As an international student coming from overseas, I find it weird that some 50+ and even 60+ years old Aussies are still working. As a student I am fine doing odd jobs, but what about them? Why are they still working instead of resting or enjoying their retirement?
Why Are Some VERY OLD Aussies Still Working? What about Retirement?
soul on 14/03/2015 - 23:33
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Yeah, I knew an ex IBM engineer who'd made a fortune with various investments, way past retirement age, still working for peanuts repairing cash registers. He just enjoyed being in an office environment.
i know friend of family 84 this year he selling unit off the plan. he boss let take 8 to 12 week holidays most years. he said going to work until he drop he love it what keep him going. he wife died last year he was away less then a week. his dad died over his desk at work at 88 in 2001 i was working for company then. his there 7am one last one to leave at night.
story bro cool
same for me, know an engineer already 79, still working, he said nothing to do at home.
he had so much annual leave, the HR recommended him to take it every week.
must be a hell of a boring person.
@wolfenator87:
in workplace? hell no…….
somehow he creates "life" in workplace with his humour, experiences…….@wolfenator87: not real he done more travel and see more world then me he love working and hate sit around.
Your grammar actually hurts my head.
He works to have something to do.
Just to ride off this, I am 30 this year and on the rare occasion that I take leave, I feel like I should be working. With no hobbies outside of travel, I have nothing to do. Even on public holidays, I'm happy to be back working after a 3 day long weekend. My only adult interaction outside of my wife is at work too so really, without work I have nothing going for me except for my wife and kids and work is also an escape from that.
I can't see that changing. I don't ever imagine retiring, not because I cannot, but because I do not think I will want to.
Wish it said at least one of the guys who currently work for me…
Yeah I found that impressive actually, some of them are even doing very physical jobs too. I can't imagine my parents doing that.
Some of my coworkers around that age need to work because they need the money to eventually prepare for retirement which is 65 I think?
I don't know where you're from but people in our country who are in their late 50s-60s are mostly supported financially by their children. That's why they can afford not to work I guess. I imagine it would also be hard for people in that age bracket to find work when there are plenty of young people about.
Not that I'm saying it's all about the money. Some people want to do something with their life, they want the social aspect associated with work. Some want to help others, learn, etc.
Zrach, when you say 'our country', what country you talking about? Surely not Australia, retirement age is 65, people can't get a pension til that age. And thats increasing to 67 at minimum, potentially increasing to 70 (depending on if the legislation gets passed etc). My parents are in their 50s and they are no way near the condition of 'not being able to work'.
I know this isn't the norm, but my bosses dad still works with us and he turns 86 in a month. Usually 4-5 days a week, and they don't need the money (He does round the world trips every couple of months or so).
OP, can I ask what country you have come from?
Asian country (esp. Chinese people)
Asian people usually support their parents after they start working, it's a "norm" therei need buy some Asian kid.
yeah Asian retired at 55 years old. You could apply retirement at 50 even.
Oops, probably should have specified that I'm from overseas too. Philippines. I know most children (that are not struggling themselves) give some sort of monthly contribution to their parents.
OFWs or just in general? I often wonder what would happen to the Philippines if they stopped sending pera back home for the family.
My wife and I are both Filipino. I mostly grew up here and she grew up there. We're not OFW but we give money to her parents because they no longer work and weren't fortunate enough to set themselves up for retirement. And no one else can support them so we do it. It'd be the same if we lived and worked there (we may move there at some point and if that happens, we'll continue to do so). My wife and I aren't earning a lot but her parents don't need a lot (stuff is cheaper there) so it works out and we don't struggle in the least bit because of it.
OFWs support their families but I also know of people who work in the Philippines who do it. It's the culture and it's just what happens. Just like it's common to stay with the parents into adulthood or rather for parents to stay with the kids. That's the family unit and I personally don't know of any oldies who get sent to a nursing home. It may happen but I don't personally know of anyone in that situation.
There are people over there who count on their kids to make enough money to support them through old age. My parents grew up there but they don't have the same mentality. My wife and I don't like owing anyone so we plan on making enough money so that we won't have to rely on any future kids we may have.
That said, I know of well off parents who do a lot for their kids to the point where the kids won't have to worry about money for a long time as long as they're not stupid about it. I think it's just whoever can do the supporting, they do it. Every now and again I'd hear from someone who kinda doesn't like it but still does it anyway. Like I said, it's the culture.
