SPONSORED POST*: As many know, I used to work for News Corp Australia (formerly News Limited), a great job (mostly) that came with solid superannuation payments. But then I took a redundancy package and left the security of salaried employment to hang out my own shingle and work for myself. Ever since leaving News, sorting out my super has been on my ‘to do’ list, but something I haven’t got around to doing. And then Suncorp got in touch with me and explained why it’s important I stop putting that stuff off a second longer.
It has been explained to me that most people don’t think about their retirement until it’s only a few years away. And then they start squirreling money away as fast as they can. But by then it’s almost too late. The time is now, to start planning for your golden years.
For those who don’t – and Suncorp’s research reveals there’s more than a million of them – retirement is put off and working life extends a *lot* longer than planned.
The key message behind the research is “Don’t become one of the ‘Grudge Workforce’. Don’t be forced to work longer than you want to, simply because you haven’t organised yourself early enough.
“More than 1.3 million Australian Baby Boomers say they will be working beyond their 75th birthday because they don’t have enough money for retirement according to stunning new research from Suncorp Superannuation,” Suncorp’s Head of Everyday Super Lisa Harrison said.
“Suncorp’s The Rise of the Grudge Years report has uncovered a decade of disconnect between the ideal and real retirement age, leaving many Australians to remain in the workforce longer than they would like,” she said.
“Suncorp’s warned of an unprecedented explosion in the grey collar workforce over the next 10 years as many Australians will be forced to work through their golden years because they don’t have enough money to retire.
“Adding a decade to your working life out of necessity, not choice, is a serious concern,” Ms Harrison said.
“Our research reveals that retirement isn’t a reality for a quarter of Australians over the age of 65. The saying ‘working till the grave’ is a worrying proposition for a growing number of Australians.”
“The story is true across the generations. One third of all Australians think they will have to work ten or more years past the age they would like to stop working, and almost 1 in 5 think they will have to work 15 years past their ideal retirement age.”
These findings contrast starkly with the fact that more than seven million Australians believe they won’t be physically and mentally capable of working past their 80th birthday yet alarmingly, 2.6 million might not have a choice and in doing so create a massive ‘grudge’ workforce.
The findings are backed by trends that reveal more than a doubling of Australians working over the age of 55 years in the past decade.
*Suncorp paid me to publish this infographic. However, I do happen to agree that women in particular need to pay attention to their super situation and make sure they know what’s going on. It’s a big issue for many middle-income women, who haven taken years out of their working lives to have babies, and so automatically have less to retire on. Don’t do as I have done, and leave it to sort out “one day” because you may end up leaving it too late!