The baby boomers are going to kill us... Budget Deficit is temporary??

[Mr J]

Indecision from you lot seems to be the norm.

Part of it is that we've lived a good home live and aren't as motivated to make something of ourselves. Part of it is that we look at our parents, their grind of a lifestyle and don't want that for ourselves (at least not the "grind" aspect).

I'm not sure it actually changes though. Every generation complains that those younger than them are useless and spoilt, so it may just be a matter of perspective. We'll become you over the next 30 years .

 

[Julia]

Tech, you are the exception, remember that.

What utter bloody rubbish! I'm also a baby boomer. All my friends are baby boomers. We are all self funded long before official retirement age and make no demands on you or the rest of your generation.

We all give many hours every week in volunteer roles to the community.
This is something I've done even when I was still working the sort of hours I expect Tech works now.

You have an extreme cheek to suggest that we are all self indulgent and myopic. I would suggest to you that we worked hard to get what we have and didn't expect endless credit to fund our existence.

Moreover, along the way we learned a few manners and didn't feel it necessary to compensate for our own difficulties by tossing all the blame onto the preceding generation.

Why don't you just get on with making your own life successful and stop attempting to make a whole generation feel inappropriately guilty.

I just hate these gross generalisations about any given group of people.

 

[Julia]

I'm not sure it actually changes though. Every generation complains that those younger than them are useless and spoilt, so it may just be a matter of perspective. We'll become you over the next 30 years .

No you won't, unless you start to focus on what you can yourselves contribute to your community and your families, and stop looking for someone to blame for your difficulties.

(Sorry, Mr J. This is absolutely not directed at you. Your remarks are entirely reasonable, and I thank you for them.)

 

[moXJO]

This was part of it fom a HS Dent report they sent me

However, the strongest Spending Wave of all the Western countries is in Australia (Chart 15). Spending flattens in the coming decade, and then Australia could see the only Echo Boom that is larger than the Baby Boom generation before it. Again, immigration here is likely overstated as well, but Australia has what we consider to be the model for immigration policies. They actively encourage immigration but target desirable immigrants that add to the needed skills. In other words, you have to qualify to get in! Chart 16 shows immigration in Australia since 1989. Levels remain high compared to population and have increased nicely into 2008. Australia is likely to see the smallest drop in immigration, as its economy will hold up the best demographically and as it is an attractive place to live both for Westerners and Easterners.

There was more but it was in either an article or a book. Just google spending wave for an explanation. But the jist of it is we are better protected due to immigration and our location.

 

[alwaysLearning]

There are a few things that bug me at the moment. The inflation scenario is a big concern. IF, and when the US economy pulls out of this mess, there is probably going to be an issue with the USD currency. Also the EURO probably given that they too have/will be printing more money. This could have the effect of making our AUD very strong against some of the other majors. When this happens, the cost for oher countries buying our exports will become less attractive. This in turn would reduce our earning capacity as a nation which means less tax rolling into the governments budgets etc.

So with all of this spending taking place now on stimulas plans and the like, this is most likely in my opinion be a very large cause for concern.

On balance I would say that taxes would rise further. And that sux because we get taxed too much already

Now on to the issue of the baby boomers. A few questions. Yes, there are many baby boomers who are in great financial shape and will be able to comfortably take care of themselves. But is there a majority of baby boomers who will be in trouble when it comes to their retirement? What is the percentage proportion of those baby boomers who will be ok during retirement vs those that will be in strife?

It is pointless to beat up a 'generation' of people because we are all people. If the baby boomers in general will have difficultly, well, generation y on balance would be a lot worse off in general. You don't have too look far to see that generation y is more inclined to spend as opposed to save.

I think that when you write out the calculations for what amount of money you require at retirement, most people would probably freak out.

