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



Australia's Top 50 towns - who made the list

One of our neighbours made the list.

The Top 50 towns in Australia have been revealed.

Rose City revheads set to brave downhill ride

REV HEADS: Joshua and Isaac Gale have worked tirelessly to ensure their cart is up to scratch and ready for racing.

THERE'S only one day left to get your billy cart spruced up.

Century-old grave at church may contain human remains

Ian McNally with a chunk of timber adorned with brass fittings found in a 100-year-old grave site, uncovered under a concrete slab.

WORKMEN have made a gruesome discovery during an excavation.

Local Partners

9000 reasons to support our community clubs

Community clubs are good at what they do. They are not so good at telling the world about what they do, as Clubs Queensland CEO Doug Flockhart explains.


Marvel's Luke Cage S1E4: Step In The Arena review

Mike Colter in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Rob Kardashian admits his first crush was his sister Kim

Rob Kardashian once had a crush on his sister Kim Kardashian West.

Marvel's Luke Cage S1E3: Who's Gonna Take The Weight

Mahershala Ali in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Marvel's Luke Cage S1E2: Code of the Streets review

Simone Missick and Mike Colter in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Kim Kardashian West 'sick of talking about Taylor Swift'

Kim Kardashian West is sick of talking about Taylor Swift.

Justin Bieber ordered to attend Miami deposition

Justin Bieber has been ordered to travel to Miami for a deposition

Beach-side real estate starts at $85k on Fraser Coast

HERVEY BAY REAL ESTATE: You can buy this townhouse in Scarness for under $300k.

Live your beach-living dream locally.

$40million hotel, shops development project for Mackay

Mt Pleasant hotel and retirement accommodation, proposed at 194-202 Malcomson St.

$40m development to take Mackay to 'the next level'

Rural properties expected to soar as investors seek income

Rural properties are should become highly sought after

Property 200m from ocean selling for just over $100K

BEACHCOMBER PARK: Work has started on a new $19.2 million development at Toogoom.

The estate's developer is offering huge discounts for early buyers.

UPDATE: Former rodeo champ's sale rained out, now back on

Larkhill local Ken Consiglio is having an auction of most of the things on his property.

'People kept showing up and we had to turn them away'

First stages of $25 million housing development underway

New development on Madsen Rd - The Springs.

The blocks of land are much bigger than usual