One in Five Aussies Plan to Retire After 70 – ABS
Monday, 16th December 2013 at 10:43 am
Almost one in five Australians over 45 years old intend to work until they are at least 70 years old, according to a survey by the Australian Bureau of Statistics.
Director of Labour Force at the ABS, Stephen Collett, said the survey asked people aged 45 years and over about their plans for retirement.
"We found that, of the 2.3 million people who gave an age that they intended to retire, 17 per cent intended to retire at 70 years and older, 49 per cent intended to retire between 65 and 69 years and 25 per cent intended to retire between 60 and 64 years, with the average intended retirement age being 63.4 years," Collett said.
"Around half of the 3.7 million people aged 45 years and over, who indicated that they intend to retire from the labour force, reported their main expected income at retirement would be 'superannuation, annuity or allocated pension'."
Collett said there were some differences reported between those who had already retired compared to those who intended to retire regarding their main expected source of personal income at retirement.
"While almost half (46 per cent) of the people who had retired reported 'government pension or allowance' as their main source of income at retirement, less than one-third (27 per cent) of people aged 45 years and over who were intending to retire, indicated that this would be their main expected source of income at retirement,” he said
"Although 'superannuation, annuity or allocated pension' was reported as the main source of income by just under one fifth of retirees (17 per cent), half of those who intended to retire (49 per cent) expected that this would be their main source of income at retirement.
"The average age at retirement for recent retirees, that is, people who retired less than five years ago, was 61.5 years. The average age of retirement for men in this group was 63.3 years, while the average age of retirement for women was 59.6 years.
"Both men and women who had retired from the labour force reported their main sources of personal income at retirement as 'government pension or allowance' (51 per cent and 42 per cent respectively) and 'superannuation, annuity or allocated pension (25 per cent and 10 per cent respectively).”
To see the survey results, click here.