56 percent of Australians aged 60-64 are in the workforce!

[Mark31]

I sure hope every last one of them is doing it because they absolutely love their work!

Even if you don't retire until after you turn fifty, you'll be whipping the pants off most of the population.

You can be more ambitious, but the point I'm making is that you don't have to be MMM himself to still be pretty kick-ass.

People not in the work force would include non-working students, people with significant physical or mental impairment that prevents work, full time parents as well as retired people. Of course, the full time parents and students could also be retired.

If you want to crunch your own numbers, download the supertable from here: http://www.abs.gov.au/AUSSTATS/abs@.nsf/DetailsPage/6202.0May%202013?OpenDocument

Number crunching below, last column is % in work force. Sorry if it doesn't come across too well. Tables don't work well in forums.

Month by Sex and Age by LF status totals - current month                           
 for Persons ('000)                           

May 2013                           
   Employed Full time   Employed Part time   Employed Total   Unemployed   Labour Force   Not in the Labour Force   Civilian Population      %Labour Force

Both    Sexes
     15 - 19   128.8   352.7   481.4   75.5   556.9   445.7   1002.5      56
     20 - 24   514.8   294.8   809.6   79.2   888.8   231.1   1120.0      79
     25 - 34   1473.3   376.7   1850.0   94.5   1944.5   395.9   2340.3      83
     35 - 44   1365.6   497.0   1862.6   85.8   1948.5   362.5   2310.9      84
     45 - 54   1318.5   456.9   1775.4   67.0   1842.5   363.6   2206.0      84
     55 - 59   523.3   210.9   734.2   23.3   757.5   259.8   1017.4      74
     60 - 64   308.1   177.2   485.2   17.1   502.3   400.9   903.3      56
     65 and over   145.4   156.7   302.1   4.1   306.3   1903.5   2209.8      14
                           

[marty998]

How many of those counted in Labour Force would actually be self employed? That might account for the relatively high number of people in the 60-64 bracket who are "working".

I always found the workforce participation stat to be very insightful. Basically only around 65% of adults are actually in work.

Either one third of people are FI, or there are a shitload of people in Australia leeching off parents, spouses or the taxpayer!!

[pom]

Lets look at the details:

15-19, participation rate is 56% 
20-24, participation rate is 79% 
25-54, participation rate is 84%
55-59, participation rate is 74% 
60-64, participation rate is 56%
65+   , participation rate is 14%

Considering that there are probably around 1 million stay-at-home moms in Australia , these number do not appear to show at lot of leechers to me.

[Ozstache]

Even if you don't retire until after you turn fifty, you'll be whipping the pants off most of the population.

Well, 100% of this Australian won't be working past age 50. :-)

Amusing the comment about FI versus leechers not working. My MIL all but accused me of becoming a leecher when I RE, despite having arrived there through achieving FI after a 30 year career. She's pretty old school though and thinks that if you're not working when you're young enough (<65), you're not doing your bit for your country and fellow citizens. I reckon I'll be doing them a favour by giving up my job for one of them to take if they want it.

[happy]

Ooooooh Ozstache! Is this an announcement?
If so congratulations.
Don't listen to the naysayers. RE is smarter ( and better for your fellowman) than RL. :)

[Ozstache]

Ooooooh Ozstache! Is this an announcement?
If so congratulations.

Note quite yet. Just a few more weeks to find out where I'm being transferred to following the early finish up of my job later this year. Since I will be FI around then, I'll only be taking the transfer if the new job tickles my fancy. Chances are pretty low they'll find me something good. Stay tuned for more details.