Over 50 and can't afford to retire

 
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Already 50, and no means to retire at 70

by Mela Leuca (follow)


no egg, just nest
Image source: http://seniorsaloud.blogspot.com.au/2009/07/daily-struggle-to-survive.html


Compulsory superannuation came in when I was nearly 30 years old. Shortly after, I got married and moved overseas. We were away for just over 10 years. On our return we started our first ever super. However, as a mum, I only worked part time. We spent another year overseas, and the highest amount ever put into super was while we were living in NY. Just after returning to Sydney the GFC hit. There is less in that US fund now than was put into it in the first place.

We have some money in super here, but not enough to retire at 65, nor 70, probably not even 80. We are part of the crossover group, one leg in the babyboomers and one leg in the Gen X. We really don't belong to either.

So, we are in our early 50's, working, healthy for the most part, with a large mortgage, and wondering "How long will we be able to work for?" "What if no-one is willing to hire the over 60's and over 70's?" "How will we survive if we can't work, can't get a govt allowance because there are none for OAPs anymore, and have such a measly pension that it isn't sustainable for any lifestyle, let alone a reasonable lifestyle?"

And then I think to myself, is it an issue really? Surely there will be some kind of work available, whatever that might be. Doesn't lifestyle depend on how you define it? What is the actual cost of living?

I ask around, and my friends all say they won't be able to afford to retire either. But what does that mean - being able to afford to retire? I don't have the answers but I sure would like to know what other people are thinking, and what other people are doing.
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Oops, that was meant to say Gen X, not Gen Y. Good grief, is this already signs of early dementia?
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