The Rise of the Grudge Workforce

SUNCORP Superannuation Rise of the grudge workforce Suncorp's The Rise of the Grudge Years Report has uncovered a disconnect between the ideal and real retirement age, leaving many Australians to remain in the workforce a decade longer than they wo because they don't have enough money to retire. A growing number of people are being forced to work through their golden years and this is the rise of the grudge workforce. Id like 65 70+ THE IDEAL THE REALITY 48% of Australians say their ideal retirement 42% of Australians believe they'll be working into their 70s age is 60-69 Grey collar workers will represent 23% of the workforce within the next 10 years THE GRUDGE YEARS 33% of all Australians think they will have to work 10 or more years past the age they would like to "Working till the grave' has become a worrying and very real possibility for a growing number of 20% think they will be working 15 years past their ideal retirement age Australians ... but more than 7 million believe they won’t be physically and mentally capable of working into their late 70s 80 Worryingly, 2.6 million may have no choice but to continue working Creating a massive 'grudge' workforce BABY BOOM GLOOM 65 70+ The ideal retirement age for a Baby Boomer is 65 ...but almost 1/2 expect to work until their 70's $300,000+ 1 in 3 Baby Boomers need $300,000 or more in their super before they retire CHOICE VS. GRUDGE 2001 2011 In 2001 there were 1 million workers aged over 55 in the workforce ... ten years later, this figure has almost doubled to 1.9 million Suncorp says: Working into your grey years should be a choice, not a grudge decision due to insufficient retirement savings 99 This rise of the grudge workforce is a reflection of: NA Changes in the economy Employer attitudes Aspirations of retirees Greater life expectancy Life in general for many Australians, who are waiting until later to marry, have babies and buy houses and increased health AVOID THE GRUDGE YEARS Tips to help avoid the Grudge Years 1. Be aware and plan early 2. Don't ignore your super, it's usually your second biggest asset 3. Simple steps to get you started: a. Easy online resources such as retirement calculators b. A little extra into super can go a long way c. Keep track of your super accounts Designed by Bite Digital (www.biteus.net)