But anyway, the question is, what to do about it? That's what each of us has to work out and act on. I suspect that things will get ugly for baby boomers, like it or not. Our public health system is severely stressed as it is in QLD. I shudder to think what it will be like a decade from now

It is so bad, my mum was sick and had to go to the hospital late last year. The ambulance came out and told us the PA hospital emergency dept was full and that I should take her to Greenslopes (private). This was at like 3am too. Luckily in the end my mum was ok but still, they had better do something about the health system here or it is going to be even more of an abomination.

The medical expertise is great but not enough beds and doctors/staff.

Considering Wayne Swann, the rabbit in the spotlight, is talking about projected "temporary deficits" until 2015...

What does he think is going to happen from 2015? Um, the baby boomers - because they have been undertaxed over the past 20 years - are going to start sucking down the pension, and expensive health care because they didn't save for their retirement.

Is anyone else out there frightened that those of us aged 0-40 are going to have much higher taxes to pay for the current projected deficit of $200 billion, which comes with a 5-8 billion dollar interest bill each year - as well as the 20-50 billion dollar deficits predicted by the intergenerational report come 2015 onwards???

Perhaps we should introduce an estate tax to take back the tax the baby boomers should have been paying for the past 20 years?

Especially seeing as they are all now salary sacrificing into super, paying no tax for the last 10 years of their working life - and can withdraw it all in retirement tax free?

 

[ROE]

I love it.

First they vote in a Labor Government who historically have no idea how to manage a country let alone in a financial crisis.
Billions are Thrown away on handouts to "Stimulate" the economy (For a month) Bugger all is spent YET on infrastructure so they aren't in deficit YET as they haven't released it! Bureaucratic stupidity has everyone fighting for the pie but no strategic plan for HOW its going to be WISLEY invested to "stimulate" employment and build a better Australia.People in portfolios who clearly have no idea how to manage them let alone improve them.

So we will blame the baby boomers.
I'm a baby boomer.
I'm an employer.
I employ those 18-40 yr olds who "think" we are under taxed.
My company tax bill last year was 6 figures.
Let alone my personal bill.
My Payroll tax massive.
All those passive taxes on Fuel etc would pay for a few more employees.

There are many like me who have been lambasted for owning more than one house---greedy---forcing up rents.
Now there is a fear we didnt save.
What a complete and utter JOKE.

Give me a break.

More of us will actually be able to retire and be NO burden on the Government or YOU.
Infact many of you will only be able to retire because YOUR baby boomer Parents actually DID something rather than complain and debate about it.

Take control of your life.
NO ONE ELSE WILL!

Youd be suprised how many of us HAVE.
I despise having to pay massive taxes which are thrown willy nilly at People who DONT WANT TO WORK!
Handouts to people WHO THROW IT DOWN A POKIE.
Or drink it to oblivion.

This thread deserves to be in the LOSERS section.

I got nothing against baby boomers or any type of people, just work hard and money come your way

but I disagree with baby bombers retire without government support, a fraction of baby bloomers are in your position, the average super for baby boomers now is around 90K and half of them under $40K, most will own their own home but without money outside the home, you cant generate a decent income.

most of them will be dependent on pension to maintain the life style and I have no problem paying tax to support them....

 

[Mr J]

No you won't, unless you start to focus on what you can yourselves contribute to your community and your families, and stop looking for someone to blame for your difficulties.

We probably will. For many, perhaps the majority, responsibility and maturity comes with being placed in situations that require it. This will come when we buy homes and raise families of our own. We won't be perfect, but neither is any generation before us. As alwayslearning says, we're all people, and my generation will largely be a reflection of the values of the generation before us. Time will tell how well you raised us (personally, I think we're underestimated, even if we are currently lazy).

 

[Calliope]

We probably will. For many, perhaps the majority, responsibility and maturity comes with being placed in situations that require it. This will come when we buy homes and raise families of our own. We won't be perfect, but neither is any generation before us. As alwayslearning says, we're all people, and my generation will largely be a reflection of the values of the generation before us. Time will tell how well you raised us (personally, I think we're underestimated, even if we are currently lazy).

Apparently your biggest grouch is that your parents never taught you how to stand on your own two feet.

