We're working for longer, says new research

We're working for longer, says new research

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NOT CLOCKING OFF - More Australians intend to work longer, according to new retirement figures.

NOT CLOCKING OFF - More Australians intend to work longer, according to new retirement figures.

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MORE Australians intend to work longer, according to new figures released by the Australian Bureau of Statistics. The age at which we intend to retire has aga...

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MORE Australians intend to work longer, according to new figures released by the Australian Bureau of Statistics.

The age at which we intend to retire has again edged higher, with Aussies aged 45 and over intending to rock up to work until they're 65, up from 63 years a decade ago.

ABS chief economist Bruce Hockman said this was consistent with the continuing trend of people staying in the workforce for longer.

"A decade ago, around nine per cent of people aged 65 and over were employed. This has increased to around 13 per cent in 2016-17," said Mr Hockman.

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.

Thirteen 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 available for free download from the ABS website, www.abs.gov.au

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