Millennials repeating the same mistakes boomers made

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What would you like to have told yourself when, all those years ago, you were starting on the path to saving for retirement?

If you had that forewarning, would it have made any difference?

Maybe. Maybe not.

It seems millennials are making the same mistakes as boomers when it comes to planning for a comfortable retirement.

To avert the impending ‘retirement crisis’, young Australians need to learn early how to invest and save for retirement, otherwise they risk walking the same path as six in 10 boomers who will enter retirement this year expecting to run out of money before they die.

That’s the supposition made by Equity Mates co-founders Bryce Leske and Alec Renehan on the Equity Mates Investing Podcast.

Many baby boomers now face gloomy financial prospects at retirement, say the pair, who estimate that around 440,000 older Aussies who will retire this year are not prepared to support themselves to the end of retirement.

“The average Australian would outlive their retirement savings by five years,” say Mr Leske and Mr Renehan.

A recent study backs up this notion.

It found that most older Australians (53 per cent) are worried about outliving their savings, with more women (59 per cent) being concerned than men (47 per cent).

Unsurprisingly, people without super reported the highest levels of worry, with 23 per cent worrying frequently. Concern was highest for 68 per cent higher in those yet retired and those with less than $500,000 in savings were 65 per cent more worried.

YourLifeChoices own research found that six in 10 retirees are either unsure or know that they will not have enough money to live a dignified retirement.

“They fear running out of their own money, even though the safety net of the Age Pension will be there for them,” said Challenger chairman of retirement income, Jeremy Cooper.

“This sends a strong signal that people worry about being sorely reliant on the Age Pension. It’s therefore important that super funds explore ways of providing more lifetime income to their members.”

Around three million baby boomers are expected to retire over the next decade and, if unprepared to support themselves, will increase the strain the public health system, public housing and any budget surplus.

It is critical then for young people to learn how to invest in the stock market rather than saving it in cash, ‘given that between 1900 and 2010 the Australian stock market saw 11.8 per cent growth per year while, at the same time, Australian bonds returned six per cent and savings in cash stood at 4.8 per cent’, reports Super Review.

Nothing created “more wealth for more people than the share market”, says Mr Leske.

Considering the huge disparity in returns on cash and shares, 40 per cent of working millennials are not invested in the stock market, which Equity Mates thinks is a big mistake.

“There are so many barriers to getting started investing. From all the industry jargon to a sensationalised financial media, it was daunting to get started. So, for years, I didn’t,” Mr Renehan said.

“Once you break through these barriers and get started, you understand just how important investing is for your financial future.

“… we hope to introduce more young Australians to the great wealth creating machine the world has ever known. In doing so, hopefully this generation will be better prepared for retirement than their parents and grandparents generations.”

Do you wish you’d invested more money in the stock market when you were younger? What financial advice would you have given yourself when you were younger?

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Written by Leon Della Bosca

Leon Della Bosca is a voracious reader who loves words. You'll often find him spending time in galleries, writing, designing, painting, drawing, or photographing and documenting street art. He has a publishing and graphic design background and loves movies and music, but then, who doesn’t?

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115 Comments

Total Comments: 115
  1. 0
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    Just save 10% of what you earn from your first day at work and compounding will take care of the rest.

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      Brilliant – easily done when you’re not breadline at the outset and are protected by a family structure… then there is the real world for many.

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      I agree VCBB. Compulsory Super should make retirement easier for Millenials. However, many do not know, or want to know about budgeting. Saving 10% and not touching it is a simple start.

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      Yes of course I could have saved harder. If I had, I could now jump on my mobility scooter & toddle off to the RSL for a slap up lunch, rather than my ham sandwich at home.

      Of course I couldn’t have afforded the formula 2 Brabham I used to set lap records around Bathurst in the 60s. You know I’m not that hungry today.

      I could probably afford to jump on some cruise ship, & get to spend a day at a couple of exotic south sea island, now covered in high rise tourist hotels.

      Of course I couldn’t have sailed there in my own yacht & spent weeks there, when they still were south sea islands in the 70s.

      Why the hell would you put off doing all those magic things, until you are too old & doddery to really enjoy them. Most stupid thing I can imagine.

