28th Jul 2015
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Retiring at 60 a pipedream
Retiring at 60 a pipedream

The Financial Services Council and the Commonwealth Bank released the FSC–CBA Older Workers Report yesterday. The report has found that the notion of retiring at 60 is becoming unrealistic, with 76 per cent of 60–69 year olds and 57 per cent of 70–75 year olds still willing to work.

Financial security and not having enough money to retire were the two biggest factors influencing Australians over 60 to continue working. This reinforces the findings of the 2015 Intergenerational Report, which suggests Australians will need to work longer in order to maintain financial health.

The 2015 report also saw a significant shift in age discrimination towards older workers with 13 per cent of respondents reporting age-based discrimination in the workplace compared with 28 per cent in 2012.

“People in that age group are starting to realise they literally do not have enough money to sustain that level of income in retirement,” said the Commonwealth Bank’s General Manager Retirement Nicolette Rubinsztein.

“Supporting older workers in the workforce is paramount to addressing our longevity challenges and maintaining the health of our retirement system,” said Rubinsztein.

“We are beginning to see a positive shift in how society and the workplace values older workers” said Financial Services Council Chief Executive Sally Loane. “Employers are increasingly embracing the unique skills and experience that older workers contribute and are introducing programs to train and retrain mature staff.”

Read more from the Financial Services Council
Read more from the Gold Coast Bulletin
Read more from The Age

Opinion: A changing retirement landscape

The latest figures released in the FSC–CBA Older Workers Report yesterday probably won’t shock anyone. Many older Australians who face an uncertain entitlement future are willing to work longer to sure up their retirement as they continue to live longer lives than any previous generation.

The introduction of compulsory superannuation has, to an extent, eased the financial burden of retirement, but the average Australian will still need to work well into their 60s and potentially even 70s if they wish to maintain a comfortable retirement.

If older Australians are to continue to work longer, then it is imperative that the problem of age discrimination in the workplace is addressed, so that mature employees can continue to work in a comfortable and accepting environment.

Are you still working or plan to work into your 60s and 70s? If so, what motivates you to continue working? Do you enjoy working at your age and stage of life? When are you looking to retire, if at all? 





    COMMENTS

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    Sweatshop Greed
    28th Jul 2015
    10:10am
    In 1996, along with the rest of the company I was working for, I was made redundant. I tried for four months to get work in Melbourne and Perth, but was considered too old. I moved to Thailand, found suitable employment, and continued to work until I was 67.

    I was then treated as a second class citizen, and had to return to Australia to qialify to get my pension made portable.

    The government can move ages around, but is in the employers who need to change their attitude towards older employees.
    MICK
    28th Jul 2015
    8:40pm
    I was led to believe that 'discrimination' was illegal...but I guess it depends on who you are.

    The whole issue of not having enough money to retire on brings back the promises of the superannuation salesmen 25 years ago. These people sold the dream (lie?) that people would have heaps of money to retire on if they took up superannuation. Many did.
    Dallanhk
    28th Jul 2015
    10:41am
    ........ please explain to me - "What is retirement"?
    Now they don't make rocking chairs anymore does the concept have any validity at all?
    Star Trekker
    28th Jul 2015
    11:16am
    I just wish I could get a job!
    Anonymous
    28th Jul 2015
    11:41am
    Have you tried an agency or two.
    You would have to perhaps promote yourself,
    Ive got a mate who did just that at 58 years of age which is not to bad.
    jackie
    29th Jul 2015
    11:04am
    Job agencies don't find you work. That is something you have to do yourself and they take the credit for you efforts. The government rewards them with $ for doing nothing. Job agencies cost tax payers more than dole bludgers.
    BrianP
    28th Jul 2015
    11:38am
    The problem is a whole lot bigger than you make out. Just think through the implications and see what is happening to our senior people. Discrimination against older workers is only one of the growing signs that our Australian society is breaking down.