@bargainjargon: I get that. In our case the parents sacrificed everything to send the kids to school and uni. Then the pendulum swings the other way. I do think, though, there tends to be a bit of a culture of relying on a pinsan, tita, tita, kuya, etc to be a second source of money when wanted/desired.
Hey zrach filipino here as welL. Just wondering about your 50-60 comment as the retirement age back home is and a number of my teachers were well on their way to 60. Also, if you don't mind my asking are you from a smaller town or bigger city as the cultures do differ? My dad is 62 still works 10-12 hour days at the helm of the family business. We have longtime staff who are in their late 60s who have retired at 60 yet come back due to pure boredom. I guess when you do something for so long it's hard to get out of the rhythm.
@alizzan: That's great when parents care enough about the kids to sacrifice a lot. We have some family friends who we feel don't put too much value in the education of their kids (they spend money on fancy clothes and gadgets and things but not enough on education and recreational activities for their kids) and it makes us sad.
I know first hand what you mean about the culture of relying on others. My wife and I have actually brought up options like setting up a small business for some of our relos but they don't have the drive. It's kinda sad to see that the fire is no longer there, if it ever was there, for some people.
@bargainjargon: I know what you mean. Quezon's quote of "I'd rather have a country run like hell by Filipinos…" had the caveat that it can be changed, but it seems like it never happened. So much potential but never really realised.
@alizzan: I still have hope. I feel as though things as a whole are improving even if it is going at a snail's pace.
I'm from Malaysia, where 55 is the normal retirement age, 58 is the mandatory age of retirement set by the govt. Very rare to see old people working in an office back there.
Zrach I find your comment re people in our country are mostly supported by our children very interesting. I am an Aussie and I was not aware of this - my understanding is Australia is typically a fend for yourself mentality. Perhaps if each child was a wealthy business owner or investor they may be able to give money to their parents, but the average family earning $180000 or whatever the figure is struggles to find their own lifestyle, let alone the lifestyle of their parents. And of course those earning more spend more (usually on themselves)…
The exception of course is some children feel obligated to care for a sick patent but this is usually at their own career expense and relies on government funding.
Probably should've indicated that I was from overseas as well. My bad.
Ah ok.
The only experience I have is my mate married a Phillipino and he sends his money to her parents (whereas he's never given his parents a dime lol)@exulted:
Your mate is in the USA I take it?
That would be a "zack" if I recall or a "brass razoo" - no "dimes" in this country!I pushed submit twice so I'll just put a bunch of smileys here :) :() :) :) ;) :() :() ;) :) :) :) ;) :()
@OBone: hehe it was a figure of speech (but Australia tries to be American doesn't it ? - music, movies, capitalism, etc…) Ok I'm ready for the flaming… :)
He was born and lives in Aussie
@exulted:
I've heard the process referred to as coca-colonisation and it's not just Australia that's affected unfortunately.
The answer is pretty simple, from a legal standpoint you can't access you super until you are 60 and you can't receive an aged pension until you are 67-70 barring injury or illness. Plus people are living a lot longer these days, 80-90 is not an unreasonable assumption if you look after yourself. So if you retire at 50 you need 30-40 years of savings/super/assets to live off. Not everyone will own their own homes by 50, I am 30 and I haven't even purchased yet, can't imagine I would own it by 60 at this rate. Then there is the cost of living, it is out of control. Believe it or not, some people enjoy working, my father in law is 62 and retired at 60, 3 months late he was back at work because he was bored (he is a very active and healthy 60). Some people want to maintain a certain lifestyle and that costs money. The longer you work the more super you have and the better your retirement will be. I could go on for ever. I'm not sure where you are from or your cultural expectations, but most people in Australia will work til they either cant work anymore or they most definitely will never need to work again and for most of us that is easily 60+.
you can't access you super until you are 60 and you can't receive an aged pension until you are 67-70 barring injury or illness
Pretty much this.
Also people get bored sitting around
Actually you can access up to 10% of your super per financial year at the age of 55 (even if you're working).
