Are Australians Intending To Retire Later Because They Can’t Afford An Early Retirement?

It has been suggested in a recent Australian Bureau of Statistics survey that the proportion of Australians intending to retire later is increasing.

Some of the key survey findings include:

  1. 71% of people surveyed intend to retire at age 65 (up from 45% in 2005)
  2. 23% of over 45’s surveyed intend to retire at age 70 or over (up from 8% in 2005)
  3. 13% of women expect to rely on a partner’s income in retirement compared to only 3% of men

Do these findings suggest that everyone simply loves their job? Not necessarily, as the survey reveals that the major reason for working longer was ‘financial security’. This suggests to me that many people might retire earlier if they had the financial resources to do so.

The survey also revealed that for the majority (53%), superannuation was expected to provide the main source of their income in retirement.

Fortunately, when it comes to superannuation there are currently many things that can be done to improve long term financial security and the sooner actions are taken, the greater the opportunity for success.

HOT TIP: A successful retirement doesn’t just happen: you need to make it happen!

What should you do next? It’s really simple: if you are over 45 and serious about planning for a secure financial future, we are serious about assisting you to be successful.  Contact us today to see how we can help you understand things more clearly.

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