The Sydney woman was stopped in the street and revealed she was still working at the age of 74. (Source: TikTok\/@coposit_street) <\/p>\n
A Sydney woman has shared how she is still working in her 70s to keep up with the high cost of living<\/a> in the pricey city. Millions of Aussies say they are worried about their retirement savings<\/a>, and many are now planning to keep working<\/a>.<\/p>\n The 74-year-old was stopped in the street by property app Coposit, which has gone viral online for asking people to reveal how much they have in savings<\/a>. The woman shared that she had one savings account<\/a> with around $100,000 in it.<\/p>\n \u201cI don\u2019t own my own house. I\u2019m still working. It\u2019s just money I put aside,\u201d she told the platform.<\/p>\n RELATED<\/strong><\/p>\n The woman, who works in the NSW health system, admitted that working<\/a> in her mid-70s wasn\u2019t the ideal situation.<\/p>\n \u201cNot really loving it. At times I\u2019m loving it. I like being active, I like working, I like getting out, and that\u2019s good,\u201d she said.<\/p>\n When asked what her \u201cdream job\u201d would be, she admitted it was \u201cprobably being retired\u201d and said her current job was previously it.<\/p>\n She said the cost of Sydney<\/a> was \u201creally expensive\u201d and rent prices were \u201cappalling\u201d, while increasing food costs meant she was cooking at home more to save money.<\/p>\n Do you have a story to share? Contact tamika.seeto@yahooinc.com<\/strong><\/p>\n While Australia doesn\u2019t have a set retirement age<\/a>, you have to wait until you’re 67 to access the age pension.<\/p>\n KPMG research from last year found Aussies were retiring later in life<\/a>, with the average retirement age for men now 66.2 years old and women 64.8 years old. This was the highest it had been since the 1970s.<\/p>\n Researchers believed the rise of flexible work and the tight labour market have contributed to this trend, but there are also people who said they were worried about not having enough retirement savings.<\/p>\n A Finder survey from earlier this year found one in six Aussies had either delayed their retirement or returned to the workforce<\/a> in the last two years.<\/p>\n Nearly half of those cited the rising cost of living<\/a> as the main driver behind their decision, while others said it was due to boredom or they had to return for an emergency.<\/p>\n Separate UniSuper research found four in five working Aussies planned to keep working in some way in retirement, be that through a new job, volunteering or flexible, hybrid work.<\/p>\n Finder superannuation literacy expert Pascale Helyar-Moray said retirement<\/a> was now a luxury some Aussies couldn’t afford.<\/p>\n Story Continues <\/p>\n “There’s a growing retirement savings crisis in Australia,” she said.<\/p>\n “Australians dedicate much of their lives to working hard, often dreaming of the ‘golden years’ of retirement, but for many, stepping back simply isn’t a viable option.”<\/p>\n The Association of Superannuation Funds of Australia estimated a single person needed $52,383 a year for a comfortable retirement<\/a> between the ages of 65 to 84.<\/p>\n A couple would need $73,875 to have the same lifestyle.<\/p>\n This assumed they received an age pension from the government and that they owned their home.<\/p>\n The estimated superannuation required at age 67 for a comfortable retirement is $595,000 for singles and $690,000 for couples.<\/p>\n Helyar-Moray said contributing even a little extra to your super<\/a> could make a big difference over time, along with switching to a high-performing fund.<\/p>\n “Building a robust super nest egg is one of the most important things we can do to secure our financial future \u2013 so don’t be afraid to seek financial advice to make informed decisions about your fund,” she said.<\/p>\n Get the latest Yahoo Finance news – follow us on <\/strong>Facebook<\/strong><\/a>, <\/strong>LinkedIn<\/strong><\/a> and <\/strong>Instagram<\/strong><\/a>.<\/strong><\/p>\n