Working into his 70s is this business owner’s new reality

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Turmoil on markets has prompted some Australians approaching retirement to revise their plans and work longer.

What next for pre-retirees?“You do get tired, so you try to slow down but, at the moment, you just have to keep working and work through things.”

The Otivo study, based on analysis of 52,000 households by property insights firm Digital Finance Analytics, found Australians aged over 40 have been the hardest hit.If the market were to fail to recover, those nearing retirement would have to work an additional 10.7 years to make up the loss, based on the limited capacity of some households to use spare cash to offset their losses.

It is natural that pre-retirees would consider delaying retirement amid rising inflation and falling markets, said AMP Capital chief economist Shane Oliver. During the GFC, workplace participation increased, he said. For pre-retirees with sizeable amounts in superannuation, the markets dip should not make too much of a difference as it will likely rebound.

 

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