RETIREMENT – AUSTRALIA

Not the retiring type: Australians are working well into their 60s

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Original article by Shane Wright
The Age – Page: Online : 9-Apr-24

Analysis undertaken by KPMG urban economist Terry Rawnsley reveals men are not expecting to retire until they reach 10 weeks beyond their 66th birthday, which is the highest retirement age since 1972. In the case of women, they are not expecting to retire until 64.8 years, the the highest since 1971. Rawnsley says the working from home trend that emerged during the pandemic has led many Australians in professional jobs to realise that they can ‘semi-retire’ and still "dabble in the workforce" from home or even a coastal location. Rawnsley’s research shows expected retirement ages have risen since 2003, due in part to changes in access to the age pension.

CORPORATES
KPMG AUSTRALIA PTY LTD

More Australians intend to retire despite inadequate savings levels

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Original article by Roy Morgan
Market Research Update – Page: Online : 29-Apr-19

The number of Australian intending to retire in the next 12 months is estimated at 439,000, a 6% increase on the 2018 level of 414,000 and 11% above the 2017 figure of 395,000. This increase is despite the savings levels of these intenders being well below the recommended level to be self- funded, so they are likely to be at least partly reliant on the age pension. Men currently represent 219,000 intending retirees and women 220,000. These are some of the latest findings from Roy Morgan’s Single Source survey, which is based on in-depth interviews conducted face-to-face with over 50,000 consumers per annum in their homes, including 430 who intend to retire in the next 12 months. The latest results are based on interviews conducted in the 12 months to January 2019.

CORPORATES
ROY MORGAN LIMITED

Property and share market slump likely to delay retirement plans for over 420,000 Australians

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Original article by Roy Morgan
Market Research Update – Page: Online : 17-Dec-18

New research from Roy Morgan shows that the number of Australians who intend to retire in the next 12 months is estimated at 426,000, a 30% increase on the level seen in 2008 when it was 328,000. Men currently represent 220,000 intending retirees. Meanwhile, the average gross wealth (total assets excluding owner-occupied homes) of intending retirees is $331,000, up from $237,000 since 2008. Up to now, superannuation has been playing an increasing role in retirement funding and currently represents 69% of the gross wealth of intending retirees, up from 53% in 2008. Although the average debt level for this group is currently only $26,000, it does reduce their average net wealth to $305,000, which is generally inadequate for self-funded retirement. The overall conclusion is that intending retirees will be relying on government benefits for some time yet, given the fact that the Association of Superannuation Funds of Australia estimates that an individual would need $545k and a couple $640k for a ‘comfortable lifestyle’. Roy Morgan’s Single Source survey is based on in-depth interviews conducted face-to-face with over 50,000 consumers per annum in their homes, including over 400 who intend to retire in the next 12 months.

CORPORATES
ROY MORGAN LIMITED, THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED

Superannuation of female intending retirees still lags

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Original article by Roy Morgan
Market Research Update – Page: Online : 2-Jul-18

A Roy Morgan Single Source survey, which was carried out in the year to April 2018, shows that an estimated 392,000 Australians intend to retire in the next 12 months. However, the average superannuation held by women who intend to retire in the next 12 months is $177,000 or equal to only 57.3% of the male average ($309,000). Meanwhile, the average superannuation held by female intending retirees in 2008 was $79,000 or only 55.2% of the male average of $143,000. The survey is based on in-depth personal interviews conducted face-to-face with over 50,000 Australians per annum in their own home, including over 2,200 with people who intend to retire in the next 12 months.

CORPORATES
ROY MORGAN LIMITED

Age of intending retirees increasing

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Original article by Roy Morgan
Market Research Update – Page: Online : 16-Mar-18

A Roy Morgan Single Source survey, which was carried out in the year to December 2017, has found that the average age of Australians intending to retire in the next 12 months is 61.9 years, up from 58.2 years over the last three years. Despite this increase in the average age of intending retirees, their number continues to increase and is currently 415,000, up from 392,000 in 2014 and 326,000 in 2008. The survey also shows that since 2008, the average age of females who intend to retire has increased by 6.3 years to 61.3 years, while males showed an increase of only 2.9 years to 62.0 years. This more rapid increase in retirement age for females is likely to be at least partly as a result of the increasing awareness that they generally have a lower level of retirement funding than males and as a result they need to work longer.

CORPORATES
ROY MORGAN LIMITED