A survey released by Citibank shows 67 per cent of workers aged over 55 believe workers should retire after the age of 69, with 40 per cent saying between the ages of 65 and 69 was the time to go.
A survey released by Citibank shows 67 per cent of workers aged over 55 believe workers should retire after the age of 69, with 40 per cent saying between the ages of 65 and 69 was the time to go.
The full text of an announcement from Citibank is pasted below
- 67 per cent of over 55's believe you are no longer capable of working after age 69
- Citibank Retirement Index has fallen over the last six months - from 115 in November 2006 to 96 in mid-2007 indicating a decrease in financial confidence among retirees
Sydney: Senior Australian workers have been deemed too old to continue working full time, according to respondents of the soon-to-be released Citibank Retirement Index report.
Now in its fifth edition, the Citibank Retirement Index reveals the ever-changing and at times contradictory views towards working and retirement, held by those at or near retirement age.
The latest findings show that 40 percent of respondents said people aged between 65-69 are too old to continue working, while a further 20 percent said between 60-64 years was too old to provide a meaningful contribution to the workforce.
The findings could have significant implications for Australia's economy. With our ageing population, current projections indicate that in just 14 years, the over 65s could account for one in five of our population, so an older workforce will be critical to maintain industry and economic prosperity.
Andrew de Vries, Citibank Head of Investments said the results also highlighted the need for effective retirement planning as the time spent out of the workforce is increasing with longer life expectancy.
"If you were to retire at age 65, you could realistically expect to live for another twenty years. The fact is, our findings show that most Australians don't adequately prepare their financial wellbeing to a level where they could realistically retire and maintain their current lifestyle for this duration," Mr de Vries said.
"We also know that retirees are less confident their retirement savings will last the distance, but they are still wanting to retire earlier. "
Given this result, it was a surprising contradiction that the latest research also showed a groundswell of movement for retirees intending to return to the workforce.
- 30% of retirees are keen to work part-time - compared to 26% in our last survey
- 18% are considering freelance work, while 15% are thinking about self-employment
- Men are especially keen on working for themselves: 22% plan freelance work, with a further 20% considering self-employment - up from 13% six months ago
- 23% of retirees would consider paid charity work - a 5% increase since November 2006.
However, the findings have also revealed a contradiction in what Australia's over 55's say and actually do, with only 5 percent of respondents admitting to actually looking for work in the last 12 months, despite the fact that almost half of respondents said they 'intended' to take up some form of paid work.
Community and health Sociologist Richard Morrison explains finding work at an older age is often harder than people realise.
"Perceptions and experiences of age discrimination do adversely affect retirees' attitudes to job hunting. Other factors may include a sense of retirement being busier than retirees initially expect, the financial necessity for additional income not being acute, and diffidence about reentering the workforce on what is likely to be a lower rate of pay and/or status than their preretirement employment," Mr Morrison said.
Age
55 - 59 years 7%
60 - 64 years 20%
65 - 69 years 40%
70 - 74 years 15%
75 - 79 years 4%
80 years plus 2%
Never 0%
