Just when Australians are bracing for the baby boomer generation to retire, the whole world is sharing these sentiments. In order for people to live a comfortable life in retirement, they may need to work past the retirement age.
These brewing problems are effects of the Recession and the 2008 Financial Meltdown. It is forecasted that it will take decades before the effects die down.
Countries are raising the retirement age and decreasing benefits to stay afloat after these events. Pension plans have also been eliminated, which removed the guaranteed monthly retirement checks. Individuals who were unprepared for these catastrophes also lost a lot of their money once the financial crisis hit.
Early retirement will be a distant memory, as the incoming generation will have to fend for themselves. One worker was able to encapsulate the solution with these words: We have to prepare for our own futures rather than depending on our children.
Read more about this on the Cairns Post website.