Live long and prosper
A study by HR and recruitment specialists Randstad, has found almost one in five (18%) Aussie workers expect to retire in their 70s and believe their children will live to over 100.
Randstad’s Employment Market Analyst, Steve Shepherd, believes future generations will work longer and spend more time in retirement – although they are yet to realise the financial impact this will have.
“Every generation tends to grow older than the last, so celebrating your 100th birthday is no longer science fiction, as the number of centenarians worldwide rises every day. This ageing trend has a major impact on society: the time we spend studying, working and retiring, our healthcare system, pension costs, insurance and so on. Although Australia’s ageing workforce has been a point of discussion for quite some time, many workers still do not fully understand the impact of longer life expectancies,” said Shepherd.
With the pension age in Australia currently 65 and expected to hit 70 by 2035, it comes as no surprise 63 per cent of Aussie workers believe they will retire in their mid- to late-60s. However, with life expectancies increasing, 80 per cent of Aussie workers recognise they are likely to work longer than the current retirement age in Australia.
“Although many people want to believe they will retire around the set retirement age in Australia, in this age of economic uncertainty and with life expectancies increasing, Aussies are working longer to ensure they are financially dependent in their retirement,” said Shepherd.
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