Retirement a pipe dream for many

A survey by recruitment agency Seek found 91 per cent of the 728 polled New Zealanders believe they will still be working when they reach 75. Photo / Thinkstock

Many Kiwis expect to be at their desks at 80.

Early retirement is an unrealistic dream for many adult Kiwis and some fear they will have to work into their 70s.

A survey by recruitment agency Seek found 91 per cent of the 728 polled New Zealanders believe they will still be working when they reach 75.

A further one in 10 believe they will be working until their 80th birthday. The findings also point to those on lower incomes expecting to retire later. Higher-income earners anticipate retiring by the age of 65.

Although New Zealand does not have an official retirement age, Government-funded superannuation and most private super schemes pay out from age 65.

Seek PR manager Sarah Macartney said although most workers wanted to retire before they turned 65, only 28 per cent thought they would.

Nearly a third of respondents aged 55-64 thought they would be working well after their 65th birthday.

Those in the middle of their careers were confident they would be retiring early.

Kiwis also want to reduce their hours at work.

Close to half expect to cut down their work hours as they head towards retirement.

Most workers would not consider applying for new roles or changing careers as they neared retirement.

Physical and mental wellbeing was also a big concern as workers hit their 50s.

Men and Christchurch residents were particularly concerned about their mental health as they neared retirement - 67 per cent of those aged between 45 and 54 said they were worried.

Macartney said many older workers also worried about staying relevant in the workforce with the advent of new technology.

Neville Holt has come out of retirement and returned to the workforce. Photo / Michael Craig

Mucking in again

Neville Holt has already retired once.

The former corporate boss with "oodles of experience" opted out of the workforce aged 58, keen to pursue a leisurely retirement.

"For the first year, I played golf every day," said Holt.

Then friends started calling asking him to fill vacancies at their businesses part-time.

It wasn't long before he was questioning his earlier decision to stop working.

"I began thinking maybe I shouldn't retire after all."

Now 68, the Karaka businessman is making a fresh start in the workforce at the helm of Pukekohe business, Superior Hire.

Holt said he saw the portable toilet company for sale and formulated a business plan to turn it into a money-maker.

He hasn't looked back.

"There's an old saying: 'there's money in muck'. The business is going gangbusters.

"We've doubled our income in 18 months."

Holt was only partially through company growth plans and was looking forward to many more years in the workforce.

"I honestly don't know when I'll retire," he said.

"I see myself building the business and then I will reduce my hours more than anything else and maybe play some golf and do charitable work.

"I love the cut and thrust of commercial environment and I don't see myself getting out of it for a while."