our wisdom and knowledge will also go with us in retirement!

In its study of baby boomers in the UK, the Institute for Public Policy Research found

that the traditional pension age of 65 has become a benchmark around which people

plan their lives and that there is considerable hostility to proposals to increase the

official retirement age.5 Opinions ‘varied from feelings of subtle betrayal or resignation

to depression and anger’ (Lewis 2005, p. 179). These feelings appear also to hold in

Australia. In the AXA study, although working people intended to retire later and

continue paid work into retirement, they were hostile towards raising the

superannuation preservation age, indicating that even if they were planning to retire

later, they wanted the option of drawing down on super earlier (AXA 2006). Moreover,

they do not like the feeling of being compelled to work longer. The IPPR study also

found that while many planned to work longer, they were very careful to assert their

right to choose whether or not to continue working. Also in the UK, the Demos study


Our baby boomers were determined not to be forced to retire, and felt that they

might have many fruitful and productive years ahead of them … they were

suspicious of any government which might coerce them to work beyond their

formal retirement age (Harkin and Huber 2004, pp. 19-20).

In the AXA survey of retirement plans, the average expected retirement age among all

adult working individuals was much older than their ideal retirement age. On average,

they gave 54 as their ideal retirement age but set their anticipated retirement age at 62

And then goes on to state the obvious!  Yes we certainly come into this superannuation game ½ way through and no real plans to ensure we knew it was to last us right to the end!  Many of us spent it on life and troubled times to ensure we got through to the next stage, some needing it to get through messy divorces, others just withdrew it ensuring us a better quality of life at the time whatever the circumstances were for needing it.

Baby boomers entered the workforce when the predominant form of retirement funding

was the age pension. Now, as they approach retirement having spent time in the

workforce and in unpaid caring and domestic roles, the emphasis has shifted to private

provision through superannuation (Preston and Jefferson 2002, p. 11). The boomer

generation was 30-45 years old when the Superannuation Guarantee Charge was

introduced in 1992 and therefore sits right in the centre of the transition between the age

pension and superannuation. There are concerns among some commentators about the

capacity of the baby boomers to accumulate adequate superannuation savings to fund

their retirement.

So, now we are in the position, well 85% of us, that we need to get a wriggle on and make some money to file away under the heading “Superannuation” to ensure we are not left to survive on the “Pension” alone.  Especially those that have found themselves to be looking at a single existence throughout this time in our lives.  Tell me what your situation is and how you are thinking of ways to make it easier to enjoy the last period of time on the planet?

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