Australia’s retiring age goes higher and higher

A newly-released survey by the Bureau of Statistics shows that 15% of Australian workers 45 and over intend to work indefinitely and more than a third want to work until at least 70.

The survey was taken in mid-2007 and has demonstrated a huge shift in thinking by older workers with less than 30% of middle-aged and older Australians saying they now intend to retire before they turn the traditional 65.

The bureau found that in the past, men had retired on overage at 58 and women at 47.

By contrast 60% of men aged 60 to 64 were still in the workforce last November as were 29% of men aged 65 to 69 and 7% of men 70 and over.

Women had 39% aged 60 to 64 still at work along with 15% of those aged 65 to 69 and 2% aged over 70.

The longer working time has been linked by some analysts with the comparatively low superannuation balances held by many Australians.

The bureau found that in mid-2007 the median figure amongst all workers was $23,698 with workers aged 55 to 64 having a median figure of $71,731.

The research director for the Association of Superannuation Funds of Australia, Ross Clare, said that most Australians had inadequate super balances.

“In 30 years time they will be substantial but the harsh reality is that most people don’t have a long history of superannuation. If you’re on an average income it takes a long period for assets to build up”, he said.