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

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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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Written by Ben

40 Comments

Total Comments: 40
  1. 0
    0

    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.

  2. 0
    0

    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.

  3. 0
    0

    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.

  4. 0
    0

    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?

    • 0
      0

      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.

  5. 0
    0

    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.

  6. 1
    0

    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.

  7. 0
    0

    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.

  8. 0
    0

    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.

    • 0
      0

      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.

  9. 0
    0

    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?

  10. 0
    0

    I don’t think I will ever stop work these grand children are a full time job but very enjoyable

    • 0
      0

      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!

    • 0
      0

      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!

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