 

[Mr J]

Apparently your biggest grouch is that your parents never taught you how to stand on your own two feet.

I have no feelings about it whatsoever, I'm just stating fact. We're a product of the world we grow up in, so if our parents don't like the result, perhaps they should have done things differently. Many will say that is a cop out, but they would be doing what Julia suggests my generation does - place the blame elsewhere. Now that isn't a generational characteristic, but a human one. I believe Aristotle made similar comments about the younger generation of his time, which suggests that generations don't really change, just their perspective as they age.

 

[GumbyLearner]

Considering Wayne Swann, the rabbit in the spotlight, is talking about projected "temporary deficits" until 2015...

What does he think is going to happen from 2015? Um, the baby boomers - because they have been undertaxed over the past 20 years - are going to start sucking down the pension, and expensive health care because they didn't save for their retirement.

Is anyone else out there frightened that those of us aged 0-40 are going to have much higher taxes to pay for the current projected deficit of $200 billion, which comes with a 5-8 billion dollar interest bill each year - as well as the 20-50 billion dollar deficits predicted by the intergenerational report come 2015 onwards???

Perhaps we should introduce an estate tax to take back the tax the baby boomers should have been paying for the past 20 years?

Especially seeing as they are all now salary sacrificing into super, paying no tax for the last 10 years of their working life - and can withdraw it all in retirement tax free?

I don't think it's as clear-cut as your post gladys.
I can see where tech/a is coming from and understand why he seems annoyed.

You should remember that Payroll Tax which of course most businesses that employ 10 or more people must pay, was originally setup as an endowment for the purpose of helping children who lost their enlisted fathers during WW2.

Of course, JH and Co promised that the GST would remove indirect taxes such as payroll tax. Well this is not so, and neither will KR's government.

To blame baby-boomers for the impending economic burden of retiring without savings is actually unAustralian in my opinion. Many people did it tough during and after the war. Some were widowed and some had to work really hard to establish businesses.

It seems a tad simplistic to assume that the people born in that generation are a bunch of welfare addicts asking for handouts.

 

[aleckara]

As a generation Y member Im finding issues with a lot of the statements above. I work hard, never received help from my parents, and generally everything was gotten the hard way. Not all of us have parents to help, nor should we have to rely on it.

Don't blame one generation. All Australians if a problem happens are to blame. If we were living in their time we wouldn't have done it differently. I would say it is our political culture that has gotten us into this mess. We believe we have more than we have due to the fact that we can borrow money.

The problem isn't really what each generation is doing, just how long the formula works for that governments have been using for awhile. I concede that the baby boomers really came towards the start of the property price boom (where price % exceed inflation). They did what was appropriate in that environment which was to buy as many properties as they could get their hands on. I would of done the same. If you saved you would of been left behind as inflation ate at your wealth. Governments encourage house prices to rise even if they dont use public debt they try to encourage private debt.

I believe that the reason the lower generations are so much bitter is really got to do with housing and the costs of breaking into the market. It is the same cost as it was with really high interest rates, but with much less scope for capital gain. A lot of us probably missed out on the greatest boom ever - and have to pay boom prices to get in.

We are spoiled compared to the rest of the world. The problem is that our debt level is running up because of this, and eventually we will need to take a paycut. It's like getting a credit card from someone else that has been maxed out - it's useless and more of a liability than an asset.

I see Government policy to blame for most of this mess. We are left with large debt (private + public), less jobs, and soon a lower standard of living. So much for globalisation.

EDIT: Out fo every group of Australians there is a large amount of people who don't contribute to the system. This isn't one generation specific - most people out there don't want to work. That's nature and it won't change if you give them the resources so they dont have to.

 

[tech/a]

As a generation Y member Im finding issues with a lot of the statements above. I work hard, never received help from my parents, and generally everything was gotten the hard way. Not all of us have parents to help, nor should we have to rely on it.

