none

MORE AUSTRALIANS SET TO WORK FOR LONGER

18-12-2017
by 
in 
Retirement

The prospects of an early retirement are disappearing for working age Australians if the latest data from the Australian Bureau of Statistics are to be believed.

The new report on Retirement and Retirement Intentions, Australia 2016-17 reveals that (on average) Australians aged 45 years and over are intending to continue in the labour force until the age of 65 years, which is up from 63 years in a similar survey a decade ago.

“This is consistent with the continuing trend of people staying in the workforce for longer,” said Bruce Hockman, Chief Economist for the ABS. “A decade ago, around 9 per cent of people aged 65 and over were employed. This has increased to around 13 per cent in 2016-17,” he added.

As to the reasons for this increase, financial security (38 per cent) and personal health or physical abilities (21 per cent) remain the most common factors influencing older workers decision to retire. However, just 13 per cent of people cited reaching the eligibility age for an age (or service) pension as a major factor.

The ABS also released information for the 3.6 million people who were already retired, more than half of whom were aged 70 years and over.

One thing the report does show is the rise in the importance of superannuation versus the state pension. Although 47% of persons aged 45 years and over who had already retired reported a 'government pension or allowance' as their main source of income at retirement, only 25% of persons aged 45 years and over who were intending to retire indicated that this would be their main expected source of income at retirement.

Conversely superannuation was reported as the main source of income at retirement by just 24% of retirees, whereas more than half of those who intended to retire (54%) expected that this would be their main source of income at retirement.

Related news & editorials

  1. 15.02.2019
    15.02.2019
    by      In
    The Australian Made Campaign is doing its bit to help one of its licensees to find a local contract manufacturer. The licensee is frank green, a company that markets reusable coffee cups in Australia. And while the company currently produces all its plastic reusable cup products in Australia, it... Read More
  2. 14.02.2019
    14.02.2019
    by      In
    Boker’s, the iconic US manufacturer of precision metal stampings, washers, spacers and shims, celebrates its 100th anniversary in 2019. The year will also see the opening of a new manufacturing facility and a fresh commitment to serve international markets, including Australia.
    The company was... Read More
  3. 14.02.2019
    14.02.2019
    by      In
    Universal Robots has appointed automation industry veteran Peter Hern to the role of ANZ Country Manager.
    Hern combines extensive experience in the technology, automation and robotics industries with local knowledge of ANZ manufacturing. In his new role he will be responsible for customer support,... Read More
  4. 13.02.2019
    13.02.2019
    by      In
    With the 2019 show set to be the biggest Austech 2019 yet, organiser AMTIL has come up with a novel approach to help visitors optimise their time at the event.
    Featuring all of the key machine tool dealers, all under the one roof, Austech 2019 will showcase a vast array of state-of-the-art... Read More