Aussies not the retiring type

Nearly 73% of people are not prepared for retirement according to a survey by Talent2, Australias leading recruitment and human resources firm,

42% of Aussies say that despite the retirement age being 65 years old, they will retire after this age according to the 1,960 respondents of the survey.

Despite government tax-breaks and other incentives 66% of Australians say that they do not contribute more than the compulsory amount to their superannuation.

Craig Sneesby, General Manager of Talent2 Brisbane says that employees leaving the workforce later in life is not necessarily a bad thing as 70% of people think there will be a skills shortage when the Baby Boomers retire. For those who would like to retire but feel they cannot afford it, that is a different matter.

"Baby Boomers will be in for quite a shock when they retire, and they need to be prepared for it. They have worked hard their entire lives, and have enjoyed the fruits of their labour, however will not be able to sustain their consumption levels based on their retirement savings."

"With the growing number of people owning their own businesses they cannot retire until the business is purchased, or simply enjoy their work so much they do not want to retire."