Don't blame one generation. All Australians if a problem happens are to blame. If we were living in their time we wouldn't have done it differently. I would say it is our political culture that has gotten us into this mess. We believe we have more than we have due to the fact that we can borrow money.

The problem isn't really what each generation is doing, just how long the formula works for that governments have been using for awhile. I concede that the baby boomers really came towards the start of the property price boom (where price % exceed inflation). They did what was appropriate in that environment which was to buy as many properties as they could get their hands on. I would of done the same. If you saved you would of been left behind as inflation ate at your wealth. Governments encourage house prices to rise even if they dont use public debt they try to encourage private debt.

I believe that the reason the lower generations are so much bitter is really got to do with housing and the costs of breaking into the market. It is the same cost as it was with really high interest rates, but with much less scope for capital gain. A lot of us probably missed out on the greatest boom ever - and have to pay boom prices to get in.

We are spoiled compared to the rest of the world. The problem is that our debt level is running up because of this, and eventually we will need to take a paycut. It's like getting a credit card from someone else that has been maxed out - it's useless and more of a liability than an asset.

I see Government policy to blame for most of this mess. We are left with large debt (private + public), less jobs, and soon a lower standard of living. So much for globalisation.

EDIT: Out fo every group of Australians there is a large amount of people who don't contribute to the system. This isn't one generation specific - most people out there don't want to work. That's nature and it won't change if you give them the resources so they dont have to.

See there is hope!!
Gen "Y" are capable of "Getting it"
Mr J is also a very bright guy who (from what Ive read) has very good trading savvy.

Governments/Parents/Economies/Life itself continually alter the gaol posts.

WE DO live in the "LUCKY" country.
Its not a dictatorship or a communist regime.

We were ALL born Naked,Penniless and without an opinion.
We can ALL make choices which upon reflection will be judged (By us and our peers) as Stupid or Wise.

The hardest road isnt the easiest road 95% take.
Yet speak to the 95% and they all think its by far the hardest way to live.

My view Is we are here as a human organism ONCE.
How lucky we are to be HERE on this planet,and in particular in Australia.
I want to reflect when Ive a few minutes to go,on how great a trip and adventure it was--No Regrets

Be proud of who you are and how you conduct your life.
If we all accept every challenge and strive to better our own lives--all those around us will benifit,learn and join it.

TAKE RESPONSIBILITY!

"Authorised by tech/a on behalf of all humans on this planet who live life to its fullest."

 

[glads262]

Some good discussion generated here.
I do agree that there are a lot of baby boomer generation out there who have worked hard, self funded their retirement, worked hard to raise kids etc etc. But the facts would show that they are in the minority. The majority of baby boomers worked hard, but maybe yes, they spoiled their kids too much and didn't save for their retirement. I certainly don't agree with kids living at home until they are 28, going on holidays etc etc, all funded by themselves of course (plus credit card) BUT - at the same time mooching their food/housing from their baby boomer parents who should be using that $200 bucks a week to put towards their super.
the sad reality is that in the future there will be too few taxpayers, and too many 80+ year olds. Its gonna cost a fortune, and looking at the system at the moment, the quality of care is going to be crap unless you can afford to pay out of your nest egg for it.
Yes, Gen X & Y are going to have to work hard, and pay higher taxes than what the baby boomer generation have - out of necessity. I doubt we will reduce the government spend further on health/aged care as it is low enough already.
I do think though, that looking ahead, quite a few baby boomers will have to work until age 70 (if they can.) They will have a low standard of living in retirement. Unfortunately, the time for the government saving for the future is over. We are going to have terminal deficits until about 2050, when the baby boomer generation begin dying out.

 

[Temjin]

Some good discussion generated here.
I do agree that there are a lot of baby boomer generation out there who have worked hard, self funded their retirement, worked hard to raise kids etc etc. But the facts would show that they are in the minority.

The majority of baby boomers worked hard, but maybe yes, they spoiled their kids too much and didn't save for their retirement.

Yep, it's a sad statistic fact.

But what can be done anyway?

