BY ASHLEY MCGLYNN
AFTER almost 50 years' service to society paying his taxes, Graham Medaris is not too happy about the thought of not retiring in a couple of years.
"I'd be bloody cranky," Mr Medaris said.
The state government has presented a report that outlines a plan of how to tackle the financial impact of an aging population, the centre of which is for Generation X and the Baby Boomers to continue working.
Mr Medaris, who has worked for Country Energy for a total of 41 years, believes that he and others of his generation have paid their dues and deserve retirement at 65 years of age.
"I started working at 15, so I think I should have paid enough taxes now to retire in peace," Mr Medaris told the Port News.
Mr Medaris also suggested that there was a fundamental difference between his generation and that of today.
"Everyone saved early in life; no one saves like that now, " he said.
But the NSW Minister for Aging, Kristina Keneally, said that a strategy had to be developed to cater for the doubling of the population over 65.
"NSW Treasury tells us that the state budget will have a $14 billion hole in it by 2030," she told reporters.
However her department has denied that there will be an increase in the age at which one is entitled to the age pension, currently 60 for women and 65 for men.
The state government report says there are around 331,000 people in NSW who are near the retirement age that are not working, and this is a number that is expected to grow unless mature aged workers are encouraged not to retire.
But what does this mean for those who are still a long way from retiring?
The Premier, Morris Iemma, said that the 30 year-olds of today are looking to have a retirement that will last 20 to 30 years, and it is due to this that a plan must be looked at to deal with the demographic challenge as well as the financial impact.
At 30 years of age, Scott Spokes from Macquarie Exhaust, was, like Mr Medaris, none too pleased about the thought of working longer.
"No way, I don't think I could," the father of two said.
"How many hours and years do they expect you to work?
"I started working at 17, if I retire at 65 that's 48 years in the workforce. I reckon that's enough."
But, like many, Mr Spokes is realistic about retiring.
"I'd like to retire early, but only if I can, I mean you have to have enough money behind you to survive," Mr Spokes said.
Ms Keneally also suggested another way that our middle aged can help.
"People in their 30s and 40s today need to exercise more, smoke less. They have 60 or 70 years ahead of them," she said.
The report also says that there are currently around 3 million Australians, notably men aged between 25 and 54 and women aged 25 to 44, who could be working but are not.
The report was delivered at the federal 2020 summit at the weekend.