One in five Australians believe they will work beyond age 70
According to new research released by MLC and NAB, one in five Australians believe they will work until age 70 or beyond.
The MLC Wealth Sentiment Survey has confirmed what many retirees have been saying for years – that they are worried about having enough for a comfortable retirement. Consequently, many of those still employed are choosing to stay longer in the workforce.
The research shows 31 per cent of Australians expect to retire between the ages of 65 and 69, and nearly one in five think they will retire when they are 70 or older.
As expected, the research shows a direct link between a person's accrued wealth and their expectations of retirement age.
Those in the highest income group expect to retire earlier, with 47 per cent of those earning over $100,000 expecting to retire before age 65, compared to 36 per cent for those earning less than $35,000.
Do these figures surprise you? At what age did you, or will you, retire? How much of your decision is based on wealth and how much is based on health?