But the Melbourne woman’s self-managed superannuation fund has lost more than $200,000 since the global financial crisis hit in 2008 and her dream of quitting work is now on hold for perhaps another five years.

“It’s pretty devastating,” says the financially-savvy divorcee, who has two adult children living in London.

Ms Ford’s story is typical of thousands of baby boomers who have been forced to shelve their retirement plans in the past few years.

Others returned to the workforce after seeing their retirement funds dry up during the GFC and again during this year’s market volatility.

A recent study by research house CoreData found that one in three mature-age workers does not believe he or she will be able to choose the date of retirement and will have to work for as long as possible.

About 86 per cent of people approaching retirement age planned to continue working — most of them part-time — once they retired from full-time employment to sustain their income.

Matt Higgins, the founder of online job bulletin board Olderworkers, said that more than 14,500 jobseekers had registered with the site since it was launched in 2008.

Mr Higgins said while some people were returning to work because they were bored in retirement, many were motivated by financial need.

“People aiming to have $1 million to retire on are finding they only have $600,000,” he said.

The good news for mature workers is that employers are increasingly likely to recognise the benefits of hiring them.

More than 1000 companies have signed on to the bulletin board as registered employers, Mr Higgins said.

Ms Ford, who has most of her superannuation tied up in shares, said she wished she had cashed out of equities about a year ago.

“I’ve missed the opportunity to sell and get out and put the money in cash,” she said.

Her only option now was to stay in the workforce and ride out the sharemarket volatility, praying she would have enough to retire on by the time she is 65. By then, she would have been in the workforce for 48 years.

Ms Ford said she established her self-managed super fund six years ago with the aim of producing returns of 6 per cent a year.

“My shares at that stage were probably turning 20 per cent, so it’s pretty devastating,” she said.

“It was all going swimmingly until the GFC hit.

“But I’m very much of the view that you’ve just got to hang in there.”

Source: The Australian