Is 50 too young to retire?

We’re living for longer than ever but Australian women are still taking early retirement when they turn 50.

New figures from the Bureau of Statistics showed that the average retirement age for women was 50, despite the government urging people to work until they are 67.

Men are also falling short of government expectations, retiring at an average age of 59.

Despite these figures, a survey on “retirement intentions” found that one in five working people aged 45 or over were not planning to retire until at least 70.

Half of those surveyed planned to retire between 65 and 69, 25 per cent between 60 and 64.

The report also found that workers didn’t have a realistic idea about where their income would come from once they retired.

It showed that half of those planning to retire expected their main source of income would come from superannuation, but only 17 per cent of retirees found this to be the case.

In reality, the majority of retirees’ income came from government pensions and allowances. A large number of women, 44 per cent, also relied on their partner’s income as their main source of income.

Your say: Do you think 50 is too young to retire? When are you planning to retire? Email us at [email protected]

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