I think I'm turning 65 !!
To put the number of retirees in Australia into perspective, consider the number of Australians turning 65 each week between 2000 and 2030
As you can see, the number of retirees has been on the rise since 2000. And this trend is expected to continue for another 15 years or so. The first baby boomer ( born in 1946 after World War II ) turned 65 in 2011.
Accordingly, the proportion of Australia’s population aged 65 or above is projected to rise from around 14% currently to 24% in 2050. Similarly, Australia’s median age is expected to increase from around 38 years of age currently to 43 years in 2050.
Interestingly, many of this generation own and run businesses – some small some large, some family owned, some larger corpoates with hundreds of employees – this reporesents a large body of wealth that needs to be carefully managed as a substantial transition is about to occur.