Financial Security Drives Retirement Timing Expectations: Abs

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17th December 2009, 02:38pm - Views: 752







December 17, 2009

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Financial security drives retirement timing expectations: ABS 



The most common factor influencing when people intend to retire is financial security, according to

figures released today by the Australian Bureau of Statistics (ABS).


In 2008-09, 3.4 million people in the labour force (aged 45 years and over) intended to retire at

some time in the future. Of these, 39% said the main influence on when to retire was financial

security. Personal health or physical ability was another common influence on retirement decisions

(23%), along with becoming eligible for a pension (11%).      


Just over half (53%) of people (aged 45 years and over) currently in the labour force who intend to

retire expected their superannuation to be their main source of income at retirement, while a further

27% expected a government pension or allowance to be their main source of income, and 7% did

not know what it would be.


Coinciding with the prevalence of superannuation as the expected main source of income at

retirement, 94% of people (aged 45 years and over) intending to retire indicated that they had

contributed to a superannuation scheme at some time, compared to half (56%) of those already

retired.    


Further details can be found in Retirement and Retirement Intentions, Australia, July 2008 to June





FURTHER INFORMATION

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When reporting ABS data, the Australian Bureau of Statistics (or ABS) must

be attributed as the source






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