Slump hits Australian retirees
A survey finds one-quarter of the Australians who planned to retire this year now say they want to work at least part time because of the economic slump.
Rice Warner Consulting surveyed the group and estimated the size of lump sum retirement payments, The Australian reported. Richard Weatherhead, a director with the company, said that payments have dropped by about 25 percent, forcing many to change their plans.
Those who had planned to buy a new car, refurbish their house or go on a trip are probably reconsidering this,
Weatherhead said
About 155,000 Australians are expected to retire this year, and 38,000 to 40,000 now expect to remain in the work force, combining pensions and part-time pay.
Michael O'Neill, head of National Seniors Australia, said that he has been hearing anecdotal evidence that many people who retired in the last few years are also hoping to find part-time jobs -- if they can.
UPI
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