ONE in four self-funded retirees has been forced to return to the workforce or plan to as a result of their shrinking retirement nest eggs, according to a survey by research group CoreData.
The survey of more than 1000 self-funded retirees and those nearing retirement found four in 10 had lost more than $100,000 in the market downturn, The Australian reports.
More than one in 10 had lost half their invested wealth (excluding unlisted property).
As a result, 26 per cent of retirees had been forced to get a job or were planning to do so to make ends meet.
“The downside of Australia having high proportions of direct share owners is that the slump in the sharemarket brought on by the global financial crisis has caught many people at or nearing retirement out,” said CoreData partner Craig Phillips.
Do you know any retirees who have had to return to work? Tell us below.
“With limited or no time to recoup the losses, many older Australians are now facing scaled down retirements and extended working lives.”
The other way retirees were coping was cutting back on spending, with almost half saying they had already done so.
One in 10 said they would go to the extreme of selling their home and buying a cheaper one to recoup some of their losses.
Mr Phillips said more than seven out of 10 retirees had kept faith with shares and not withdrawn the majority of their invested assets from the market.
Tags: au, Retirees, shrinking retirement, workforce
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