Aussies delaying retirement by years as cost of living ruins retirement plans
Australians are dramatically changing how much money they need and how long they will stay in the workforce as cost-of-living smashes retirement plans.   


News.com.au
June 1, 2026

Australians are putting off their retirement by up to four years as cost-of-living pressures bites hard.   :o

In its latest retirement report, Colonial First State flagged Australians want to leave the workforce at 62, but the financial realities means they are expecting to have to work until 66.   :(

More than half of those surveyed worry they won’t have enough money to live comfortably, while 50 per cent say they fear an unexpected health or aged care cost.   

A further 37 per cent fear they’ll simply outlive their superannuation.

There has also been a significant jump in how much Australians believe they need in for a comfortable retirement, with workers saying they need $183,000 more in their superannuation, surpassing the $1m mark for the first time.

Australians believe they will have to work until they are 66.

Colonial First State executive director of retirement and growth Marissa Powe told NewsWire years of persistent cost-of-living pressures meant many workers were concerned about leaving the workforce.


“Australians are understanding that cost-of-living continues to increase, there’s the cost of aged care and healthcare,” Ms Powe said.

“They are just taking that all in knowing their retirement savings and super will need to go further than it ever has before.”

The research follows official figures released by the Australian Bureau of Statistics show yearly headline inflation fell from 4.6 per cent in March to 4.2 per cent in April.


This was due to the Australian government temporarily halving the fuel excise and giving back the GST, which in part eased some of the inflationary pressures.

But the all important trimmed mean inflation rate – which the RBA watches because it strips out volatile and seasonal items – rose to 3.4 per cent for the 12 months to April, showing underlying price pressures are still in the Australian economy.


The research also found more than three quarters of Australians who receive advice say they feel prepared for retirement, compared with less than half of those without an adviser.

Colonial First State Superannuation chief executive Kelly Power said, for many Australians, it raised questions and considerations ranging from whether their savings would be enough to how to navigate an increasingly complex system.

“Planning for retirement is complex, but the path forward becomes much clearer with the right support in place,” Ms Power said

“That’s why improving access to financial advice is critical.

“We strongly believe that reducing barriers to advice, like cost, will help more Australians get the support they need to plan and retire with confidence.”

How much do Australians need in retirement

In terms of how much money Australians need to retire, experts differ, pointing out retirement is individual and based on personal expenses and access to the pension.

According to the Association of Superannuation Funds of Australia (ASFA), it has gotten harder for Australians to achieve a comfortable retirement due to persistent pressures.

They say a single 67-year-old homeowner now needs a $630,000 lump sum if they want to retire comfortably.

Australians are staying in the workforce for longer, worried that cost of living will affect their super balance.

The figures say couples previously needed $690,000, but now need at least $730,000.

The lump sums required for a “modest” retirement have also increased, up to $110,000 for singles and $120,000 for couples after previously being $100,000 for both groups.

This has the major caveat of owning a home in retirement.

Meanwhile Super Consumers Australia (SCA) says surveys of retirees show most people will spend less than what experts say they need.

Yet the government funded pension age is now 67.   :(

My father took a voluntary early retirement in order to help save his co-workers' jobs. He was 63 years old. He was retired for about 6 months before he started to realise that he might not have enough money to live beyond 80. He got himself a part-time job in town, and worked there for another 2 or 3 years. Retired again.

whiteknight wrote on Jun 1^st, 2026 at 8:54am:

Yet the government funded pension age is now 67.   :(

I was told that chances are, there won't be much of a pension to go around, when I retire. There was a recommendation that I keep working until I turn 75 years of age.

UnSubRocky wrote on Jun 1^st, 2026 at 3:07pm:

My father took a voluntary early retirement in order to help save his co-workers' jobs. He was 63 years old. He was retired for about 6 months before he started to realise that he might not have enough money to live beyond 80. He got himself a part-time job in town, and worked there for another 2 or 3 years. Retired again.

I retired at 59.

