The average age of retirement is going up and women are staying in the workforce for longer than ever, Australian Bureau of Statistics data shows.
The average age of retirement has increased by a year to 56.3 years, according to 2020 data released by the ABS today.
Women are working almost two years longer and are retiring aged 54 on average, up from 52 in 2018.
The average retirement age for men decreased from 59.5 years in 2018 to 59.3.
Deirdre Fairbairn retired at 74 last month after working at Woolworths in Coogee for 33 years.
Fairbairn said it was still exciting to go to work.
“And it was nice to meet people and you had your own pay packet,” she said.
She plans to walk, swim and do tai chi in her retirement.
The average Aussie intends to retire at 65, with 673,000 workers planning to retire in the next five years.
“A couple needs about $70,000 per year, and a single person about $50,000, to have what’s a dignified retirement,” Association of Superannuation Funds of Australia deputy chief executive Glen McCrea said.
“A dignified retirement isn’t opulent … It’s pretty basic.
“The key here is for women to get more in their super when they’re younger, and putting super guarantee or super on paid parental leave is really important.”
The pension remains the main source of income for retirees.
But 34 per cent of retired women say they rely on their partner’s income, compared to 7 per cent of men.
(9News)
