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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Written by Ben

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