Nearly one in five Aussies have either delayed their retirement or re-entered the workforce in the last two years, a new Finder survey has found. (Source: AAP) <\/p>\n
A grim trend has emerged for hundreds of thousands of Australians nearing the typical retirement age<\/a>. While many people hope to leave the workforce<\/a> in their mid-60s, a growing number are now pushing these plans back<\/a>.<\/p>\n Finder research found 18 per cent of people aged over 43 had either delayed retirement<\/a> or re-entered the workforce in the past two years. That\u2019s up from 16 per cent when the comparison site did the survey last year.<\/p>\n Finder superannuation expert Alison Banney told Yahoo Finance that achieving a comfortable retirement<\/a> was getting harder and harder for some.<\/p>\n RELATED<\/p>\n \u201cCost of living pressures<\/a> aren\u2019t just squeezing younger people \u2014 they\u2019re hitting older Aussies hard enough that some are delaying retirement or heading back to work,\u201d Banney said.<\/p>\n \u201cWhile a handful are jumping back in because they want something to do, the majority are just trying to stay afloat.\u201d<\/p>\n Of the 536 people surveyed, 11 per cent said they had delayed retiring or had come out of retirement <\/a>to ease the cost-of-living pressures.<\/p>\n Do you have a story to share? Contact tamika.seeto@yahooinc.com<\/a><\/p>\n Another 4 per cent said they headed back to work to combat boredom<\/a>, while just 1 per cent said it was for an emergency, such as to support a family member.<\/p>\n It comes after KPMG research<\/a> found the number of men working into their 70s had increased from one in 10 to one in four in the last 20 years.<\/p>\n The expected retirement age for men has increased by 2.2 years to age 67 since 2014-15, while for women it has increased by 1.1 years to 65.3.<\/p>\n KPMG urban economist Terry Rawnsley said increases to age pension eligibility had contributed to the shift upwards.<\/p>\n Other older Aussies are happy to stay in the workforce beyond retirement age, with white-collar workers now able to work longer, and work from home, helping professionals to \u201csemi-retire\u201d.<\/p>\n There are retirement benchmarks that can provide a helpful guideline.<\/p>\n The Association of Superannuation Funds of Australia (ASFA)<\/a> found singles typically need around $595,000 in superannuation to enjoy a comfortable retirement, while couples require about $690,000.<\/p>\n Super Consumers Australia<\/a> found a single homeowner would need around $322,000 for a comfortable retirement, while homeowner couples would need a combined $432,000.<\/p>\n The latest ATO figures<\/a> showed those entering retirement aged 65 to 69 had an average balance of $420,934. For males, the average balance was higher at $448,518, while for females it was $392,274.<\/p>\n Banney encouraged Aussies to review their super now<\/a>.<\/p>\n \u201cCheck you\u2019re with a super fund that has low fees and a history of strong long-term performance,\u201d she told Yahoo Finance.<\/p>\n “It’s also crucial you’ve only got one fund in your name, so you’re not losing thousands of dollars to multiple sets of fees.\u201d<\/p>\n If you\u2019re able to make contributions to your nest egg<\/a>, this can also add up over time.<\/p>\n Banney encouraged people not to \u201cset and forget\u201d their super and to keep an eye on performance and how it stacks up regularly.<\/p>\n \u201cIt\u2019s a good idea to review your fund every year to see how it stacks up against others, and whether its investment strategy still matches where you\u2019re at in life,\u201d she said.<\/p>\n Get the latest Yahoo Finance news – follow us on Facebook<\/a>, LinkedIn<\/a> and Instagram<\/a>.<\/p>\n