The number of Australian men continuing to work into their 70s has surged in the past two decades, with one in four now staying in the workforce compared to just one in ten 20 years ago.
New analysis from KPMG Australia, based on ABS Labour Force Survey data, reveals the expected retirement age for men has risen by 2.2 years to 67 since 2014-15, while for women it has increased by 1.1 years to 65.3. The research also shows that 10 per cent of men in their late 70s are still working.
KPMG urban economist Terry Rawnsley told 9News that policy changes, including the increase in the pension age to 67, were keeping some Australians in work longer. Others, he noted, are choosing to extend their careers.
“People are looking for that mental stimulation. They want to have a reason to roll out of bed a couple of days a week, and also a little bit extra money coming in, which is helpful as well,” Rawnsley said.
He added that the changing nature of work is making it easier for older Australians to continue working, particularly with the rise of remote and flexible jobs.
“The adoption of working from home has made many older Australians realise they can ‘semi-retire’ and continue dabbling in the workplace part-time,” Rawnsley said.
For some, that balance means continuing in the professions they love. Professor Andrew Brooks, 76, has been a urologist at Westmead Hospital for four decades and still works four and a half days a week, consulting and performing minor surgeries.
“You can’t walk along the beach eight hours a day, seven days a week. You need something more exciting in your life,” he said.