If it's in China, you can bet that little welfare would be provided for them. It's survival of the fittest and everyone is responsible for themselves.

I certainly don't agree with kids living at home until they are 28, going on holidays etc etc, all funded by themselves of course (plus credit card) BUT - at the same time mooching their food/housing from their baby boomer parents who should be using that $200 bucks a week to put towards their super.

lol I'm one of them because it's part of our culture to live with your parents until married. (I certainly understand the Aussie culture on their criticism for home bludging) However, I pay my fair share of board (@ market rent value), share the bills including occasion groceries shopping and cooking. Of course I will not claim that my living at home is completely unsubsidised.

the sad reality is that in the future there will be too few taxpayers, and too many 80+ year olds. Its gonna cost a fortune, and looking at the system at the moment, the quality of care is going to be crap unless you can afford to pay out of your nest egg for it.

That is a sad legacy leftover from the WW2 era. The baby boomers certainly weren't at fault just because they were all born at around the same time in mass numbers.

But you can bet that the standard of living for most of these soon to be retired baby boomers will suffer as a result of this demographic "imbalance?".

Yes, Gen X & Y are going to have to work hard, and pay higher taxes than what the baby boomer generation have - out of necessity. I doubt we will reduce the government spend further on health/aged care as it is low enough already.

Is it fair to push on the responsibilities to the Gen X & Y who again, are innocent of this "imbalance"? That they will, in the future, be expected to carry a much heavier tax burden and reduced standard of living because the generation that brought them to this world had not saved enough to be fully independent from the government?

I guess they will have to take responsibility for it (as long as the politicans insist), but it's going to be a tag of war between these generations to argue who deserve what in the future.

Like I said, the biggest problem I see for the future of baby boomers would be that they will eventually lose their position of power (through wealth and politic influence) as they retire. The next generation of politicans may not be as forgiving as I am in thinking these baby boomers are innocent and be generously awarded (or compensated) with more pensions and welfares.

I do think though, that looking ahead, quite a few baby boomers will have to work until age 70 (if they can.) They will have a low standard of living in retirement. Unfortunately, the time for the government saving for the future is over. We are going to have terminal deficits until about 2050, when the baby boomer generation begin dying out.

Like tech/A said, be responsible for yourself and live life to the fullest I certainly can't help everyone, but at least I can help myself and my family.

Nice philosophical discussion going on here. hehe

 

[REA]

Unfortunately government policy over the past few years has began to create a have-have not jealousy. I am a baby boomer and I stand in awe of my childrens baby bonuses, almost free child care (cheaper if you work -government policy) family allowance and still the $900 dollar cheques keep rolling in.

At 33 yo not many baby boomers who frequent this site had the capacity to own McMansions, new cars and plasma screens yet that is quite common place in this boost up the middle incomes policies being persued by the last 2 governments, yet people still whinge about BB who have worked hard all their life to help set this country up to its present standard. I see it in my own family.

If you think life is going to be tougher in the next 30 years make the next 10 work for you and set yourselves up.

 

[Aussiejeff]

Unfortunately government policy over the past few years has began to create a have-have not jealousy. I am a baby boomer and I stand in awe of my childrens baby bonuses, almost free child care (cheaper if you work -government policy) family allowance and still the $900 dollar cheques keep rolling in.

At 33 yo not many baby boomers who frequent this site had the capacity to own McMansions, new cars and plasma screens yet that is quite common place in this boost up the middle incomes policies being persued by the last 2 governments, yet people still whinge about BB who have worked hard all their life to help set this country up to its present standard. I see it in my own family.

If you think life is going to be tougher in the next 30 years make the next 10 work for you and set yourselves up.

Absolutely couldn't agree more.

Seems many gen X & Y'ers are obsessed with the age pension that BB's like me are eventually entitled to if we fall through the self-retirement cracks.

They might spend just a little time considering how the hell THEY will survive when THEIR turn to retire comes, given that THEY will not be eligible and will have NO age pension to fall back on if their compulsory super, self-funding, yada-yada... fails for whatever reason.

