The number of people planning to retire after 70 will shock you

Staggering number of YourLifeChoices members don’t ever want to retire from work.

The number of people planning to retire after 70 will shock you

YourLifeChoices is essentially a website for retirees, but according to the figures from our most recent Retirement Matters survey, around one quarter of members are yet to fully retire from the workforce.

More surprising is that around two-thirds of YourLifeChoices members plan to work past the official retirement age, according to the same survey. And around 12 per cent are not planning to retire at all.

While the Government has taken its proposal to extend the retirement age to 70 off the table for now, there is a definite feeling among older Australians that they would like to work for longer, based on the figures.

Around 48 per cent of those yet to retire said they would aim to stay in the workforce until they at least turn 70, and around 27 per cent said they would work beyond the age of 75.

Men were much more likely to want to work past retirement age, with 72 per cent keen to stay in the workforce after they became eligible for the pension, and 54 per cent keen to work until at least 70 years of age.

A stunning 32 per cent of men said they planned to stay in the workforce beyond 75 years of age, while 14 per cent said they would never retire.

Women were a little more conservative about their prospects of working past retirement age, with 62 per cent keen to work beyond pension eligibility age and 41 per cent willing to work until at least 70.

 


Only 21 per cent of women said that they planned on working beyond 75 years of age, while 10 per cent said they would never retire.

While the survey highlighted a willingness among non-retired YourLifeChoices members to work longer, around two-thirds of the 5100 people that responded to the survey said they did not understand the Work Bonus.

The Work Bonus provides a concession for employment income for all workers who earn money after turning Age Pension age and we encourage those considering working past Age Pension age to read the extensive information about how it can help as you transition to retirement.

Are you still in paid employment? When are you planning to retire? What are your reasons for wanting to work past pension eligibility age?

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    COMMENTS

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    Hobbit
    24th Oct 2019
    10:46am
    Just because people, plan to or want to, doesn't mean the pension age should be raised. Many people want to carry on but find it too much, for many the challenge of work is too tiring. Some have health issues that stop them. I just work part-time, any more would be too taxing.
    Triss
    24th Oct 2019
    1:27pm
    Agreed, Hobbit, but it should be your choice if you want to work into your 70’s and 80’s, not the government’s.
    Kez
    24th Oct 2019
    11:05am
    Being happy in your job means everything and yes working in your 70's is fine. But if you lose this job through retrenchment or ill health it becomes another story. Having heaps of super will make a difference - you can retire. But having very little super means applying for Newstart and having a very meagre existence.
    Red 13
    24th Oct 2019
    11:07am
    Well said Hobbit. I worked 45 years and then retired. Best thing I ever did. If people want work past retirement age, let them. If people don’t, let them not work and retire.
    We can do both.
    Flummoxed
    24th Oct 2019
    11:15am
    Can I ask the obvious question as to why they would like to stay in the workforce, be it a chosen lifestyle or a financial necessity?
    Jocky
    25th Oct 2019
    2:20pm
    Financial necessity in my case, though it's perhaps a bonus that I enjoy my job. It's not physically demanding so I can carry on for a bit yet. I'm 66 and have set myself a two-year horizon for retirement (or possibly semi-retirement). At the moment I'm in the 'pits', ie, not enough in my super to self-fund retirement and too much in total assets to get a decent % of the aged pension.
    So, I'll guess I'll just have to work until I've got enough.
    Farside
    24th Oct 2019
    11:20am
    Good luck to those yet to retire who include themselves in the 48% intending to stay in the workforce until they at least turn 70, and 27% working beyond the age of 75. If you are in a job then stay there as those over 55 find it very difficult to find new employment. It is inevitable the job challenge will become more difficult in the years ahead, and equally inevitable the pension age will increase to 70.
    Crazy Horse
    24th Oct 2019
    11:45am
    Good luck with your intentions but it’s often out of your control when your retire. I intended to retire at 65 but was retrenched a 59 and was unable to find another position.

