Health struggle for many working until 70

POOR health will make working longer a challenge for about a quarter of Australians aged in their 60s when the pension age is raised to 70, a report predicts. 

IT says the majority of retired or unemployed Australians in their 60s will not have enough superannuation to fund their retirement in 2035, when the federal government plans to lift the age pension access age to 70.

The modelling by AMP and NATSEM shows one in four men and one in five women aged in their 60s will be in fair or poor health in 2035, reducing their ability to work and save for a quality retirement.

For those people, the majority of men and more than two-thirds of women are likely to be unemployed.

"It is these Australians who may struggle to participate in the workforce if the pension age is increased to 70 years," the report, released on Thursday, says.

AMP chief customer officer Paul Sainsbury says Australians are living longer but more years in retirement places more strain on superannuation balances so many people will need to work longer.

"Early years in retirement should be a transition period with reduced levels of work, giving people more time to focus on their interests and well being, while still saving money," he said.

HEALTH EFFECTS ON RETIREMENT BY 2035

* Working longer a challenge for 25.6 per cent of men, 20.4 per cent of women in fair/poor health aged 60-69

* 65.1 per cent of men, 72.1 per cent of women in fair/poor health likely unemployed in their 60s

* 48 per cent of people now 40-54 and in very good health likely to decline to fair/poor health

* For those now 65-69 and in good health, 33.1 per cent likely to be working; 15.7 per cent if in fair/poor health.

(Source: AMP and NATSEM (National Centre for Social and Economic Modelling) income and wealth report.)

·         AAP

·         June 10, 2015 5:18PM

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