So is the hard-stop on work, with many Australians choosing to reduce their hours over a complete stop on all work. Nearly 700 Australians a day will leave full-time work over the next 10 years—that’s around 2.5 million people! The end of full-time work doesn’t mean the end of their careers.1
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More of us are choosing to stay in some kind of work for longer, often going part-time, trying out casual options, or enjoying project-based work. It’s partly because Australians are living longer—on average, 13.7 years longer for men and 11.2 years longer for women than five decades ago—with more active years up their sleeves.2
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Of course, not everyone has a choice when it comes to when and how to stop work. Rising interest rates and the cost of living are keeping some people in the workforce longer than they expected, and they’re often continuing to support their family; there’s still plenty of adult children living at home: just over half of young men (54 per cent) and 47 per cent of young women aged 18 to 29 years old.3 It's not just room and board—older parents are often contributing to university fees, home deposits and other living costs. Once the kids do finally move out and start their own families, then bank of nan and pop opens.
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According to research from McCrindle, grandparents are now more likely to help their families by covering or contributing to the grandkids’ school fees, extracurricular activities and other expenses than ever before.4
Some things change, some things stay the same, but one thing's for sure: everyone's retirement is different.
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Disclaimer
1 Australian Treasury, Superannuation in Retirement
2 Australian Institute of Health and Welfare, Aussies are living longer than ever before, but will this trend continue?
3 Household, Income and Labour Dynamics in Australia Study, University of Melbourne, 2024
4 McCrindle Research, Trends of 2024
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