On the other hand the preservation age will rise over time to 60 for those born after 1964 so in a sense he's right.
so in a sense he's right
More probably, it says that he's not OLD yet!! (note he says you cant access the pension until 67. Which also isnt currently the case - It's 65) Could be the 67 says they were born in 67
:)
As for the rest about working past retirement, Cypher67 probably hasn't yet run into the HR mafia which doesnt necessarily want to employ people who are older than themselves
More probably, it says that he's not OLD yet!! (note he says you cant access the pension until 67. Which also isnt currently the case - It's 65) Could be the 67 says they were born in 67
Born after 1957 to be exact.
http://www.humanservices.gov.au/customer/services/centrelink…
But yes, the signs are some posters haven't run into age discrimination yet. Let's see how their noble declarations of wanting to work until they drop fare when nobody wants to employ them. And many current job categories will fall victim to advancing automation.
boredom it is mainly
when i was working at uni some 65+ professors would work for free or very low pay as few people had their expertise and they did white collar type work anyway
Boredom. My mum's been retired for years and she's begging to get back into the workplace.
head over to Asian countries like hong kong
and go to maccas etcyou will see heaps of old people working in fast food joints! its quite low here already, usually professionals
over there I think their pension system aint as good
Singapore airport guy was 95 still push carts around i feel real sad for them.
Find out how much is their income tax vs Australia. We have higher wages here and they are pay peanuts. In Singapore you can choose to work your butt off and achieve financial independence or you can choose to push cart until you drop.
I will be working until the day I die! Seriously though for me if I have to work past the age of 65, it will probably be because I don't yet feel financially secure and/or feel like I have enough money to support my life style.
In any case, I think it's a good thing for people to retire late. In the country where I was born it's quite common for people to retire early in their 50's to make way for younger people. I find this a waste of talent as it often takes years to build up experience in some professions (e.g. medicine, law, academics) and 50-60 may be the best age in their career life. My father, who is 64, was officially retired a couple of years ago but is still doing a lot of consultancy work as it's difficult to find someone with his level of knowledge and experience in his field.
lifestyle can be worked out try live abit cheeper try cut down on debt. if your doc they work until drop or all most drop but they love it.
Sheesh
Every tin pot journalist who is short on a story, writes a piece about Boomers (Seniors) who are accessing superannuation pensions and not working, now we have some student telling the oldies that they shouldn't be working because they want a job.
And then there is the government trying to encourage older aged workers to help balance the budget, while GenY human resources managers are making aged workers redundant.
Damned if they do Damned if they don't.
and then
VERY OLD
being defined by the OP as 50+ or greater
Given that residual life expectancy for someone currently at 65 will be on AVERAGE 19.1yrs (male) and 22 (female) then 85 is to be expected.
So for this 50 year old thats ⅓ of their life left to go. You know those of you at 26 are now more than half way to being OLD! under the OP's definition :)
Average life expectancy for someone born today is 79.9 years (male) - the difference is that with Residual life expectancy, the deaths that occurred before thru accidents illness etc are eliminated from the figures, hence it gets larger.
So it's llkely when our OP student gets to being OLD, the residual life expectancy will increase another 5 or so years. Hence the government push for the pension age to raise to 70
BTW people have been able to access their super at age 55, but that is now changing, due to pressure to balance the budget
Preservation age
Preservation age is at least 55 years of age and can be up to 60 years of age. Anyone born before 1 July 1960, has a preservation age of 55 years.
Preservation is a restriction that prevents a member from accessing superannuation benefits until retirement or until satisfying a condition of release.http://www.superguide.com.au/superannuation-topics/preservat…
BTW people have been able to access their super at age 55, but that is now changing, due to pressure to balance the budget
Actually the taper from 55 to 60 was in place before the current budget hoohaa. Government may raise it further but the current arrangement caters until 2024.
https://www.ato.gov.au/Individuals/Super/Accessing-your-supe…
Agreed but the pressure to balance the budget has been there for more than the life of this parliament. :)
some student telling the oldies that they shouldn't be working because they want a job
who was saying this? was the OP edited?
Average life expectancy for a male at birth for 2010-2014 is 85 (Australia) vs 65 (Philippines) (http://data.worldbank.org/indicator/SP.DYN.LE00.MA.IN)
So if you retire at 50, a Filipino has on average 15 years of life left. If an Australian retires at 65, they have 20 years left.
Reason varies. Here's one that I know of:
There's an engineer that I work with. He's in his late 60+ and still come to work everyday.
I know for a fact that he isn't in need of money, he owns 4 properties in Sydney in which only 1 hasn't been paid off. I know because I did his loan for him lol.
Over a conversation at the pub I found out.
Tom: "Hey Bob, why are you still working? Don't you want to retire?"
Bob: "What do I do after I retire Tom ? I'll be bored to death. I'll work until the day I die."
Tom: "Travel ? Cruise?"
Bob: "Cruise? Can't think of anything worst. And I've been travelling all my life, I have a trip coming up actually."
Tom: "You're just like me, I'll work until the day I die too!"Boredom was the answer for Bob.
