Working beyond 65 – what’s realistic? The influence of health on longer working lives

Purpose of this report: Extending the working life of people in Australia beyond the traditional age of retirement (which is 65 years of age) has benefits for the individual and governments. The financial burden of an ageing population is reduced for governments while the individual can enjoy a higher standard of living and other benefits such as greater social interaction.
Key findings: The study examines the relationship between health and working beyond the age of 65 years. Some of the findings confirmed our expectations:
• People aged between 65 and 74 with a chronic health condition were less likely to be employed than those without a chronic health condition
• Of those with chronic health conditions, men aged between 65 and 69 were the most likely to be employed
• A high proportion of those working with a chronic health condition were earning less than $500 per week. Other findings were more surprising:
• Household net worth of those working was similar for those with or without a chronic health condition
• Many of those aged between 65 and 74 in poor health who were employed thought they would never be able to retire
• Having a university qualification did not influence the chances of employment
• The proportion of people (between 65 and 74) in full-time employment with chronic health conditions was similar for people without health conditions.