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Australia:
Retirement may soon be a word of the past
By Annette Sampson The
Age, July 16, 2003 Think of it as
the "R" word. Australia's trend to early retirement is slowly
grinding to a halt. Within 10
years, predicts Bernard Salt, a partner with accounting firm KPMG and
author of The Big Shift, retirement will be a dirty word. Driven by a
desire for a more satisfying work/life balance, and a need to top up
inadequate retirement savings, Australia's baby boomers are rethinking the
dream of retiring in their 50s. Many still
want to opt out of traditional work, but the emphasis is increasingly on
"refocusing" their lives rather than collecting a gold watch. A
recent survey of 50 to 64-year-olds in Britain found one in four had
decided to retire later than they were planning two years ago. And the
working lives of older Australians have been increasing. According to the
Department of Employment and Workplace Relations, half those in the 55 to
64 age group are in the workforce (up from 42 per cent 20 years ago). The
big increase has been in employment of older women. Diana
Olsberg, director of the University of NSW Research Centre on Ageing and
Retirement, said there was a growing transition period between full-time
work and the onset of physical decline. She
said that while the trend was already starting to develop, it would become
stronger as the baby boomers moved into the older age group in greater
numbers. "The baby boomers are the generation that has changed social
norms and work practices throughout their whole lives, and they will now
change the concept of what it means to be old," she said. Mr
Salt said that while some older workers were looking for part-time or
contract employment, others were chasing lifestyle options such as new
careers or businesses, often outside the cities. He said the "sea
change" phenomenon was now being followed by a "hill
change" phenomenon, with people moving to rural areas. "We're seeing the trend to them opening up businesses like B&Bs," he said. "Also, the sheer volume of people pushing into these places creates job opportunities." Copyright
© 2002 Global Action on Aging |