Tidal wave of retirees could break the bank

Melanie Christiansen
The Courier-Mail
December 28, 2009

[efoods]AUSTRALIA is on the crest of a demographic tsunami, with the first wave of 5.3 million baby boomers eligible for the age pension from next week.

The country’s money box faces the double whammy of paying for older Australians who need extra care and for workers who are retiring in greater numbers than ever before.

With the pension age for women still being phased up to 65, those born in 1946 – the first year of the baby boomer generation – will be entitled to claim a government-funded age pension from next year, when they turn 64.

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