Baby Boomers Case Study

In 2017, an estimated 3.8 million Australians (15% of the population) are aged 65 and over compared with 2.2 million (13%) in 2007. An ageing population leads to:-

A review on pensions may postpone the retirement until citizens are in their 70’s in the UK. The review is most likely to affect those under the age of 55. The review, would needto follow current legislation, and “ ‘make sure that the state pension is sustainable and affordable for future generations.’ ”. The question of if the state pension system will go hand and hand with a rising life expectancy rate in the long run. The review will also take in consideration that should the retirement age still increase of life expectancy slows. The pension age currently in the UK is 67 as of 2008 for both male and female citizens. Pensions minister Baroness Roz Altmann states that “ ‘ It’s not just about raising it [state pension age],

Australia’s ageing population is increasing rapidly. A primary cause of this is due to the ageing baby boomers expected to account for 25 per cent of Australians aged over 65 by 2047. (Treasury, 2007) Across the coming century Australia is anticipated to age for two reasons, a decreasing fertility rate and a rise in life expectancy. (Treasury, 2007)

According to the Australian Bureau of Statistics (2008) by 2036 people aged sixty-five and older (frail aged) will make up 21.9% of the total New South Wales population. In 2007, there were 2.4 million people aged 65-84 years. According to the Series B projection, the number of people this age will grow by an average 2.7% per year to 2011, then accelerate to grow by an average 3.5% per year over

Retirement is meant to be a time to relax and enjoy life, but many Australian women will remain significantly behind in their retirement savings. Research shows on average women save $102,000 compared to $197,000 with men, alarmingly 90% of women will retire without adequate savings to support a comfortable retirement.

The present most extreme sum that you can contribute as a Non Concessional Contribution into your super record is $180,000 p.a. Nonetheless, on the off chance that you are under age 65, you can 'present' up to two years of the top – successfully contributing up to $540,000 in one year – guaranteeing that you don't surpass $540,000 in this and the accompanying two money related years. In spite of the fact that, this is the last year (2016/17) that these principles apply. Starting at 1 July 2017, the most extreme Non Concessional Contribution top will be $100,000 p.a. (likewise with a present arrangement for people under age 65 – $300,000 more than 3 years). Be that as it may, people with a superannuation adjust surpassing $1,600,000 won't have the capacity to make any further

The ageing of societies will have a dramatic impact on both economy and Federal budget. For example, the potential to increased pressure on Government expenditure, particularly on pensions and health care (Klein-Collins & Snyder, 2011). There is evidenced that older Australians are increasingly vulnerable to a higher risk of poverty, with 14.8% of people over the age of 65 living below the 50% poverty line (Australian Council of Social Service, 2014). Australia’s human rights obligations required governments to ensure that older people are protected from poverty by providing social security income (Australian Human Right Commission, 2012). Australian governments, at all levels provide support payments that reduce social exclusion (Australian Bureau of Statistics, 2012). The age pension provides financial assistance and access to a range of concessions for eligible older Australian (Department of Human Services, n.d). The Age Pension is a fundamental part of Australia’s retirement income system and provides a safety net for those unable to fully support themselves in retirement (The Australian Government,

It should be clarified that superannuation represents a substitute to the Age Pension on an individual level and that at a macro level the Age Pension will always be available for those who need it and take retirement. The provision of the Age Pension recognises that the superannuation system does not work for all Australians, low income earners, those who work part time or those who leave the workforce to provide care or due to health issues. Policy makers must understand that the superannuation system works alongside the safety net provided by the Age Pension and cannot be viewed in isolation or as an eventual replacement of direct transfers to

Today, the certainty of receiving sufficient benefits solely from Social Security for a quality standard of living after retirement is indefinite. Baby boomers—individuals born post World War II between 1946 and 1964—are beginning to claim their benefits, and given what I have learned in class, the number of individuals entering the workforce is inadequate to sustain such a large population, thus such generation will consume

to work beyond the early retirement age. Would the average retirement age for Weslovakian workers increase or decrease in response to these two changes, or can you

Estate planning is an issue that affects all individuals. When looking at estate planning the concepts of superannuation, trusts and wills become of great importance. Depending on the individuals circumstances one estate plan may be more beneficial than another when taking into consideration their personal changing circumstances as well as their intended beneficiaries. Correspondingly a concern can lie with an individual 's net worth, individuals of a higher net worth may require a more stringent estate plan in order to protect their assets to ensure they get distributed accordingly without unnecessary contest, as well as tax evaluation which reaches onto beneficiaries in order to obtain an optimal result.

The ageing population in Australia have shown a larger increase in proportion in those aged 65 years and over from 11.8% to 14.7% and predicted to increase more rapidly over the next few years according to Australian Bureau of Statistic (2014). By the end of June 2014, there is a significant increase in people aged 85 years and over by 4.4% where females have twice the population of male and have much higher life expectancy. The number of individuals that ages 85 and over has also increased to 456,600 in 2014 over the past two decades and expected to reach 1.9 million by 2064 (Australian institute of Health and Welfare, 2016).

for each retiree. Today there are 3.2 workers for every retiree, an by the year

This research paper examines the causal effect of Australia’s Superannuation Guarantee on household saving behavior to determine the extent to whether compulsory pension schemes have a positive impact on household wealth and their subsequent retirement incomes. The purpose of this study is to explore whether Superannuation Guarantee is an adequate framework as a vehicle for saving for retirement, as it encourages households to provide for themselves in retirement, rather than rely solely on the age pension or the PAYG social security programs. By focusing on the influence of compulsory pension accounts on household wealth, voluntary saving for retirement, and timing of retirement, this paper attempts to explore these areas in order to gain an understanding of how households change their saving behavior in response to Australian’s Superannuation.

The concept of superannuation was introduced through the Superannuation Guarantee (SG) with the idea of managing, accumulating and growing assets of members so that once retirement arrives they can enjoy a higher standard of living without concern for a shortage of income when retirement occurs, they arrive in the form of pension, lump sums or both. It is further explained by Dawkins (1992) that our current retirement income system was weak and that there was a need to strengthen Australia’s national saving performance. He stated “Greater domestic saving will relax the current account constraint on Australia’s economic performance. It will mean that we can grow faster without relying so heavily on foreign saving and building up an