Modern retirement means more than just spending time with the grandkids

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November 26 2021
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How are today’s retirees really spending their time and money?

It turns out that the realities of retirement are far more diverse than the stereotypes of travel, gardening and looking after grandchildren suggest.

According to data shared by The Moreton Group, the biggest purchases made by the newly retired vary more than many might expect.

The Moreton Group found that approximately 40 per cent of those surveyed celebrated their retirement with a holiday or vehicle.

Meanwhile, approximately 60 per cent purchased everything from spas and jewellry to motorbikes and sports equipment.

The Moreton Group managing director Cameron Dickson said that modern retirees have no trouble filling their time.

The company’s retired clientele do everything from setting up a hobby farm to writing a novel.

Regardless of the flavour of an individual’s requirement, Mr Dickson emphasised the importance of thinking about it ahead of time.

“When we help people identify what they might like to do in retirement, we can develop a plan to achieve that, and it quite often means retiring earlier,” he said.

Everyone is different, but Mr Dickson said that looking at what others have done with their retirement can be a mistake for those approaching their own.

“Some people invest their money, get very serious about a hobby or interest or take on very large projects.”

As with other major personal finance milestones, Mr Dickinson argued that planning for retirement was essential.

“We simply have to think about what we enjoy and then find out what’s possible,” he said.

However, recent research has shown that Australian attitudes towards retirement haven’t changed all that much over the past 20 years.

Back in 2001, research found that the average age of those looking for the advice needed to plan for retirement was approximately 58 years of age. In 2021, that number rose to 59 years of age.

“People don’t plan for retirement like they do other financial milestones. They plan to pay off a house, start a business, pay for their children’s education, support their children’s wedding and even fund their own death, but not their retirement,” Mr Dickson said.

About the author

Fergus is a journalist for Momentum Media's nestegg and Smart Property Investment. He likes to write about money, markets, how innovation is changing the financial landscape and how younger consumers can achieve their goals in unpredictable times.

About the author

Fergus is a journalist for Momentum Media's nestegg and Smart Property Investment. He likes to write about money, markets, how innovation is changing the financial landscape and how younger consumers can achieve their goals in unpredictable times.

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