I have enough money to last me for the rest of my life, as long as I die at 68   :(

whiteknight wrote on Jun 1^st, 2026 at 8:54am:

Yet the government funded pension age is now 67.   :(

I bring you the Grappler one-stop retirement shop where all contribute from earnings through life, into a National Sovereign Fund created by returning to our shores Howard's now $335Bn, and adding to it retirement funds - wherein every person can have a maximum amount for super, indexed, and be taxed on income above that amount (not on gross amount) as savings* - and that funding can be loaned out to re-develop this country at a fair rate of interest ... and from which EVERY individual including disabled, receives a minimum payment in retirement... indexed again - all out of interest earned and gains from investment .... but Australia First!

* think on this - some fat cat can still put money away - but not without being taxed on 'excess earnings' - and unless VERY fat, would not be paying that much tax... like the CGT furphies flying around - only the very fattest in income - after all costs etc - would be paying 47% - that's the old Thatcher lie** that Andrei used to go on about - 'paying 90% of your income in tax' only applied to those reaping in billions and after all costs etc - meaning cunning accountants disappear most of it anyway and the poor old rich person lives like a king before any tax anyway - and only then on the top end of it.

** " the top tax on earned income was 83%. The top tax on savings was 98%." - those were ONLY on a portion of the very highest incomes - which frankly were way out of control compared to the struggling masses she so despised...  I believe the woman to have been autistic or something.. a perfect neo-conservative mouthing empty platitudes as truths..

If I retire at 67, even if I have a good job leading up to that time, I won't have a long retirement.

Marry well...

I retired 12 months ago this month.
My super fund says I have enough, at my current spend, to lat until 93.

But if inflation keeps going that will certainly change.
And unlike our politicians and senior public servants with their indexed retirement, I will run out sooner.

A POX ON THEM ALL.

My super is through the roof and approaching 3 mill.
At that point , earnings will be taxed at 30 %.
Currently it earns about 220 k a year so that's 66 k in tax.

If I retire and take an annuity , all earnings are tax free so , if I keep working , at the top marginal rate, I need to make 132k a year or I go backwards.

I make a bit more than that but not a great deal more, so if I continue working, it's because I get joy out of my work.
And of course, that's exactly what I intend to do.

I truly pity people who want to retire, want to stop contributing. Want the easy life, want to stop getting up every morning and putting themselves into the brutal pressure cooker of challenge and uncertainty.

What sloppy weak soft little worms they must become.
How tragic.
How un manly.
How much of a pussy must you be to just give up and lay about eating biscuits.watcjing Netflix and slowly rotting away.
What a disgrace you would be to the human race to just want to be a leach

aquascoot wrote on Jun 3^rd, 2026 at 10:09pm:

My super is through the roof and approaching 3 mill. At that point , earnings will be taxed at 30 %. Currently it earns about 220 k a year so that's 66 k in tax. If I retire and take an annuity , all earnings are tax free so , if I keep working , at the top marginal rate, I need to make 132k a year or I go backwards. I make a bit more than that but not a great deal more, so if I continue working, it's because I get joy out of my work. And of course, that's exactly what I intend to do. I truly pity people who want to retire, want to stop contributing. Want the easy life, want to stop getting up every morning and putting themselves into the brutal pressure cooker of challenge and uncertainty. What sloppy weak soft little worms they must become. How tragic. How un manly. How much of a pussy must you be to just give up and lay about eating biscuits.watcjing Netflix and slowly rotting away. What a disgrace you would be to the human race to just want to be a leach

Whiteknight, are you getting this??

Frank wrote on Jun 3^rd, 2026 at 10:14pm:

aquascoot wrote on Jun 3rd, 2026 at 10:09pm: My super is through the roof and approaching 3 mill. At that point , earnings will be taxed at 30 %. Currently it earns about 220 k a year so that's 66 k in tax. If I retire and take an annuity , all earnings are tax free so , if I keep working , at the top marginal rate, I need to make 132k a year or I go backwards. I make a bit more than that but not a great deal more, so if I continue working, it's because I get joy out of my work. And of course, that's exactly what I intend to do. I truly pity people who want to retire, want to stop contributing. Want the easy life, want to stop getting up every morning and putting themselves into the brutal pressure cooker of challenge and uncertainty. What sloppy weak soft little worms they must become. How tragic. How un manly. How much of a pussy must you be to just give up and lay about eating biscuits.watcjing Netflix and slowly rotting away. What a disgrace you would be to the human race to just want to be a leach Whiteknight, are you getting this??

Whiteknight and myself will both be dead in a few decades.
On his death bed, maybe he will look back fondly on all that he extracted from his fellow citizens.
That's just bad karma.

No society in the 1000s of generations of humanity has EVER  celebrated those who were elite level takers, elite at lying by the pool , elite at achieving safety and comfort for themselves.

What a worthless waste of a life to aim for nothing but your own safety and comfort.
How much of a narcissist would you have to be not to throw up at the thought

aquascoot wrote on Jun 3^rd, 2026 at 10:09pm:

I truly pity people who want to retire, want to stop contributing. Want the easy life, want to stop getting up every morning and putting themselves into the brutal pressure cooker of challenge and uncertainty.

Look at Elon Musk someone who has more money than you could spend he doesn't sit on his arse and veg out like Marla with a bag of weed and a bong.

Space X was one more rocket blowing up from going bust today Space X launches more rockets than anyone else.
They recently landed same rocket 35 times.

Tesla cars are making self driving taxi which will make Uber drivers redundant.
Tesla semi truck looks good.

He is also making Optimus robot which might put fruit pickers out of work.

Then you have his AI Grok which is probably going to take over from many jobs engineering being one possibility.
I have asked Grok some pretty serious engineering questions it does all the maths almost instantly and even suggests other possibilities.

Elon has a lot to think about he could have sat back on his arse yet chose to continue innovating.

Burt Rutan called Elon a tremendous innovator over 15 years ago that is huge praise coming from Burt.

A friend of my fathers retired did some home renovations got bored then asked for his job back for part time work.
He didn't need to go back for money he enjoyed what he did.

aquascoot wrote on Jun 3^rd, 2026 at 10:26pm:

Frank wrote on Jun 3rd, 2026 at 10:14pm: aquascoot wrote on Jun 3rd, 2026 at 10:09pm: My super is through the roof and approaching 3 mill. At that point , earnings will be taxed at 30 %. Currently it earns about 220 k a year so that's 66 k in tax. If I retire and take an annuity , all earnings are tax free so , if I keep working , at the top marginal rate, I need to make 132k a year or I go backwards. I make a bit more than that but not a great deal more, so if I continue working, it's because I get joy out of my work. And of course, that's exactly what I intend to do. I truly pity people who want to retire, want to stop contributing. Want the easy life, want to stop getting up every morning and putting themselves into the brutal pressure cooker of challenge and uncertainty. What sloppy weak soft little worms they must become. How tragic. How un manly. How much of a pussy must you be to just give up and lay about eating biscuits.watcjing Netflix and slowly rotting away. What a disgrace you would be to the human race to just want to be a leach Whiteknight, are you getting this?? Whiteknight and myself will both be dead in a few decades. On his death bed, maybe he will look back fondly on all that he extracted from his fellow citizens. That's just bad karma. No society in the 1000s of generations of humanity has EVER  celebrated those who were elite level takers, elite at lying by the pool , elite at achieving safety and comfort for themselves. What a worthless waste of a life to aim for nothing but your own safety and comfort. How much of a narcissist would you have to be not to throw up at the thought

The welfare state was created to assist the unfortunate.
But very quickly the gimme spivs like white knight and the chances and racketeers, as we see with the NDIS, flood in and demand that they be carried.

Coming up on the 7th 'anniversary' of my retirement at the end of this month.

Retired early at the age of 61 at the end of June 2019 then lived off my super for 5 years while looking after my aunt.

Only been on the age pension for nearly 2 years but I'm loving every minute of retirement.

And, I haven't just given up and I don't lay about eating biscuits, watching Netflix and slowly rotting away.

If anyone isn't happy about that or disagrees then I have two words - bite me.  :)

Firstly, congratulations on retirement.

I sincerely hope you enjoy the best time of your life!!

Don’t ever let fear hold you back!!!

I’m several years away from being able to retire at 60.

It fears me.

WTF will I do?

Obviously there are volunteer organisations that I can work for?

It’s actually really difficult for myself to get my head around getting this old.

I’ll end up medically unfit and politely told it’s time. Ive done all the sums and life will continue financially basically fine.

It’s a struggle mentally to get my head around being retired.

It seems like only yesterday I didn’t believe I had a chance in hell to be 19.

And that, paradoxically didn’t worry me as much  :-/ :-/


Only the good die young, I suspect yadda you and I will live to 200 8-)

Seems to me if some people had their way, people would never be able to have their retirement.  They would chain them to the work bench forever.   :(    

whiteknight wrote on Jun 6^th, 2026 at 10:59am:

Seems to me if some people had their way, people would never be able to have their retirement.  They would chain them to the work bench forever.   :(

You had a whole lifetime to  prepare for your retirement. Whydinya?

I retired at 60, had three years at home and developed some land and dabbled in the commercial real estate market. went back to work in a lifestyle job last year so in the process of selling off properties for the second time. Money means nothing to me, being happy and looking after my family is all that matters. I have helped most of my family get ahead in real estate and I have even helped tenants remove stress from their lives.

The governments have had a lifetime preparing for peoples retirement.  Yet they keep putting the pension age up.  Why is that so?.   :(      

Some people live to work, they should continue to work

I retired early, about 3 years ago. Did a lot of planning for it, really enjoying it. Can see why many do not like it.

Best advise I was given was .......... have at least 4 different interests before you retire.

whiteknight wrote on Jun 6^th, 2026 at 12:50pm:

The governments have had a lifetime preparing for peoples retirement.  Yet they keep putting the pension age up.  Why is that so?.   :(

People live longer, I know many people in their seventies still working.

whiteknight wrote on Jun 6^th, 2026 at 12:50pm:

The governments have had a lifetime preparing for peoples retirement.  Yet they keep putting the pension age up.  Why is that so?.   :(

The age pension was introduced in 1908, seting the age of eligibility at 65.  The life expectancy at the time was 55 formen and 59 for women.

Today, life expectancy is 82 and 86, so applying the original thinking, the pension age should be 92.


Be glad.

Greens announce plan to lower retirement age and lift pension above poverty line
2025-04-26
greens.org.au
The Greens have today announced a plan to lower the retirement age and lift the age pension above the poverty line, allowing Australians to retire earlier on a liveable income.   :)

Greens leader Adam Bandt announced the plan in the party’s target seat of Richmond in northern NSW, along with Social Services spokesperson Senator Penny Allman-Payne and Greens candidate for Richmond Mandy Nolan.

By lowering the pension age from 67 to 65, recipients who benefit would on average receive $18,000 more a year. This includes those moving from JobSeeker to the Age Pension.

There are currently 54,295 JobSeeker recipients who are aged over 65. Since 2017 the proportion of people older than 65 receiving JobSeeker, DSP or the Carer Payment has doubled.

The commitment will largely benefit older women who are more likely than men to face the prospect of poverty in old age. The majority of JobSeeker recipients aged over 65 are women.

The pension rate was raised from 65 to 67 by the Rudd Labor government in 2009, with the Greens opposing the decision at the time.

Comments attributable to Leader of the Australian Greens, Adam Bandt MP:

“In a wealthy country like ours, no one should retire into poverty. The Greens will fight for the right to retire earlier at 65, with an income that will actually pay the bills and support older Australians to enjoy the retirement they deserve.   :)

“There is a poverty crisis among older Australians and it's worse for older women, who are one of the fastest growing groups facing homelessness.

"One in three big corporations pay no tax, while thousands of older Australians are struggling to get by. By making billionaires and big corporations pay their fair share of tax, older Australians can retire earlier with a liveable income.   :(

"In a minority Parliament, the Greens will keep Dutton out and restore respect and dignity in ageing by getting Labor to return the pension age to 65, and raise the pension rate above the poverty line.”

Comments attributable to Greens spokesperson on Social Services and Government Services, Senator Penny Allman-Payne:

“Thousands of older people are in physically demanding, minimum wage jobs or accessing the much lower JobSeeker rate because successive Labor and Liberal governments have failed to give them the support they need.

“Older people deserve better from their government. The Greens will return the pension age to 65 and lift the pension above the poverty line, providing a well-deserved earlier retirement with liveable income support.”

The pension rate was raised from 65 to 67 by the Rudd Labor government in 2009, with the Greens opposing the decision at the time.  Think I will put a vote in for the Australian greens.   :(

whiteknight wrote on Jun 6^th, 2026 at 1:42pm:

The pension rate was raised from 65 to 67 by the Rudd Labor government in 2009, with the Greens opposing the decision at the time.  Think I will put a vote in for the Australian greens.   :(

Drew Hutton, the co-founder of the Greens, says this about the Greens:



“My politics are still exactly the same as they were back in the 1980s when I first started setting up green political organisations,” he says. “I believe in the four pillars of green politics: ecological sustainability, social justice, democracy, and nonviolence. They’re my guiding principles, but they are no longer the guiding principles of the Greens.

“Their idea of social justice is justice for small preferred minorities. Their idea of democracy excludes free speech, and they support truly repulsive organisations – or at least they don’t criticise them – like Hamas in the Middle East. Hamas is a violent, terrorist organisation but you never hear them utter a word of criticism of them.”

The old boy’s message is that the Greens are talking themselves into irrelevancy with most voters. It’s an existential problem for the progressive left of politics that reaches to the ALP. He calls it the “Brahmin bubble”, appropriating the term for the top-ranking class in the traditional Hindu caste system. “The issue for the Greens is they have no ability to talk to people outside that particular constituency,” he explains.

“These people have contempt for ordinary Australians. They’re university educated and predominantly from the inner city. They’re into identity politics. They’re professional, managerial elites and they don’t relate to … working-class Australians.”
...


“Unless somebody wakes up Labor and the Greens to the fact that they are not representing the people they purport to, the progressive side of politics is going to disintegrate in this country,” Hutton warns. “The Greens are going to stay at a sub-primary (vote) level, Labor is going to become increasingly unpopular out there and One Nation is going to cannibalise their vote. The left is going to have to take a very good look at ­itself if it wants to stay relevant in Australian politics.”

Yet the Australian greens still hold the balance of power in the Senate.   :)

whiteknight wrote on Jun 6^th, 2026 at 2:23pm:

Yet the Australian greens still hold the balance of power in the Senate.   :)

Yeah - what does the co-founder of the Greens know about the Greens, eh?

Leroy wrote on Jun 6^th, 2026 at 12:06pm:

I retired at 60, had three years at home and developed some land and dabbled in the commercial real estate market. went back to work in a lifestyle job last year so in the process of selling off properties for the second time. Money means nothing to me, being happy and looking after my family is all that matters. I have helped most of my family get ahead in real estate and I have even helped tenants remove stress from their lives.

That’s inspiring so thank you for sharing.

I actually really enjoy my work.

I feel very lucky to be in a position where I look forward to getting up and and going to work.

I have a great boss.

If she left I doubt I’d stay.

Body is willing but …sucks to be old and sit on a bench and feed pigeon’s

Hmmm, given the way the Australian economy is going.

Perhaps I could use old skills to feed local birds up.

Fattening them, gain their trust.

Catch and dispatch and local bush turkeys  for dinner?

I have a limited skill set 🤣

whiteknight wrote on Jun 6^th, 2026 at 10:59am:

Seems to me if some people had their way, people would never be able to have their retirement.  They would chain them to the work bench forever.   :(

Working till you die at your desk was not for me -
I got out when I could.

States ranked for seniors' concessions
Table with 3 columns and 8 rows. (column headers with buttons are sortable)
Rank      State      Reasons
1      Western Australia      Extends pensioner utility and rates concessions to CSHC holders, free off-peak travel.
2      Queensland      Seniors card has no income test and allows up to 35 hours of work per week, while still unlocking the $386.34 electricity rebate and $92.12 gas rebate.
3      New South Wales      Best transport concession via Gold Opal card with daily $2.50 cap, CSHC holders get a $200 seniors energy rebate.
4      South Australia      Energy concession of $281.78 includes CHSC holders.
5      Victoria      Pensioner concession card offers 17.5% off energy and gas and 50% off council and water rates, but excludes CSHC and Seniors Card holders.
6      Tasmania      Offers electricity concessions around $645 annually and water rebates for pensioners, but self-funded retirees are excluded.
7      Northern Territory      Utility concessions are restricted to members of the NT Concession Scheme.
8      ACT      A flat $800 utilities rebate but very limited concessions for self-funded retirees.