    Mr Morrison has always been in favour or raising the retirement age to 70 (for everyone except politicians of course). I expect he will try again in the next Budget.
    Alan
    24th Oct 2019
    11:46am
    I was made redundant at age 48, had access to my superannuation and then worked part time till 55. Then I retired and now do only occasional work if the timing suits me. Once of the best decisions I made. I am free to pursue my interests and do voluntary work teaching English in a Russian School in St Petersburg, Russia. While I enjoy good health and have the resources then I will do the things that I want.
    Blinky Bill
    24th Oct 2019
    11:55am
    Flummoxed, you present a very important question. I am very happily retire, but have enjoyed a little part time work during this time. I have two male friends and one brother-in-law who are still working past 70, because they do not know what to do with themselves in retirement. Whereas, another three friend continues to work past their 65 year possible retirement, because of financial need. However, another continues to enjoy his accountancy work at 71 years of age. I am able to site six male aquantances who happily retired at the age of 65 and are enjoying their retirement. I do not know of one female who is 65 years of age or old that is still working full time or part time.
    Flummoxed
    24th Oct 2019
    12:01pm
    Thanks Blinky Bill - I expect that the two main reasons for staying in the workforce are that you either love your job or you can't afford to retire yet.

    24th Oct 2019
    12:02pm
    We need to put retirement into prospective in that I now make more money retired than I ever did with a job. So am I retired or not?
    Flummoxed
    24th Oct 2019
    12:33pm
    "Prospective" instead of "perspective" VeryCaringBigBear? Is that a Freudian slip? Share Market in retirement perhaps? More fun that working, that's for sure. If so, good luck to you.
    Anonymous
    24th Oct 2019
    12:53pm
    It's now about 30 years since I had a job so if working is more fun than what I now do then working must be like a luxury holiday then.
    Flummoxed
    24th Oct 2019
    8:56pm
    Sorry, I think you misunderstood me.
    fishy
    24th Oct 2019
    12:04pm
    I don't think I will ever stop work these grand children are a full time job but very enjoyable
    Blossom
    3rd Dec 2019
    8:51pm
    So true. Even when they are not physically with you these is often things left behind for you to put away, repair or bin if it can't be fixed. Story of our lives!
    Blossom
    3rd Dec 2019
    8:51pm
    So true. Even when they are not physically with you these is often things left behind for you to put away, repair or bin if it can't be fixed. Story of our lives!
    Aussie
    24th Oct 2019
    12:35pm
    I retire at 65 and got small pension because I continue working until 72 now at 76 will love to have some peace and no stress for the small number of years I have left .... but F... I must be dreaming that will never hapend with all this goverment Ideologies to hit the pensioners
    Hobbit
    24th Oct 2019
    12:44pm
    It's ok for Pollies, they always make sure they are ok, but the others not yet retired need to remember whatever they wish on us will be their retirement problems one day.
    MICK
    24th Oct 2019
    12:48pm
    The aim of the current government is to have you work until you die on the job. That way no pension is paid.
    Congratulations to those who voted LNP at the last election. Just desserts are now playing out. Much more to come.
    roy
    24th Oct 2019
    10:39pm
    All would have so much better under Shifty Shorten and MICK, yeah.
    Tuesday127
    25th Oct 2019
    4:44pm
    The current retirement age was increased by the Gillard gov,
    people will be allowed to access the aged pension at 67 — an age requirement introduced by the Gillard Labor government, and a two-year delay from the 65 years at which people ha
    Tuesday127
    25th Oct 2019
    4:44pm
    The current retirement age was increased by the Gillard gov,
    people will be allowed to access the aged pension at 67 — an age requirement introduced by the Gillard Labor government, and a two-year delay from the 65 years at which people ha
    pedro the swift
    24th Oct 2019
    12:49pm
    I "retired" at 73(actually made redundant, He he) although I had planned to retire a bit earlier but I could what was coming so hung on till i was kicked out.
    I was happened to be in a job where it was possible work to a older age, many people cant work till retirement age for various reasons,so I don't think making people work till they are much older is going to help anyone.
    leek
    24th Oct 2019
    1:04pm
    I know a lady that is now 71 and still working. I asked her when she will retire and she said She cannot afford to. She has never been able to get a mortgage as she was a single mum raising kids, then her mother moved in with her. She has used a good part of her super to fund operations on her hips. I think she is busy researching ways she can get a cheaper rent when she goes on the Aged pension. Until then she plans on working- she does love her job so that helps.
    Priscilla
    24th Oct 2019
    1:15pm
