A baby boomer has exposed how young Australians are not the only ones feeling the cost-of-living squeeze, revealing she is still unable to retire.
The Sydney woman, aged in her 70s, was stopped on the street by an interviewer from property app Coposit, who questioned how much she had in savings.
The 74-year-old revealed she had one account with $100,000 in it.
‘I don’t own my own house. I’m still working. It’s just money I put aside,’ she said.
The woman explained she was employed in the NSW health system, but admitted working so late in life was less than ideal.
‘Not really loving it. At times I’m loving it. I like being active, I like working, I like getting out, and that’s good,’ she said.
When the interviewer asked what her ‘dream job’ would be, the woman said: ‘Probably being retired.’
She said living in Sydney was ‘really expensive’ and rent prices were ‘appalling’.
A 74-year-old Sydney woman (pictured) revealed she is still working due to her city’s high cost of living
Rising food costs also meant she cooked at home more to save money.
Australia does not have a set retirement age, but retirees can’t access the age pension until they’re 67.
Data from KPMG found the average retirement age is creeping closer to that number, with men typically retiring at 66.2 years old and women at 64.8 years old – the highest since the 1970s.Â
A survey from Finder earlier this year found one in six Aussies either delayed their retirement plans or returned to work in the last two years.
The high retirement age has been attributed to several factors – including the rise of flexible working and difficulty in re-entering the workforce.
However, Finder superannuation literacy expert Pascale Helyar-Moray told Yahoo Finance the sad truth is many Aussies are simply being priced out of retirement.
‘There’s a growing retirement savings crisis in Australia,’ she said.
‘Australians dedicate much of their lives to working hard, often dreaming of the ‘golden years’ of retirement, but for many, stepping back simply isn’t a viable option.’
Recent surveys found Aussies are retiring later in life, with the cost of living often cited as a main cause (stock image)
The Association of Superannuation Funds of Australia estimated a single person between 65 and 84 years old needs $52,383 a year to comfortably retire.
A couple would need $73,875.
That figure is for retirees receiving a pension and who own their own home, unlike the Sydney woman.
Ms Helyar-Moray said the estimates put the amount needed to retire at $595,000 for singles and $690,000 for couples.
‘Building a robust super nest egg is one of the most important things we can do to secure our financial future – so don’t be afraid to seek financial advice to make informed decisions about your fund,’ she said.
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Boomer makes brutal confession that proves young Aussies are not the only ones suffering from the cost-of-living crisis: ‘Not loving it’