Hmm, I think I know Bob. Good bloke.
We all know Bob
And Bobs Your Uncle !!
bob sound happy to me. i love retire cruise all day i am think about booking on board a ship cheeper then old age home.
I find it weird that some 50+ and even 60+ years old Aussies are still working
Where are you from OP? If your country considers 50 VERY OLD and too old to work and puts them out to pasture, obviously I was born in the wrong country. How does your country manage? For retirement at 50, a 30 year working life is not going to support the longer lifespans of the future.
As others have posted, preservation age is a condition of access to super. Beyond that a variety of reasons, including boredom, or wanting to improve standard of living with part-time work. Also consider that some of the people you saw may have been volunteers.
If i had to take a stab, I'd guess an asian country?
South Korea's semi-compulsory retirement age is 55 if you're working for a company.
One of our bd guys is in his 70's. He'd just be bored at home. Personally I could not just do nothing.
There are always people of any age who need the money to make ends meet.
Ask Rupert Murdoch, he is 84.
evil never sleeps
lol still working at 50 or 60? Government will expect us to be working to 80 by the time I retire.
As a 61 year old working an average 80 hours a fortnight, working helps to keep me alert and engaged and I dread the day I am "too old" to work. My job sucks at times but the benefits outweigh the disadvantages by a long way.
I like to travel and if I didn't work I wouldn't be able to afford to go anywhere.
My grandfather retired (while still fit and active) at age 65 and within 2 or 3 years he was on the slide to illness and by age 69 he was dead. He had nothing to do after he retired besides pottering around his very small garden or sitting at the kitchen table listening to the radio. Very sad.
I will keep working to age 100, health permitting!
Yeah the retirement age will be like 80 by the time I am 65. It's such ridiculous BS that makes me question why I pay tax etc.
It is criminal for the pollies to make such rules because many retirees will die before they can fully enjoy their fruits of labour. And the politicians do not care - they retire early, and have a fat pension for life because most are on the Defined Benefits Plan. And most are old enough not to be affected by this extended pension eligibility rule. Do you think they care? meanwhile they have amassed properties with all the concessions that were available to them and can enjoy their retirement in luxury whilst the next generations work to their deaths.
Average life expectancy might be sitting at 110 by the time you are 65.
I just want to hang around until they can Vanilla Sky me.
Some work, some don't work.
Seems like you need to work more so you don't post pointless forum topics.Seems like you need to work more so you don't post pointless forum topics.
Seeing as I'm turning 50 next year, I take exception to people of 50+ being referred to as VERY OLD!!!! I would love to retire and have plenty of things I would like to do in retirement, so there's no way I would ever get "bored" enough to want to return to work LOL. However a divorce in my late 30s severely impacted on my financial situation and I took quite a few years to claw my way back, so it's highly likely I'll be working not by choice but for financial reasons at least until retirement age and possibly longer.
OP is probably 18 or 19. Don't take it to heart.
Anyway, It's 3pm, past your bedtime :P
Not quite my bedtime yet, it's only midday here in Perth :P
The older generation have a different work mentality to the youth of today (I'm in the middle), my older employees are more knowledgeable and can work autonomously while the younger ones can't, I actively encourage working past the retirement in a part time role as it greatly benefits both parties.
I'm from Korea and my dad retired at the age of 47. He worked as a bank manager in a country. I 'think' you can get your pension and superannuation funds from like 50 something (I might be wrong though).
I think it's awesome if older people keep working. I believe many do it not because they have to, but because they can. Work can often make them feel useful and gives them a sense of purpose and identity.
One of the things I noticed in Singapore was old women working at Burger King, an old man was the cleaner. Definitely in their 60's… no teenagers. I also noticed lots of older people working throughout Asia.
The retirement age in Singapore is slowly increasing — I believe in 2010 it was 62 and in 2018 it will be age 65.
The pension system in Singapore is based on the CPF (Central Providence Fund). Think of it as their form of superannuation except the contributions are far more than ours, and you cannot access the money until you hit the retirement age. And even then, they will only give it to you bit-by-bit, and for most people they may still need to continue working to even afford rent and to afford an 'average lifestyle'. Most Singaporeans I know would highly disagree with the CPF's retirement policies.
http://news.asiaone.com/news/singapore/cpf-rethink-needs-add…
Australians are just very healthy (longest life expectancy except Japan) and hardworking compared with most other countries. if you are healthy and hardworking, why would you retire?
