All work and no play as retirement becomes harder to reach
SPEND the kids' inheritance or keep clocking on to fund a lengthy retirement - that is the quandary facing 27% of the Fraser Coast's 21,760 residents aged over 65, if new research holds true.
A Galaxy Research study, being released on Monday, found one quarter of us wanted to retire as early as possible, but 27% would be forced to work longer due to dwindling finances.
And 42% of the 1800 people surveyed said it would be hard to do their job at 70.
The number crunchers also found 40% of people wanted to keep working because it was good for their bodies.
National Seniors president Michael O'Neill said the community was used to the age-old adage that retirement kicked in at 65 but with people living longer there were a few problems on the horizon.
"I think for quite some time the longevity penny had never dropped," he said.
Mr O'Neill said working longer could be great for the mind.
"One of the upsides of the growth in dementia issues is that people have become much more aware about keeping their grey matter active," he said.
Kronos chief Peter Harte, whose workforce management company commissioned the survey, said businesses needed to come up with ways to manage worker needs depending on age.
"Businesses need to tackle how these different generations work together to maintain productivity and utilise tools such as workforce management systems which enable two-way learning programs to help businesses manage this challenge and ensure knowledge is shared."
Work, work, work
- The Fraser Coast region has about 21,760 people aged over 65
- 27% will be forced to work into their 70s due to money problems
- 42% say it will be hard to cope doing their job at 70
- 40% of people want to keep working because it's good for their health