Today I have something of a treat for you – possibly my shortest-ever column! But I am hoping it might have a big impact.
I am simply going to present a handful of facts, courtesy of Chris Gosselin of Australian Fund Monitors. You might even call these facts ‘inconvenient truths’.
You will have to do the thinking about just how significant they are. I won’t colour your thoughts or burden you with mine … I’ll just let you come to your own conclusion.
The Inconvenient Truths
In 1975 there were 7.3 working people (PAYE taxpayers) in Australia for every person over the age of 65 (and therefore presumably eligible for a pension).
As of 2017, this has dropped to 4.5 working people for every person over the age of 65.
Fast forward to 2055, and it is estimated that there will be only 2.7 Australians working for every person over the age of 65.
In 2055, there will be twice as many people aged over 65 than there is today … and four-times as many people aged over 85 as there is today.
Friends, I will leave you to your thoughts on just what those statistics all add up to in the context of how we as a nation, plan to manage for retirement via the pension, superannuation, etc …
Till next time, all the best.
Footnote: Chris Gosselin credits the statistics above to former federal politician Bernie Ripoll
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