Australians are delaying retirement and choosing to stay longer in the workplace.
Bruce Hockman, chief economist at the (ABS) of the Australian Bureau of Statistics, said: "in 2016-17, Australians over the age of 45 planned to continue to work until the age of 65-a life long since they were 63 years old 10 years ago," said Bruce Hockman, chief economist at the Australian Bureau of Statistics.
The figures are "in line with the continuing trend of people staying in the workplace for a long time," Hockman said.
Ten years ago, about 9% of people over 65 were still working. This has increased to around 13% in 2016-17. " He said。
(< Australian Retirement and Retirement intentions for 2016 / 17 > (Retirement and Retirement Intentions, Australia 2016 / 17) the report found that there are an estimated number of people nine million four hundred thousand and forty five years of age and older who are expected to work for a period of two weeks and 4.9 million people are still in normal work. Another 3.6 million have retired.
In 2016 / 17, 58 per cent of men aged 45 and over were still working (compared to 47 per cent of women), 36 per cent of men (40 per cent of women) were retired, and 3 per cent of men (5 per cent of women) were unemployed but not yet retired.
Why do Australians delay their Retirement
Economic security (38 percent) and personal health or physical capacity (21 percent) remain the most common factors affecting older workers, the report said.
But only 13 percent of respondents said meeting eligibility for old age or other benefits was a major factor in their delay in retirement.
Return to work
About one hundred and seventy five thousand five hundred people over the age of 45 are returning to work because of "financial needs" (42 percent), and another 32 percent are looking for, accepting or reworking in the future because of "boredom / need to do something."
The majority of this group are women (108200), many of whom (93800) have returned to work during the survey.
So when exactly does the Australians retire?
Of those still at work, 3.9 million (79 percent) said they intended to retire-but 1.6 million of them did not set any specific retirement age.
Among those who have a retirement age goal in mind:
- 20 per cent intend to retire at or after the age of 70 (22 per cent for males and 18 per cent for females);
- 50 per cent intend to retire between the ages of 65 and 69 (53 per cent of men and 47 per cent of women);
- 23 per cent intend to retire between the ages of 60 and 64 (19 per cent for men and 27 per cent for women);
- Seven percent plan to retire between the ages of 45 and 59 (6 percent for men and 8 percent for women).