POWERED BY MOMENTUM MEDIA
ABS data confirms later retirement intentions
The Australian Bureau of Statistics (ABS) has produced more data confirming the degree to which Australians are choosing to delay their retirements or to phase-down their working hours ahead of retirement.
The ABS this week produced the 2014—15 Multipurpose Household Survey (MPHS) for employed persons which served to confirm earlier data about Australians and their retirement intentions, including that those who intend to retire, 69 per cent are currently working full-time.
It said that, of these, 37 per cent intended to move into part-time work before retiring from the labour force, and 30 per cent intended to continue with full-time work until retiring.
It said that of the 887,100 persons who intended to continue with full-time work until retirement, 72 per cent intended to remain with their current employer and had no further plans to phase in retirement, while a further 12 per cent intended to remain with their current employer but with less demanding duties.
The data showed the average age at which persons intended to retire was 65.1 years (65.7 years for men and 64.5 years for women).
Recommended for you
In its pre-election policy document, the FSC highlighted 15 priority reforms, with superannuation featuring prominently, urging both major parties to avoid changing super taxes without a comprehensive tax review.
The Grattan Institute has labelled the Australian super system as “too complicated” and has proposed a three-pronged reform strategy to simplify superannuation in retirement.
Super funds delivered a strong 2024 result, with the median growth fund returning 11.4 per cent, driven by strong international sharemarket performance, new data has shown.
Australian Ethical has seen FUM growth of 27 per cent in the financial year to date.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
36.43 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
35.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.72 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
