New data shows most Australians are now working well into their 60s, with the average retirement age at 65. While many can’t afford to retire early, others are taking advantage of post-pandemic trends and choosing to keep working part-time from home.
As new data reveals, most Australians are now working well into their 60s, with the average retirement age at 65. This is a far cry from the traditional idea of retirement in our society, which has been to retire in one’s mid-60s or earlier.
The trend of Australians working into their 60s is being driven by a number of factors. For many people, financial pressures mean that they are unable to afford to retire when they reach the traditional retirement age. Additionally, there is an increasing recognition that older Australians have valuable skills and experience that can be put to good use in the workforce. This has led to initiatives such as the Australian Government’s ‘Working After Pension Age’ program, which allows older Australians to keep more of their pension if they choose to work past pension age.
There is also evidence that many older Australians are choosing to stay in work for reasons other than financial necessity. A survey conducted by The Guardian found that 25% of respondents aged 50-60 wanted to stay at work until at least 70 (7% said until 75). This suggests that many people value the social and mental benefits associated with continuing to work into their later years.
Overall, it appears that attitudes towards retirement are changing in Australia, with more and more people choosing or needing to work well into their 60s. It is important for employers and policy makers alike to recognise this shift and ensure that older workers are supported in staying employed if they wish to do so.
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