Back in the mid 90s, I used to listen to the pundits telling us that governments would soon be taking drastic steps to cut benefits to retired people, and that smart people would be making a serious move to provide for their lifestyle after they had finished fulltime work.
I took it with a grain of salt.
Now I see in today’s news that the Australian Government is considering proposals to lift the official retirement age from 65 to 75.
From a historical point of view, this is pretty significant. 65 has been enshrined for nearly a hundred years as the benchmark for retirement in developed countries. Although there is a myth that Count Otto von Bismarck in 1884 set the German retirement + benefits age at 65 (apparently taken as a precedent by the USA for its Social Security scheme), Bismarck in fact chose 70 as the age and it was later reduced to 65.
But whatever the state does about defining the age of retirement, it’s pretty evident to me that establishing a home based business while you are still fit and energetic is starting to make more sense than ever in Australia (and apparently, from what I read, in the US, Canada and other developed countries).
Who wants to go on slogging away as a wage earner, 9-5, 5 days or more a week, when you can have your own business, from home, work your own hours and design your own lifestyle – with an income not dependent on the whims of government?