Media Release

ASFA research reveals retirees intend to stay flexible, many eye part-time work

New research from ASFA, the voice of super, shows Australians no longer view reaching retirement age as a ‘stop sign’, with a significant proportion of people planning on working past 65 for either social or financial reasons.  The research also shows only a small percentage of Australians believe they will never be in a position to finishing working.

Key findings: 

  • The pathway to retirement is not ‘one size fits all’: the ‘cliff-edge’ of working until retirement age and then stopping work completely is long gone
  • Of those aged 65+ and still working, around 25% plan to keep working to stay socially engaged
  • Around 14% of over 65s who are still working believe they will never be able to retire, largely due to financial reasons. This is equivalent to around 3% of the total population of people aged 65+
  • The research shows rules around superannuation accounts need to move with the times, and allow people to draw down and top up the same account
  • With more people pursuing a patchwork approach to retirement, the research also shows that rules around getting low-cost or no-cost advice from a super fund also need to change

A representative survey of 1,500 Australians conducted for the Association of Superannuation Funds of Australia (ASFA) has found views on pathways to retirement vary greatly, with a striking number of working Australians from all age groups saying they want to maintain part-time or casual work in retirement in order to “keep occupied.”

While this intention was strongest amongst working Australians aged 18 to 34 (almost 40%) a full quarter of people still working at aged 65+ valued work for the social connection and stimulation enough to want to maintain some form of work.

Chart 1: Intentions to retire amongst working Australians aged 18-65+

Source: ASFA, Redbridge
NOTE: This intention data is of individuals who are currently working, not the full population

“This research shows us the days of working to customary retirement age and then putting your feet up are long gone,” said ASFA CEO Mary Delahunty.

“The rules around superannuation need to change to reflect this. Currently, Australians who’ve hit preservation age can’t draw down on their super, and top up the same account.  Being forced to have two or more accounts – one account to take money from and one to put money into – doesn’t make sense with our modern, fluid approaches to retirement.”

Working for financial necessity 

A lesser proportion of people across all age groups believe they will need to continue to work part-time or casually in retirement due to financial necessity, with numbers relatively consistent across age groups.

Most people believe they will be able to fully retire at some stage, with only 14% of people aged 65 and over who are still working saying they don’t think they will be able to retire at all.  Extrapolated out to the whole population of both working and non-working Australians 65+, only three percent believe stopping work will never be an option.

“This research demonstrates yet again the clear need for Australians to have low- or no-cost financial advice as they transition retirement,” said Ms Delahunty.

“Having your options clearly laid out by a financial advisor from your super fund, as the Quality of Advice Review Final Report recommends, could only benefit the hundreds of thousands of Australians deciding how best to manage their finances at this important time.

“Our research shows beyond question that advice reform is vital to ensuring Australia’s super system remains a global leader. We’re committed to continuing to work closely with Government and the sector to see these changes come to life without delay,” concluded Delahunty.

NOTES:

  • Australian residents, once retired, can access the Age Pension from age 67. For individuals and couples eligibility for the pension and their pension amount are determined by income and assets tests
  • Current rules prevent an individual from both contributing and drawing down on a single superannuation account
  • Individuals can access their superannuation when they reach their ‘preservation age’ – for those born after 1 July 1964, this is age 60.  (Members of defined benefit superannuation schemes are often subject to an earlier preservation age.)
  • People don’t have to retire at preservation age – workers are able to access part of their super savings via a transition to retirement income stream – which enables them to reduce their working hours while topping up their income
  • A substantial minority of older Australians remain engaged in the workforce. People who are either employed or actively looking for work account for 33% of people aged 65 to 69, and 8% of people aged 70+  (Chart 2)

Chart 2: ABS employment statistics

SURVEY DETAILS
An online survey of 1,500 adults was conducted, representing the broader population in terms of age, gender, education, and whether they lived in urban or regional areas.

 

 



For further information, please contact ASFA Media team: 0451 949 300

About ASFA

ASFA, the voice of super, is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.