Crikey, you would have to be Blind Freddie to not see how the financial assets of many self funded BB's have been destroyed with this financial crisis mess. Many have been forced to convert significant amounts of plunging shares to cash at rock bottom prices in order to survive the past few months, or sell down their RE.

So, pray tell, what happens 30-40 years from now when Gen X'ers and beyond are hitting retirement age with absolutely nothing but their life savings to keep them going until death do they part? We have seen how spend-thrift these new generations are... NOT!

Indeed, what happens if more massive financial tsunamis hit in the coming years and essentially wipe out whatever investments or savings these new gens have amassed for THEIR retirement - maybe back to sub-sustinence levels?

WHO THE HELL IS GOING TO SAVE THOSE MASSES FROM THE STREETS THEN?

Oh, don't worry... be happy! Keep spending! Maybe Old Man KRudd will still be in power in 2040 to hand out more Monthly $9,000 McHappy Cheques! Pigs might fly too.

Start saving, investing, bigtime NOW and hope for just a little luck in your investment choices is all I can offer to X, Y, Z'ers.... and pray for a benevolent government to offer some level of financial backup or support whenever the $hite really hits the fan for those aging generations to come after us poor old maligned BB's are pushing up the weeds.

IMO in the Lucky Country we are all living high on the hog, beyond a permanently sustainable standard of living, so enjoy it while it lasts. Future generations to come might not be so "lucky". If you think your lot is bad, it could of course be far, far worse. That's life & luck I guess.

Party on...




aj

 

[glads262]

Seems many gen X & Y'ers are obsessed with the age pension that BB's like me are eventually entitled to if we fall through the self-retirement cracks.

They might spend just a little time considering how the hell THEY will survive when THEIR turn to retire comes, given that THEY will not be eligible and will have NO age pension to fall back on if their compulsory super, self-funding, yada-yada... fails for whatever reason.

Crikey, you would have to be Blind Freddie to not see how the financial assets of many self funded BB's have been destroyed with this financial crisis mess. Many have been forced to convert significant amounts of plunging shares to cash at rock bottom prices in order to survive the past few months, or sell down their RE.

So, pray tell, what happens 30-40 years from now when Gen X'ers and beyond are hitting retirement age with absolutely nothing but their life savings to keep them going until death do they part? We have seen how spend-thrift these new generations are... NOT!

Indeed, what happens if more massive financial tsunamis hit in the coming years and essentially wipe out whatever investments or savings these new gens have amassed for THEIR retirement - maybe back to sub-sustinence levels?

WHO THE HELL IS GOING TO SAVE THOSE MASSES FROM THE STREETS THEN?

Oh, don't worry... be happy! Keep spending! Maybe Old Man KRudd will still be in power in 2040 to hand out more Monthly $9,000 McHappy Cheques! Pigs might fly too.

Start saving, investing, bigtime NOW and hope for just a little luck in your investment choices is all I can offer to X, Y, Z'ers.... and pray for a benevolent government to offer some level of financial backup or support whenever the $hite really hits the fan for those aging generations to come after us poor old maligned BB's are pushing up the weeds.

IMO in the Lucky Country we are all living high on the hog, beyond a permanently sustainable standard of living, so enjoy it while it lasts. Future generations to come might not be so "lucky". If you think your lot is bad, it could of course be far, far worse. That's life & luck I guess.

aj

- by the time gen x, gen y get to retirement, there will be a larger tax base with which to fund whatever type of age pension backup is left.
- we will have compulsory super, so will probably not need an age pension until age 75-80 when that begins to run out. (except for dole bludgers who have no super)
- Financial crisis?? Large drops in the sharemarket happen every 7 years or so. This is not unusual. A lot (not all) baby boomers who did have retirement funding - a heap of it came from the above average market returns of 2002-2008. Not from actually saving more money(due to bludging kids...)
- So you have not actually lost "your retirement savings" you have lost the abnormal returns you received over the last 5 years.
- Your portfolios will recover - if you have not panicked and turned to cash.

