Aussies’ retirement plans stay regular

Australians are nonetheless meaning to retire between 65 and 66, in accordance with contemporary figures from ABS.

“Whereas the common age that individuals intend to retire has risen over time, it hasn’t modified a lot within the final 10 years,” mentioned Bjorn Jarvis (pictured above), ABS head of labour statistics. “This common has been between 65 years and 65.6 years for near a decade, since 2014-15.”

Gender variations narrowing

Males are inclined to retire barely later than girls, however the hole is closing.

“In 2022-23, there was round half a 12 months distinction between women and men, in comparison with a 12 months distinction a decade in the past, and a two-year distinction round 10 years earlier than that.” Jarvis mentioned in a media launch.

Trade-specific traits

Individuals in agriculture, forestry, and fishing intend to retire at 68.3 years, the best common, whereas these in mining plan to retire at 63.7 years, the bottom.

Age at retirement

The ABS knowledge additionally confirmed the precise age when retirees stopped working, with individuals retiring in a while common.

“In 2022-23, individuals who retired previously 20 years did so, on common, at 61.4 years,” Jarvis mentioned. “This common has risen from 58.5 years in 2014-15 and 57.4 years in 2004-05.

Retirees from the humanities and recreation providers trade retired later than these in every other trade, at 64.4 years. The youngest common retirement age was in lodging and meals providers, at 58.5 years.

Retirement revenue sources

Authorities pensions stay the primary revenue supply for 43% of retirees, adopted by superannuation at 27%, ABS reported.

The variety of individuals with no private revenue at retirement has fallen from 25% in 2012-13 to 12% in 2022-23.

“Specifically, the share of ladies reporting no private revenue has dropped significantly, down from 37% to 18%,” Jarvis mentioned. 

“The variety of girls who relied on their companion’s revenue as their essential supply of funds for assembly dwelling prices at retirement has fallen by greater than 10 share factors over the last decade, dropping from 44% in 2012-13 to 31 per cent in 2022-23.”

Components influencing retirement

Monetary safety (36%) and private well being (22%) are the commonest components influencing retirement selections. One in eight retirees cited reaching the eligibility age for a pension as a key issue, ABS reported.

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