The good and the bad on why Aussies retire early

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According to research conducted by the Australian Securities and Investments Commission (ASIC), these are the top seven triggers causing Australians to retire earlier than they expect. In no particular order, they are:

Health scare
A health scare can often put life into perspective, and for many older Australians a serious illness can prompt the shift into retirement. Often the decision is driven by a desire to relax and enjoy the rest of life, but some retire because the illness leaves them too unwell or too tired to work.

Hating your job
It comes as no surprise that being unhappy at work is one of the top retirement triggers. As people near the retirement age, they are more likely to feel like they don’t want to, or don’t have to, put up with a job they hate.

Empty nesters
Many Australians feel they can’t retire while their children are financially dependent, but children leaving home is a trigger for many to cut back on work, or to retire altogether.

Unexpected fortune
Inheriting or winning money unexpectedly can significantly change a person’s financial circumstances, leaving them able to retire earlier and live a better quality of life than they could have before the windfall.

Unemployment
Some are driven into retirement simply because they cannot find another job. This often occurs after being retrenched, or after leaving a job near retirement age. Being forced out of the workforce in this way can feel difficult, especially if it wasn’t part of the plan.

Just the right time
For some, retirement comes by choice. These people are the lucky ones for whom finances and desire to retire line up at about the same time, and they are able to exit the workforce gracefully and in a well-planned fashion.

If you need to brush up on all things retirement, download Your Rights at Retirement from the Australian Human Rights Commission website.

Do you fit into one of those categories? Were or are you prepared for retirement?

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6 Comments

Total Comments: 6
  1. 0
    0

    The reason why I looked forward to retirement was so as I could have time to do things I wanted like travel the rest of Aussie and spend more time in my garden without having to go out to work/work in the home/garden/and find time to go out

  2. 0
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    For me personally it was a combination of two injuries in the last few years resulting in two operations, which were causing a great deal of anxiety and pain whilst working. A downturn in the industry I worked in, an offer of a six figure redundancy, . a lump sum compensation settlement an opportunity to receive a T.P.D. Also I contributed to my super nest egg from the day I started work at age 16 till I finished at 60. Basically I knew I was ready to go and I knew I had contributed the max I could have to my super for years.
    I do not feel guilty, I have no contact with Centrelink whatsoever and at 62 with 4.5 years to go before O.A.P. I am having a great time and really feel I’m on easy street.
    But I also realise that some people will not be as fortunate and that some are doing it really tough and need financial help. I am very grateful

  3. 0
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    I got out when all my supervisors became females and I became subject to “bullying” before I even knew what it became today. Because I am male I got more and more physical work to do as they got rather larger in their office on coffee and sweets. I had enough and I could afford it!!

  4. 0
    0

    It is time for all of us to rant at our MPs and Senators daily to take action for human decency and a huge stress reduction for pensioners

    NO ASSET TEST FOR A PENSION EVER AGAIN!
    A pension is not welfare.

    Most economist say we will save taxpayers money by dropping asset testing because of the massive overheads cost in running Centrelink and the 10,000 conflicting rules.

    Hiring more Centrelink staff will only increase taxpayer’s costs for processing the creeping insane red tape monster system politicians and well paid bureaucrats have created.

    Help scrap it now. Become a hero.

    Even poorer New Zealand has a NO ASSET pension so it is cheaper and user friendly.

    Why worry that few million$ earners get it too. That is peanuts to them, not enough for a good vintage champagne.

    Do retired and retiring people really look forward and want 100++ visits to/from Centrelink and be part of 3 million waiting queues and lost calls?

    Does your MP really like being part of the system that allows this indirect abuse of the elderly?

    This abuse is actually sponsored by our government and forced down to Centrelink and borders on a criminal act.

    Why do MPs normally compassionate persons let this Centrelink abuse happen at taxpayers’ expense?

    Some opposition and independent MPs stand to lose their chance at being part of the needed government changes

    We all need to tell our MP and senators every day that these criminal asset tests for a pension must be dropped now.

    Also contact opposition and independent MPs who can help us to get a fair deal on pensions

    NO ASSET TEST FOR A PENSION EVER AGAIN!

  5. 0
    0

    Do pensioners actually have human rites.????

    • 0
      0

      Sure – you see them at the local club performing their rites on the dance floor doing lines. A site to behold!


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