Because you have enough money and want to do something else? Being obliged to go to work can be a drag. Certainly going in every working day would be a drag for me. Wouldn't you retire too if you had the means?
Australia is actually not the second, there are several countries ahead of us but we are in the top 10 with only a couple of years of difference from Japan.
Obviously if you are healthy but would rather "do something else" than work, you aren't very hard-working.
Most Australians are hard-working, so they keep working even when they aren't obliged to.
You are right about us not being the second highest, but Australia is in the top 10 and within a year of the very highest countries.
Happy not to be hardworking :P.
And that's ok. In Australia you have a choice - continue to work in a relatively safe and well paying workforce, move over to a vibrant not-for-profit/volunteer sector, or spend all day playing pokies. In other countries, the workplaces aren't as safe or well-paying as here, so more people can't wait to get out.
@mrmarkau67: But seriously though, I hope many of the people who continue to work even when they can afford to retire are not doing it because it's the only source of their identity. I would hope that people have nurtured other interests over the years.
Number 2 on the Top five regrets of the dying is "I wish I hadn't worked so hard".
If you view your working environment as nirvana, that is ok to go to work. If it is toxic, stressful and destabilising to your health, it is never a good motivation to go to work whatever your age for that matter. Of course when you are older and financially stable, you can quit, find another job and keep looking and looking. Is that what you want? IMHO,enjoy what you do and if your work environment is joyful and fun, go for it. Work environment will change and fairly quickly too. Stress at work is the reason why you are paid. In your dead bed, would you regret not going to work more?
That's a great point. I've seen a few people really struggle with their identity on retirement.
But imagine saying that to Beethoven. "Hey Ludwig, you are going blind and deaf. Why don't you retire? Why didn't you develop some other interests along the way?"
I know some "Beethoven" accountants and school principals. They do it because they love it. For them there literally is no higher calling. If we force them to retire from paid work, next week we'll find them doing the books for a not for profit.
The point I was making is that Australians are naturally hard working, and our excellent healthcare system keeps them able to do what they want for longer.
Not like certain other countries where old folks need to work until they drop to even get fed, or worn out with smoking, drinking and long hours by 50.
@mrmarkau67: It all depends if you live for your job/career then you are going to have trouble adjusting when you retire.
If you have had a balance in your life between job and personal life, then the transition is going to be easier.
But it is a transition and that takes some doing.
50 or 60 is not VERY old! :) I heard on the news that 1 of every 3 babies born now is going to live to 100. 50 is only middle age now, I imagine very few people would be able to retire at the age of 50.
Retirement has got nothing to do with age…..and everything to do about money. You can retire at 30 if you have enough…which sadly I don't.
Iddv04 is right.
The generations ages of the 60, 70 s ect did not have the opportunity of super as part of their wages apart from government and bankers. The later were always transferred and many needed their super to buy a house.
Also the generation of baby boomers and generation prior often worked so hard to support family with the change to - I will give every thing you want not just need - this is not only things but jobs to the detriment of themselves,
.
Some jobs one meet with all talk to many many people and if stop work this stops. When that stops they die early of a broken heart as we are a gregarious race. And so on and so. Solution, we should all contribute one way or another to help the other precious part of Australia (the other our young for they shall inherit our liveyhood) . Why for love, knowledge experience and be armered guards.And what is old look up May West quote about life. Don't we all wish - whater ever gender you are.
Bottom line, the cultural difference, is it respecting honouring our aged, and will we support them , or do we carry them up to the top of Mount Fungi?
I cannot wait for retirement (granted I hate my job…) and to be able to do what i want. I just hope i have the physical and mental capabilities to enjoy it!
The last part of your sentence is worrying. You don't have to work til you're 101.
My M.O is that I'll work until you die, but ensure I'm having regular holidays and time off as I go.
Enjoy life while you're young and able.The difference between working to pay bills/mortgage and working because you are bored is immeasurable.
They are so very different. That is how I see it.
I retired when I was 25 years old, but I find that if you become attached to something its hard to let go. Alot of people work till their senior years and I notice they find it hard to let go of it like my dad. He just doesn't want to sit around at home doing nothing but rather go and study or write a book or work part time. Its how you act early that will determine your future actions. I just can't possibly go back to work because I simply enjoy free time and freedom.
Can I ask how?
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Going by an old colleague who was well into his late 60s. He works to have something to do. Granted he only works part time.
I did asked if he needs the cash. He said house paid off. Plenty of savings.
Do note however others may not be in this situation.
Others work just like everyone else they need money to survive.
Perhaps working gives them more than the pension.