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. 16.08.2018
    16.08.2018
    by      In
    Following extensive growth of the business, Beacon Solar (a division of Beacon Lighting Group) has changed its business (trading) name to Beacon Energy Solutions.
    Beacon Solar has been in the energy efficiency/solar market for more than 10 years, with the business initially offering residential... Read More
  2. 15.08.2018
    15.08.2018
    by      In
    BHP’s new $4.8 billion South Flank iron ore mine in the Pilbara is expected to create about 2500 jobs during construction and 600 ongoing roles. But local fabricators are quire rightly up in arms about the company’s decision to award the contract for 20,000 tonnes of structural steel work to... Read More
  3. 14.08.2018
    14.08.2018
    by      In
    The former Trade Commissioner of Denmark to Australia and New Zealand, Michael T Hansen has been named General Manager of Nilfisk in Australia.
    Originally from Denmark, Hansen has more than 25 years of experience in business development and sales.
    Over the last 9 years as Trade Commissioner, Hansen... Read More
  4. 14.08.2018
    14.08.2018
    by      In
    World-renowned physicist Dr Cathy Foley has been named CSIRO Chief Scientist with a brief to help champion science, its impact and contribution to the world. Dr Foley is best known for her work developing superconducting devices and systems that have assisted in unearthing over $6 billion in... Read More