Latest / Best of Business / Martin Hawes: financial adviser on the number of Kiwis working past the age of 65

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Martin Hawes: financial adviser on the number of Kiwis working past the age of 65 · Best of Business

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  Speaker 1: You're listening to a podcast from news Talk ZEDB. Follow
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  Speaker 2: Brad Olsen coming very shortly on the cherry export boom
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  Speaker 2: that we're experiencing. Jamie mckaye joins us in Indebrady in
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  Speaker 2: the UK, where the labor government is reportedly apparently eyeing
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  Speaker 2: up cuts to the school lunch program. Quite ironic right now.
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  Speaker 2: Data shows that kiwis continue to work well past the
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  Speaker 2: age of retirement sixty five in New Zealand. This is
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  Speaker 2: Stats and Z Data out today. Reports says two hundred
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  Speaker 2: thousand senior citizens are still in the workforce. More interestingly,
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  Speaker 2: twelve hundred people still working hard today are in their nineties.
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  Speaker 2: Martin Hawes is a financial advisor and author of Retirement Ready.
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  Speaker 2: He's with me tonight, Hi Martin, Yeah, Hi, they're ryan.
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  Speaker 2: That's wonderful actually to hear twelve hundred ninety plus year
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  Speaker 2: olds in the workforce.
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  Speaker 3: Yes, yes, I'm you know, I'm not sure. They won't
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  Speaker 3: be working full time. They won't be doing sixty hours
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  Speaker 3: a week or even forty hours a week. You know,
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  Speaker 3: a lot of them will probably be professionals who you
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  Speaker 3: know they toddle back into the office, you know, once
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  Speaker 3: a week or so to have a look and act
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  Speaker 3: as a consultants or something to the firm. Some of
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  Speaker 3: them will be self employed, they'll be doing clerical work.
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  Speaker 3: That could be the odd taxi driver, but not terribly
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  Speaker 3: many of them, I wouldn't think, And yeah, but I
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  Speaker 3: think it's wonderful. Actually, the whole trend of people working
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  Speaker 3: after a time at age is absolutely huge. The figure
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  Speaker 3: I really like to look at is that in nineteen
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  Speaker 3: eighty seven, thirteen percent of people aged sixty five to
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  Speaker 3: sixty nine were working. In twenty twenty four, that figure
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  Speaker 3: had jumped from thirteen percent to forty eight percent, so
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  Speaker 3: almost the majority of sixty five to sixty nine year
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  Speaker 3: olds and so called retirement.
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  Speaker 2: Question is why. I mean, obviously there's health will have improved,
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  Speaker 2: and you know, access to medical care, etcetera. Is improved.
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  Speaker 2: But people working because they have to or because they
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  Speaker 2: want to keep contributing.
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  Speaker 3: I think there's four main reasons, and the first one is,
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  Speaker 3: as you say, it's the money. A lot of people
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  Speaker 3: need the money. It's probably the majority. I think I
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  Speaker 3: have seen a figure on that at some stage, but
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  Speaker 3: not a recent one, and you know, the extras, A
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  Speaker 3: little bit of money for say, you know, fifteen or
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  Speaker 3: twenty hours a week or something like that makes a
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  Speaker 3: really big difference to the lifestyle of retirement. Sometimes it's
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  Speaker 3: the only person who can do the job, you know.
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  Speaker 3: So Madge has done the books for a company for ages.
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  Speaker 3: She knows how it's done, and everybody wanders around saying, God,
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  Speaker 3: Madge doesn't look retire, and so she feels pressure and
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  Speaker 3: she carries on doing it. Sometimes it's owning a business
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  Speaker 3: like you know, farmers and and lots of other small business.
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  Speaker 3: But also and I fit into this category because I'm
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  Speaker 3: seventy two and I'm still working. It's simply what they do.
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  Speaker 3: You know. I get up in the morning and I
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  Speaker 3: like to look at what's going on in the markets overseas.
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  Speaker 3: I like to look at what the geopolitic, the geopolitical
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  Speaker 3: stuff has been going down it. You know, there's a
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  Speaker 3: lot of other stuff that I like to do, but
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  Speaker 3: I like I've always liked my work.
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  Speaker 2: And the routine of it as well. People often talk
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  Speaker 2: about the routine of it. One of the interesting numbers
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  Speaker 2: to come out of this is over sixty fives there
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  Speaker 2: are actually a lot of machinery operators, ten percent of
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  Speaker 2: those working over sixty five machinery operators. I don't imagine
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  Speaker 2: this is hugely labor intensive stuff, although we're not really sure,
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  Speaker 2: but do you think what do you think is behind that?
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  Speaker 2: Is that because perhaps they're the only ones left to
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  Speaker 2: know how to operate them in mid.
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  Speaker 3: Machine I did under that when I read it, and
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  Speaker 3: then somebody else said that they may be managing the
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  Speaker 3: people who are actually managing running the machines, So they
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  Speaker 3: may not be hands on or you know, they may
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  Speaker 3: not have an apron on to use the building term,
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  Speaker 3: but they may be managing somebody else to do it
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  Speaker 3: and helping.
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  Speaker 2: Yeah, interesting, Martin, keep up the good work. At seventy two,
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  Speaker 2: you're going You're going strong, Martin Hawes, Financial Advisor.
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