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

Published Mar 25, 2025, 6:56 AM

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New data shows a significant number of Kiwis are working past the retirement age.

A new report from Stats NZ shows there are almost 200,000 New Zealanders aged 65 or older that are still in the workforce.

This research also reveals at least 1200 Kiwis in their 90's are still working.

Financial adviser Martin Hawes says many of these people will need the extra money - and plenty are just used to working.

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Brad Olsen coming very shortly on the cherry export boom that we're experiencing. Jamie mckaye joins us in Indebrady in the UK, where the labor government is reportedly apparently eyeing up cuts to the school lunch program. Quite ironic right now. Data shows that kiwis continue to work well past the age of retirement sixty five in New Zealand. This is Stats and Z Data out today. Reports says two hundred thousand senior citizens are still in the workforce. More interestingly, twelve hundred people still working hard today are in their nineties. Martin Hawes is a financial advisor and author of Retirement Ready. He's with me tonight, Hi Martin, Yeah, Hi, they're ryan. That's wonderful actually to hear twelve hundred ninety plus year olds in the workforce.

Yes, yes, I'm you know, I'm not sure. They won't be working full time. They won't be doing sixty hours a week or even forty hours a week. You know, a lot of them will probably be professionals who you know they toddle back into the office, you know, once a week or so to have a look and act as a consultants or something to the firm. Some of them will be self employed, they'll be doing clerical work. That could be the odd taxi driver, but not terribly many of them, I wouldn't think, And yeah, but I think it's wonderful. Actually, the whole trend of people working after a time at age is absolutely huge. The figure I really like to look at is that in nineteen eighty seven, thirteen percent of people aged sixty five to sixty nine were working. In twenty twenty four, that figure had jumped from thirteen percent to forty eight percent, so almost the majority of sixty five to sixty nine year olds and so called retirement.

Question is why. I mean, obviously there's health will have improved, and you know, access to medical care, etcetera. Is improved. But people working because they have to or because they want to keep contributing.

I think there's four main reasons, and the first one is, as you say, it's the money. A lot of people need the money. It's probably the majority. I think I have seen a figure on that at some stage, but not a recent one, and you know, the extras, A little bit of money for say, you know, fifteen or twenty hours a week or something like that makes a really big difference to the lifestyle of retirement. Sometimes it's the only person who can do the job, you know. So Madge has done the books for a company for ages. She knows how it's done, and everybody wanders around saying, God, Madge doesn't look retire, and so she feels pressure and she carries on doing it. Sometimes it's owning a business like you know, farmers and and lots of other small business. But also and I fit into this category because I'm seventy two and I'm still working. It's simply what they do. You know. I get up in the morning and I like to look at what's going on in the markets overseas. I like to look at what the geopolitic, the geopolitical stuff has been going down it. You know, there's a lot of other stuff that I like to do, but I like I've always liked my work.

And the routine of it as well. People often talk about the routine of it. One of the interesting numbers to come out of this is over sixty fives there are actually a lot of machinery operators, ten percent of those working over sixty five machinery operators. I don't imagine this is hugely labor intensive stuff, although we're not really sure, but do you think what do you think is behind that? Is that because perhaps they're the only ones left to know how to operate them in mid.

Machine I did under that when I read it, and then somebody else said that they may be managing the people who are actually managing running the machines, So they may not be hands on or you know, they may not have an apron on to use the building term, but they may be managing somebody else to do it and helping.

Yeah, interesting, Martin, keep up the good work. At seventy two, you're going You're going strong, Martin Hawes, Financial Advisor.

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