ALMOST half of the 2.6 million full-time workers over the age of 45 say they intend to cut back to part-time hours before retirement. But 13 per cent of this age group say they do not plan to retire ever, Bureau of Statistics figures released yesterday show.
For those over the age of 45, the average age of retirement now stands at 58 years for men and 50 for women, with one in four men and one in five women retiring due to sickness, an injury or disability.
The figures highlight the continuing disparity between the amount of money people think they will need in retirement and the reality of their situation.
In an earlier survey, 45 per cent of those aged 45 years and over who had retired reported that a government pension or allowance was their main source of personal income at retirement. But in the newest figures, almost 2.1 million – about two-thirds of all those who were retired – indicated that the pension was their main source of current income.