A survey by consultancy group, Mercer has shown the number of Australians expecting to work past age 70 has doubled since 2006, highlighting the impact the financial crisis has had on retirement savings.
Of the 519 workers interviewed, two in every five people aged 40-65 have changed their retirement plans due to the economic downturn. For 19 percent, the impact of the financial crisis meant their working lives would be extended by six years or more.
The survey found the average expected retirement age is 64 with nine in 10 Australians not expecting to retire until they are at least 60. The number of people anticipating retiring over age 70 also increased to 20 percent.
Mal Walker, founder of Grey Hair Alchemy, a recruitment service for experienced executives, said workers who were nearing retirement are having to now rethink their plans due to the downturn.
“As a result (of a lower super return) they are flocking back to try and re-enter the workforce. But employers just don’t seem prepared to give them a go. And for the jobs that are there, the competition is incredibly fierce,” he said.
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