But while some superannuitants are continuing to work out of necessity, others are doing so for non-financial reasons.

New data from the latest Census shows two out of five 65 to 69-year-olds (40%) are still working in either a full-time or part-time capacity.

Meanwhile, more than one in five 70 to 74-year olds (21%) was still employed in 2013.

Both numbers were up from the previous census in 2006.

Labour has used the Census figures to support its policy of increasing the age of eligibility for superannuation, which it intends to raise over time from 65 to 67, starting from 2020.

Separate statistics show life expectancy in New Zealand has now reached 80 years (79.1 years for men and 82.8 years for women), meaning the average person can expect to live about 15 years beyond the current age of eligibility for superannuation.

Vicki Watson, director of Diversified Investment Strategies, said there were a variety of reasons for people still working after 65, with some doing so for financial reasons and others for the “pure enjoyment” of it.
“I know on a personal basis a group of friends that work a couple of days a week.  I’ve got one who is 69 who works three days a week because she has to, while another one works as a receptionist a couple of days a week and it just subsidises their income.

“Some do volunteer work, such as helping women with cancer, one does radio announcing, and one even does police work.”

Watson said some of those who were forced to keep working due to financial circumstances could have been helped by getting financial advice at the right time.

“They never get into a position where they go to a financial planner.  They’re busy rushing trying to keep abreast of things and they struggle to save… this is where I think KiwiSaver might help."

Neville Caird, a New Zealand Financial Planning adviser based in Dunedin, said boredom was one of the reasons people went back to work after starting retirement.

“I’ve seen many examples in the past of people that have given up because of forced retirement at a particular age and they’ve been bored to tears and wanted socialising.”

Caird said discussion about whether clients would want to continue working past 65 was a central part of financial planning. “There’s a number that will be doing investment advice well and doing good numbers but not ever establishing those sorts of things.”