Most Australians Expect to Work Through Retirement

By: ce | 6 Mar 2017

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Many of us dream of spending our golden years playing lawn bowls, caravanning around the country, or enjoying days with our grandchildren. However, as retirement approaches it seems many Australians feel plans of living a leisurely lifestyle are unrealistic. Approximately 61 percent of Australians expect to work during their retirement years, according to the Retire Study commissioned by News Corp Australia and Industry SuperFunds.

While 53 percent of those surveyed said they simply wanted to keep busy, 48 percent said they felt they’d need to work to afford life’s expenses. 

Dr Martin Fahy, the chief executive officer of the Association of Superannuation Funds of Australia, said he sees nothing wrong with working during retirement and believes it’s healthy that more Australians are changing their perceptions of this phase of life.

“If you define retirement as recreation it will be about consumption and it will be financially unsustainable, bad for your health and vitality and bad for your relationship,’’ he told the Herald Sun.

“You cannot play golf six days a week and bridge and bowls from the age of 60 to 95. Retirement is about higher purpose, yes you may have a small part-time job like you did when you were a teenager … or you might go on to charity work.”

Charity work is becoming a common pursuit for local retirees, with around 17 percent of retired Australians volunteering. These Australians are some of the four out of five who continue to work in some capacity after retirement.

Planning to continue working after retirement can bring some Australians a feeling of financial security, but David Whiteley, the chief executive of Industry Super Australia, reminds us that following through may not always be possible or lucrative.

“There are lots of people who do jobs that are literally backbreaking work, men and women who are typically in low-paid jobs,’’ he explained.

“People have got a very realistic understanding of what their retirement might be like and a number recognise they may have to work and some realise they won’t be able to work.”

For these reasons, Mr Whiteley says there’s no substitute for making extra contributions to build a healthy superannuation balance. Getting into the habit of making additional contributions early can make a significant difference in the long term.

No matter what type of retirement you envision, Chase Edwards can help you make it happen. Arrange an appointment with one of our retirement forecasting experts on 1300 854 833 so you can start building your wealth to make sure if you work during your retirement it’s because you want to, not because you have to.

Many of us dream of spending our golden years playing lawn bowls, caravanning around the country, or enjoying days with our grandchildren. However, as retirement approaches it seems many Australians feel plans of living a leisurely lifestyle are unrealistic. Approximately 61 percent of Australians expect to work during their retirement years, according to the Retire Study commissioned by News Corp Australia and Industry SuperFunds.

While 53 percent of those surveyed said they simply wanted to keep busy, 48 percent said they felt they’d need to work to afford life’s expenses. 

Dr Martin Fahy, the chief executive officer of the Association of Superannuation Funds of Australia, said he sees nothing wrong with working during retirement and believes it’s healthy that more Australians are changing their perceptions of this phase of life.

“If you define retirement as recreation it will be about consumption and it will be financially unsustainable, bad for your health and vitality and bad for your relationship,’’ he told the Herald Sun.

“You cannot play golf six days a week and bridge and bowls from the age of 60 to 95. Retirement is about higher purpose, yes you may have a small part-time job like you did when you were a teenager … or you might go on to charity work.”

Charity work is becoming a common pursuit for local retirees, with around 17 percent of retired Australians volunteering. These Australians are some of the four out of five who continue to work in some capacity after retirement.

Planning to continue working after retirement can bring some Australians a feeling of financial security, but David Whiteley, the chief executive of Industry Super Australia, reminds us that following through may not always be possible or lucrative.

“There are lots of people who do jobs that are literally backbreaking work, men and women who are typically in low-paid jobs,’’ he explained.

“People have got a very realistic understanding of what their retirement might be like and a number recognise they may have to work and some realise they won’t be able to work.”

For these reasons, Mr Whiteley says there’s no substitute for making extra contributions to build a healthy superannuation balance. Getting into the habit of making additional contributions early can make a significant difference in the long term.

No matter what type of retirement you envision, Chase Edwards can help you make it happen. Arrange an appointment with one of our retirement forecasting experts on 1300 854 833 so you can start building your wealth to make sure if you work during your retirement it’s because you want to, not because you have to.

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