Page 11 - How Australia Retires
P. 11
10 Vanguard | How Australia Retires
Insight 02
Expectations of retirement differ
greatly from the reality
Between working-
age Australians and Working-age Australians brackets. This suggests that as
working-age Australians edge
those already retired, do not agree on an ideal closer to their retirement phase,
there exists significant age to retire. their expectation of the ‘ideal age’
variance on the ideal While the average ideal at which to retire increases. This
might be a result of Australians
age to retire, how retirement age reported by becoming more realistic about
they envision they respondents is a little over their retirement age as they
will spend their time 61 years old, there is significant near this phase of life, as
opposed to younger Australians
variation in responses across the
during retirement, and different age groups surveyed. who might be more idealistic
crucially, how much about earlier retirement or
income will be required On average, those participants haven’t yet given retirement
planning appropriate thought.
aged between 18 to 34 hope to
to fund their ideal retire by age 59.5, those aged
retirement lifestyle. between 35 to 54 hope to retire While there was variance across
by age 61.5, and those aged age groups, perceptions of the
between 55 to 75 and beyond ‘ideal age’ to retire did not vary
want or wanted to retire by 64.9 significantly according to levels
years old, a notable increase of affluence (in terms of current
in ideal age for those entering household income or by value of
the pre-retirement phase (over investments) nor gender.
55 years) when compared with
the perceptions of younger age
