Poorer Australian expect to work beyond 70

Nearly one in five Australians now believe they will retire when they are aged 70 or older, according to new research released by National Australia Bank (NAB) wealth management entity, MLC.

The research, the MLC Wealth Sentiment Survey, has confirmed continuing uncertainty in the minds of Australians about whether they will have accumulated enough for a comfortable retirement, but has identified a clear trend with respect to people expecting to stay longer in the workforce.

The research, covering the third quarter of 2015, showed the majority of Australians (31 per cent) expect to retire between the ages of 65 and 69, with more people expecting to retire before age 65, but with nearly one in five now believing they will retire when they are 70 or older.

However the research suggested there was a direct correlation between a person's wealth and that person's expectations with respect to retirement age.

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It found that, generally, those in the highest income group expected to retire earlier, with 47 per cent of those earning over $100,000 expecting to retire before age 65, compared to 36 per cent for those earning less than $35,000.

It said more Australians on lower incomes expected to retire aged over 70, with 25 per cent of those earning between $35,000 and $50,000 expecting this would be the case.