Retire when you’re dead: Over 800,000 Aussies can’t afford to stop working

Rising living costs are forcing Aussies to rejoin the workforce or delay retirement, according to new research by Finder.
A Finder survey of 555 respondents over the age of 43 revealed 1 in 6 (16%) either delayed their retirement or returned to the workforce in the past two years.
Almost half of those (7%) cited the rising cost of living as the main driver behind their decision to postpone retirement or re-enter the workforce.
That's almost 805,000 Aussies who had insufficient funds in super and other investments to stop work or remain retired.
A further 4% of Aussies resumed working to reduce boredom, while 1% had to stay in their job due to an emergency.
Pascale Helyar-Moray OAM, superannuation literacy expert from Finder, said retirement is a luxury many Australians can't afford.
"There's a growing retirement savings crisis in Australia.
"Australians dedicate much of their lives to working hard, often dreaming of the 'golden years' of retirement, but for many, stepping back simply isn't a viable option."
Finder's research shows women (8%) were slightly more likely than men (6%) to say they weren't able to stop working or had to come out of retirement early.
According to the ASFA, the median super fund balance in June 2022 for men aged 60–64 was $205,385, compared to $153,685 for women of the same age.
Helyar-Moray said the superannuation gender gap is a stark reminder of the systemic inequalities women face throughout their working lives.
"Factors like the gender pay gap, career breaks for caregiving, and part-time work disproportionately affect women's retirement savings. My number one rule when it comes to women and super is to just add as much as you can, as early as you can.
"Contributing even a little extra to your superannuation can make a significant difference over time.
"You can do this by salary sacrificing, setting up a regular direct debit into your super on payday or even using a cashback app, like one I started called Grow My Money."
Helyar-Moray urged Aussies to switch to a high performing fund to supercharge their retirement savings.
"It's also essential to shop around and find a super fund that meets your specific needs and offers competitive fees and investment options. More importantly, choose a find that aligns with your values; you're more likely to stick with it over time.
"Building a robust super nest egg is one of the most important things we can do to secure our financial future – so don't be afraid to seek financial advice to make informed decisions about your fund," Helyar-Moray said.
Have you delayed retiring or come out of retirement for any of the following reasons in the last 2 years?
To ease cost of living pressures | 7% |
Other | 5% |
To reduce boredom | 4% |
For an emergency (e.g. to support a family member) | 1% |
I've never worked | 10% |
I am not retired | 32% |
I have not had to come out of retirement or delay my retirement | 42% |
Source: Finder survey of 555 respondents over the age of 43, November 2024 | ![]() |
Methodology
- Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 60,000 respondents.
- Figures in this release are based on 555 respondents over the age of 43 from November 2024.
- The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics.
- The survey has been running monthly since May 2019.
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