Abstract
The prospect of the baby boomers reaching retirement in the near future is an economic concern for most OECD countries. The future costs of their pension schemes and the escalating health care costs are coming on top of already stretched budgets.
In Australia, a three-pillar system (the three pillars being the Age Pension, compulsory and voluntary private savings) was introduced to alleviate some of this pressure on the pension scheme. The main component of this approach was the introduction of compulsory private savings through the Superannuation Guarantee introduced in 1992. But the SG may have been introduced too late for a very large proportion of the population – the baby boomers.
This paper presents examines the current and future financial circumstances of baby boomers in New South Wales and finds there may be a gap between expectation and reality, especially for those living in Sydney.
In Australia, a three-pillar system (the three pillars being the Age Pension, compulsory and voluntary private savings) was introduced to alleviate some of this pressure on the pension scheme. The main component of this approach was the introduction of compulsory private savings through the Superannuation Guarantee introduced in 1992. But the SG may have been introduced too late for a very large proportion of the population – the baby boomers.
This paper presents examines the current and future financial circumstances of baby boomers in New South Wales and finds there may be a gap between expectation and reality, especially for those living in Sydney.
| Original language | English |
|---|---|
| Pages | 1-24 |
| Number of pages | 24 |
| Publication status | Published - 2003 |
| Event | The Future of Ageing Conference - Coffs Harbour, Australia Duration: 20 Feb 2003 → … |
Conference
| Conference | The Future of Ageing Conference |
|---|---|
| Country/Territory | Australia |
| City | Coffs Harbour |
| Period | 20/02/03 → … |