Mercer actuary David Knox says the data used to determine the old age dependency ratio is “totally out of date” and overstates the severity of the problem.
From their inception, SMSFs have always attracted more than their fair share of criticism. Now it’s an ageing membership that’s being used to restrict their numbers.
Welcome to The Golden Times
Australia stands on the cusp of a transformative period, socially and economically. Baby boomers – those born between 1946 and 1965 – are reaching retirement age, with 670,000 people expected to retire in the next five years. It will take the number of retirees to nearly five million by 2029, with centenarian birthdays becoming commonplace.
The enormity of this societal change is not just because of the dramatic loss of skills from the workplace and its economic consequences, nor the long-term wealth transfer – estimated to be $3.5 trillion by 2050 – it will unleash. What is making this influx of retirees so significant is the fact it will be first generation ever that can realistically expect to enjoy several decades of a relatively healthy lifestyle after retirement.
That’s a good news story, and with advances in medical science things will only get better. It means financially secure retirees have genuine options about how they will spend these years, whether that be family, education, volunteering, philanthropy, investing, travel, sport, hobbies or even long lunches. There’s a smorgasbord of choice.
To assist you make those choices, as well as ensuring you remain financially secure while doing so, The Inside Network is launching a new publication called The Golden Times specifically aimed at this growing market.
The weekly publication will provide a single, trusted source of informative and entertaining content designed to keep Australian retirees up to date with news, analysis and information that will help you live to the fullest after the working chapter of your life has ended.
That news could be political developments in Canberra affecting retirees, such as superannuation changes, social security and health benefits, geopolitical events, or what’s happening in investment markets, locally and overseas.
On the personal front, we will examine topics such as estate planning – critical considering the massive wealth transfer underway – financial advice and property markets. A priority of The Golden Times will be to educate, inform and empower retirees with the financial knowledge to ensure they have a dignified and secure retirement.
But for this cohort, retirement will not just be about financial security; the old truism that money can’t buy happiness remains valid. Retirees will still need to embrace life and accept new challenges to enrichen their lifestyle, with touch points including sport, culture, travel, product and education. The Golden Times will ensure stories along these informative and interesting lines are part of the editorial mix.
We will also welcome your active involvement with The Golden Times. Retirees have bountiful memories, experiences, advice and opinions and we want you to share them, whether it be an editorial contribution or engaging with a published article.
It was the renowned American feminist and activist Betty Friedan who opined that “aging is not lost youth, but a new stage of opportunity and strength”. At The Golden Times, it’s our mission to bring the simple beauty that this saying conveys to the life of every Australian retiree.
