SENIORS are choosing to push back retirement, or not retire ever.
This is according to a survey by financial group AAG, who interviewed people aged 60-75.
Martin Lenoir of AAG said that there was uncertainty created by the events of 2020. Many seniors wanted to ensure that they will have the financial means and flexibility to enjoy the retirement they had hoped and planned for. “While we know that people are living longer, this survey illustrates that seniors are working longer into their retirement years too.”
■ Nearly half of seniors (46%) said they plan on working part-time or picking up a side job during their retirement.
■ Seniors are pushing their retirement dates for past traditional-age. Some plan to work for the rest of their life. Nearly one in five seniors (18%) said they plan to work past the age of 70. An additional 12% said they do not plan to ever stop working full time.
■ Seniors may be working more to fund their retirement, but housing expenses are not the main cause. Nearly half of seniors (47%) said that their home was paid off and they live mortgage-free.
■ Seniors ranked “creating an emergency fund” as a top financial goal.
The average age that Australians retire at is currently 55 years, according to the Australian Bureau of Statistics. But according to AMP, we are starting to retire later in life. If you only look at people who have retired in the last 5 years, the average age of retirement increases to 62.9 years. And even more interesting is that people aren’t necessarily staying retired. More than one in four Australians between the ages of 45 and 59 are returning to employment each year!
Could it be that seniors enjoy what they do and like contributing? Let’s hope so! ■
Want to know what to do after retirement, click here, https://sunkissmedia.com.au/silvermagazine/work-and-travel-the-world-almost-free/.
Editor for Silver Magazine Gold Coast