Most Australians reliant on super in retirement
Most Australians aged over 45 expect to be relying solely on their superannuation or annuities income when they retire, according to a new survey released by the Australian Bureau of Statistics.
The same survey also revealed that while many recent retirees have been leaving the workforce at around age 60, the overall intent is for people to retire later, with nearly half signaling they intend to remain in the workforce until they are 65 and 17 per cent expecting to remain working until they are 70.
The data, contained in a survey released by the ABS this week, suggests Australian workers have developed a similar post-global financial crisis mind-set to their counterparts in the US, with most expecting to have to work longer.
However, the same survey showed that people who retired inside the last five years, were more likely to have left the workforce at an average age of 61.5 years.
Importantly, the survey revealed that most people expected to be relying on superannuation as their main source of income in retirement.
Outlining the results of the survey, ABS director of Labour Force, Stephen Collett said that of the 2.3 million people in the survey who gave an age indicating when they intended to retire, 17 per cent intended to retire at 70 years and older, 49 per cent intended to retire between 65 and 69 years and 25 per cent intended to retire between 60 and 64 years.
He said that around half of the 3.7 million people aged 45 years and over who indicated that they intend to retire from the labour force, reported their main expected income at retirement would be superannuation, annuity or allocated pension.
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