Tuesday, January 06, 2009

Australia: Economic Conditions Forcing Older Workers to Defer Retirement

According to news reports, research conducted by Rice Warner indicates that deteriorating financial conditions will force 40,000 retirees in Australia to defer retirement and move into part-time work and others who retired since 2007 will return to the workforce.

Writing in The Australian, Adele Ferguson also says that "seniors groups believe the deterioration in retirement savings over the past year will force the Rudd Government to scale back the way it calculates earnings on retirees' investments."

Sources: Smart Company "40,000 retirees to shelve retirement plans – here’s how you can benefit" (January 5, 2009); The Australian "40,000 retirees forced to keep working because of economic downturn" (January 3, 2009)

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