Majority over age of 45 scared by prospect of retirement
LOS ANGELES: The majority of people over the age of 45 are scared by the prospect of retirement.
Sixty-three percent of Australians aged 45 and over are concerned or anxious about retirement according to Aware Super’s State of Retirement report, with almost nine in 10 people worried they will run out of money.
The research found one in 10 people retired later than they expected, with 55% citing financial necessity as the reason. Of those who had retired, one in five have returned to work either part- or full-time, with around a quarter doing so for financial reasons.
Aware Super chief executive Deanne Stewart said planning for retirement and entering the next phase can feel overwhelming and confusing for many Australians.
The research revealed more than three quarters of Australians didn’t know they could continue to grow their savings into retirement.