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



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