Most expect to work into retirement years

New research shows most Australians in paid employment expect to be working in some form well into their retirement.

A total of 61 per cent of workers surveyed believed their working life would continue into their retirement years.

Seventy per cent said they expected to draw a government pension in retirement.

Galaxy Research’s Ready to Retire Study, commissioned by News Corp Australia in partnership with Industry SuperFunds, found many workers were concerned about how much they would need in retirement savings to live stress-free.

“Many Australian workers are pessimistic about retiring at a time they wish to and expect they will need to continue to have some employment even after they enter official retirement,” Money Saver HQ Editor Tim McIntyre said.

Other findings in the Ready to Retire Study include:

  • 33 per cent expect to draw full pension; 37 per cent expect to qualify for part pension only and 24 per cent do not expect to be eligible for any government pension;
  • The average Australian worker currently has around $144,000 in their superannuation account;
  • 50 per cent of Australians don’t put more money into their account because they have no money to spare, while 32 per cent are paying off a mortgage;
  • Just 22 per cent believe the amount they accrue in their superannuation fund will fund the lifestyle they want;
  • The average worker expects to accumulate around $200,000 less in super than they will need: $350,000 expected compared to $556,000 desired.
  • 72 per cent of Australian workers expect to have to work for longer than they would have liked;
  • The average Australian worker would retire at 51 if money was no object, but most don’t expect to retire until 64;
  • 54 per cent of Baby Boomers expect to work past age 65 while 9 per cent of Baby Boomers do not think they’ll be able to afford to retire at all.

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