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      Hasbeen, you can afford ham?

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      Yeah Hasbeen – I did a cruise from Sydney to Marseilles, France, in 1971 instead of saving. Trip took 9 weeks, all thru the Pacific and then Panama Canal, West Indies. Total cost $320, recently came across the receipt. Yep, I spent the dough when the going was good and I do not regret it one bit. Haven’t got a clue what a trip like that would cost nowadays.

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      KSS, you can’t afford ham?
      If you eat at home, do not drink or smoke, it can be done as ham is not that dear anyway. A slice of ham for a sandwich would be about a dollar or so?
      We did not travel because we had a big family instead. There would be no way we could have saved anything, it was a matter of juggling money to keep afloat.
      Of course we both regret not travelling but do not regret our lovely family who can do those things for us.
      We are probably better off now on the pension than when we were when raising our children.
      I guess many families are like that today.

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      I’m seriously re-considering deli meats…. stick to steaks and lamb… and fish.

      Hmm – wonder how this rain is stirring up the water and maybe adding a few things for the fish..

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      Why does it have to be one or the other?
      You can save and do all the things you want to do, you just have to be able to prioritize and show just a little self discipline.
      Only children should have the a nicettitude of I want everything and I want it right now and this can be trained out of them.
      I respect those who chose to travell and explore the world when they were younger, I feel that I made a bit of a mistake in not doing more travell when younger myself. But I took the more coventional path of paying the mortgage, putting extra into Super and raising a family.
      I have travelled to Europe, Asia and Great Britain, but get the feeling that I would have had a different ecperiance if I had done it in my twenties or thirties.

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      We no longer buy deli meats either. Buy ham unsliced and it lasts for ages unlike the deli stuff that lasts 24 hours if you are lucky.

      Trebor fish love the rain and breed very well after rain events.

  2. 0
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    Put money aside in an account that you do not touch. High schools should teach young people about the need to invest for the future

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      Hmm… great advice..

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      Why should it be the schools that teach this? FGS, they can’t teach reading and writing these days because there are so many other extraneous things in the curriculum.

      If anything it should be the parents and failing that the superfunds when someone gets their first job. All options should be explained including investing in the stock market – which is after all exactly what superfunds do.

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      Well – it’s not as if they’re doing much of a job of teaching other things….

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      I agree high schools should be teaching about money and investments, not all parents have the knowledge and the cycle keeps happening, I know my parents did not know about investing, and I still know very little. The Barefoot investor has some good books you can borrow from the library one for parents to teach the kids with. The Government would not support teaching even money management let alone investing because they what the elitists to have it all.

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      Schools can only teach a student the mecanics of managing money, the math ematics and processes involved. That is the easy part.
      It is up to the parents to teach through example the
      Principles of good money management. All the theory in the world taught in a classroom will not make up for living in a household where parents are in perpetual debt for items of no real value because of poor financial choices. Parents who surcome to poor choices due to a need for instant gratification will in most cases pass that trait onto their offspring.
      Yeachers may or may not be doing the job expected, but a lot of time is wasted in having to deal with overbearing parents who can not accept that little Johny or Genny may get a less than perfect grade in their exams.
      You can’t outscource parenting. You cannot outscource responsibility.

  3. 0
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    Put money aside in an account that you do not touch. High schools should teach young people about the need to invest for the future

  4. 0
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    The young not learning from previous generations!!!!! Now there’s a surprise!!!

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      Let the young made their own mistakes at times, we shouldn’t nanny them. And some of us older ones are not very good examples either. Made plenty of bloopers myself, some of my investments were downright silly.

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      Maybe they do learn. Stats tell us 62% spend every cent they get pay to pay but 38% save some . It matters not how much income these people get either. The ordinary worker may be in the saving group where the high income earner spends all.

      Compulsory super savings may help unless of course the money is just spent widly when it is finally received.

