The new Lifestyle Year’s – How modern Australians over the age of 55 are redefining retirement as we know it.
As Australians increasingly adopt flexible work arrangements as they age, the nation is undergoing a notable shift in its perspective and approach towards employment.
There has been a definite shift in the ages of those in the workforce and remaining in the workforce over the last 30 years. I think that this has less to do with Australians living longer and the rising cost of living, and more to do with Australians seeking a certain lifestyle that suits them. And it’s fantastic to see…!!!!
According to the results of the 2021 Census, Australians aged 55-69 made up 680,000 volunteers, 765,000 provided unpaid care (most likely to an ageing relative), 547,000 provided childcare to children who were not their own (grandkids in the main), and 79,000 reported that they were studying.
There’s a lot going on in the new “lifestyle” stage of the lifecycle.
Here are the 3 main points:
A new life stage has emerged
73% of Australian workers aim to work during retirement, tailored to their lifestyle.
A new life stage, “The Lifestyle Years,” has emerged for workers aged 55-69.
Statistics show 2.7 million Australians over 55 are active in the workforce, forming 19% of the total, with a significant increase in the participation rate for workers aged 55-64 over the past two decades.
Over 55s seek flexibility, financial security and connections through work
Australians aged 55 to 69 seek flexible career options that match their passions and keep them active.
About 25% of retirees changed careers in the last five years for various reasons like staying active, reducing stress, and contributing to the community.
Switching careers later in life fosters new work relationships, supports retirement plans, and maintains connections within the wider community.
Over 55s prioritise fulfilment over full-on work
Holidays, Hobbies, Healthcare take precedence over other aspects.
More Australians are desiring reduced stress and increased activity.
Australians want more time for personal passions and family.
It’s all about Australians over 55 choosing work opportunities that enable them to have greater control of their time, a change of pace and move closer towards their financial goals. And it’s brilliant…!
At Collective Wealth Advisers, we are huge advocates of choosing lifestyle as your number 1 priority. Sure, the dollars and cents are important, but if you don’t have clear and articulated goals and sense of purpose in your years after work, then what’s it really all for?
To build a brighter future today, come and speak with us. We are the retirement planning experts!
This article was compiled using information from the Australians at Work: Over 55s repost, published by Amazon Australia in partnership with Bernard Salt AM 2023. To read the full repost, click HERE!
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