The average retirement age varies yet most retire from the full time workforce in Australia at 65 years of age. Life insurance companies suggest 25 to 30 years in financial planning prior to retirement.
As the average Australian is living longer than previous generations, there is a growing trend towards retirement beyond the age of 65 years. Retirees should consider the following when working beyond the average retirement age:
You’ve received medical advice about your health to consider working longer
You’ve considered working part time as opposed to full time work
You have spoken to your financial planner about the impact on your superannuation
You have discussed this arrangement with your employer in advance.