Many Baby Boomers are finally reaping the rewards of their hard work. Pic Getty
Many Baby Boomers are finally reaping the rewards of their hard work. Pic Getty
As home ownership becomes further out of reach for new-home buyers, and crippling student debts make life more difficult for millennials, the baby boomers are finally reaping the rewards of their hard work - but, have they always had generational luck on their side?
One baby boomer, Wellington-born Sandra Stewart,70, who retired three years ago, says her generation has been very lucky in life but they've also worked hard, stayed healthy and not given up when they saw the need for societal change.
"Apart from the Vietnam war, we've never had a war like our parents and grandparents, who all knew someone affected by combat," says Ms Stewart.
"There also hasn't been a really bad economic depression for us, either. We've definitely had scares, but mainly it's been a pretty easy ride for baby boomers."
After struggling with high home-loan interest rates (at one point she was paying 19 per cent interest on her mortgage), Ms Stewart now owns her home and has low debt. Many of her generation had free education, and in New Zealand the public education system at the time was excellent.
In terms of health, she says baby boomers are better off than previous generations, thanks largely to still seeing cooking as more appealing than convenience foods, as well as knowledge on how to grow their own food; a skill passed down by their parents.
"Without children to care for and high mortgage responsibilities, we can now travel or start businesses after retirement," says Ms Stewart. "We all still feel young, so it's a time when we can do all the things we've wanted to do all our lives, but never had the time or money."
So far this year, Ms Stewart has travelled to Sri Lanka, China, Vietnam and Melbourne, making the most of what's known as a SKI holiday, or 'Spending the Kids' Inheritance'.
After a career in property management, and the burden of raising three children as a single parent, as well as working in a health food cafe three nights a week to make ends meet, she says she's earnt her 'lucky' retirement. Her strong work ethic has still seen her exploring volunteer positions in tourism, such as working in visitor centres, airport lounges and as a tour guide, which is a new passion for her.
Other benefits that come with age include free off-peak bus travel and other discounts through the SuperGold seniors card, as well as seniors meals at many places. But, there are some downsides.
Sandra Stewart believes baby boomers are better off than previous generations. Pic supplied
"It's hard to keep up with all the technological changes - even to access bank details and pensions you have to log in and it seems every time it's changed from the last time you did it," says Ms Stewart, adding that libraries are great resources to help older people master the technological skills younger people take for granted.
She also believes older people get overlooked, as if they're no longer seen when entering shops and are often left without anyone asking if they need help.
"It feels like younger people think of us as bludgers, because we might get a discount, but we've worked hard and saved to get where we have," says Ms Stewart. "We didn't have credit cards when we were young, you had to save up for what you bought, so most of us are very careful with our money and either spend it, or give it to our kids."
There's also the worry of aged care to contend with, but baby boomers aren't taking the worry lying down and changes are already being put into place so they don't suffer the same experiences as their parents may have.
"That's something we're all determined to change, we won't just give up on life, we want to keep our mind and bodies healthy," says Ms Stewart. "You hear terrible tales of aged care, but also the positive ones. It's awful when you see old people being treated like children in retirement, though, they really do still know how to live after all those years."
Despite the balancing act between good and bad, she believes getting old is not the worst thing in life.
"It's actually quite uplifting to get older, you get calmer and things don't worry you so much," says Ms Stewart. "I sometimes wish the younger generation knew that life will turn out better. If you're healthy, that's all the luck you need."
Having lived through the 60s, baby boomers had hope because many refused to buckle down and do what was expected, and that's what they are clinging to in the face of retirement options and the desire for them to change.
"We've always forced change, maybe because of sheer numbers or because we're dogmatic," says Ms Stewart. "Women's rights, for instance - when I first started working after my divorce there were letters in the newspaper saying women with children shouldn't work - everyone was very anti mothers working back then."
She says that has been a huge change with mothers now able to become doctors and lawyers and have more opportunities, as well as the opportunity to look after themselves financially.
"So many of us have shaped the way society is, we've changed things," says Ms Stewart. "In my mother's day, when women got to 30 they had to dress a certain way. Baby boomers have refused to grow up and we dress quite modern compared to previous generations - we all feel young, whether we are or not."
She believes baby boomers still have a lot to contribute to society after retirement, especially in terms of acting as mentors part-time or pairing older people with young kids to impart knowledge with reading or crafts. "We are a lucky generation because we have so many choices," says Ms Stewart.
"It's as simple as choosing to stay young or choosing to get old - a lot of it is in your mind."
And for those mindful millennials feeling sour grapes about how good the baby boomers have it, just remember they are paving the way for the rest of us - who knows what retirement will look like once baby boomers and thrown their luck and passion behind its transformation.
