Because of health, finances, or various other concerns, many seniors are making the decision to continue working beyond normal retirement age. Perth at-home care experts suggest a few reasons why your elderly loved one might be postponing his or her plans for retirement.
Jobs Keep Seniors Active and Healthier
A study by researchers in Great Britain found people who retired 10 years after full retirement age added a year to their life expectancy, and other studies have had similar findings. Scientists believe this is because work keeps seniors mentally and physically active and helps them feel more fulfilled.
Savings Need to Last Longer Than Ever Before
In 2013, the Australian Bureau of Statistics claimed the average life expectancy is 82 years, which is the highest estimate ever recorded in Australia. With seniors living longer lives than ever before, it takes more money to live comfortably when no longer working. Many seniors delay their retirement to save more money while they still have the energy to work.
Working Longer Leads to a Larger Superannuation
The longer your loved one continues to work, the more his or her superannuation funds add up. This acts as a double benefit because he or she is not accessing the superannuation yet, and is also adding more money into it by retiring a few years later.
Many seniors enjoy working but no longer want the stress and pressure that comes from management or upper-level work positions. Delaying retirement can allow your loved one to work while taking on less stressful responsibilities, offer the freedom to make his or her own hours, and provide the opportunity to slowly ease into retirement.
Though some seniors are able to continue working and manage their daily tasks simultaneously, others may have more difficulty. If your loved one needs assistance around the house, reach out to Home Care Assistance. Our live-in and hourly caregivers in Perth can help with a wide variety of tasks, including transportation, exercise, and meal prep. For more information on our aged care services or to schedule a free in-home consultation, call one of our friendly Care Managers at (08) 9385 5675 today.