Volunteer work priority for retirees

More than half of older Australians intend to spend their post employment years engaged in volunteer work, a new retirement planning study released last week revealed.

The report titled, Planning to be Productive: The Detailed Retirement Planning Strategies of Australian Pre-Retirees, examined the financial, health and leisure plans of 3,230 people aged over 50 years who were approaching retirement.

Just more than half of the respondents planned to spend more time engaging in volunteer work (52%) once they retire, while other popular activities included travelling Australia (69%), travelling overseas (47%), joining social organisations (46%) and undertaking a new hobby (45%).

The report found women were more likely than men  to engage in voluntary work or charitable activities, educational programs, and community or political activities in retirement.

“Whether it’s volunteering, caring responsibilities or engaging with community organisations, it’s good to see older Australians remaining productive in retirement,” National Seniors chief executive, Michael O’Neill, said.

“We often hear of older people facing social isolation once they have left the workforce. It’s important retirees remain relatively active and mentally engaged even after leaving employment.”

The report found the vast majority of people who had undertaken financial actions had superannuation (87%), just over half owned shares (53%), about one third (35%) owned a residential property other than their own and one quarter had a managed fund.

Just over half of the respondents believed they would definitely or possibly be financially secure in retirement, while 16% believed they would definitely or possibly not be financially secure.

Financial planners were the most popular source of advice for making financial preparations, having been used by 45% of respondents, but getting help from their partner/spouse was also common (24%).

The research also found those who did not plan for retirement tended to have limited income and job security and issues with debt.

This was the second report in the National Seniors and Insurance line series which aims to examine the plans that pre retirees have in place for their retirement.

Read the full National Seniors report.