As participation rates for those aged 55 and over have increased over time, retirement rates
have decreased:
• In November 1997, 2.4 million people aged 55 and over had retired, comprising 49% of people
aged 55–64 and 93% of people aged 65 and over (ABS various years).
• In 2012–13, by contrast, while the number of people 55 and over who had retired had increased
(3.3 million), this only equated to 26% of 55–64 year olds, and 77% of people aged 65 and over
(ABS 2013)—see Figure 5.9.2.