A year ago The Economist magazine published an article about the ageing of the Japanese workforce, pointing to three very senior executives as examples.
Today, those three executives are still at their jobs with the difference that they are a year older.
Tsuneo Watanabe, editor-in-chief of the world’s biggest circulation newspaper, the Yomiuri Shimbun, is 91. Masamoto Yashiro, chairman and chief executive of Shinsei Bank has just turned 89 while Mikio Sasaki, chairman of Mitsubishi, is now 80.
The Economist had commented that while people in most countries typically retire before becoming eligible for an age pension, Japan is an exception.
The average retirement age of Australians who retired over the past five years was a little under 63.
The latest Retirement and retirement intentions, Australia report for 2016-17, recently published by the Australian Bureau of Statistic (ABS), shows that 70 per cent of Australia’s labour force over 45 intends to retire at 65 years or older. That’s of those who intend to retire; a small minority want to keep working for the rest of their lives.
ABS figures also show that more than a third of full-time workers over 45 aim to eventually phase in retirement by first changing to part-time work before retiring.
Interestingly, 5 per cent of those who had previously retired have either already returned to the paid workforce or are planning a work comeback. Their main reasons for wanting to return to paid work are “financial need” (42 per cent) and “bored/needed something to do” (32 per cent).
A longer working life if possible provides a chance to save more for what will be a shorter and, therefore, less-costly retirement.