Young Aussies Expect To Retire At 52 (Which Is 15 Years Before Their Pension Kicks In)

Surprise!

Young Aussies are expecting to retire around the age of 52, despite the federal government putting the actual age of retirement at 67.

According to a survey of 1400 Australians by Deloitte Access Economics (reported by the Sydney Morning Herald), those fairly new to the workforce think they’ll be able to call it a day on their careers at the age of 52.

However, that's not taking into account the reality of the age pension, which is on track to kick in at the age of 67 by the year 2023. (Today, older Australians can access their pension at 65, which is still a while after 52.)

Let's hope everyone's starting on their Super!

"Given the increasing costs of retirement, the smaller workforce and pressure on government budgets, [retiring at 52] seems untenable,” the Deloitte report adds, like a bucket of ice-water.

“Policy makers may need to adjust the expectations of younger workers to this reality."

The study – titled Future of Work: How Can We Adapt To Survive and Thrive – also notes that more than 50 per cent of younger workers believe their qualifications are not relevant to their current job.

It’s not all depressing though. Three-fifths of respondents added they were feeling positive or excited about the prospect of change in their careers. (Of course, that leaves about 40 per cent feeling “uncertain or nervous” about their future.)

The report also found that 60 per cent of those looking to change jobs in the next decade expect to work in an entirely different industry or role.

As many a report has concluded recently, the face of Australia’s employment future is definitely changing, and students today are seemingly having to adjust on the fly.

Take heart. You may not get to retire at 52 (unless you create the next, billion-dollar-grossing app or hot chip vending machine), but 67 is the new 52 anyway. For instance, George R.R. Martin is 67 years old, and the world won't let him retire until he finishes that next Game of Thrones book, which could take decades.

Photo: YouTube.