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One Sydney woman shared she was still working at the age 74, admitting her ‘dream job’ was probably to be retired. (Source: Coposit\/Getty) <\/p>\n One Sydney woman shared she was still working at the age 74, admitting her ‘dream job’ was probably to be retired. (Source: Coposit\/Getty) <\/p>\n
A record number of older Australians are working past the age of 65 and delaying their retirement<\/a>, new data has revealed. Cost-of-living pressures<\/a> are thought to be one reason why Aussies are working for longer, with the amount needed for a comfortable retirement on the rise<\/a>.<\/p>\n Figures released by the Coalition revealed 760,000 Aussies over the age of 65 were in the workforce. The average number of older Aussies working<\/a> in the year to October was the highest since records began in 1995, and up nearly 20 per cent since 2022.<\/p>\n Increases to the age pension eligibility<\/a> have likely contributed to the record numbers, with the pension age gradually increasing from 60 in the mid 1990s and then more recently from 65 to 67 in 2023.<\/p>\n RELATED<\/p>\n The Coalition has pointed to financial stress<\/a> as a reason some older Aussies are continuing to work.<\/p>\n \u201cThese are the numbers everybody needs to see: hundreds of thousands of older Australians delaying retirement because it is the only way they can survive financially,\u201d Opposition assistant cost-of-living spokesman Dean Smith told The Australian<\/a>.<\/p>\n \u201cRising inflation, soaring housing costs and mounting interest rates under the Albanese government are destroying the retirement plans of a record number of Australians, robbing them of the dignity and security they deserve at this time in their lives.\u201d<\/p>\n Do you have a story to share? Contact tamika.seeto@yahooinc.com<\/a><\/p>\n That appears to be the case for one Sydney woman who recently shared that she was still working into her 70s to keep up with the high cost of living<\/a>.<\/p>\n The 74-year-old was stopped in the street by viral property app Coposit and admitted she worked in the NSW health system while renting in Sydney.<\/p>\n \u201cAt times I\u2019m loving it. I like being active, I like working, I like getting out, and that\u2019s good,\u201d she said.<\/p>\n However, when asked what her \u201cdream job\u201d would be, she admitted it was \u201cprobably being retired\u201d.<\/p>\n She said the cost of Sydney<\/a> was \u201creally expensive\u201d and rent prices were \u201cappalling\u201d, while increasing food costs meant she was cooking at home more to save money.<\/p>\n Fresh figures<\/a> from the Association of Superannuation Funds of Australia found single homeowners now need $630,000 in superannuation at the age of 67 to afford a comfortable retirement, while homeowner couples need $730,000.<\/p>\n KPMG analysis of Labour Force data found that in 2024-25, the expected retirement age for men was 67 years, up by 2.2 years over the last decade.<\/p>\n The expected retirement age<\/a> for women was 65.3 years, up by 1.1 years over the same period.<\/p>\n While increases to age pension eligibility have contributed to the shift upwards, KPMG said the longer-term trend was being driven by a growing cohort of \u201cageless workers\u201d who were happy to stay in the workforce beyond retirement age.<\/p>\n \u201c20 years ago, 1 in 10 men were working at age 70<\/a>. Today, it\u2019s 1 in 4. Even for men in their late 70s, almost 1 in 10 remains in the labour force,\u201d KPMG urban economist Terry Rawnsley said.<\/p>\n \u201cThe growth in ageless workers isn\u2019t a recent phenomenon that spiked following the cost-of-living pressures of 2023-24. It is a longer-term trend that suggests a structural change to the concept of retirement.\u201d<\/p>\n The increase in white-collar workers who can work for longer is one explanation, along with the remnants of Covid restrictions.<\/p>\n Aussies are also semi-retiring, with the gap between leaving full-time work and leaving the workforce entirely<\/a> around three years.<\/p>\n Rawnsley said people could do part-time flexible work to supplement their retirement savings, which fostered social interactions and a sense of purpose, allowing people to stay engaged and mentally stimulated.<\/p>\n Get the latest Yahoo Finance news – follow us on Facebook<\/a>, LinkedIn<\/a> and Instagram<\/a>.<\/p>\n