Many West Australians are finding that retirement isn’t what they expected. With rising rents, soaring mortgages, and skyrocketing living costs, more people over 70 are being forced to stay in the workforce. What’s behind this shift, and why is the dream of a peaceful retirement slipping further out of reach?
The Rising Numbers: Over 70s Still Working
New data from the Australian Bureau of Statistics (ABS) reveals an alarming trend: a record 35,700 West Australians over the age of 70 are now in the workforce, a 31.2% increase in just one year. This means that one in every ten people over the age of 70 is still working, compared to just one in 25 a decade ago. It’s a stark statistic, one that paints a picture of financial distress rather than choice. Senator Dean Smith from WA, who released the data, pointed out that this surge in elderly workers isn’t due to personal preference, but rather the pressing need to stay afloat financially.
The Unbearable Cost of Living
So, what’s causing so many older West Australians to delay retirement? For starters, housing costs are through the roof. Rents have skyrocketed by 75% since 2020, with weekly rents jumping from $400 to $700. Meanwhile, house prices in Perth have surged by almost $300,000 in just three years. For pensioners and those living on fixed incomes, these increases have been a huge blow. Senator Smith argued that the cost of living crisis, particularly in housing, has created an economic environment where seniors are forced to work just to survive.
The Cost of Retirement
It’s not just the rents that are causing stress; many older Australians still have outstanding mortgages, which puts them in a precarious situation. Research from Digital Finance Analytics found that many retirees with mortgages owe more than they have saved in superannuation, leaving them little choice but to stay in the workforce. This is particularly worrying given that a third of older Australians reach retirement without paying off their homes or without stable housing.
A Long Road Ahead for Seniors
While some may argue that working longer is a choice, for many seniors in Western Australia, it’s a matter of financial survival. The Council of the Ageing WA has pointed out that older people who still have mortgages or rent are facing a serious struggle to make ends meet, with reports showing they are often $50 to $55 short each week of covering their basic costs.
The silver lining, if there is one, is that for those who are managing to keep their heads above water, there is still a sense of community and resilience among these seniors. But as cost-of-living pressures continue to rise, many are left wondering: at what point will the system break? And when will enough be enough?
The Bigger Picture
The situation in Western Australia isn’t isolated. This growing trend of older Australians staying in the workforce is happening across the country. It’s a symptom of a much larger issue—Australia’s economic landscape is becoming increasingly difficult for those relying on fixed incomes, especially pensioners. It begs the question: is this the future we want for our seniors? How long can the current economic policies sustain the growing financial strain on the elderly? And more importantly, when will the government take real, lasting action to address these issues before it’s too late?
As we look toward the future, one thing is clear: the need for reform has never been more urgent. It’s time to rethink the way we treat our older citizens, particularly when it comes to housing and retirement security. If we don’t, the dream of a peaceful retirement will remain out of reach for many West Australians—and Australians, in general.
