Aussies Intend to Work Until at Least 65; 25% Intend to Retire at 70

Baby BoomersIn a recent article from Seniors Australia, the Australian Bureau of Statistics is indicating a huge swing towards working until late 60’s for many Australians. More older Australians intend to work until they are at least 65.

In a survey conducted in 2014-15, 71 per cent of people aged 45 and over said they did not expect to retire until they reached 65 or over. This was up from 66 per cent in 2012-13 and only 48 per cent in 2004-05.

ABS spokeswoman Jennifer Humphrys said the survey found nearly a quarter were intending to retire at 70, compared with a meagre eight per cent in 2004-05.

“The majority of Australians intend to retire between 65 and 69 years, but the results show that now over a quarter of males 45 years and over plan to work past 70 years,” Humphrys said.

The ABS said the survey was conducted a few months after the government announced changes to the current qualification age for the Age Pension.

For those in the labour force who intended to retire, the most common reasons given were ‘financial security’ and ‘personal health or physical abilities’.

Just over half reported their main expected source of personal income in retirement would be superannuation, annuity or allocated pension.