If you’re still in the workforce, chances are you could be there well into your 70s.
According to the Sydney Morning Herald more Australians than ever before will be working beyond 70 years of age.
Figures released by the Australian Bureau of Statistics recently showed more than 70 per cent of Australians from age 45 expect they will be working until they are at least 65 years of age or older.
“The majority of Australians intend to retire between 65-69 years, but the results show that now over a quarter of males of 45 years and over plan to work past 70 years” Jennifer Humphrys from the ABS says.
The findings point to Australians being too poor to retire, and ‘financial security’ is one of the most common factors influencing this decision to work longer.
Ad. Article continues below.
It’s particularly concerning then that the Federal Government is considering reforming superannuation in the upcoming Budget, which would make comfortable retirement ‘out of reach’ for many of the country’s low-income earners.
Personal health and physical ability were the next two factors keeping older Australians in the workforce.
A 20-year analysis of workplace participating rates in 2015 confirms there is a cultural shift in older Australians staying in the workforce. It found that 45 per cent of women aged between 60 and 64 years were still working.
That people are living longer is having a significant impact on their decision to stay active and engaged in employment.
National Seniors CEO Michael O’Neill says the recent statistics also indicate the Federal Government needs to make superannuation, the pension and other retirement income issues clearer for older Australians.
“People need certainty about what benefits will flow over time… and all the speculation around superannuation causes people uncertainty…,” O’Neill told SMH.
Are you still working? What financial information do you feel would help you plan for retirement?