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NewsPODAST: Can Baby Boomers Redefine Retirement?

PODAST: Can Baby Boomers Redefine Retirement?

Baby Boomers redefined so many aspects of life as we know it during the 60s and 70s, but can they redefine retirement?

In the second edition of the FiftyUp Club’s new  podcast series, Christopher Zinn speaks to Association of Superannuation Funds of Australia CEO Martin Fahy.

Fahy gives informative answers, with some strongly opposing the views of Grattan Institute CEO John Daley in part one of the series.

Fahy’s views include:

On baby boomers redefining retirement: “Here’s my challenge to your listeners, as Baby Boomers growing up in the 60s and 70s, they redefined the protest movement, they redefined intimacy, music etc. There’s an opportunity for Baby Boomers to redefine retirement.”

On if it’s too late for over 50s to change the way they think about super: “It’s never too late. It’s good to be prudent about retirement, but I think we can be generally positive.”

On urban myths about superannuation: “People behave in a very sane, rational way. Even people with very low balances. Yes, some of it’s used to pay off debt. That’s a sensible strategy. Most of it’s put aside, and people draw down on it very carefully.”

On the Grattan Institute’s view on diverting tax concessions to paying the age pension: “I don’t think Australians have a culture of relying on handouts from the government. I think we have a great age pension, it is generous, but everybody recognises that we need to keep it for those who need it most.”

Listen to the whole podcast and share your own thoughts in the comments below.

 

Any advice contained in this article is general in nature and does not take account of your particular objectives, personal circumstances or needs. If in doubt about your own situation you should seek appropriate advice.

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PODAST: Can Baby Boomers Redefine Retirement?

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Anonymous
Anonymous from VIC commented:

I liked Gertrauds message from the ACT. She like us have saved everything we can and now we are to give it all to the Government!!!! I have my mother's stuff left for the kids so it stops us from getting anything from the Government. Also we are now self funded though earn little more than the pension and get nothing off anything!!!! The kids don't want my mothers money now as they are not ready to retire and say that it wont be worth the paper it is written on when they do as the different Governments keep changing the rules!!!! 

Russell
Russell from QLD commented:

I turn 66 early next year and my wife will be 66.5 mid the following year and will apply for the age pension when we are eligible. I plan to draw down some super,work a little and the rest will come from the govt age pension.I believe we will have a comfortable retirement which we will be greatful. 

Gertraud
Gertraud from ACT commented:

"we need to keep it for those who need it most.” - Yeah, right! Having worked for more than 45 years and paid a considerable amount of tax during that time, I did not qualify for the age pension on retirement. Why? Because I lived far too frugal and acquired too much in the way of assets. Yet people who have never worked a day in their lives, obviously fall into the category of "needing it the most". I supported those people when I was young and raising four kids as a working single mother (and receiving constant flak for being a working mother) and joy-oh-joy, I still get to support them! 

Anonymous
Anonymous from WA commented:

The Grattan Institute is said by the ABC to be politically independent. Ha Ha. Just another left wing organisation supporting Labor 

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