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    Where did the boomers go wrong? Well, in the main we basically trusted our government to do what is right, and not to go down the mad paths of such things as feminist-dominated ‘social engineering’, which has lead us to permanent unemployment, rising costs of living, hidden real inflation, and increasing poverty for the many. we also trusted out governments to see what was the right thing to do in their job for the people, and not sell the country and all our hard-earned and paid-for utilities out from under us, thus causing massive costs of living rises… we made the mistake of thinking we would be treated fairly in a nation with no history of treating its people fairly, and we felt that increasing education opportunities would mean more effective services as well as far better life and standards for our future generations…

    All of these have caused massive social and economic disruption, even revolution, and have left many without anything in their retirement..while excessively feeding favoured groups – and while the opportunities for our offspring have grown – those opportunities are in reality out of control, since there are now countless avenues in which the young can pursue a ‘career’ producing and doing nothing of value.. not that it matters in an ‘economy’ now based on the futile exercise of extracting from the soil only, producing nothing, and relying on ‘service’ industry to survive, along with the insane concept that flooding the country with cheap labour and masses of people, thus driving up costs of living beyond the grasp of the many, will somehow resolve all the problems installed by piss-poor government.

    There endeth this part of the lesson.

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      Well said. I want to hit the “like” button.

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      I too like that lesson, IT cost me the job and I was in the service industry at lower pay till age pension. Maybe in the future half of us producing burgers and beer and the other half eating and drinking them. Everything else comes out of China.

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      It might seem “everything else comes out of China” but this will not always be the case if history tells us anything. A few decades ago 97% of China was living below the poverty line and today those proportions have been reversed. Capital will move and exploit another country with cheap hands and overbearing government if there is a dollar to be made. No motivation like greed and self-interest where money and power are concerned.

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      My car’s windscreen wiper motor committed suicide at the first sign of rain – can’t get a part for a Ford these days… has to come from China so won’t get here until next week.. meantime I’m struggling to assist burnt out fire victims with supplies and help rebuilding/cleaning up etc… and can’t move.

      Point is – the global economy has betrayed us all…

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      Farside – that’s why governments traditionally in the West exerted some basic controls over power and money…. blatant exploitation is an act of terrorism…

      Now, of course, our government of two parties gets their fingers in the money pies wherever they are… and that is why they sought election in the first place..

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      Trebor, we have discussed this before. Choices have consequences and the choices made by Australian consumers to prefer cheap imports (often dumped at prices cheaper than their country of origin) over local producers inevitably leads to the local business exiting the industry. Use it or lose it as the saying goes.

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      Well – there are choices and there are choices… when you choice if on one or another of a cheap product…. imported… twenty years ago I said to an ex-CSIRO guy that while I was happy to buy cheaper products, I didn’t like having to buy them…

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      Trebor I agree with some points but what is “feminist-dominated ‘social engineering’ got to do with anything?
      As far as imports go, a lot of manufacturing is going to other Asian countries now like Westinghouse have moved to Thialand. I got one of the last Aussie made, of course the parts probably came from China anyway.

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      That ‘Anonymous’ is me, BTW – been copping hell with the YLC network for some reason.. they have a smart-arse answer filter, I think… if you get above yourself they slice and dice you…

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    What has secured a decent retirement income for my wife and I is our superannuation. Even though we only started our super accounts around the age of 40, salary sacrificing some of our income has ensured we ended up with a big enough pot of money to ensure a regular income in retirement.
    My advice to the younger generation is: start small if you must but, more importantly, start early. Put at least 10% of your income into super. If you have extra disposable income, buy blue chip shares. Avoid ‘get rich quick’ schemes. The ones I tried in my younger days all failed, costing me a lot of money.

  7. 0
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    I agree with the previous comments. There is a need to establish a financial literacy curriculum from early primary school through to end of high school to establish a culture of saving. The problem would be finding teachers with training in basic finance who could present an unbiased view prevalent in the current watered down politically correct education system.

    The first skill to be learned is to how to never trust any government who talks BS about the security of retirement.

