{"id":91579,"date":"2025-08-24T04:49:09","date_gmt":"2025-08-24T04:49:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/91579\/"},"modified":"2025-08-24T04:49:09","modified_gmt":"2025-08-24T04:49:09","slug":"boomer-makes-brutal-confession-that-proves-young-aussies-are-not-the-only-ones-suffering-from-the-cost-of-living-crisis-not-loving-it","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/91579\/","title":{"rendered":"Boomer makes brutal confession that proves young Aussies are not the only ones suffering from the cost-of-living crisis: ‘Not loving it’"},"content":{"rendered":"

By ASHLEY NICKEL, NEWS REPORTER, AUSTRALIA <\/p>\n

Published: 19:36 EDT, 23 August 2025 | Updated: 20:10 EDT, 23 August 2025 <\/p>\n

A baby boomer has exposed how young Australians are not the only ones feeling the cost-of-living squeeze, revealing she is still unable to retire.<\/p>\n

The Sydney<\/a> woman, aged in her 70s, was stopped on the street by an interviewer from\u00a0property app Coposit, who questioned how much she had in savings.<\/p>\n

The 74-year-old revealed she had one account with $100,000 in it.<\/p>\n

‘I don’t own my own house. I’m still working. It’s just money I put aside,’ she said.<\/p>\n

The woman explained she was employed in the NSW<\/a> health system, but admitted working so late in life was less than ideal.<\/p>\n

‘Not really loving it. At times I’m loving it. I like being active, I like working, I like getting out, and that’s good,’ she said.<\/p>\n

When the interviewer asked what her ‘dream job’ would be, the woman said: ‘Probably being retired.’<\/p>\n

She said living in Sydney was ‘really expensive’ and rent prices were ‘appalling’.<\/p>\n

\"A <\/p>\n

A 74-year-old Sydney woman (pictured) revealed she is still working due to her city’s high cost of living<\/p>\n

Rising food costs also meant she cooked at home more to save money.<\/p>\n

Australia does not have a set retirement age, but retirees can’t access the age pension until they’re 67.<\/p>\n

Data from KPMG found the average retirement age is creeping closer to that number, with men typically retiring at 66.2 years old and women at\u00a064.8 years old – the highest since the 1970s.\u00a0<\/p>\n

A survey from Finder earlier this year found one in six Aussies either delayed their retirement plans or returned to work\u00a0in the last two years.<\/p>\n

The high retirement age has been attributed to several factors – including the rise of flexible working and difficulty in re-entering the workforce.<\/p>\n

However, Finder superannuation literacy expert Pascale Helyar-Moray told Yahoo Finance<\/a> the sad truth is many Aussies are simply being priced out of retirement.<\/p>\n

‘There’s a growing retirement savings crisis in Australia,’ she said.<\/p>\n

‘Australians dedicate much of their lives to working hard, often dreaming of the ‘golden years’ of retirement, but for many, stepping back simply isn’t a viable option.’<\/p>\n

\"Recent <\/p>\n

Recent surveys found Aussies are retiring later in life, with the cost of living often cited as a main cause (stock image)<\/p>\n

The Association of Superannuation Funds of Australia estimated a single person between 65 and 84 years old needs $52,383 a year to comfortably retire.<\/p>\n

A couple would need $73,875.<\/p>\n

That figure is for retirees receiving a pension and who own their own home, unlike the Sydney woman.<\/p>\n

Ms\u00a0Helyar-Moray said the estimates put the amount needed to retire at\u00a0$595,000 for singles and $690,000 for couples.<\/p>\n

‘Building a robust super nest egg is one of the most important things we can do to secure our financial future – so don’t be afraid to seek financial advice to make informed decisions about your fund,’ she said.<\/p>\n

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