More Australians Retiring in Their 50s

A growing number of Australian workers are choosing to retire in their 50s, which is significantly earlier than the recommendation of Australia’s government to retire at age 67. According to the Australian Bureau of Statistics (ABS), the average retirement age for men in Australia is 58.5, while Australian women are retiring even earlier at age 50.

 

How can so may Australians afford to retire at such a relatively young age? The answer is that Australians are the wealthiest people in the world! The Credit Suisse World Wealth Report, released in October 2013, states that the median wealth of each adult in Australia is US$219,500, which is the highest in the world and significantly more than #2 Luxembourg (US$182,768), #3 Belgium (US$148,141), #4 France (US$141,850) and #5 Italy (US$138,653). When average wealth is examined, Australians are the second richest people in the world (after #1 Switzerland), with Aussie adults boasting an average net worth of around US$402,000. These are simply two measures of personal wealth, but the main point is that Australians tend to earn high salaries, which allows them to save enough money to retire earlier than workers in many other countries, such as the United States.

 

Early retirement may be good for many Australians, but a major reason that Australia’s government would like Aussies to continue working until age 67 is that they are needed in the labor force to keep Australia’s strong economy growing. While much of the world suffered during the “Great Recession” that started in 2008, Australia’s economy was barely affected. In fact, the Australian economy has actually had a shortage of skilled workers who are needed to fill thousands of jobs in Australia.

 

To help businesses fill job openings in a range of high-demand occupations across the country, especially as Australia’s economy continues to grow and more Aussies retire, the Australian government has established several immigration programs which are designed to bring skilled foreign workers to Australia. One of the most popular Australian immigration programs is the General Skilled Migration (GSM) Program, which offers a Permanent Resident (PR) Visa to Australia to qualified skilled foreign workers and their eligible family members. The Australian government has announced plans to issue a PR Visa to Australia to approximately 200,000 foreign nationals in 2014, as it did in 2013. If you and your family are approved for Australian immigration, you may also be able to enjoy the prosperity that has made Aussies the wealthiest people in the world!

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