An older Australian fears she won't be able to retire for years as she believes she's just one pay cheque away from being homeless. Lou should be enjoying her golden years, but instead, she's working long hours as a nurse at the age of 67.

National Seniors Australia told Yahoo Finance the high cost of living and expensive housing market are delaying retirement for scores of people and many are also facing housing insecurity. Lou is terrified she might end up on the streets if she doesn't get paid.

"It's dehumanising, it's utterly despairing, it's terrifying, it's humiliating ... at my age, I find that really distressing," she explained to A Current Affair.

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Lou has experienced homelessness before and relied on friends to give her a roof over her head.

But even those closest to the nurse aren't aware that she had to sleep in her car for weeks when she was at her lowest.

"It's pretty gross ... it's pretty horrifying and most of the people that know me would be surprised to know that I did that, I was so ashamed," she said.

"It doesn't leave you though, I mean you never feel safe ... feel secure. I just expect something to go wrong all the time."

Have you been forced to delay your retirement? Email stew.perrie@yahooinc.com

To afford her modest one-bedroom apartment, she said she's forced to work six days a week and the majority of her wage goes to rent. The 67-year-old said she won't be able to get by if there's an increase in her weekly rent.

"Some days, it's really hard to keep going ... really hard," she added.

Thousands of older Australians are struggling to pay their rent

Data from the Association of Superannuation Funds of Australia recently revealed a single retiree needs $51,278 per year to support a comfortable retirement, while a couple needs $72,148 per year.

But the housing crisis is pushing many to the brink and some are struggling to keep up with rental increases while protecting their nest eggs.

“Housing security and affordability is a huge concern for many older Australians, with an increasing number of older people unable to afford their own home and relying on the precarious and competitive rental market," National Seniors Australia chief executive officer Chris Grice explained to Yahoo Finance.