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Tuesday, 31 August 2021

Covid-19 has increased retirement age

An article in today's SMH summarized a report by KPMG which found that during 2020-21 the average expected retirement age for males in Sydney rose by six months (to 65.3) compared to the previous year (the expected retirement age for women remained unchanged). That appears to be partly due to restrictions on migration and associated tightening of the labor market (contrary to initial expectations at the start of the pandemic), coupled with a reduction in the attraction of retirement (what's the point when you can't travel overseas, interstate, or even outside of greater Sydney at the moment?)

Personally I hadn't intended to 'retire' from my full-time employment for another ten years or so (and to then continue working part-time as a financial advisor), but the pandemic (and associated work-from-home and occasional "lock downs") has meant that I haven't bothered to take much annual leave since the start of 2020 (fortunately in Australia unused annual and long service leave accumulates - although your employer can require that you take some). There's no much point taking a day (or week) off work if you end up just sitting at home anyhow.

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