Plans to retire at 70
A new survey has revealed the age when people are most likely willing to retire. When do you plan to ‘clock off’ from the days of working 9am to 5pm?
ABS spokesman, Stephen Collett, said the survey found of the 2.3 million people who gave an age that they intended to retire, 17% intended to retire at 70 years and older, 49% between 65 and 69 and 25% between 60 and 64 years. The average intended retirement age was 63.4 years.
“About half of the 3.7 million people aged 45 years and over, who indicated that they intend to retire from the labour force, reported their main expected income at retirement would be 'superannuation, annuity or allocated pension',” Mr Collett said.
But nearly half those who had already retired reported ‘government pension or allowance’ as their main source of income at retirement, while 27% of people aged 45 years and over who were intending to retire, indicated that this would be their main expected source of income at retirement.
“Although 'superannuation, annuity or allocated pension' was reported as the main source of income by just under one fifth of retirees, half of those who intended to retire expected that this would be their main source of income at retirement,” he said.
“The average age at retirement for recent retirees, that is, people who retired less than five years ago, was 61.5 years.
“The average age of retirement for men in this group was 63.3 years, while the average age of retirement for women was 59.6 years.”
