No doubt wealth may not buy happiness but it does get you a better class of poverty.

Old age sucks; but not because of money worries. Anyone up to now (gawd knows what is going to happen in the future) who cannot lead a decent life after retirement has only himself/herself to blame.

Too many people want to live the same life they had when they were working. They don't listen to people who went before them and, therefore, they don't get the message until they are old themselves.

“Experts” should stop analysing what many old people whinge about, and analyse the whingers themselves who, like all generations now whingeing about cost-of-living increases, blame everyone but themselves.

Sure, governments are to blame for much of the hardships, but the whingers keep voting for them. Worse, they have become used to governments doing everything for them. That's Socialism.

“A democracy … can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits … with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.”

If asked during a first consultation with a financial adviser to “let's look at your budget”, they would not know what he is talking about.

nice piece Ross, it is sad what is happening to Australia now, especially for the many who will struggle in retirement.

>Little wonder so many seem have drifted to the angry political corner of One Nation.

It has nothing to do with not being egalitarian. If it was, people would vote Greens. they literally want to tax billionaires, add dental to medicare, more better and cheaper public transport with walkable cities and many more mendium density housing, so people aren't forced to own a car if they don't want one, they want energy security and a liveable biosphere.

People go to ONP because they're xenophobic and racists and these days are allowed to say so, either outright or using dog whistles., much like Brexit . Pauline flys around in the jet of Australia's richest person FFS

So please let's start with insight that's at least honest

I retired at age 40 and am now age 61. I lived my life frugally in a modest home with no mortgage debt after 35 and invested from when I was 18, that's compounded so much that I now earn more then I need and donate the rest to charity. I don't think I can ever get any pension and that's a good thing.

I own my modest home, 8.5kW of solar, own a small EV that charges off solar, solar hot water, free beef because a local farmer agists his cows on my back paddock, zero fuel costs. I have numerous fruit trees and berry bushes and don't buy fruit, just eating what's in season and my chef gf (works 3 days a week for her own cash when we are in Aus) grows lots of veg and loves cooking superb meals. My electric bill is $20 a month (annualised as I am not here for 9 months but I still get the 10c solar FIT) when I am home including "fueling my car" etc. I don't need to commute and have cheap hobbies like riding my bicycle, hiking and a home gym. I also travel through SE Asia for 9 months a year with my GF.

None of this is per chance. I am "lucky", born a white guy, had working class parents, in Australia with endless opportunities and took some. As I grew up most of my friends worked hard and spent all they earned, they are in retirement with some bemoaning how hard it all is, several though had Government jobs and have superb "super".

When I travel SE Asia all I hear is whiney Aussie pensioners living there, drinking and smoking endlessly with resultant poor heath, bemoaning how hard done by they are and "what happened to Australia." (it grew up and you never did, I tell them)

Dickens covered this, spend less then you earn. Whatever that is, spend less.

I suspect eventually we'll see the RBA "take over" aged pensions, and fund it using "QE" to pay for it all.

The present system in Australia of paying Aged Pensions directly to 2.7 million people from taxation, around $63 billion annually, is unsustainable in the long term, considering Australia's ageing population. Added to this are additional subsidies in health care, housing etc. Considered the best system in the world is the one operating in the Netherlands, which offers a higher standard of living, as well as sustainably when compared to Australia. The Netherlands prioritises a combination of strong state support, mandatory workplace pensions, and high sustainability, something Australia lacks