Millenials Working Through Retirement: The New Normal

Millenials Working Through Retirement: The New Normal

By Dale Gillham, Chief Investment Analyst at Wealth Within.

According to economist Thomas Murphy, Gen-Y, Z and X are f*cked. He claims that by 2055 the average retirement age will be 70.


Let that sink in for a moment, Millennials and Gen-X. Even if the average age of death was 95, that’s 10 years less that you get to spend in retirement than your baby-boomer counterparts – a worrying thought.

Now, I’m not one to indulge generational whining about BB, X, Y, I, Z or any letter for that matter. The fact is, superannuation is not enough to secure one’s future and yes, the system has failed in this sense. Some like to blame it on the lavish lifestyles of certain age groups. Yes, many Millennials choose to travel in their 20’s, and they’ve been somewhat vindicated by media as a result. But, I don’t think it really matters at this point. Even with 40 years of full-time work under your belt, the way the economy is moving means that even if you stay in your hometown, budget and work as much as possible, Millennials are still drawing the short straw.

It’s no wonder so many young people have decided to live it up while they can. And yet, this too is still not the right decision – sticking one’s head in the sand won’t solve anything.

So what can you do about it? It’s actually quite simple. Place your trust not in Superannuation, but in the creation of wealth through your own actions. For as little as $1,000, you can start trading the ASX – obviously, more seed money for your first portfolio will yield greater returns. With the right tools, you can disrupt the trajectory that the Australian Government has set you on, and diversify your retirement plan.

Of course, superannuation works to some extent although relying solely upon it will leave you short when it comes time to drop tools (or keyboard) and enjoy your golden years. Like a good share portfolio, one should diversify their wealth, wherever possible.

If you’re looking for a comfortable retirement without giving up your overseas trips, visit for more information on trading the ASX.

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