Business

Retirees risk running out of cash unless they keep working

MONEY WORRIES: The perceived retirement age of 65 is often accompanied by finance problems.
MONEY WORRIES: The perceived retirement age of 65 is often accompanied by finance problems. Thinkstock

RETIRE at 65 and risk running out of cash, or keep slogging along to make enough money for when old age sets in.

That is the quandary facing 27% of the 6845 Southern Downs residents aged over 65 if new research holds true.

A Galaxy Research study, to be released today, found that one quarter of us wanted to retire as early as possible, but 27% would be forced to work longer due to dwindling finances.

And 42% of the 1800 people surveyed said it would be hard to do their job at 70.

The number crunchers also found 40% of people wanted to keep working because it was good for their bodies.

National Seniors president Michael O'Neill said the community was used to the age-old adage that retirement kicked in at the age of 65, but with people living longer there were a few problems on the horizon.

"I think for quite some time the longevity penny had never dropped," Mr O'Neill said.

He said working longer could be great for the mind.

"One of the upsides of the growth in dementia issues is that people have become much more aware about keeping their grey matter active."

Kronos chief Peter Harte, whose workforce management company commissioned the survey, said businesses needed to come up with ways to manage worker needs depending on age.

"Businesses need to tackle how these different generations work together to maintain productivity and utilise tools such as workforce management systems which enables two-way learning programs to help businesses manage this challenge and ensure knowledge is shared and retained across the board," Mr Harte said.

Work, Work, Work

  •  Southern Downs has about 6845 people aged over 65.
  •  25% of older people want to retire as early as possible.
  •  27% will be forced to work into their 70s due to money problems.
  •  42% say it will hard to cope doing their job at 70.
  •  40% of people want to keep working because it's good for their health.

Source: Galaxy Research; University of Adelaide Public Health Information Development Unit

Topics:  retiree, retirement




Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

'All I heard when my baby cried was ‘you’re a terrible mum'

APN Hey Mummy Feature for online - stock images of Katie Dykes. Photo Marc Stapelberg / The Northern Star

KATIE'S battle with PND is not unlike many mothers.

'I just thought all mums got no sleep'

MELTOPIA battled PND with all four of her children.

4 survival tips for mummas heading back to work

The few reminders every working mum needs to read.

Health and nutrition with kids - how do you balance it?

HOW important is health and nutrition in your household?

Smack or no smack - where do you stand?

THE debate is reignited - is smacking acceptable?

Technology and kids: Do you ever cut their wi-fi?

Check out our new video series featuring mums having a chat

Dramatic crash results in multiple charges

Car crash on the corner of Hamilton and Condamine Sts.

Drug and drink driving charges after crash.

Runaway trolley causes havoc in Rose City

Runaway trolley causes havoc

Out of control trolley causes damage

Did these men kill a mother and daughters? Trial begins

The court hearing has begun for the two men accused

Latest deals and offers

Polocrosse players after Totally Wild TV shoot

Warwick junior polocrosse players to appear on Totally Wild TV Show

Polocrosse to feature on Totally Wild TV segment

Totally Wild crew (front, from left) Adrian Fletcher, Shane Dyson and Kellyn Morris with Warwick players Monique Hoare, Callum Brook, Caitlin Brook, Keely McGrath, Georgia Siggs, Bridget Shepherd and Warwick official Charlie Brook at the Totally Wild shoot at Morgan Park.

Warwick polocrosse juniors will feature on Totally Wild TV segment

Australian rugby players in Warwick

Wallabies player Kurtley Beale speaks about rugby and life at The Scots PGC College yesterday.

Three Australian rugby union players in Warwick for Lloyd McDermott Foundation...

Buyers snap up hot Warwick property at auction

HOT PROPERTY: Denis Courtney, Lewis von Stieglitz, Yve Stocks, Peter Stewart and Kelly Reardon at yesterday's auction.

Vacant blocks sell in the Rose City for up to $80,000

What $150,000 will buy you in Warwick

Renovate, invest or just buy in on a cheap home.