  8. 0
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    Secret to success. Here is the alphabet I suggest for success over your working lifetime.

    a) work bloody hard
    b) don’t buy anything till you can afford it, for example , color TV’s (in 1978 it cost $1,000 pounds or today’s money $20,000 for a 26″ TV)
    c) try and save for a deposit and buy a house
    d) keep your mortgage as low as possible and pay it off as soon as possible
    e) make do with second hand goods or hand-me downs from parents, like fridges, TV’s, etc., postpone that new car till as late as possible
    f) support your kids through to finishing UNI. They are your shiny day in times of misfortune.
    g) contribute what you can to super through your work.
    h) eat well, but watch the family budget.
    i) limit holidays to local or interstate travel, and only during vacation periods
    j) where you can DIY, or do short courses in trades you need. Do simple maintenance. (don’t laugh, but few plumbers know how to change a tap washer properly that won’t leak again in a month)
    k) use a credit card that draws on your savings account.
    l) Avoid cards that loan you money at all costs and put you into debit and tells you your account balance after use..
    m) don’t listen to ads that promise easy money especially with that dickhead superman company.
    n) there’s nothing wrong if your wife or partner want to contribute to household savings and cheaper expenditure
    o) always question the motive behind financial suggestions as posted regularly on this column, especially what they get out of it.
    p) remember no one owes you a living. Shop carefully and buy only what you need. Be wary of “bargains” check the use by date.
    q) be careful about donating to charities. Find out how much goes to their cause and how much is “administration” You’ll be surprised how little finally gets to the needy with a lot of bogus charity fronts.
    r) watch out for greasy politicians, especially at election time. They try and buy your support, note, – using your own hard earned tax dollars.
    s) pay bills on time or before the due date. Penalties can be as much as as 37% higher bills on things like electricity and gas, even if you miss the deadline by 1 hour.
    t) minimize your household running bills. Fix that leaking tap. (DIY)
    u) insulate your roof space and underfloor if possible. Replace old window frames with double glazing – careful very expensive
    v) use public transport where possible
    w) renovate your house at intervals when it’s needed
    x) maintain wear items like garden hoses, fittings, tools etc.,
    y) buy, borrow or hire tools and equipment as needed and maintain ready for the next job to come up
    z) Share your experience, you might learn a new trick or two to save money.

    Enjoy, best of all, make a plan and stick to it.

    • 0
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      Nailed it – excellent advice JoJozep.

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      a) work smart often better than work hard
      b) fair point but hyperbole only raises eyebrows …. in what universe was a 26″ colour tv in 1978, 1,000 pounds, really? Check the price e.g. Sony 49cm colour tv advertised in Canberra Times 1 June 1978 for $628, , which at CPI would be $3,270 in today’s dollars.(https://trove.
      la.gov.au/newspaper/page/14556913
      )
      c) save and invest is just as valid a strategy as buying a house; property ownership is not a panacea, especially when starting out and there is every indication we are in a housing bubble.
      d) paying off a mortgage early only makes sense if you cannot make better use of the money. Mortgage interest is one of the lowest rates available.
      f) nothing wrong with kids carrying a HECS debt to get them through uni, again low interest rate and only pay if on above median income
      g) although super is currently an advantaged investment environment it does not always make sense to direct all investment into super
      i) scared of travelling the world are we? Seems a bit sad to limit yourself to local and interstate holidays and travelling outside designated vacation periods if one has the means and opportunity to travel overseas.
      k) it’s not credit if it draws on savings, that would make it a debit card
      m) dickhead superman company? Isn’t it easier to avoid all forms of short term high interest rate loans. I’m reminded of Citibank ad encouraging spreading repayments but no mention when screen shows 19.94% interest rate
      o) big tick on this one, should rank much higher. Nothing wrong with scrutinising all advice and being skeptical of advisor motivation and interest
      r) again, question motives. Refer to the recent Auditor General’s recent report on LNP misuse of sports grants as one example, or backflips by tumbling Josh Frydenburg, Greg Hunt and others.
      u) a few other changes around the house that can make a difference before shelling out for double glazing e.g. insulate walls, seal for drafts, external shade to north and west facing windows, replace old appliances with more energy efficient models, drapes for windows

