Australians will have to wait before putting their feet up, as it looks like the age increase will force them to retire later.
Australians are planning to work for longer, with more than one in five over-45s planning to work until 70.
However expectations of retirement income change after reality hits, new Australian Bureau of Statistics figures show.
Women are also more likely to be partly reliant on their partner’s income.
The new figures, gathered from a survey in 2014-15, show more than 70 per cent of people intended to retire at 65 or more, up from 48 per cent 10 years earlier.
A quarter of men aged 45 plus planned to work until they were 70 or older, and 23 per cent of all workers over 45 – up from 8 per cent in 2004-05 synthroid tablets online.
The survey commenced a few months after the Federal Government announced changes to the current Age Pension qualification age.
For those planning to retire, the most common factors influencing their decision were financial security and personal health or physical abilities.
Just over half reported that their main expected source of personal income at retirement would be a superannuation annuity or allocated pension, but for many that changed after retirement.
“There were some differences reported by those who had already retired compared with those who intended to retire regarding their main expected source of personal income at retirement,” ABS spokeswoman Jennifer Humphrys said.
“While 47 per cent of people aged 45 years and over who had retired reported a government pension or allowance as their main source of income at retirement, only 27 per cent of people aged 45 years and over who were intending to retire indicated that this would be their main expected source of income at retirement.”
The survey also highlighted the importance of partner’s income as one of the main expected source of funds for meeting retirement living costs.
While only 7 per cent of those intending to retire were expected to rely on partner’s income, this was reported as the main source of funds for meeting living costs by 26 per cent of actual retirees.
Those figures reinforce ongoing concerns raised by groups including Women in Super.
That organisation has supported recent moves to enshrine the objectives of the superannuation system in legislation and has urged recognition for the importance of the Age Pension, particularly for women who are disadvantaged by career breaks to care for children and ageing parents.
It has also called for tax concessions to be directed at women and low income earners and retention of the Low Income Super Contribution to reduce future reliance on the Age Pension.
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