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New research from the National Centre for Vocational Education Research and ANU provides more of a breakdown of who’s retiring when – according to the type of workers who remained in the workforce beyond the retirement age of 65 in the past 10 years. As reported in the Australian, there are two distinct groups who are ignoring the retirement age and remaining in the workforce; the most educated and the least educated.

Why the most educated?

• they enjoy work and the social interaction
• attractive employment conditions
• they need to recoup an investment in education

Why the least educated?

• the financial considerations of cash flow
• less accumulated wealth
• limited access to good retirement arrangements with super

We’re with Chris Ryan – author of the research:

I think there are positive things about keeping experienced, capable people working longer. I think there will be more people working at 70 than there are now, but they will have more choices with superannuation and pay more attention to their financial position as they age.

Organisations who actively support their employees in late career will benefit.