    • 0
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      Great tips JoJozep. Here are the things I’ve done throughout my life to make me financially secure. Doing them has enabled me to retire at the age of 55…and that’s with having 4 children with a private school education and go through University.
      Financial/super
      •tPlan for your retirement when you first start working.
      •tDo a budget
      •tCheck your credit purchases and bank withdrawals against your statements
      •tTake care of the pennies and the pounds will take care of themselves.
      •tDon’t gamble on horses, sport or pokies ($24b is spent on gambling in Australia every year – that’s around $1,000 for every man, woman and child) and don’t buy Tattslotto tickets
      •tSalary sacrifice into super
      •tContribute to super when you start working – I contributed between 5-10% of my salary since I started work in 1981, which enabled me to retire at 55.
      •tAlways pay your credit card bill in full each month ie only buy on credit what you can afford
      •tChange banks if their interest rate is low or they charge fees
      House:
      •tReview your energy provider regularly for a better deal
      •tTake small steps in the property market: Buy further out of the CBD or better still, in more affordable regional centre, then upgrade gradually. Just because the bank will lend you $XXX doesn’t mean you should borrow that amount.
      •tFor couples on 2 incomes, live off one wage and borrow as if the income was for one wage. That way, the extra income can be used to pay the loan of very quickly.
      •tFor house and contents insurance, review and shop around every year.
      •tTurn off appliances and lights when you leave the room.
      Medical
      •tDon’t take out private health insurance.
      •tChoose a doctor that bulk bills.
      •tChoose generic medication.
      Food/drink/shopping
      •tBuy bulk or when it’s on special
      •tDon’t eat out at restuarants or buy takeaway. Cook at home (healthier and cheaper)
      •tDon’t drink alcohol – 23% of adults in Australia do not drink alcohol at all according to the National Centre for Education and Training on Addiction. Depending on how much you drink, doing this could save you $1,000 – $8,000 per year. That a very large amount of money over a lifetime.
      •tDon’t smoke ($40 for a pack-a-day smoker is $14,560 per year)
      •tWhen going to the footy, movies or to shows, bring your food and drink.
      •tDrink just water. Not bottled water…tap water!
      •tDon’t buy a coffee. Make it at home, make it at work or bring a thermos.
      •tBring your lunch to work.
      •tShop at Aldi and buy cheaper ‘no name’ products
      •tAlways get a receipt when you make a purchase. If I didn’t do this, I would waste hundreds of dollars every year. The importance of keeping receipts are many:
      otWith a receipt you can dispute a charge and get a refund for the difference. Even better, at a supermarket under the Scanning Code of Practice they will give you the product for free if they’ve overcharged you.
      otNeeded for a warranty claim
      otVerify the purchases on your bank statements.
      otI always look at my receipt at the time I’ve made a purchase on credit card. Sometimes due to a keying error I’ve been charged $60 on a $6 purchase so I have been able to sort it out on the spot.
      Transport
      •tBuy an older car rather than buying a recent model or new one. That way, you don’t need a car loan.
      •tFor car insurance, review and shop around every year.
      •tDon’t upgrade your car every couple of years. Stick with it for at least 10 years.
      •tGet your car serviced by a local mechanic rather than a dealer.
      •tRide a bike – it’s free, you get fit without the need to pay gym fees
      •tWalk – it’s free, you get fit without the need to pay gym fees
      •tTake public transport
      •tConsider not even owning a car. 10% of households don’t have cars.
      Travel/holidays
      •tLook for Scoopon, Cudo and Travel Zoo deals
      •tGo camping and choose free sites rather than paying for hotels
      •tHoliday locally rather than travelling long-distance
      Technology
      •tDon’t buy goods or services that are inflated in price where you can get a cheaper product eg Xiaomi v iphone, Vaya v Telstra phone plans
      •tDon’t get the best or the latest brands
      •tNetflix and Foxtel subscriptions are a luxury
      •tShop around for an ISP. The most popular ISPs are often the dearest. If you can’t afford internet fees, it’s free at a library or at many places that offer free Wifi.
      Children
      •tUsing cloth nappies rather than disposable nappies will save you $3,200 per child
      •tTake your food and drink with you on family outings eg to the footy or the zoo.
      Miscellaneous
      •tI never had a pet (until I retired) – they are a big drain on your finances: food, vet fees, kitty litter, dog grooming, pet insurance, cat/dog boarding fees if you go away
      •tDon’t take out life or pet or funeral insurance
      •tBuy second hand or at op shops
      •tPut your clothes on the line to dry rather than using a dryer
      •tHaircuts – I pay $15 each time but people I know spend over $100 and even over $200 on their haircuts.
      •tLearn to repair basic things (sewing, basic plumbing/carpentry/car etc),

