Quote:
Originally Posted by Vulcan
Sure sounds good but we paid for the previous generation and never complained, now your generation wants to opt out? In most traditional societies it's a given that the older generation is cared for when they need help. It's usually on a more personal basis but with our mobile society and the break down of families, this is the best that can be done. More power to you if you can arrange your finances so that you won't need the Old Age Pension, but don't complain about your generation having to pay for it.
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Well, there is certainly a demographic issue here. The "previous generation" of boomers only had to cover a much smaller old generation. Now it's going to be the other way around.
Workers per retired person
1991 - 3.8
2001 - 2.7
2011 - 1.8 (projected back in 2005, not sure what it is now.)
Then again, everybody knew that was going to be a problem for a long time now. I'm sure all these old people managed to save up to take care of themselves with so much warning.
Seriously though, given those numbers - current retirees should only be expecting half of what they paid out to their previous generation. Unless of course your comment above includes telling "our generation not to complain while you squeeze out twice as much as you paid out."