The average retirement age for Australian people is now the highest it has been since the 1970s, according to an analysis by the professional services firm KPMG.
This analysis found, if this trend persists, the retirement age could approach 70 within the next 50 years.
Picton resident Danielle Ceravolo said she was concerned about the retirement age and what the future could look like for her.
“It decreases what people work towards, that end of life leisurely activity, really by the time you get to seventy you may not have the capacity to still be active-ish,” Ms Ceravolo said.
“I feel like it increases concerns about the stress of a full-time job, how does that impact someone?
“It really makes you think. You will have to find alternative ways that means you don’t have to rely on the retirement age, whatever that may be.”
Reports of retirement plans for people over 44 were released last week by the Australian Bureau of statistics (ABS).
The ABS statistics revealed Australians still plan to retire, on average, between the ages of 65 and 66, despite the pension age set at 67-years-old.
The gap between men and women is also closing, with around half a year difference between men’s and women’s retirement age in 2022-23.
Source: Australian Bureau of Statistics, Designed by Meg Claridge.
For the 2022-23 period, there was a total of 4.2 million retirees, with the average age for all retirees being recorded at 56.9 years of age. For the majority of these retirees, the pension was their main source of income.
The data also displayed the location in which you live was influential to what age residents retired, specifically state to state.
South Australia had the highest proportion of retirees, reaching 46% of the population aged 45 years and over.
Between 2020-21 and 2022-23, Queensland had the greatest increase of 32,000 retirees. Tasmania had the largest decrease in the proportion of retirees dropping from 49% to 46%.