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Boomers Health

Where are we spending our money

Contrary to their image as successful and self-satisfied, many baby boomers nurse a sense of disappointment, a barely articulated sense that it was not meant to turn out this way. And the perception of the boomers as the ‘lucky generation’, happily pioneering a trend towards the end of retirement, is simplistic and misleading.

 The ‘unprecedented wealth’ of the boomers is something reserved for a small portion of the generation, with the majority unable to fund their own retirement. The popular idea that baby boomers are ‘the generation that will never retire’ is one conditioned very much by the expectations of wealthier boomers.

It may be truer to say that the traditional notion of retirement is now aspired to only by the working class. The reality for most of these lower income earners is worry about how they will fund their retirement, and this is leading them to delay retirement.

While there is indeed a great intra-generational divide which sees lower income earners suffer significant disadvantage, all boomers share a disadvantage as a generation. At a time when individuals are increasingly expected to fund their own retirement, baby boomers have become the ‘bunnies’, caught in a situation in which they are being asked to do something most do not have the capacity to do because compulsory superannuation was introduced late in their working lives.

Taken from: Baby Boomers and Retirement, Dreams, fears and anxieties

Myra Hamilton, University of Sydney & Clive Hamilton, The Australia Institute

This article reflects exactly how I see the world and the surroundings of many, both friends and colleagues in retirement. 

We grew up with it all at our feet but not the policies in place to ensure that we were covered in the new compulsory superannuation.  Many were fortunate enough to have super funds but allowed over time to draw down on them for many purposes we had in our life before retirement, leaving us without the time to rectify what is now the “norm”, enough superannuation to see us through.

If we do not look now at what can be done to achieve a stronger fiscal position for ourselves, we are looking at a retirement living off a pension offering far less a lifestyle than we have become accustomed to.

 I have developed many strategies over the last few years to ensure that I will be ok in retirement and have sufficient funds to ensure that I “Live like a princess” and have the funds to do all of those adventures in my “bucket list”. 

Over the coming weeks I will show you some of those ideas I have been nurturing my brain cells with and give you an idea of what is available and how hard or easy they are to set up.

Well until next time….

Cheers!

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