    Governments and employers just don't care so much any more. They have other priorities such as making profit or winning elections. Short term gain when more emphasis should be placed on long term benefit for all of us.
    Dallanhk
    28th Jul 2015
    12:13pm
    ....... here here.
    Ageing but not getting old
    28th Jul 2015
    2:03pm
    Ditto.
    old red
    28th Jul 2015
    2:05pm
    Well put
    Bonny
    28th Jul 2015
    4:06pm
    The only discrimination I've ever had because of my age is positive discrimination. If you don't take some responsibility and expect everything to be handed to you on a silver platter then I expect that is what happens.
    MICK
    28th Jul 2015
    8:43pm
    Try applying for a job Bonny. Many older Australians could tell you how this goes.
    marls
    28th Jul 2015
    9:14pm
    So true
    TREBOR
    29th Jul 2015
    12:48am
    That's good - what are your proposals?
    Anonymous
    29th Jul 2015
    8:19pm
    One swallow doesn't make a summer, Bonny. People suffer discrimination based on a combination of factors, age being a significant one but the problems are compounded by lack of education, outdated skills, ill-health, disabilities, deteriorating memory, and all sorts of other age, health, and/or privilege-related issues. It's nothing to do with taking responsibility or expectations, and it's cruel and heartless to make such implications. Have some empathy. Many people are willing to work and try very hard to find opportunities, but face obstacles that prove insurmountable.

    Clearly, you don't understand the issues faced by those who have been socially disenfranchised due to health, mental capacity, education, or the after-effects of childhood trauma or poverty. Sad that some people can't be open-minded and caring.
    bohanka
    28th Jul 2015
    11:45am
    If I had remained in Australia after being regarded as too old, I hate to think where I'd be now.

    Probably waltzing matilda and sleeping on park benches!

    I refused to be put out to grass and ended up finding work overseas. Now my impending retirement back in Oz will be one with dignity.

    The grass can be greener on the other side!

    28th Jul 2015
    11:46am
    I retired at the age of 56 y.o. and have never looked back nor wanted further employment. I can be busy or make myself busy (there IS a difference) or do nothing, be alone or with my wife and/or other people and be completely content. What I have I have worked long and hard for and had the foresight to plan and save for retirement. I am one of the "lucky ones" who has made my own luck with a bit of reading and research on how to make and increase a dollar. Many of you will know what I mean. But, these times of opportunity are waning quickly and mostly because of government and RBA policies. I was born before the "Baby Boomer" generation and am glad of that for I have seen some great years of opportunity. Life is good.
    old red
    28th Jul 2015
    2:07pm
    good on you hope you keep it up cheers
    MICK
    28th Jul 2015
    8:48pm
    Interesting observations Eddie. Opportunity is still there but so are the pitfalls. Bu always remember that life goes on and that what is now bad will tomorrow be good. The recent run in residential real estate should be the obvious example of that.
    Enjoy the retirement.
    magicalmarilyn
    28th Jul 2015
    12:23pm
    I am posting on behalf of Willing Older Workers W.O.W! Inc. Run by Volunteers, and with no government funding, we are a charity that provides practical assistance to people who are over 50 and unemployed. The number of people contacting us, asking if we can help them get work is increasing, yet we are not a job provider. They want to work and want job security.
    Renny
    28th Jul 2015
    12:55pm
    I'm retiring at 61 because I would otherwise be on disability. We won't be rich but we will be OK. The answer is reliable super (fight for that) and being debt free in your own home. I won't get any help from the government for five years but I'm happy to have a quiet life.
    marls
    28th Jul 2015
    9:19pm
    I retired at 63 no gvt support using my own super.had a cussy gvt job BUT I was driving 4hrs daily to work and I got to the stage I eas better of dead I had no life dark when I left dsrk when I came home so I haf enough and retired I have nevet regretted it
    Renny
    28th Jul 2015
    12:57pm
    Maybe people need to rethink what comfortable means. Do we need a lot of the stuff to be happy?
    Bonny
    28th Jul 2015
    1:05pm
    I agree. People just want too much stuff today that they don't really need.
    Happy cyclist
    28th Jul 2015
    1:29pm
    I too agree, many people seem to find happiness in bigger cars, bigger houses, more this and more that. Not me, I have been downsizing everything for years and never happier. Mind you, I wouldn't want to be without my bicycle!
    old red
    28th Jul 2015
    2:05pm
    Just want to know if people go overseas because they cant get work why do they come back to Australia to get the pension why not just go stay in the wonderful country that they got work in then if we had less people maybe there would be more jobs ,but I do agree with the person who said "
    Governments and employers just don't care so much any more. They have other priorities such as making profit or winning elections. Short term gain when more emphasis should be placed on long term benefit for all of us. "
    bandy
    28th Jul 2015
    2:24pm
    I remember when I lost my job when I turned fifty & found its not what you know or can do its who you know.I was able to get work as a cleaner & worked my way from there retiring at 68.I now live overseas as a pension is not enough to survive on in Aus.From my experience I would agree with BrianP.Cheers
    jackie
    28th Jul 2015
    3:52pm
    Many baby boomer women will have to work till they drop. Those that married losers, raised children, worked before super became compulsory and were low income earners. Now they have their sick parents to care for as well.
    Bonny
    28th Jul 2015
    4:02pm
    What about the old age pension? Surely that's enough for one to be comfortable.
    TREBOR
    29th Jul 2015
    12:51am
    .. and many men who were twice divorced and asset stripped into their early fifties are no better off, jackie. They raised their kids too and paid the bills etc. There is a need to look at all sides here....
    jackie
    29th Jul 2015
    11:08am
    There are more homeless older women than men in this country and there is less help for them too. Yes I am looking at all sides Trebor.