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      David – very good advice. Hope some of the young take it, I certainly did not live up to the ideal. If I had I would not know what to do with the money saved. I did smoke for 30 years, I still drink (not as much as I once did). I do stay in motels, hate camping at my age, and I do to to restaurants with friends on occasion. Hey I do not mind paying my hairdresser that $17 every 2 months, she is a nice person and needs the money for the family. But by and large following your advice most people could afford their own place, no worries. But do you know anyone wanting to live like that apart from maybe yourself?

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      David, clearly not all of your values will be shared by everyone, but if you reached retirement at 55 by eking out a living and can reflect without regrets then congrats. Putting four kids through private school and uni is a significant achievement for any parent, however I wonder if your kids shared your lifestyle choices relative to their peers. Not everybody is willing to die without living and experiencing the richness the world offers such as having a pet or travelling beyond your own backyard to experience foreign foods and cultures. There is no doubt these experiences come at a cost but if you can afford it then it’s hard to put a price on what they bring to quality of life and something you may be unable to do later in life.

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      Mariner/Farside
      Thanks for your comments.
      I get it that my lifestyle choice is not for everyone. I’m sure others will have ideas on saving that do not appeal to me. At the end of the day, we all make choices (some good, some bad, hopefully the good ones are more than the bad ones).
      My wife and I sacrificed a lot in our working years and now we’ve retired, we travel overseas a couple of times a year and eat out a lot. Since retiring, I’ve been to Antarctica, South America, Vietnam, China, India, Borneo, Sri Lanka, Thailand etc.. I feel that I am reaping the rewards of my earlier sacrifices.
      I don’t feel I have missed out on anything. I’ve always loved the simple things in life and I much prefer hiking in remote areas than staying in a luxury hotel. Each to his own.
      We’ve travelled all over Australia and have shared some wonderful experiences. You don’t have to spend big dollars to have a great life and great experiences. I believe in the saying “The best things in life are free”. I believe that I have a high quality of life and I am very happy with my life choices. I never look at others with envy or jealousy.
      A lot of the friends I mix with are similar to me are active like myself (bushwalkers, cyclists).
      I never wanted pets and would not have had them if not for my kids. I see them as a burden and not having them for so many years has enabled me to travel extensively for long periods in Australia.
      My kids haven’t followed my path (that’s their call). Only one has got a home before they were 25. They have travelled a lot overseas, but I am sure that they won’t be retiring at 55 like I did. That’s their life choice and they will have to make sacrifices at a later stage in life as opposed to my sacrifices in an earlier stage in life.

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      David, all good tips. Did much the same out of necessity and it became a habit but have relaxed some of these practices with age and more money. In retirement, travel is important and camping has gone by the wayside. As a woman, I spend a lot more on my hair. Lol. However, the discipline required is too much for many and it annoys me when friends who did not save in their youth now comment on how lucky we are.

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      Thanks for your comments Sundays.
      Like you, I have relaxed some of these practices as I’ve accumulated more money.
      Yes, it’s easier for a bloke to save on hairdressing. What I save on hairdressing my wife more than makes up for it on her hair. LOL
      I totally agree that many people don’t have the discipline required.
      Like you, I get annoyed when some friends say that I am lucky. When I look back at the lifestyle that these friends had when they were younger, it’s any wonder they are now struggling financially and will have to work for many years to come.
      I believe that unless you had luck like winning Tatts, getting a big inheritance, marrying someone rich (neither of which happened to me), you have to choose which stage of your life you have to make sacrifices. You and I chose the earlier years. Other that didn’t by default have to sacrifice in their later years.

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      Listen to Fat Joe – get a good job!! (falls about laughing)

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      No matter how hard you do those things, David, you can still be ambushed b y bad wives, bad managers and such…. remember – it isn’t a black and white thing of ‘work hard -get reward’ or ‘bludge – get nothing’… many have worked hard and got nothing… back-stabbed time and again.

