Australia (PRWEB) August 08, 2012
Reports say that a percentage of the 5.5 million baby boomers in the country are now in their mid 60’s - which means many of the baby boomer generation are now nearing their retirement age.
But according to experts, the effects of the global financial crisis, which still could be felt until now, as well as government policies, increased debt rates, low return of investments and other factors may instead lead to the extension of work lives for these baby boomers.
In relation to this, the Australian Bureau of Statistics provided new data showing that as of last year, approximately 2 million people from 55 years old and above, were employed. This current data doubled that of the 1.1 million people employed in the same age bracket during the previous decade. This trend will likely continue because of the persisting effects of the global financial crisis in the economy and investment markets.
Additionally, a new study of the country’s baby boomers released this year by the National Seniors Productive Ageing Centre entitled "Ageing Baby Boomers in Australia", showed how the global financial crisis has greatly influenced the country’s baby boomers – from their expectations and decisions on retirement, to their current general state and way of life.
The study used data collected by the University of Sydney headed by Professor Hal Kendig, to get an accurate picture of how the baby boomers’ economic situations and retirement plans were affected by the global financial crisis.
In the figures collected by Kendig and his colleagues in 2008 and 2009 - 40% of the respondents said that they experienced worse conditions, while 44% said they did not feel the effects of the crisis, and 15% of them said that their conditions improved. In addition, about 30% of the respondents stated they were planning to postpone their retirement plans in order to better prepare for the future.
With the current economic conditions in the country, experts predict that the current number of baby boomers planning to postpone retirement will be greater than that of the figures from 3 years ago.
And with the impending move to set the qualifying age for age pension to 67 by July 2023 – experts forecast that more baby boomers may be encouraged to extend their work lives and postpone their retirement in order to secure financial stability in the long run.
Accordingly, financial experts believe that baby boomers must look into their current financial situations as early as possible, so they will have a better understanding of their present position, and when and how they can truly retire in comfort. In order to make this possible, they suggest hiring a financial expert or adviser to help plan a solid strategy for the future.
David Domingo, CEO of Members Alliance, explained how taking the advice of a finance specialist can help baby boomers with their retirement: “Those nearing retirement should plan for their future now. Now is the best time to act. They should at least have an idea as to how much they will be getting for their retirement as savings. With the right knowledge and advice from financial experts, they can make the necessary financial adjustments which will allow them to have a more secured future ahead.”
Members Alliance Australia is a leading finance specialist group which provides clients, from baby boomers to young professionals, with professional advice on different financial strategies such as financial planning, debt conversion and debt reduction, property investment, maintaining cash flow, wealth creation and all other aspects designed to help make one’s financial future safe.
If you wish to talk to a Members Alliance consultant regarding your retirement or any other financial concerns, you may contact them at 1300 365 731 or visit their company website at http://www.membersalliance.com.au/about-us.