    28th Jul 2015
    4:54pm
    I think Sally Loane of the Financial Services Council is having "a lend" of us when she says retiring at 60 is becoming passé. People are still working at that age because they HAVE TO in MANY instances, and NOT because retirement is out of fashion.
    MICK
    28th Jul 2015
    8:56pm
    Agree.
    jackie
    29th Jul 2015
    11:00am
    Over 60's have slowed down and should be pensioned off. These pollies have never had real jobs.
    Mally
    28th Jul 2015
    5:07pm
    Has the Laws changed now where you used to be able to live on the Australian age Pension for 3 months and then if you wished to go and live with your wife in her home Country and still be able to receive your Pension
    MacI
    28th Jul 2015
    5:26pm
    Before solving the problem of age discrimination "in the workplace" how about solving the problem of age discrimination against those "out of the workplace". After being made redundant at age 60 I gave up looking for work and retired after a year of either getting a rejection email or no response at all in response to my job applications. I'm sure most people out of work after age 50 can relate to this.

    Maybe in 40 years from now things will be different when they estimate that there will only be 2.7 potential tax payers for every person over the age of 65. I'll have a better chance of scoring as job. But wait I'll be 105 by then! More likely in the grave with no more concerns about a job.
    MICK
    28th Jul 2015
    9:03pm
    Life is cruel when they throw you on the scrapheap because they can hire a snotty faced kid to do your job, albeit not even half as well, at one third of your salary.
    Older workers have a lot to given but employers are clearly motivated by profit and often do not understand that the cheaper kid they employ may have no idea about much other than the weekend ahead, may have few work skills and will cost a lot in training and lost customers to bring him up the the level of the person just let go.
    And you wonder why Australian business is unable to match it in the international marketplace.
    TREBOR
    29th Jul 2015
    12:53am
    Spot on both of you.....
    Adrianus
    29th Jul 2015
    7:54am
    Stop your whining and back slapping all of you. A few rejections never hurt anyone. The question is do we learn from each rejection?
    Bonny
    29th Jul 2015
    8:03pm
    I agree with Frank. Remember if you expect to be rejected you have nearly 100% chance of being rejected. If you expect to be successful and are not immediately ask why not. If you apply for a job contact them regularly for feedback rather than wait for them to contact you. Remember the squeaky wheel gets the most attention. I do this for lots of things in my life that I want to happen. If I hire a car I will ring the day before to make sure it is available at the airport when I get off the plane even though I have a reservation. If I haven't had reminder about medical/dentist appointments I ring before I leave home. I want to be in control of my time not have it wasted by someone else.