    Worked full-time to the age of 77. I was lucky to have an office job. Paid off my mortgage, didn't access my super until age 77 and still contributed all those years. It has made a huge difference to my life now. If your health is good and you can still work after retirement it is very rewarding! Only drawback was getting enough annual leave. A lot of people I know have retired more than once and are happy to go back to work to have something to do and extra money.
    tisme
    24th Oct 2019
    1:49pm
    what about those with no plans to retire, because of what they do , they have no money either
    Farside
    25th Oct 2019
    12:22am
    what about them indeed .... another day, another dollar, repeat.
    Ted Wards
    24th Oct 2019
    1:55pm
    Im 54 and plan on retiring in 6 years time but I also will have my own business that will have a very decent income from and will including taking groups of older women on cruises. Upshot is my retirement is very designed by me with definite outcomes!
    older&wiser
    24th Oct 2019
    2:52pm
    There is a big difference between keeping your job in your 70's, and getting a job. If you are over 50, and have a job, you will hang on to it, so yes, if you are asked the above question, you will say you will continue working. Having been pushed out of my job at age 64 by the bully from hell, though I would love to be working in some capacity, after 2.5 years, I accept that door has closed so enjoy my life. Not so financially stable, but free of the BS of hiring and employment managers.
    Worked hard to retire
    24th Oct 2019
    8:50pm
    That's fine for people that have had maybe office jobs all there lives , most Shearers , Motor mechanics Builders etc would be lucky to work past 65 effectively.
    Nobody should paint such a broad brush and expect people to work past 70 years of age , this is absolutely ridiculous .
    We now have older people driving large road trains which are accidents waiting to happen unfortunately in the country these are some of the only jobs you can get once over 55 or so .Have being a motor Mechanic myself for over 45 years , due to the heavy lifting , I have had two back operations and in some sort of pain most days and I'm only 60 years of age , still working as a trainer but I'm one of the lucky ones .
    I'm sure that people who think that you can work past your sixties or seventies have never really done any hard physical work in there lives .
    Also some of us live in the country and the work just isn't available .
    Worked hard to retire
    24th Oct 2019
    8:50pm
    That's fine for people that have had maybe office jobs all there lives , most Shearers , Motor mechanics Builders etc would be lucky to work past 65 effectively.
    Nobody should paint such a broad brush and expect people to work past 70 years of age , this is absolutely ridiculous .
    We now have older people driving large road trains which are accidents waiting to happen unfortunately in the country these are some of the only jobs you can get once over 55 or so .Have being a motor Mechanic myself for over 45 years , due to the heavy lifting , I have had two back operations and in some sort of pain most days and I'm only 60 years of age , still working as a trainer but I'm one of the lucky ones .
    I'm sure that people who think that you can work past your sixties or seventies have never really done any hard physical work in there lives .
    Also some of us live in the country and the work just isn't available .
    jaycee1
    25th Oct 2019
    9:18am
    I would have loved to work part time but due to health reasons am unable to do so. :(
    Tuesday127
    25th Oct 2019
    4:54pm
    Three comments re this.
    The work bonus does not apply if self employed.
    If you are made redundant after turning 65 then the employer can not pay out a package. I was lucky, made redundant the day before my 65th birthday ( but wanted to work for a couple more years ), got a package and retirement has been the best thing ever. Didn't realise at the time that my employer was actually doing me a favor.
    The raising of the retirement age started with the Gillard government
    people will be allowed to access the aged pension at 67 — an age requirement introduced by the Gillard Labor government, and a two-year delay from the 65 years at which people ha
    Tuesday127
    25th Oct 2019
    4:54pm
    Three comments re this.
    The work bonus does not apply if self employed.
    If you are made redundant after turning 65 then the employer can not pay out a package. I was lucky, made redundant the day before my 65th birthday ( but wanted to work for a couple more years ), got a package and retirement has been the best thing ever. Didn't realise at the time that my employer was actually doing me a favor.
    The raising of the retirement age started with the Gillard government
    people will be allowed to access the aged pension at 67 — an age requirement introduced by the Gillard Labor government, and a two-year delay from the 65 years at which people ha
    Justsane
    26th Oct 2019
    4:56pm
    Bazza51, From 1st July this year, the Work Bonus also applies to self-employment.
    Blossom
    3rd Dec 2019
    8:54pm
    I have seen people work extra years after retirement with the intention of doing something special later. Often by then their health starts to deteriorate and they miss out on their dreams
    Blossom
    3rd Dec 2019
    8:54pm
    I have seen people work extra years after retirement with the intention of doing something special later. Often by then their health starts to deteriorate and they miss out on their dreams


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