News
25 September, 2025
We’re delaying our retirement
Australians are retiring later than ever, according to the 2025 Household, Income and Labour Dynamics in Australia (HILDA) Survey.
The report, which includes data up to 2023, shows that economic pressures and policy changes are influencing when Australians leave the workforce.
The HILDA Survey, now in its 20th year, tracks the same 16,000 people annually, providing insight into how social and economic factors shape life decisions. Recent data reflects the impact of the post-pandemic cost-of-living crisis, with older workers staying employed longer.
Among 60–64-year-olds, retirement rates fell from 70 per cent to 41 per cent for women, and from 49 per cent to 27 per cent for men between 2003 and 2023. For those aged 65–69, the proportion retired dropped from 86 per cent to 66 per cent for women, and from 73 per cent to 61 per cent for men.
Dr Kyle Peyton, co-author of the report, noted that these trends are influenced by rising age pension eligibility—from 62.5 for women and 65 for men in 2003 to 67 for both in 2023—as well as improvements in health at older ages.
The report also highlights the economic vulnerability of retirees who do not own homes. The proportion of older Australians living in private rentals has roughly doubled over 20 years, with rising rents leaving many exposed to housing stress. “Homeowners tend to enter retirement with substantial financial security, while renters face far greater risk,” Dr Peyton said.
As Australians delay retirement, the findings underline the pressures households face from rising costs and housing inequality, raising questions about how retirement and social policy will need to adapt to these changing realities.
