Working themselves ‘into the ground’

About one in 10 baby boomers plan to work until they die, a report from a new survey shows.

The COTA South Australia report revealed up to 8% of South Australians born between 1945 and 1964 have no intention of retiring, and want to keep working – at least part time or casually. A further 20% expect to work until they are at least 71 years old.

Only 40% of respondents said they wanted to retire at the more traditional age of 61 to 65 years.

The findings were taken from a survey of 1,200 SA men and women aged between 48 and 67 years who were asked about their lives now, and their thoughts about reaching 70 years.

While most expected to be retired by the age of 70, half predicted financial necessity might keep them in the workforce longer than they want. Others said they would like to keep working if their health allowed, and if they enjoyed their role and their hours were flexible.

About 40% preferred a ‘phased’ withdrawal from the workforce, while 20% wanted a clear cut end to their working life.

Not all had planned financially for their retirement, with up to 44 % expecting to collect an age pension.

COTA SA chief executive, Ian Yates, said the findings were not surprising.

“If you are enjoying what you are doing and/or you need the income, why wouldn’t you keep working?” Mr Yates asked Adelaidenow.

“We’ll see more of that as baby boomers age and start to think about how they want to spend their time… we are now seeing a more flexible approach to retirement.”