Are you a Boomer or a Zoomer?

If you were born between 1946 and 1964 you are a post Second World War baby boomer. Everyone born in this period are lumped together as Baby Boomers. Just because millions of us were born during this era, doesn’t mean we’re alike. When you were born does not say much about how you think or act. It seems if we’re a Boomer, we should also strive to be a Zoomer.

Moses Znaimer, founder of Zoomer Media, has defined a Zoomer like this. “The demographic of active people aged 45 plus; “Zoomers”. Zoomers; noun. Derived from “Boomers With Zip!” People age 45 plus who enjoy life to the fullest.”

Zoomers are a subculture within the Boomer generation. A Zoomer is not something you become once you pass the Boomer phase. If you don’t become a Zoomer during the Boomer time of your life, you may not pass middle age! What we really want to be is a Zoomer Boomer.

Zoomers are trend-setting Boomers who are breaking new ground, redefining aging and reinventing retirement. Speaking of retirement, the trend now seems to be a growing number of people are not retiring at age 65. Experts feel this trend will continue and the idea that 65 is a magic number signifying the end of income-earning years will be permanently wiped out of our future.

According to the Federal Government’s Australian Jobs 2015 report, there are around 4.5 million people aged 45 years and older in employment, making up 39 per cent of the entire Australian workforce.

If you’re in that age bracket and you’re still at work, chances are you’re thinking about what your Zoomer retirement will look like. If you’ve already retired, you may be looking for ways to enrich your lifestyle.

According to research having an active life in retirement is what’s most important to Zoomers*. Today’s retirees aren’t spending their days in front of a TV. They’re walking, running, travelling, returning to school, volunteering and working part-time. 

Depending on your age there are specific tax and superannuation issues you should consider. Those issues may vary depending on whether or not you are still working, planning to retire, about to make the transition into retirement or already retired.

More details can be found on the ATO website.

By the time you are 55, you might be thinking about retirement and what to do once you stop working. As with all major lifestyle changes, your income will probably change. It’s a good time to review your finances and make some decisions or contacting a financial advisor for some financial advice. 

 Retirement Tips For Different Ages

Super tips in your 50s

If you plan to retire in the next 10 to 15 years, you may need to focus more on your super. Consider making extra contributions and reviewing your investment strategy. Be aware that if you make contributions greater than the super contributions caps you will have to pay extra tax.

Super tips in your 60s

From age 65, most people have unrestricted access to their super. However, your investment options remain very important to ensure you have enough money to last your retirement years. If you are over 65, you may have unclaimed super that has been paid to us or to a state or territory authority.

Super tips in your 70s

You can make contributions to your super until you turn 75 as long as you work at least 40 hours in 30 consecutive days in the financial year. Your employer can claim a tax deduction for before-tax contributions until you turn 75.

Source: ATO