Perhaps a solution to all this would be to increase the age pension age. It used to be 60 - now it is 65.

Life expectancy has increased by about 20 years in the last 50-60 years.

Perhaps the real age pension age should be more like 75??

I know it sounds harsh, but those aged 65-75 could still work, if they have not saved sufficiently for their retirement. If they cannot work due to illness, they will get disability pension. This will probably be the only thing that can save us from non-temporary deficits.

But as commented before - Those aged 55plus are a hugely influential voting block and I am afraid that this is probably not going to happen...

 

[Calliope]

.

IMO in the Lucky Country we are all living high on the hog, beyond a permanently sustainable standard of living, so enjoy it while it lasts. Future generations to come might not be so "lucky". If you think your lot is bad, it could of course be far, far worse. That's life & luck I guess.

Party on...

You got that right. As you probably know Donald Horne in his book used the words "Lucky Country" in the context that we have been lucky to get away with it.

In a hot summer's night in December 1964 I was about to write the last chapter of a book on Australia. The opening sentence of this last chapter was: 'Australia is a lucky country, run by second-rate people who share its luck.'

Nothing much has changed in 45 years.

 

[Soft Dough]

What utter bloody rubbish! I'm also a baby boomer. All my friends are baby boomers. We are all self funded long before official retirement age and make no demands on you or the rest of your generation.

We all give many hours every week in volunteer roles to the community.
This is something I've done even when I was still working the sort of hours I expect Tech works now.

You have an extreme cheek to suggest that we are all self indulgent and myopic. I would suggest to you that we worked hard to get what we have and didn't expect endless credit to fund our existence.

Moreover, along the way we learned a few manners and didn't feel it necessary to compensate for our own difficulties by tossing all the blame onto the preceding generation.

Why don't you just get on with making your own life successful and stop attempting to make a whole generation feel inappropriately guilty.

I just hate these gross generalisations about any given group of people.

1. I am already successful.

2. Generalisations are exactly that.... generalisations, they can be made. There are exceptions, but a vast majority of baby boomers will not be self-funded retirees, I just stated a fact, it is a fact, learn to live with it.

3. I am not tossing blame, just stating exactly what has happened and what is likely to happen.

4. I love the endless credit statement.... what has made a lot of BB wealthy over the past 15 years? the endless credit has definitely contributed to this.

5. There will be a larger proportion of Gen X and Y who will be self funded due to the career long sacrifice of our money into superannuation ( which also helps buffer your investment as you remove your cash from our investments ). You got to employ the equivalent as you saw fit during the majority of your career.

There will likely be no pensions for us, we will be paying off the country's debt, which will be used and accessed to fund pensions and healthcare for the first real generation where their lifespans greatly exceeded the retirement age.

 

[enigmatic]

I think alot of you are confusing BB, Gen X, Gen Y with the financially disabled.

I know Plenty of BB and Gen X who have spent far to much and not invested wisely and at the same time I have known many a BB and Gen X to have invested wisely.

Gen Y well most of us are bearly at the point of our lives were we would be normally saving for anything. however once again I know plenty of my generation who have saved and are savers and there are plenty of my generation who are absolute spenders and love to get in debt, suck from the system.

Just to get things in prospective no one should ever rely on there super for retirement..

Now my problem with the Budget Deficit is that who was it that paid for alot of the deficit those earning over 100k once again this has no generation restriction, who is going to have to pay back most of the Budget Deficit those earning more then 100k.

Some people seem to forget that people earning 100k or more also worked hard some are lucky and just got put into there jobs but most of them have been working hard at it for years.

So why is it that Pensioners need an increase due to the GFC is my main question and why do the wealthy need to pay for it we are all going to be pensioners one day shouldnt it be covered equally by society.
The reason i dont understand why pensioners need more the finiance crisis hasn't effected there job, they arent selling there house, and cost of living has actually decreased. I can understand the goverment putting more into super for the future but not giving more to the pension.