    Years ago I applied for a job and rang up to ask when I could start and I was told they had given the job to someone else. My reply was that it's a pity as you only got the second best person for the job. They were dumb founded and immediately put me through to the boss who couldn't apologise enough and even told me that my application had been overlooked and agreed with me that I was the best person for the job. Within a week I had a much better job so they did me a big favour.
    Adrianus
    29th Jul 2015
    9:30pm
    Ha ha ha! I love it Bonny! That's the spirit.
    In the last 35 years I have only applied for 4 jobs and been successful each time, even though I had absolutely no experience at 3 of those jobs. None of those jobs were advertised and 2 of them took nearly 6 months to get.
    On each occasion I was told "we didn't advertise for anyone and we don't have any vacancies." If you let that stop you then you don't really want the job.
    My approach is to look at a business learn what I can about them and if I like the way they behave, value to the community etc. Then I find a job in that business where I may be able to excel and add value.
    It's all too easy to blame someone else, like the government, when things don't go your way. It helps you save face. But when others agree with you they are not doing you any favours.
    Yorkie
    28th Jul 2015
    5:33pm
    Sometimes you have no option but to retire at 60. My husband was made redundant at the start of this year and has applied for many jobs in his field, but age discrimination is alive and well, despite the laws of the land. He had 4 telephone interviews with one 'progressive' company, who were impressed with his experience and all was looking very positive until he turned up for interview. He said from the expression on the face of the 30 something interviewer it was apparent they were expecting a younger man. Age discrimination is very hard to prove, but sometimes you just have a gut feeling. It's shame, because my husband felt he could have done the job standing on his head. Their loss. Having worked in the industry for 30 years he could have added value to their company but I guess the grey hair didn't fit in with their trendy IT look. I told him not to be downhearted, he'll always be a whizz kid to me.
    Tzuki
    28th Jul 2015
    8:43pm
    I totally sympathise with your husband. I live in SA, where there is 8.2% unemployment. I was made redundant 5 months ago at the age of 60, with no payout as I was casual. I have applied for 72 jobs, all in my field, and had 7 interviews counting the one I went to today. I have had the same problem with interviewers. Once they see you, it is obvious they are trying to calculate your age and don't seem as interested in you antmore. It is very depressing. What is going to become of all the experienced willing and able people like us?
    MICK
    28th Jul 2015
    9:09pm
    The revenge of genY kids (who are of the opinion that they have been hard done by) coming back to haunt us?
    Brian from HomeExchange50plus
    28th Jul 2015
    6:25pm
    Being able to retire is getting more and more difficult and worrying. I retired from full time employment in March last year but in 2009 we set up our online home exchange travel business to keep us busy in retirement. Since retiring, I have spent part of most days 'working' on our website, developing and marketing it to increase our member numbers. I would recommend becoming self employed in retirement but it takes much research and I do think it important to do something you enjoy.
    Adrianus
    29th Jul 2015
    1:16pm
    Brian I looked at your site hoping to get some help. I was disappointed to find just another anti government political site.
    Brian from HomeExchange50plus
    29th Jul 2015
    8:33pm
    Frank not sure where you get an anti government political slant from perhaps you can explain.
    Adrianus
    29th Jul 2015
    9:40pm
    oops, my apologies Brian. I must have got the wrong site. Next time I will take the time to check my facts.
    worker
    28th Jul 2015
    7:28pm
    All this talk about retirement if we treated all other citizens the same way we treat how employees members of parliament by given life time forms of pensions and other perks after they are no longer how employees (members of parliament) we would not need talk about pensions.
    We could all so take the free trips .taxpayers monies ,taxpayers monies is it not good
    Adrianus
    29th Jul 2015
    7:44am
    I agree with this article.
    Our Industrial Relations Laws are old fashioned and in need of reform so that workers and employees have more flexibility of choice. High on the agenda should be the removal of any age discrimination, bringing it into line with welfare consiferations.
    Bonny
    29th Jul 2015
    8:07pm
    It is not compulsory to put your age in your application. I know a lady who used to add a flattering photo instead and she was never asked her age in an interview.
    jackie
    29th Jul 2015
    11:17am
    Jobs will become even more scarce than ever because most jobs will be taken over by technology, computerised and robotic. There will be 40% less jobs in cities and 60% less jobs in rural areas. Governments are aware of this.
    Adrianus
    29th Jul 2015
    11:35am
    jackie
    There will also be a demographic shift to contend with as the population continues to age. This means that we can no longer rely on the tax from wages to provide a significant part of the revenue required for social services. Therefor we will need to increase the GST.
    Anonymous
    29th Jul 2015
    1:29pm
    Jackie won't that be rather wonderful we will have machines creating the wealth for us .. We can all decide on how we want to live without the burden of going to work .....
    Anonymous
    29th Jul 2015
    1:30pm
    Particularly as it coincides with reducing populations ...
    Adrianus
    29th Jul 2015
    2:17pm
    Will our population reduce if we double refugee intake? Double becomes triple and onto quadruple. These refugees are mostly unemployed after 5 years and have big families.
    I think Abbott should be increasing taxes to match Labor's growth in PS and welfare spending.
    Anonymous
    29th Jul 2015
    9:08pm
    The worlds population Frank will start reducing in 2050 as it already is in the major first world countries . Australia's population would have started reducing in 1960s when our birth rate dropped below replacement rate . But huge immigration had the opposite effect...
    micky
    29th Jul 2015
    12:53pm
    what about insurance discrimination I have heard about people being discriminated against due to not being covered by insurance due to their age. what is the age that a person is not covered by insurance micky

