In the past, you worked until you could go on the pension and then shuffled off into the sunset. These days, the very concept of retirement is under review.
More of us are working into our 70s or leaving full-time employment only to start a new career or part-time work. Whether it’s down to baby boomers reinventing retirement, eligibility for the Age Pension increasing to age 67, cost-of-living pressures or the opportunity for growing numbers of white-collar workers to work from home, or all the above, is a moot point. While our retirement income system is stuck in a 20th-century straitjacket, 21st-century retirees are busting out all over.
Some have retirement thrust upon them via redundancy or illness. Others enjoy the freedom to ease into retirement gradually, swapping the daily grind for more flexible part-time work, starting a business, volunteering, a senior gap year or passion projects.
Not only are we living longer than previous generations, but our expectations of retirement living are also higher. Working for longer can help supplement retirement savings, clear the mortgage, or even support children and grandchildren.
Whatever the reason, the number of people working well into their 60s and 70s is on the rise. According to the Australian Bureau of Statistics (ABS), in 2024–25, the labour force participation rate for men in their 70s increased to 14%, up from 11% a decade ago. The participation rate for women was 9%, up from 5%.
Even more interesting is the growing gap between leaving full-time work and leaving the workforce entirely. This now stands at 2.8 years for men and around 3 years for women.
SuperGuide spoke to three people whose retirement didn’t follow the traditional path.
The second career
A former high school English teacher and journalist Ian Henschke, 70, has experienced a typically atypical ‘retirement’.
Leave a Reply
You must be logged in to post a comment.