Men and Women Retiring Later
The ABS today released a survey of Retirement and Retirement Intentions of Australians aged 45 and over based on data from August 2004 to June 2005. It showed that by ages 54-59 only 17% of men 45 and over had retired and 31% of women. By ages 64-69, the figures are 37% for men and 51% for women. For those people who retire between the ages 45 and 69, FinDem estimates the average age of retirement was 62 for men and 60 for women.
A comparison to past generations of retirees is evident from the figures for average age at retirement for people on the age pension. These averages are 60.5 for men (compared to 62 and later implied by the above) and 48.5 for women (compared to 60 or later implied for women above). A major financial demographic feature of the 1980's was the re-entry of married women to the workforce. They will leave a big workforce hole to fill when they finally give work the flick.
Posted Monday, 6 February 2006
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