Retirement outlook positive, trends show

For most of us, the pandemic changed our lives in a big way. We were forced to dig deep and find ways to cope with challenging and uncertain times. In this article, we look at how the habits and behaviours that have emerged in 2020 can support a positive outlook in retirement.

Positivity and gratitude have helped Australians stay resilient throughout the pandemic
Across every generation, the pandemic significantly changed our day-to-day lives. But it’s older Australians who have shown the greatest resilience, with younger generations more likely to struggle to find anything good about 2020.

Research suggests that the behaviours of older Australians may have helped them to stay resilient throughout the pandemic. Australians aged 75-plus are significantly more likely to have acknowledged the realities of their circumstances and to have kept in perspective that even in the uncertainty, they know the dark days will pass.

As a nation, our positivity has helped us stay resilient. Four in five Australians (83 per cent) believe that although 2020 has been tough, they will come out stronger because of this experience. And in a survey by Pureprofile, 50 per cent of Australians said they had become more grateful for what they had since the pandemic began.

Gratitude is proven to help us feel more positive and resilient. Expressing gratitude every day can help us stay mentally strong in retirement.

We’ve found our community spirit and helped those in need
2020 has inspired us to become kinder to those around us. One survey revealed that 55 per cent of Australians feel more compelled to show kindness to others since the pandemic. Many of us have taken the time to check in on neighbours and made more effort to support local businesses.

Research shows that people who volunteer experience a boost to their mental health. Volunteers are more satisfied with their lives and rate their overall health as better than those who don’t volunteer. Donating your time to help others in retirement is a great way to stay active in your community and boost your wellbeing.

We’ve had time to focus on the people around us
Having less to do has left us with more time to reflect on our priorities in life. Even though 88 per cent of Australians will be happy to close the door on 2020, 76 per cent have said they want to reprioritise how they spend their time. Spending time with family and friends has become one of our top priorities. According to one study, even though 37 per cent of Australians found it difficult to connect with family members living elsewhere, 93 per cent still made the effort.

Staying socially connected to our communities and loved ones has enormous benefits, including an ability to stay resilient and fight off negative physical and mental health outcomes. In retirement, these social connections become more important than ever in staying healthy and happy.

We’ve become more mindful about our spending
Living through a pandemic has forced us to re-evaluate how we spend our money, and that can only be a good thing. But it seems our new money habits are here to stay. In one survey, 50 per cent of Australians said they planned to change their lifestyles after the pandemic, with a view to spending less and saving more.

Recent times have also turned us into more conscious shoppers. Shopping with companies that are behaving sustainably has become more important to 50 per cent of Australians because of coronavirus.

Guaranteed, regular income to support you in retirement
One thing that 2020 has taught us is that life can quickly take twists and turns we didn’t expect. Having a secure source of income is another way to support a positive outlook in retirement. With a lifetime annuity, you can receive a guaranteed monthly income, no matter how long you live, or how share markets perform.

Find out more about Challenger lifetime annuities here or use the Challenger Retire with confidence tool to discover how a comprehensive retirement income plan can support a positive outlook in retirement.

Are you proud of how most Australians have responded to the challenges of the pandemic? Do you believe older Australians have shown they are particularly resilient?

Challenger is a preferred partner of YourLifeChoices.

If you enjoy our content, don’t keep it to yourself. Share our free eNews with your friends and encourage them to sign up.

Related articles:
https://www.yourlifechoices.com.au/work/news/ageing-populations-are-an-asset-report
https://www.yourlifechoices.com.au/finance/seniors-finance/how-to-get-the-pension-youre-entitled-to
https://www.yourlifechoices.com.au/retirement/news/covid-to-delay-retirement

The information in this article is provided by Challenger Life Company Limited ABN 44 072 486 938, AFSL 234670 (Challenger Life), general only and has been prepared without taking into account any person’s objectives, financial situation or needs. Because of that, each person should, before acting on any such information, consider its appropriateness, having regard to their objectives, financial situation and needs. Each person should obtain and consider the Product Disclosure Statement (PDS) before making a decision about whether to acquire or continue to hold the relevant product. A copy of the PDS can be obtained from your financial adviser, our Investor Services team on 13 35 66, or at www.challenger.com.au All references to guaranteed payments from Challenger refer to the payments Challenger Life promises to pay under the relevant policy documents. Neither the Challenger group of companies nor any company within the Challenger group guarantees the performance of Challenger Life’s obligations or assumes any obligations in respect of products issued, or guarantees given, by Challenger Life.

Written by Challenger Group

RELATED LINKS

Report tells why ageing populations are an asset

Experts say health means wealth for older people and global economies.

Are you getting the Aged Pension you’re entitled to?

Australians are living longer healthier lives. But many worry about the impact of share market

COVID shock means one in five will delay retirement: study

An Australian Stock Exchange study suggests many Australians will delay retirement.



SPONSORED LINKS

LOADING MORE ARTICLE...