An International Review
The New Retirement Survey conducted for Merrill Lynch … builds upon conventional wisdom that boomers are not interested in pursuing a traditional retirement of leisure. The majority of boomers relate they plan to keep working and earning in retirement, but will do so by cycling between periods of work and leisure, thus creating a new model of retirement. (Harris Interactive, 2005) INTRODUCTION Many Western and developing countries face the issue of an ageing and growing population. This will have significant implications on the economy of a country, the finances of governments and living standards in general (Swan, 2010). In addition, strategic planning has to go into the development of adequate infrastructure to enable the health care system to be capable of supporting the needs of the ageing population. In particular, when the population ages, this reduces the number of people in the workforce, and hence there are less funds available to support those who do not work, typically after 60 or 65 years of age (ibid.). In Australia, the ageing population will bring about a reduction in the proportion of working age people, with only an estimated 2.7 people of working age to support each Australian aged 65 years and over by 2050. This number will be reduced dramatically from what was available in 1970 (7.5 people), and this continues to decline; in 2010, there were five people of working age supporting those over 65 years of age (ibid.). In countries where low population growth is anticipated, greater challenges will be...
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