Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Once upon a time when people retired

Outsider/

14 July 2017
| By Outsider |
image
image image
expand image

Outsider is keenly awaiting the day he can hand in his four weeks’ notice, hang up his boots, and hang around on his porch sipping a cup of tea, reading a newspaper and telling young children to get off his lawn.

But he is a realist: one glance at the 2015 Intergenerational Report and Outsider knew he has a few decades left in him yet. Alas, retirement is but a mirage at this point, and at least eight years away, especially if Outsider wants to maintain his current lifestyle, not to mention Mrs O’s. Besides, Mrs O would be beside herself if Outsider loitered around the house from eight to five.

So it amused Outsider to read two pieces of research, which revealed the naivete of young Gen Ys. An ING Direct study titled ‘The truth about Gen X and Gen Y’ revealed the majority of Gen Y plans to retire around age 51-60, while 33 per cent plan to retire early at 31-40 years. A finder.com.au study found 24 per cent of Australians considered retiring by 50 the most important goal.

Let’s do some maths here. A Gen Y is between 17 and 36 years of age today. They are projected to live until anywhere between 91 and 94 years, while some might hit the century. That could mean 54 years in retirement! 

I suppose Outsider’s generation will have to provide for their children for a while yet, what with their penchant for daily smashed avocadoes, coffees, and retirement. 

As Gen Ys anticipate making a career out of retirement while Outsider continues his career while dreaming of retirement, perhaps someone should jolt this cohort into reality: ‘retirement’ will be but a concept showcased at museums by the time they get around to thinking about it.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

3 weeks 2 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

4 weeks 2 days ago

So we are now underwriting criminal scams?...

7 months ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

3 weeks 4 days ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

4 weeks 1 day ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

1 week 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND