Australians are pushing back their retirement age, with the most common main factor influencing a person's decision on when they will retire being financial security, followed by their health or physical abilities, according to Australian Bureau of Statistics (ABS) data released this week.
And while Australians intend on drawing more of their retirement income from superannuation, the government pension is still the main source of income for current retirees.
An ABS survey found 36 per cent of people who planned to retire citied financial security as the most important factor in deciding when to retire, followed by health or physical abilities (25 per cent) and becoming eligible for a pension (11 per cent).
Just 17 per cent of current retirees cited superannuation as their main source of personal income, with two in three people reporting a government pension as their main income source.
But things are expected to turn around, with super taking greater prominence for future retirees.
Of those people still in the workforce aged over 45 who intend to retire, just over half expect superannuation to be their main source of income at retirement, while just one in four, or 26 per cent, expect a government pension to be their main source of income.
The average age at retirement for recent retirees was 61. Within this group, the difference between the retirement age of men and women was relatively small, with the average retirement age for men being 62.5 years and 60.3 years for women.
For those still working and aged over 45, those who intend to retire plan to do so at almost 63 years of age.
But breaking that data down, 14 per cent intend to retire aged 70 and over, while 47 per cent intend to retire aged 65-69, the most common age group cited, reflecting pressure on Australians to stay in the workforce to fund their retirement.
A further 28 per cent intend to retire aged 60-64, while 12 per cent intend to retire aged 45-59.
Of the 2.6 million people who are over the age of 45 and working full-time, 41 per cent intend to transition to part-time work before they retire, while 13 per cent of older workers in the labour force say they never intend to retire.
Of the 3.2 million people aged 45 or over who were already retired from the labour force, 64 per cent had made contributions to a superannuation scheme, with men accounting for greater numbers. Around 75 per cent of retired men had contributed compared to 54 per cent of women.
Of those who had made contributions, 58 per cent had received all or part of their superannuation funds as a lump sum payment.
Many of those who received a lump sum payment used it to pay off or improve their existing home or purchase a new home (31 per cent), to buy or pay off a motor vehicle (14 per cent), or clear other outstanding debts (13 per cent).
Some reinvested their lump sum payment into a bank account, personal savings or other investment (22 per cent), or an approved deposit fund, deferred annuity or other superannuation scheme (19 per cent).
