3.3 million Australians looking to retire

3.3 million people looking to retire, reports the Australian Bureau of Statistics.

In a report released in November, the ABS says that of the 3.9 million people aged 45 or over who were employed when surveyed in 2007, 3.3 million said they intended to retire at some stage, and mostly over the next 20 years.

Shifting to part-time work some time before retirement was the transition plan for 1.1 million people aged 45 years and over who were currently in full time employment.

The Survey of Employment Arrangements, Retirement and Superannuation provides a picture of the plans that people aged 45 years and over have for retirement; people already retired; the superannuation coverage, contributions and balances of the population; and detailed information about the type of work that people do, their working patterns and preferences, and how they balance work with their caring responsibilities.

Some more of the survey’s findings include:

  • 45% of employees (excluding owner managers of incorporated enterprises) usually work extra hours, but for nearly half of these employees (45%) the extra hours were worked on five or less days a month;
  • 65% of employed people were satisfied with the number of hours they worked, taking into consideration the effect any change would have on their pay; and
  • 15% of employees (excluding owner managers of incorporated enterprises) who provided care for someone used working arrangements to facilitate that care provision, with flexible working hours being the most common.
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