With just one-quarter of Australian workers aiming to retire by the age of 65, many are needing to work into their 70s due to rising economic pressures.
Research commissioned by Equip Super, which surveyed over 2,000 Australians, has emphasised the impact of higher living costs on those seeking to retire soon.
It discovered that only 26 per cent of Australian workers expect to enter retirement at the age of 65 years old.
Over one-third of those surveyed are planning to delay their retirement and work longer in order to meet rising financial pressures.
On average, those looking to push back their retirement are doing so by an average of six years, causing many to work well into their 70s. Some 39 per cent of respondents cited the rising cost of living as the main reason for this delay.
“Coping with the escalating cost of living is a shared concern for many Australians. We understand the financial difficulties that people encounter while planning for retirement,” said Paul Stocker, head of advice at Equip Super.
“By adopting strategic planning efforts, we want to help Australians retire when they choose to, rather than when they are forced to. In times like these, it’s essential to have a solid financial plan in place, and managing your super is a crucial aspect of that plan.”
Members of Equip Super can access free general superannuation advice at no expense. Those seeking a more comprehensive plan can also see financial planners at the fund, amid more super funds expanding their advice offerings.
A recent white paper from TAL, which surveyed 1,000 Australians aged 55 and older, revealed different findings on what age Australians expect to retire.
While many commonly expect to retire between the ages of 65 and 69, six in 10 retire before this age in reality. This was coupled with one-third of retirees now expecting to live longer than they originally anticipated when they first retired.
TAL’s research also highlighted that 45 per cent of retirees turn to their adviser for information on their investments and super. Meanwhile, 37 per cent of retirees seek support from their super provider.
However, these statistics differed for pre-retirees. The majority (51 per cent) of this cohort go to their super provider for education, while 42 per cent turn to their adviser.
