Not going to be a serious issue with a massive number of employees from the baby boomer era retiring over the next decade their is more than likely to be an actual shortage of employees in the market place. This is the key reason Governments around the western world are increasing the pension age. Australia has already mandated under the Howard Govt to lift the retiring age for pension benefit entitlements to 67 years beginning in 2023.
"Taxpayers spent $36 billion last financial year on pensions for the nation's 2.4 million retirees, who receive $376 a week for singles or $567 a week for couples. Two out of three Australians aged 65 or older rely on the aged pension.
The report says the GFC wiped out a third of Australians' superannuation savings - pushing more people onto the old age pension.
It also reveals that generation Y stands to inherit a massive $400 billion worth of housing over the next 15 years - even though one in three baby boomers will leave nothing to the kids.
A third of baby boomers expect to spend all their money and assets before they die."
