{"id":2749,"date":"2024-02-15T04:48:55","date_gmt":"2024-02-15T04:48:55","guid":{"rendered":"https:\/\/blog.villages.com.au\/?p=2749"},"modified":"2024-02-15T04:49:57","modified_gmt":"2024-02-15T04:49:57","slug":"age-of-retirement-continues-to-rise-in-australia","status":"publish","type":"post","link":"https:\/\/blog.villages.com.au\/retirement\/age-of-retirement-continues-to-rise-in-australia\/","title":{"rendered":"Age of retirement continues to rise in Australia"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2749\" class=\"elementor elementor-2749\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3d51a2d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3d51a2d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ea61115\" data-id=\"ea61115\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-915b22f elementor-drop-cap-yes elementor-drop-cap-view-stacked elementor-widget elementor-widget-text-editor\" data-id=\"915b22f\" data-element_type=\"widget\" data-settings=\"{&quot;drop_cap&quot;:&quot;yes&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>I<strong>f you thought that Australians seem to be retiring later than ever, you\u2019d be right.<\/strong><\/p><p>The latest data from the Australian Bureau of Statistics (ABS), the 2021-2021 financial year, revealed the average at retirement (of all retirees) has increased to 56.3 years.<\/p><p>140,000 people retired in 2020, with an average age of 64.3 years, which was very close to 65, the age qualification for the Age Pension.<\/p><p>However, this figure is expected to climb even higher as the eligibility age for the Pension is increased.<\/p><p>The Australian Government has raised the Pension age to 67, the joint highest in the world and plans to increase the Pension age to 70 by 1 July 2035.<\/p><p>The ABS data also shows people are intending to retire at 65.5 years, which is largely unchanged since 2018-19 (65.6 years). Of those who intended to retire, 37% (1.7 million) did not know when they would retire from the labour force, down from 40% in 2018-19.<\/p><p><strong>What does this mean for you?<\/strong><\/p><p>Planning ahead \u2013 and working out how much you will need to live comfortably in retirement \u2013 is key.<\/p><p>\u201cA couple needs about $70,000 per year, and a single person about $50,000, to have what\u2019s a dignified retirement,\u201d Association of Superannuation Funds of Australia deputy chief executive Glen McCrea said.<\/p><p>\u201cA dignified retirement isn\u2019t opulent &#8230; It\u2019s pretty basic.\u201d<\/p><p>Most Australians will be able to access their super between the ages of 55 and 60 years (depending what year they were born), but not everyone retires from full-time work straightaway. Instead, people can wind down their working hours and begin accessing some of their super via a transition to retirement (TTR) strategy.<\/p><p><strong>If you are unsure on the right retirement strategy for you, it\u2019s best to seek professional financial advice.<\/strong><\/p><p><em>This information is for general purposes only and should not be considered as financial advice. Always consult with a qualified professional before making any financial decisions.<\/em><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>If you thought that Australians seem to be retiring later than ever, you\u2019d be right. The latest data from the Australian Bureau of Statistics (ABS), the 2021-2021 financial year, revealed the average at retirement (of all retirees) has increased to 56.3 years. 140,000 people retired&#8230;<\/p>\n","protected":false},"author":1,"featured_media":2751,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"_mi_skip_tracking":false,"footnotes":""},"categories":[70],"tags":[],"class_list":["post-2749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/2749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/comments?post=2749"}],"version-history":[{"count":4,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/2749\/revisions"}],"predecessor-version":[{"id":2755,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/2749\/revisions\/2755"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/media\/2751"}],"wp:attachment":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/media?parent=2749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/categories?post=2749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/tags?post=2749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}