Retirement Reinvented: The New Lifestyle Years

The majority of Aussies now believe that work will be a part of retirement, according to a new report. A study by demographer Bernard Salt, commissioned by Amazon, found that most workers hope to transition into part-time or casual work as they get older. This is significant due to the current labor shortage. Former NSW Premier and CEO of HammondCare, Mike Baird, also stated that retirees should be able to return to work without losing their pension and entitlements. He believes it’s time to make it easier for older people to work if they want to. The report from Amazon revealed that the desire to transition from full-time work to casual or part-time has led to the creation of what is called the Lifestyle Years. This group consists of people aged between 55 and 69 who shape their work to align with their lifestyle choices. They are driven by values and aspirations rather than the need to provide for a family or pay off a mortgage. The years between 55 and 69 are now seen as a new ‘teenage’ stage in life, where pre-retirees curate their employment to fit their evolving needs and preferences. Holidays, hobbies, and healthcare become more important, while unfulfilling or mentally taxing jobs take a back seat. This demographic, previously known as ’empty-nesters’, now have a desire to stay in the workforce but with less focus on climbing the career ladder. They want their employment to suit their evolved needs. They continue to make contributions to the economy, their families, and the community through work, volunteering, unpaid care, minding children, and further study. Australians are now doing more later in life, leaving home, getting married, starting families, and retiring later. The report also found that almost 25% of retirees have changed careers in the last five years to stay active, reduce stress, switch pace, and give back to the community. Changing careers later in life creates new work relationships, helps fund retirement plans, and keeps individuals connected to the wider community. The report highlights that Australians over 55 are choosing work opportunities that give them greater control of their time, a change of pace, and help them move closer to their financial goals.