Older Aussies running out of cash
Older Australians are living longer and may not have enough money to last them into retirement. According to the Australian Bureau of Statistics, there are 334,000 workers 65 years of age or older in Australia, with Sydney having the highest participation rate of 11.7%, up from 5.6% a decade ago.
Older Australians are living longer and may not have enough money to last them into retirement.
According to the Australian Bureau of Statistics, there are 334,000 workers 65 years of age or older in Australia, with Sydney having the highest participation rate of 11.7%, up from 5.6% a decade ago.
And new figures, obtained by News Limited, show an extra 92,000 people aged over 65 years opted to stay in the workforce since August 2007.
News Limited also reports figures showing, at the peak of the global financial crisis (GFC), super funds were losing an average 12.9%, which saw a change last year to show gains of 9.8%.
Superannuation research company, SuperRatings, told News Limited, the GFC had an impact on retirement savings, with many workers having to “postpone” retirement, and some moving into part-time employment as a result.
However, Robert Curley of Australia Independent Retirees Association says people who re-join the workforce after a period of time could be due to a “35 to 40 year retirement”; which is now seen as “unsustainable” for some as many older Australians still have the ability to work.
“The problem is a lot of people are realising at a reasonably young age that they think retirement is going to be wonderful [in the first instance]; then they travel and suddenly the money is not going to last,” Mr Curley says.
Are you concerned about how much money you will have when you enter retirement, or if you have already retired, share your experiences and thoughts on these latest statistics by commenting in the box below.
