Australian Bureau of Statistics
6238.0 - Retirement and Retirement Intentions, Australia, Nov 1997
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 02/06/1998
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SUMMARY OF FINDINGS
An estimated 3,123,900 persons aged 45 and over had retired from the labour force i.e. they were not working or looking for full-time or part-time work. Of these:
AGE AT RETIREMENT FROM FULL-TIME WORK
In November 1997, an estimated 1,296,900 males had retired from
full-time work. Of these:
MALES WHO HAD RETIRED FROM FULL-TIME WORK BY AGE AT RETIREMENT,
1992, 1994, 1997
The 1,918,400 females aged 45 and over who had retired from full-time work showed a very different pattern of retirement ages. The ages they retired from full-time work are as follows:
FEMALES WHO HAD RETIRED FROM FULL-TIME WORK BY AGE AT RETIREMENT,
1992, 1994, 1997
Of the 1,044,700 females aged 45 and over who had retired from full-time work aged less than 45, one-third indicated that they had ceased their last full-time job to get married. For all age groups, common reasons for females ceasing their last full-time job were:
PARTIAL RETIREMENT AND RETIREMENT FROM THE LABOUR FORCE
Persons who had retired from full-time work but continued to work part-time or were looking for part-time work can be considered to be 'partially' retired. Those persons who had discontinued working or looking for work, and did not intend to work at any time in the future can be considered to have retired from the labour force.
Of the 3,215,400 persons who had retired from full-time work, 2,709,600 (84%) had retired from the labour force. A further 414,300 had never worked full-time and had retired from the labour force, giving an estimate of 3,123,900 persons aged 45 and over who had retired from the labour force at November 1997.
There were also 505,800 persons who had partially retired. Three-quarters (377,300) of these persons were females.
MAIN SOURCE OF INCOME AT RETIREMENT
Among those who had retired from full-time work aged 45 or more, some differences in income sources were evident between males and females. At retirement from full-time work, the most common main source of income for males was an age or service pension (23%). For females, the most common main source of income was someone else's income (38%).
Other main sources of income for males at retirement from full-time work were:
Steady increases in retirement scheme membership have been evident since the first time this information was collected. From a level of 38% in 1983, retirement scheme membership for those aged 45 and over who had retired from full-time work has risen to 60% in November 1997. These changes strongly reflect changes to superannuation
legislation over the last 15 years.
The number of retirement scheme members aged 45 and over who had retired from full-time work aged 45 or more was 1,256,800, an increase of 20% since November 1994.
RETIREMENT SCHEME MEMBERSHIP, 1986 - 1997
In November 1997, the number of persons aged 45 and over intending to retire who were retirement scheme members was 1,943,400, an increase of 22% since November 1994. Most of this increase was seen in the increase in superannuation scheme membership, which rose from 82% in 1994 to 91% in 1997 for this group.
INTEND TO RETIRE
In November 1997, there were 2,103,900 persons aged 45 and over who intended to retire from full-time work. In addition, there were 18,500 persons who had only ever worked part-time and intended to retire from part-time work.
Of the 1,412,300 males who intended to retire from full-time work:
EXPECTED TIME UNTIL RETIREMENT FROM FULL-TIME WORK BY SEX (years)
Of the group who intended to retire from full-time work, 600,900 (29%) indicated that they intended to work part-time after leaving their full-time job. The remaining 1,503,000 intended to retire from the labour force.
EXPECTED MAIN SOURCE OF INCOME AT RETIREMENT FROM FULL-TIME WORK
Those aged 45 and over who intended to retire from full-time work showed different responses from the retired group regarding their income sources in retirement. Of the 2,103,900 persons who intended to retire from full-time work:
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This page last updated 20 June 2006