The age at which Australians intend to retire has again edged higher, according to data released by the Australian Bureau of Statistics (ABS) today.
“On average in 2016-17, Australians aged 45 years and over were intending to continue in the labour force until 65 years, up from 63 years a decade ago,” Chief Economist for the ABS, Bruce Hockman, said.
“This is consistent with the continuing trend of people staying in the workforce for longer,” Mr Hockman said. “A decade ago, around 9 per cent of people aged 65 and over were employed. This has increased to around 13 per cent in 2016-17.”
Across the occupation groups, sales workers had the highest average age that they expected to retire at in 2016-17, at 66 years, while community and personal service workers had the lowest at 64 years.
In 2016-17, financial security (38 per cent) and personal health or physical abilities (21 per cent) remained the most common factors influencing older workers decision to retire. 13 per cent of people cited reaching the eligibility age for an age (or service) pension as one of the main factors.
The ABS also released information for the 3.6 million people who were already retired, more than half of whom were aged 70 years and over.
More details are available in Retirement and Retirement Intentions, Australia (cat. no. 6238.0), available for free download from the ABS website (www.abs.gov.au).