The report found the average retirement age was not spread evenly across the sexes. Among women, it rose from 58.8 to 63.6 years old, while for men it went from 59.9 to 64.8 years.

While several factors lie behind these trends, household wealth was front and centre, Peyton said.

‘Housing is really where it’s at’

Peyton was particularly concerned by the proportion of retirees in rentals doubling between 2003 and 2023 — from 6 per cent to 12 per cent.

Source: SBS News / Leon Wang

“That’s a pretty significant shift, because the retirement system in Australia is built on the assumption that people will own a home when they enter retirement,” he said.

Super gender gap showing signs of closing

The median super balance for women has increased by more than a 100 percent since 2015, while for men it’s increased by about 40 per cent, he told SBS News.

Meanwhile for men, it was $467,307 in 2015 and $504,420 in 2023.

Prognosis largely looking up

The percentage of recent retirees who cited health as their main reason for leaving the workforce declined from 39 per cent in 2003 to 29 per cent in 2023.