While there is no legal age to retire, financial security, health and employment opportunities are all key factors in deciding the best time to leave the workforce.
The Australian Bureau of Statistics (ABS) shows the average retirement age in Australia has been steadily rising from 53.5 in 2000 to 64.8 in 2022. Women tend to retire one or two years earlier than men, but the overall trend towards retiring later rather than sooner is likely to continue.
There are many reasons for this, not least that we are living longer and need to prepare financially for a potentially lengthy retirement. A gradual lift in the age at which we can access the Age Pension is another factor, and many Australians are working longer to meet the current cost-of-living pressures.
With these factors in mind, we asked retirees, ‘If you had your time over again, when would you retire?’. Here’s what they said…
Pauline, 67, journalist, retired
“I left full-time work in 2014, so I was in my fifties. I think it was a good time to retire because I was still young enough to pursue other interests. I had a moderate amount of super and owned my own home. Over time, I’ve learned to live more frugally.
“I’ve always been interested in photography and art. Since retiring I’ve taken the opportunity to make more art and exhibit more. I also became a yoga instructor and still do a lot of traveling. When I was younger, I never worried about my health, but these days I’m much more aware of it. If I ever needed elective surgery in the public system, I’d probably not be able to afford it.”
Marcia, 60, personal assistant, semi-retired
