60 Minutes Australia: Work Till You Drop (2017)

While he doesn’t look it or feel it, Charles Wooley is nudging 70. It’s led him to some serious introspection about his existence, and even more sombrely, contemplation of the “R” word. No, he still loves reporting for 60 MINUTES, but shouldn’t he have retired at 65? Shouldn’t his constant companion these days be a fishing rod instead of a typewriter? But as Wooley discovers, retirement is a word most Australians can no longer afford to dream about. The more likely reality, as former federal treasurer Peter Costello – who is now Wooley’s boss at Channel Nine – has been warning us about for more than two decades, is that we’ll have to work until we drop. Reporter: Charles Wooley Producer: Jo Townsend

'Employers Are Recruiting Retired Workers and Finding that Their Work Is Exceptional’
THE DAILY TELEGRAPH: The need to work into retirement is no respecter of class or skills. Money is tight for everyone retiring this year whether they’re stacking shelves in supermarkets or have worked all their lives as a solicitor.

The double whammy of the rising cost of living combined with the stock market crash has had a massive impact on pensions and annuities. Average energy bills are £177 higher than they were three years ago and you don’t need statistics in a newspaper to tell you that the cost of your weekly shopping is painfully expensive.

This year will see 1.8 million company pensions suffering as a result of the recent stock market drop, with, at its lowest point, £120 billion being wiped off the value of pensions.

According to PricewaterhouseCoopers, many pension holders will have seen their past five years’ contributions to their pension wiped out, while annuity rates have taken a beating too. All the experts are suggesting that 2011 will not be a financially prudent year to retire. » | Xenios Thrasyvoulou | Tuesday, September 06, 2011

Most Britons Face 60 Percent Income Loss in Retirement
REUTERS UK: Almost two-thirds of people living in Britain today are likely to see a 60 percent drop in their income when they retire over the next 40 years and a plummeting quality of life, a report said Thursday.

The 15 million households earn between 18,000 and 44,000 pounds each and represent roughly 35 million people, according to the study by London's Chatham House think-tank.

Their incomes will take the biggest hit from retirement compared to the lowest and highest 20 percent of earners.

"The UK has a distinct problem with middle-income earners who are failing to save enough and are likely to find the drop in income during retirement unexpected and unacceptable," said Paola Subacchi, one of the report's authors. >>> Reporting by Olesya Dmitracova; Editing by Steve Addison | London | Thursday, March 10, 2011