A UK research report has found a growing number of couples over 60 live in separate households, a trend particularly pronounced among those entering a new relationship at this stage of their lives. Improved mental health is a bonus.
Speakers of the calibre of David Knoff, the expedition leader stranded with his team in Antarctic during COVID, can regularly be heard at this global institution that places a premium on knowledge, not qualifications.
Setting the agenda critical step to enjoying retirement bliss
The secret ingredient to a fulfilling retirement was to proactively choose how and when to retire, said Professor Joanne Earl (pictured) from Macquarie University’s School of Psychological Sciences.
Commenting on a survey of customers of the retirement income provider Challenger, she said the findings demonstrated that taking the initiative on how to step into this next phase of life resulted in a healthier transition and greater retirement happiness, retirement adjustment and satisfaction.
Earl said: “Pleasingly, research respondents are choosing to enter this next stage of life while their health allows them to truly enjoy themselves and explore their passions and purpose.
“Of those surveyed, 22 per cent noted the choice to focus on what you want to do rather than what you must do was the top retirement benefit. This was closely followed by enjoying freedom and flexibility to be spontaneous (20 per cent), family time (17 per cent) and travel (15 per cent).
The study, a joint project between the university and Challenger, surveyed more than 17,000 customers of which slightly less than 1,000 responses comprised the findings. The minimum age was 60 and the gender split was even.
Earl said financial security emerged as one of the key enablers for Challenger customers to have the peace of mind to take this step with confidence.
“Respondents who proactively chose to retire were found to have significantly fewer worries (51 per cent) compared with those who retired out of necessity (32 per cent). Having the financial security to optimise choice was also cited as potentially having longer-term benefits.”
She said another critical component to life satisfaction in retirement was having a purpose in life with more than 50 per cent of respondents noting enjoyment as their key purpose in retirement, followed by ‘keeping well’ (22 per cent).
The survey also uncovered that giving became important to people in retirement, using their knowledge, skill and experience to make a difference in other people’s lives. There was also a penchant to try new things or develop other skills whether they be artistic, educational or sporting.
Other findings that emerged from the survey were:
- Respondents with a financial planner opt for a male adviser (75 per cent) compared with a female adviser.
- Males without an adviser cite ‘doing it themselves’ as the prime reason; women cite cost.
- There was no difference between male and female respondents about their comfort factor in using technology.
When compared with Challenger’s inaugural Retirement Happiness Index Research, launched in April 2024, retirees with a guaranteed income were found to outperform on every happiness metric.
Challenger chief executive (customer) Mandy Mannix said this Australian first study allowed retirees, and the industry, to have a greater understanding of the role and importance of having a guaranteed income stream in retirement.
“For the first time, we are hearing from real customers about the power of guaranteed regular income. The data clearly indicates that annuities, or some element of guaranteed regular income in retirement, can be a gamechanger, and we are seeing this in our broader customer base and increase in annuity take-up.
“When you know a portion of your savings is guaranteed to last a lifetime, it brings an unparalleled sense of security. In fact, 60 per cent of our customers surveyed said they lived comfortably, and the majority did not think they would outlive their savings, regardless of household income.”
