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




Driver refuses blood test after Southern Downs crash

Fire crews are rushing to rescue to men trapped in a vehicle.

Driver refuses to give blood sample after late night crash

Home invasion teen attacks man in front of toddler

Brandon Clay Hill was jailed for eight months for a brazen home invasion.

Judge blasts young dad for violent attack on home occupants

Latest deals and offers

Blac Chyna sued after car injured 2 women

Blac Chyna is being sued after her friend crashed into another car

Bachelor Richie gives bacon-loving Noni the boot

Noni Janur features on this season of The Bachelor.

TOOWOOMBA swimwear designer still single but focusing on her career.

Chris Hemsworth surprises kids at hospital as Thor

Chris Hemsworth and Tom Hiddleston surprised children at hospital

MOVIE REVIEW: War Dogs tells a fascinating true story

Miles Teller and Jonah Hill in a scene from the movie War Dogs.

DARKLY funny film examines the business side of the war on terror.

Marvel-ous: Thor actors visit sick kids at Lady Cilento

Stars of Thor: Ragnarok dropped in on patients at the hospital

Folk singer looking forward to her Gympie Muster debut

Alternative country folk singer Fanny Lumsden will perform at the Gympie Muster.

FANNY Lumsden to serenade new fans with her country hall-style show.

ISLAND FOR SALE: Cheap Fraser Coast island drops price again

Suna Island in the Great Sandy Strait will be auctioned by Ray White Hervey Bay on Saturday morning.

This is the cheapest island you will find for sale in Australia

How a family home can fit on a 250sq m block

This is what you can build on 250m2.

Here's the floor plan of a home built on 250sq m

$100m plan for Curtis Island 'world class' luxury resort

$100 million resort: Top views at Turtle Street at Curtis Island.

"At the moment we think it meets all the town planning approvals.”

Coast building approvals at seven-year high: report

The the 2015/16 Development Indicators Annual Highlights Report documents local development activity that took place during the last financial year.

New report shows increasing development on the Sunshine Coast

Top honours for Mackay and Whitsunday builders

The Kerrisdale Gardens property from Paynter Dixon Queensland which won them Project of the Year.

Mackay and Whitsunday builders awarded top honours last night.

Investors eye Gladstone's $4m island with resort approval

UP FOR SALE: Turtle Island is on the market.

CHINESE and Sydney investors flag interest in Gladstone island.