First, we’re retiring later. In 2001 49% of men and 68% of women aged 60 to 64 were retired but 15 years later only 28% of men and 48The % of women in this age group were retired.*  

And we’re returning to work. Many of us formally ‘retire’ and then take other forms of work which could be on-going, part-time or casual.  Or we create our own jobs by starting businesses or turning hobbies in to money-making enterprises.

The Household, Income and Labour Dynamics (HILDA) Survey shows close to 28% of younger retirees who ‘retire’ in their 50s, returned to work. People in their 60s also returned, although at a lower rate, with around 8% of men and 7% of women returning from their retirement.

Are you part of the trend?

We all like to think we’re unique but there do seem to be trends as to why we choose to retire at a particular time. There are obvious factors which influence the timing of retirement such as finances, health, employment opportunities, personal preferences and coordinating with your partner. But so do the less obvious factors including levels of education, occupation, if you do or don’t have children, marital status and country of birth. 

For example, married men retire more than three years later than those who’ve never married, while married women retire more than five years earlier than women who’ve never been married.

Not surprisingly, many couples choose to coordinate their retirement.  If your partner retired in the past year this increases the probability of you choosing to retire by more than 11% for women and 5.5% for men.             

Overall, the most common reason for retiring is because we choose to or for ‘voluntary financial reasons’, according to the research and this has increased over time. The second most common reason is poor health but this has become of lesser importance in the past 15 years.

How we can help you

Whether you’re close to the work finish line, transitioning down your work hours or think you may never stop working we can help you make sure you’re financially set up for retirement when the day comes. TelstraSuper Financial Planning can help with things like:

• planning for and managing a retirement income
• social security entitlements 
• budgeting and cash flow

To speak with an Adviser call 1300 033 166 or request a call back online.