Kiwis expect later retirement than Aussies

[MotherBear]

Kiwis expect to work longer than Aussies
5:00AM Wednesday February 20, 2008
By David Eames

More New Zealanders expect to be working at age 65 than their Australian counterparts, and more expect to need government support when they do retire, a study has found.

The report, by consulting and investment company Mercer, reveals 65 per cent of New Zealanders expect they will still be at work at retirement age, compared with 44 per cent of Australians.

Grey Power national president Graham Stairmand attributed the relatively high New Zealand figure to the country's ageing baby-boomer population. Many boomers had not begun to save for their retirement until after the age 45, as their earlier years were spent paying for things such as children's education, he said.

However, he believed the statistic would be "completely different" in 20 years' time as the next generation left the workforce, thanks mainly to the KiwiSaver scheme.

Some 39 per cent of New Zealanders wanted to retire by age 60, compared with 51 per cent of Australians.

More here .

[molly]

No wonder, about 15 or 16 investment companies went belly up over the past few month - over $ 4 billions gone - most of it was retirement money of small investors...