Australians already intending to work longer, not opting for Age Pension
/It isn't much of a surprise, but the latest Australian Bureau of Statistics data shows Australians are intending to work longer, past the standard retirement age.
Over 70 per cent of people intend to retire at age 65 or older, up from 66 per cent in the last survey, and 48 per cent in 2004-05.
Just under a quarter of Australians aged 45 and over intend to work up to age 70 or over, compared with just eight per cent in 2004-05. The average intended age of retirement is 65 years - 66 years for men, 65 years for women. Most intend to retire at some point between 65 and 69 years of age, with a quarter of men planning to work past 70.
This survey was done just after the government announced changes to the age qualification for the Age Pension.
Why?
The most common cited factor in continuing work was financial security (40 per cent for men, 35 per cent for women), and personal health or physical abilities (evenly matched at 23 per cent of men and women).
Over half (53 per cent) said their main expected source of personal income at retirement would be their superannuation, annuity, or allocated pension. This differed between those who were already retired and those who were still working, with those who had already retired saying their main source of income was a government pension or allowance, but only 27 per cent of those not yet retired said they would be using government pensions.
A partner's income was also found to be important when it came to funding retirement, with women relying more heavily on a male partner's income than vice versa.
