'Old' is a powerful word in today's world. We make many decisions, or have them made for us, based on assumptions about age. We are often made aware that we are either 'too old' or ' not old enough' for activities, opportunities and experiences we desire. In the same way, we tend to judge other people according to their age.
A "major" conflict between society and the aged group is the cost of servicing the unique needs of the group. To be straightforward, the aged are VERY expensive to us as a nation and even more so, as an economy. It is estimated that by 2021 there will be four million Australians over the age of 65 and one million of these will be over 80, so there will be an increased need for resources to be committed to servicing the aged.
This conflict is therefore a major concern in the minds of economists and politicians alike, as this will put increasing pressure on the budget, and of a more fundamental concern, the likely slowdown in economic growth.
With this conflict getting more and more fuelled by critics, Peter Costello has been forced to step in and put forward a resolution to this dispute. He has recently proposed a campaign to stop people from retiring early, allowing them to work past the current age restriction of 65.
From the viewpoint of the individual there is a double gain. The longer you work before retiring, the more time you have to keep adding to your superannuation and your retirement savings. But, on top of that, the less time you spend in retirement, the longer your retirement savings will last you.
From the viewpoint of the federal budget, the more people save before they retire and the later they retire after 65,