Australians planning to work for longer

It will come as no surprise to most that new research shows Australians plan to work longer, with 61.9 years the average age of those intending to retire in the next 12 months, up from 58.2 years from 2014.

Roy Morgan Research said the number of intending retirees continued to grow and stood at 415,000, an increase from 392,000 in 2014 and 326,000 in 2008.

The results, covering the period 2008 to 2017, were from the Roy Morgan Single Source survey of more than 50,000 people, including 500 intending retirees.

Roy Morgan’s Norman Morris said delaying retirement was good for super funds and for the government.

“Currently, the Australian Government faces twin financial pressures on funding the Age Pension, from an increase in life expectancy and inadequate personal retirement savings,” Mr Morris said.

“Given this situation, it is a positive finding in this research that there has been a gradual increase in the age of intending retirees.”

The survey also showed that since 2008, the average age of females who intended to retire rose by 6.3 years to 61.3 years, while males showed an increase of only 2.9 years to 62.0 years.

The more rapid increase in retirement age for women compared to males over recent years was a positive trend.

“This has now reached the stage where the intended age of retirement is almost identical for both sexes, enabling greater savings potential for females heading into retirement,” Mr Morris said.

The following chart shows that the average age of intending retirees has increased considerably from 57.5 years in 2008 to 61.9 years currently.

Average Age of Intending Retirees: Next 12 Months

 Source: Roy Morgan Single Source: 12 months ended December. Average sample, n= 487. Base: Australians 14+ intending to retire in the next 12 months

Average Age of Intending Retirees: Males vs Females

 Source: Roy Morgan Single Source: 12 months ended December 2008, n= 515; 12 months ended December 2017, n= 459.Base: Australians 14+ intending to retire in the next 12 months 1. Next 12 months

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