Issues
Bonza view: We are really on the Titanic sailing quietly but steadily towards the iceberg. The mass of ice has been built from:
- So many of us- 5 million- to retire in the next ten to twenty years and there will be more aged than young Australians for the first time in history.
- Lack of future employment- baby boomers face the real prospect of never working full time again as many of us take redundancy and leave our secure jobs. Part time or casual maybe the best we can get. Only around 50% of jobs in the current workplace are full time. The rest are part time or casual.
- Many of us still have financial commitments such as mortgage and education expenses but no income.
- Our children are still being educated because some married later and some are reluctant to leave the nest as things are too good at home.
- We will live longer as the average age of death for males and females is now in the late 70s/early 80s
- We will need to draw upon our life savings and superannuation before our golden years so we can live comfortably thus depleteing our assets.
- We will need government benefits earlier than previous generations.
- We will need more health care, hospitals and nursing homes to cope with our numbers in our old age. Double the pace makers and the artificial hips for instance.
- Our children will not get their inheritance and will be asked to pay more taxes to provide for us or at least look after us at home but our children are not having as many or any children to pay these taxes.
- We will have to work longer- 70? The OZ PM has already suggested that those who want to work longer should be allowed to work until 70. Is this the thin end of the wedge? Will the Federal govt force baby boomers to work longer by cutting pensions to those younger than 70 and by hitting self-funded retirees with hefty superannuation taxes until they reach that age?
- When we withdraw our investments to live on after retirement, the baby boomer market value will be strong and some will send large amounts.
- We will be unable to draw upon our superannuation at the age we choose.
- Our fitness levels will drop, as we cannot afford gym fees and health will deteriorate.
- Older age groups do not participate enough in organised sports.
- There will not be enough age care homes for us so our children will have the privilege of looking after us (pay-back time for us perhaps)?
- Bonza will endeavour to address these problems and what we can do about them through research and involvement of government and private bodies that can inform us of which is the best way to go with our lives. Bonza will have some answers but we would like your opinions and ideas as well. We will then relay them to state and federal leaders. Please contact us and let’s help each other.