Many will be too sick to work until 70

In fact some people don't even get to 65 before retiring simply due to being too sick to work. This current figure of 65 as retirement age isn't true, with the average retirement age being at 63 regardless of the official age. To work to 70 for most aged people will be right out of the question.

While the Government is pushing ahead with the raising of Age Pension eligibility age to 70, a report commissioned by financial company AMP and undertaken by Canberra University’s National Centre for Social and Economic Modelling (NATSEM) has found that people will simply be too sick to work by the time they reach qualifying age. 

Even if health isn’t an issue, retaining or finding a job won’t be easy, with two thirds of men aged between 65 and 69, and 79 per cent of women in the same age group, forecast to be out of the workforce by 2035. 

The report found that even the current retirement age of 65 isn’t achievable for many, with the average retirement age now 63, and 83 per cent of men and 92 per cent of women over 65 no longer working. more