A new study published by the Australian Bureau of Statistics (ABS) has shown that with the labour market enjoying good times and discrimination against older workers fading, Australians are putting off retirement and letting their working lives extend well into their 60s and beyond.

The survey found that while retired Australians on average had quit work at 52, those who retired in the past five years had on average quit at 60, and those looking ahead to retirement on average plan to retire at 63.

The study indicated that more than one in four Australian men are working on past 65 years of age.

However, the biggest shift has been in the retirement plans of women with the average age of retirement rising from 48 to 59.

The study also revealed that:

• 38% of Australians say they don’t know when they will retire
• Nine per cent of Australian workers were unsure whether they would retire and
• Eight per cent of Australian workers plan never to retire.

With Australia’s population ageing, more employers are realising the key role older workers will make to the ongoing success of their businesses which in turn allows workers to continue to work into their 60s and beyond.

To view this report please visit the ABS web site.

For information on phased retirement options please visit the Mature Age Employment Practical Guide.

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