Many Australians planning to work past 65
Nearly half of Australians aged over 45 years expect that they will remain in the workforce until they are 65, with 17 per cent expecting to remain working until they are 70, according to the latest data released by the Australian Bureau of Statistics (ABS).
The data, contained in a survey released by the ABS this week, suggests Australian workers have developed a similar post-global financial crisis mind-set to their counterparts in the US, with most expecting to have to work longer.
However, the same survey showed that people who retired inside the last five years were more likely to have left the workforce at an average age of 61.5 years.
Importantly, the survey revealed that most people expected to be relying on superannuation as their main source of income in retirement.
Outlining the results of the survey, ABS director of Labour Force, Stephen Collett said that of the 2.3 million people in the survey 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.
He said that 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.
AUTHOR
Mike Taylor
Recommended for you
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
