Retired baby boomers forced back to work

The world wide financial crisis is forcing many Australians over 60, who are retired or semi-retired back to work to make ends meet, because of their super funds falling an average of 15% in the past year.

Recruitment and employment agencies have reported an increase in over 60s looking for work, with the hardest hit being people with their savings in a ‘growth’ fund or in local and overseas shares.

Research by investment service group Mercer showed that more than 40% of employees over 50 did not know how much they needed for retirement.

But one in four baby boomers now expected to have to delay their retirement until they turned 70.

The managing director of Morgan Consulting, Andrew Aston, said that “it seems to be generally male senior executives, predominantly in areas like finance, who are looking for senior positions”. 

One retiree told the Herald Sun newspaper that he had been retired for seven years when the collapse of Opes Prime forced him back to work.

“The hardest part is coming to work five days a week after being retired for seven years”, he said.