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Why do people retire?

People retire for many different reasons.

  • Health issues - They may no longer want or be able to work because of injury or ill health.
  • Nature of the work -Workers in physically demanding jobs are more likely to retire earlier than others.
  • Personal demands - They may have responsibilities outside of work, such as caring for family members.
  • Leisure - They may want more time to play.
  • Community interests - They may want more time for volunteer work, hobbies, sport, travel and family.
  • Retrenchment or dismissal - They may be unable to find other work.

A worker's financial situation, their assets, savings and dependents, often determine whether or not they can retire. If you are thinking of retiring, you should seek financial advice first. Banks and superannuation funds often have tools and information to assist you.

You should also think about how you will spend your time when you retire and whether there are options like phased retirement. For more information, see Phased retirement and flexible working arrangements.

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