Page 8 - How Australia Retires

07 Vanguard | How Australia Retires
8 in 10
current retirees stopped
working completely
upon retiring
Older generations who have
retired are significantly more
likely to have completely stopped
full-time paid work in their
retirement (as opposed to have
taken a phased approach), with
79% of participants stating they
finished work completely when
they initially retired.
Of the remaining retirees, 12% of
all retired participants stated they
worked part-time or on a casual
basis, 6% continued to work in
their job before retiring completely
and 2% either started their own
business or began a new career. In
contrast, only 31% of working-age
Australians plan to finish working
completely upon retiring.
1 in 3
working age
Australians want
to continue some form of
work into retirement
Working-age Australians who
plan to continue to work following
retirement want to do so because
they feel they will not be able
to afford retirement without
additional income or they expect to
still be repaying a mortgage.
Working-age Australians who
intend to stop working completely
once retired are more likely to have
a retirement plan, have higher
levels of confidence in funding
their retirement and plan to own
their home outright than those
who intend to continue work upon
reaching retirement age.
Figure 2. Transition into retirement
Non-Retirees:
31%
Non-Retirees: 31% Finish working completely finish working
31% Finish working completely 31%
19% Work part-time/casually elsewhere finish working
19% Work part-time/casually elsewhere
11% Continue to work in your current occupation
37%
continue to work
11% Continue to work in your current occupation
6% Start your own business
37%
continue to work
6% Start your own business
1% Begin a new career in another occupation
1% Begin a new career in another occupation
22% Will decide closer to retirement
32%
22% Will decide closer to retirement Unsure
10% Haven’t thought about it 32%
Unsure
10% Haven’t thought about it
Retirees:
79% Finished
Retirees: work completely
79% Finished
12% Worked part-time/casually elsewhere work completely
12% Worked part-time/casually elsewhere
6% Continued to work in occupation
2% Started own business
6% Continued to work in occupation
2% Started own business
2% Began a new career in another occupation
2% Began a new career in another occupation
Note: Percentages within a metric may not add up to 100 due to rounding.