    29th Jul 2015
    1:14pm
    Any suggestions on how we don't repeat the mistakes of the past and ensure that in future our older population have the funds to retire on with dignity ...
    Bonny
    29th Jul 2015
    7:35pm
    Educate your kids from birth that's what I have done and they are on track to retire well before retirement age with dignity. Unfortunately our school system get a big fail in this area and people need to re-educate themselves in financial matters including deprogramming all the junk advertising has conveyed to them.
    Radish
    1st Aug 2015
    4:20pm
    Absolutely correct Pete. You must prepare for retirement.

    29th Jul 2015
    8:28pm
    More disturbing than the fact that people are needing to work longer is the fact that those most disadvantaged and least likely to have accumulated wealth are most likely to be unable to work past 60 - or more often past 55 or younger - due to ill-health, disability, educational disadvantage, age discrimination, or the after-effects of trauma, crisis, childhood poverty, etc. And it seems there is very little compassion in society for those who suffer major disadvantage. Society is becoming more and more selfish. Arrogance and lack of empathy further disenfranchise the already disenfranchised battlers. Our aging population is treated with contempt and their needs and rights dismissed. Our aging citizens used to be respected and cared for, but respect and care is disappearing in an increasingly selfish and self-serving world.
    Adrianus
    29th Jul 2015
    9:33pm
    I'm sorry to hear you've been doing it tough Rainey. :(
    Radish
    30th Jul 2015
    5:49pm
    My husband was made redundant at 56. We have had a long retirement so far. However, in retrospect, purely from a social aspect point of view, and if we could have our time over we would have stayed in the workforce. We could easily have worked another 10 years as our health has been very good.

    If asked for advice, I would say to someone if they were able to keep working to do so and not retire too early. I realise this is not possible for some and I am only talking about those who ARE able to stay on in the workforce. I know of others who also feel they could have worked for longer and delayed their retirement.
    Not Senile Yet!
    4th Aug 2015
    4:03pm
    What utter garbage.....and I do note who published it!!!!
    As for the comments with regard to discrimination against the Aged....well the Governments themselves are well and truly responsible by getting rid of their ..... past their use by dates or dead wood approach to their own employees!!!!
    Monkey see...Monkey Do¬!!!
    You will never legislate effectively against a business having a bias towards employing younger people...especially in demanding jobs!!!
    No .....to be effective....Governments need to invest in people over 50 becoming self-employed.....so they cannot be discriminated against.....but retire when they want or when they are ready!!!
    As for the article....sheer rubbish!!!!
    It is the Governments of today that are legislating harsh penalties for someone who wants to do even part-time work when retired.
    They have a penalty mentality that belongs in the 80's 90's.#They need to change and offer rewards...not penalties!!!
    Adrianus
    4th Aug 2015
    4:37pm
    I reckon Bronwyn could have gone on for another 10 years at least!!
    RichF
    5th Aug 2015
    7:22pm
    Sure up?? Try shore up. It sounds he same and is accurate


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