I was reading an editorial in the Financial Standard April 4 2016. In a broader editorial about the UK pension system compared to Australia, editor Mark Smith referred to a report out of Japan where the aging population is a real issue and 40 years ahead of Australia. It was the Japanese section that sparked my interest in some of the retirement plans of the aging Japanese.
It appears that the low State pension the equivalent of $9,100 per year has lead to an interesting increase in the crime statistics in Japan.
There is significant growth in the shop lifting stats in the Elderly segment of the economy from 20.4% in 2005 to 35.1% in 2014. As you can imagine this growth in crime requires further explanation and the answers are revealing.
The report cited the crime wave is motivated by a desire to be locked up in prison where free food, accommodation and healthcare is provided.
What is your financial plan ? It is never too early to start your Retirement planning.