Check this graph out. It tells us that 40,000 Australians turned 65 in the year 2000 but last year that number had grown to 120,000, a 200 per cent increase and still growing.
It was created by Australia’s leading Futurist, Bernard Salt from KPMG, and his message is simple: “We are embarking on an era of ageing”. Australia has never had so many people moving past the traditional retirement age – and heading towards ‘old age’.
Is this an expensive curse on the economy? Bernard Salt says ‘no’, at least in the short term. Health care jobs, and particularly aged care jobs, is the fastest growing employment sector in the country – good for employment. And baby boomers are refusing to retire. He says 320,000 more baby boomers aged over 65 are working today than in 2000.
Also good. This means we workers are paying taxes and not on the pension, so we’re not a curse but a bonus.
But Bernard Salt had another graph revealing the impact in 15 years from now when we 65-year-olds hit 80 and it’s big. He titles it “The real pressure on ageing”. Think of it. We will be 80 with a good chance we will live to 100 and our 30-year-old kids of today will then be 45 and likely to be paying for us in our old age for 20 years until they are 65!
Maybe there is a curse of the 65-year-olds!