Carmen Beverley-Smith

Executive Director - Superannuation, Life & Private Health Insurance, APRA

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Carmen joined APRA in March 2023 and holds the role of Executive Director, Life and Private Health Insurance and Superannuation.  

She has had an esteemed career in financial services, spanning over 25 years. She has held diverse leadership roles at Westpac and Commonwealth Bank of Australia, including across risk, transformation and change, product and portfolio development, and sales and service. 

Prior to joining APRA, she held the role of General Manager, Risk Transformation Delivery Integration at Westpac. This involved leading the group-wide implementation of a suite of solutions to uplift risk management capability and develop data, analytics and reporting. 

Carmen leads with a values-driven approach and a particular interest in developing and mentoring talent. 

She holds a Bachelor of Commerce and Accounting, is a certified Chartered Accountant and a Graduate of the Australian Institute of Company Directors. 

Amy C. Edmondson

Novartis Professor of Leadership and Management, Harvard Business School

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Amy C. Edmondson is the Novartis Professor of Leadership and Management at the Harvard Business School, a chair established to support the study of human interactions that lead to the creation of successful enterprises that contribute to the betterment of society.

Edmondson has been recognized by the biannual Thinkers50 global ranking of management thinkers since 2011, and most recently was ranked #1 in 2021 and 2023; she also received that organization’s Breakthrough Idea Award in 2019, and Talent Award in 2017.  She studies teaming, psychological safety, and organisational learning, and her articles have been published in numerous academic and management outlets, including Administrative Science Quarterly, Academy of Management Journal, Harvard Business Review and California Management Review. Her 2019 book, The Fearless Organization: Creating Psychological Safety in the Workplace for Learning, Innovation and Growth (Wiley), has been translated into 15 languages. Her prior books – Teaming: How organizations learn, innovate and compete in the knowledge economy (Jossey-Bass, 2012), Teaming to Innovate (Jossey-Bass, 2013) and Extreme Teaming (Emerald, 2017) – explore teamwork in dynamic organisational environments. In Building the future: Big teaming for audacious innovation (Berrett-Koehler, 2016), she examines the challenges and opportunities of teaming across industries to build smart cities. 

Edmondson’s latest book, Right Kind of Wrong (Atria), builds on her prior work on psychological safety and teaming to provide a framework for thinking about, discussing, and practicing the science of failing well. First published in the US and the UK in September, 2023, the book is due to be translated into 24 additional languages, and was selected for the Financial Times and Schroders Best Business Book of the Year award.

Before her academic career, she was Director of Research at Pecos River Learning Centers, where she worked on transformational change in large companies. In the early 1980s, she worked as Chief Engineer for architect/inventor Buckminster Fuller, and her book A Fuller Explanation: The Synergetic Geometry of R. Buckminster Fuller (Birkauser Boston, 1987) clarifies Fuller’s mathematical contributions for a non-technical audience. Edmondson received her PhD in organisational behavior, AM in psychology, and AB in engineering and design from Harvard University.

 

Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

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Born in Brindisi, Italy, Daniel was a young child when he moved with his family to Australia. He grew up in Canberra and completed his first degrees – arts and law – at the ANU. He then completed a Master of Economics (University of Sydney) and a PhD in economics from Yale.

He lectured at Monash University, was an economic adviser in the Gillard government and was a Victorian MP from 2014 to 2018. As Parliamentary Secretary to the Treasurer of Victoria, Daniel helped deliver major infrastructure projects and developed innovative financing structures for community projects.

In 2018 he was preselected for the new federal seat of Fraser and became its first MP at the 2019 election, re-elected in 2022 and 2025. From 2022 to 2025, Daniel was chair of the House of Representatives’ Standing Economics Committee in which he chaired inquiries; economic dynamism, competition and business formation and insurers’ responses to 2022 major floods claims.

In 2025, he became the Assistant Treasurer and Minister for Financial Services.

In August 2022, Daniel published ‘Safety Net: The Future of Welfare in Australia’, which aims to explore the ways in which an insurance approach can improve the effectiveness of government service delivery.