Research

Editor's 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 thus creating a Skill Shortage as there are not enough young unemployed to replace such numbers 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 early to mid 80s

We will need to draw upon our life savings and superannuation before our golden years so we can live comfortably thus depleting 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? OZ PM has already introduced a retirement of 67 in 2022 and 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?

The pension age will blow out to 67 in 2022. Will it go higher?

When we withdraw our investments to live on after retirement, the baby boomer market value will be strong and some will spend 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

Trillions will be spent on our health by governments yet our teeth are rotting and affecting our health. Free or subsidised dental health is needed

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.

Brian Murphy
Editor