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    My parents (over 80’s) did not have super & did not have to worry about retirement tho they were regular income earners (by no means wealthy) who worked hard all of their lives! Makes one wonder about wage growth (or rather the lack of it) in relation to the cost of living & all the b.s that goes with living expenses, taxes, lack of support, etc. Why is it so much harder for my generation & those following to keep heads above water?. Daily living expenses are too high & wages too low means for most people (inc me) the money all goes on the regular bills & mortgage leaving little for retirement etc. I’ve worked hard all my life & I do not waste money on pokies, alcohol, smoking, or anything extravagant (My home is worth $250,000 & I drive old bomb cars & shop at op shop for most things rarely buying anything new but apart from having my mortgage recently paid out it is impossible to put money away in savings as things break down & home requires maintenance etc so I live from pay to pay like most people probably do (?)!! I do have some super & would be able to accumulate more of it if I wasn’t worn out/broken down old hack from doing hard physical shiftwork for the past 18yrs & was able to keep working til 67 (pension age); but the reality is I will be forced out of this work mentally & physically burnt out by the time I’m 60 so then what? Mr Scumbag Morrison ain’t gonna send me some of his dodgy earnings to help out (or let me get an early pension)! Not the lucky country any more!

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      No need for name calling, with the other mob you still be 60 and applying for New Start or some such. What you generally say is right but it applies to both sides of politics. Maybe the Pensioners Party one day might be different. It was Labor who took us to 67 years pension age, and the Libs gave us a stricter asset test – none of them is a friend to oldies.

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      Ok none of the parties seem to do anything to care about the battlers but I refer to the current PM because they’ve been in charge way to long & thus should be accountable for putting so many Aussies in to poverty & homelessness like never before!

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      Wage growth is one of the causes and problems. The major factor though is miniscule interest rates. Our wages are higher than in the US. Which came first the chicken or the egg.???

      Furthermore males are being factored out of Society via biased education restructure to favour one gender, University based gender imbalanced outcomes and careers, and the Family Court.

      If men are still part of this culture and Society in 20 years i will be surprised. Their claim for balance and support will not get past first base. Supposed ‘revenge’ will be the governing factor from the ruling Society.

      If in doubt please name me one political or Social initiative that has been a basis of improving life for males. Particularly the young males whose future is tantamountedly derailed.

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      there may be more aussies in poverty and homeless than never before however the rate is well down on what it was during the 50s and 60s when your parents were starting out. Nobody should be surprised with increase in pension age to match increases in life expectancy; most developed countries are already on this track and the LNP desire to increase it to 70 is just a matter of when, not if, regardless who is in government at the time.

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      Farside – you can increase the pension age to 100 but it does not mean that people can work that long, willing or not. We just end up on the Volunteering heap with New Start supplements. I have a look at all the Vinnies shops around me, most people are not 65 but are volunteering the hours required to get the subsidy. Productive work past 65 is mostly a joke unless you have a desk job and are up-to-date with the PC requirements.

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      Mariner, nobody is suggesting increasing pension to 100 but it won’t change the inevitable increase to 70. Dealing with the unemployed in their 50s and 60s will remain a challenge for those on the volunteering heap as well as broader society given the present job situation. Clearly Newstart is not the solution for those unlikely to re-enter the workforce without displacing someone else.

      Going forward there will be increasing numbers of IT literate people with desk jobs however there will also be a greater proportion of workers across a broad range of white collar, health, aged care and education sectors etc working into their 70s. Not everyone is a broken 50 year old after 30 years of hard manual labour.

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      The chicken and the egg are costs of living and genuine incomes … ever wondered why claims for wage rises are for ‘cost of living increases’?

      Now – which is the chicken and which the egg? The old saw of controlling wage growth to control inflation etc has not worked and never will, given that wages always pursue costs of living – anyone for cost of living control as the remedy?

      (That’ll be the day!)…

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    Millennials might also have a look how the Boomers are treated now – the more you have saved the less you get on the pension. The old folks around here are telling the young ones the facts: get yourself a house and do not bother with too much superannuation. Do not save like we did all these years and doing without to virtually see ourselves on par with full pensioners with a concession card.

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