"It's not like the old days where you'd hit 65 and they'd say, 'Here's your gold watch and see ya later'," he explained to 9News.

"It's much more of a nuanced transition. We see in the data the number of hours people are working starts to drop off . We start to be able to transition from full-time work to part-time work."

Rawnsley said Aussies retiring later has an added benefit on the economy as it sees fewer people jumping onto the aged pension.

Younger Aussies will likely have to wait even longer to retire than their older counterparts, with a Macquarie University study predicting the age to access the pension will increase to 68 by 2030, then again to 69 by 2036 and then 70 years old by 2050.

Sad reason some Aussies can't stop work

But it's not just the desire to be active and busy that's keeping older Australians in the workforce.

The cost of living crisis has also meant some wannabe retirees need to stay working for a little longer if they want to enjoy their later years.

A survey by National Seniors Australia found money was the top reason 60 per cent of pensioners and 46 per cent of non-pensioners decided to return to work.

“Many are going back to work because of those positive experiences but there are a number of them [who are] struggling and, in particular, those that are renting,” National Seniors CEO Chris Grice told Yahoo Finance.

“They are going back to work for a couple of days in order to try and supplement their income to help them meet the rising costs.”

How much superannuation do you need to retire?

The cost of living as well as insurance premiums have seen the amount of superannuation needed to retire these days reach record highs.

The Association of Superannuation Funds of Australia (ASFA) recently revealed a single retiree now needs $51,278 per year to have a comfortable retirement, while a couple needs $72,148 per year.

“Retiree budgets have been under substantial pressure for the past two years due to the high cost of essential goods and services,” ASFA CEO Mary Delahunty said.

“Fortunately, we are seeing [an easing in] price increases in the key categories that make up retiree budgets – home and contents insurance, fruit and vegetables, fuel and electricity.”

Increased insurance prices have been a big driver of rising retirement costs, with premiums up 16.2 per cent annually. Food and electricity prices also rose above inflation, up 4.5 and 6.9 per cent, respectively.

Get the latest Yahoo Finance news - follow us on Facebook, LinkedIn and Instagram.