More than half of older Australians intend to spend their post-employment years engaged in volunteer work, according to a new retirement planning study released this week.
A National Seniors report titled Planning to be Productive: The Detailed Retirement Planning Strategies of Australian Pre-Retirees, examined the financial, health and leisure plans of 3230 people over 50 who are approaching retirement.
Just over half of respondents plan to spend more time engaging in volunteer work (52%) once they retire, whilst other popular activities include travelling in Australia (69%), travelling overseas (47%), joining social organisations (46%) and undertaking a new hobby (45%).
“Whether it’s volunteering, caring responsibilities or engaging with community organisations, it’s good to see older Australians remaining productive in retirement,’’ said Michael O’Neill.
“We often hear of older people facing social isolation once they have left the workforce. It’s important that retirees remain relatively active and mentally engaged even after leaving employment.”
Just over half of respondents believe they will definitely or possibly be financially secure in retirement whilst 16% think they will definitely not or possibly not be financially secure.
The research also found that those who do not plan for retirement tend to have limited income and job security and issues with debt.
This is the second report in the National Seniors and Insuranceline series which sets out to examine the plans that pre-retirees have in place for their retirement. Read the first report in the series here.