Retirement age and the concept of retirement in Australia is changing dramatically, and there are four distinct approaches emerging.
Retirement is a funny word. When you look it up in the dictionary, it means leaving your job and ceasing to work. But we all know that’s an outdated definition, one that is actually untrue for many of today’s retirees.
When you look at the sources of income people are dependent on in retirement, the real picture of what’s driving our retirement definition becomes even clearer. When you get to know today’s retirees like I do, you see four distinct retirement definitions and each do retirement strategy completely differently:These folks have healthy super balances and can afford to self-fund their early and middle retirement years without much help from the age pension. For these people the target window for retirement is often 60, the earliest age most can access their superannuation if they stop working.
Here’s the kicker: most people who retire in their sixties don’t actually stop working entirely. A recent Allianz study of the Epic Retirement Community showed that a whopping 77 per cent of pre-retirees are open to working in some capacity after they officially retire.
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