I suspect that any younger generation folks might be somewhat envious reading of how well it seems Baby Boomers were able to plan retirement using promised pension payouts, lump sums and early retirement, none of which I suspect will be available to all but the most fortunate of following generations, unless they work in the financial services industry, perhaps.
I would prod EVERY youngster to get themselves educated on pensions and keep up to date with any evolution that might affect pension entitlement.?
Yes, I have shown younger people at work how by doubling the standard Company superannuation contribution by adding their own tax concessional contributions they can have a great self funded retirement. Most of them get it and feel yes it makes sense to add in extra to provide for myself.
Other countries are different. Until 1992 Australia had superannuation only for certain jobs so a lot of people didn't save and rely on the age pension. Now a lot of people have super but not enough to retire well on it. I agree that younger folks are envious of the ones in the old schemes but as only a small part of the population had access to those funds I feel the younger generation are better off as they have longer in the workforce with a decent compulsory company superannuation and the ability to top it up with tax benefits. THe younger they are when they get educated the better off they will be.
