Business
A long winter for retirees as record low interest rates hurt savers – ABC News
For young first home buyers and families burdened by huge mortgages, it is the best of times. For retirees, it is the winter of despair, writes Alan Kohler.
Ninety-five-year-olds who retired 30 years ago, back in 1990, would still be reminiscing today about getting around 15 per cent interest on a one-year term deposit at the bank.
Those were the days. You didn’t have to do a thing or take any risk, just plonk the money in the bank and sit back and watch enough money roll in to live on.
Sure, it lasted only a year and caused a recession, and the kids were a good chance to lose their jobs and move back home, but oh, what a time it was for retirees!
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