Australia has seen a dramatic transformation of retirement over the past 20 years, with more Australians delaying retirement than ever before, reshaping expectations for later life.

This shift matters because it marks a fundamental change in how people transition out of the workforce - with important implications for financial security in later life.

The decision to retire is no longer driven purely by personal preference or age alone. It's increasingly shaped by policy, housing wealth, super balances and whether someone can afford to stop working.

In 2003, about 70% of women and almost half of men aged 60-64 had fully retired from the workforce. Twenty years later, those numbers have fallen to 41% and 27% respectively. For people aged 65-69, retirement rates have also dropped - from 86

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