Poverty Epidemic Threatens Retiring Baby-boomers

18th September, 2006

A poverty epidemic faces the increasing numbers of retiring baby-boomers forced to live on the pension, according to a recent study by the Macquarie Graduate School of Management.

This confirms an alarming report from the Retirement Living Standard, which stated retired couples now need over $900 per week, just to cover the basic necessities of food, health and transport. The current pension is $418 pr week, less than half the amount required.

A single pensioner receives $250 per week.

It’s reported over one-third of retirees rely on the pension with no other source of income.