Retirees forced to keep working due to finances

SEVENTY is the new 65 and that means nest eggs are not going to last for some older Gladstone residents.

At least 27% of the region's 5596 people aged over 65 will be considering working into their 70s if new research holds true.

A Galaxy Research study, released this week, 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 cope doing their jobs 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 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," he said. Mr O'Neill said working longer could be great for the mind.

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.

Gladstone accountant Bob Lamont said there was no way he would be able to survive a heavy physical job at that age.

"These people - politicians and people in the treasurer's office - are sitting there without a care for the people who work outdoors swinging a pick," he said, of the plan to extend the retirement age to 70.



  • The Gladstone region has about 5596 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 be 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

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