The Retirement Planning
Council of Ireland
Council of Ireland
Mailing List
Latest News
We have moved
02.12.2011
Survey of Retirees
02.11.2011
Contact Us
The Retirement Planning Council of IrelandPinebrook House
72-74 Harcourt Street
Dublin 2
Tel: 01 4789471
Email: information@rpc.ie
Survey of Retirees
Retirement Issues Survey
As part of our role as a non-profit making body the Retirement Planning Council of Ireland (RPC) conducts on-going research and adaptation to its courses and methodologies for delivery. One such method for maintaining quality in delivery is to conduct surveys and assessments on the thoughts of those attending our courses. The following are the resilts of our most recent survey:
Survey Cohort
This recent survey resulted in 1,115 responses from individuals who had undertaken a retirement planning course with the Council. Of the respondents 81% were planning to retire soon while the remainder had already retired.
The survey samples ranged in age from 12% in the 55+ category to 1% in the 66 and 67+ categories. The largest response came, as expected, from the 58-65 cohort which indicates the high level of retirees who are currently planning to retire around this age cohort.
Marital Status
The majority (80%) are married and 11% single. Just 5% are separated or divorced and 4% are widowed persons.
Retirement Age
Of the soon-to-retire individuals the question was asked as to what age they intend to retire. This indicates that age 65 (34%) is the target age for the majority. The other significant target age is the approximate age of 60 (29%). Just 6% are planning to retire at age 55 or younger.
These figures changed when it came to the "already retired" cohort where 17% retired at an age younger than 55 while 38% retired on or before age 60. The conclusion to be drawn is that retirement at age 55 or thereabouts is less likely in the current economic climate.
Recession and Retirement Planning
Despite the later retirement age as indicated earlier, the current economic climate seems to have little impact on the soon-to-retire individuals as 88% responded that their plan to retire will not be postponed due to current economic conditions in the country. This was also the case where 73% indicate that they had no plans to retire early due to the crisis in the economy.
As part of our role as a non-profit making body the Retirement Planning Council of Ireland (RPC) conducts on-going research and adaptation to its courses and methodologies for delivery. One such method for maintaining quality in delivery is to conduct surveys and assessments on the thoughts of those attending our courses. The following are the resilts of our most recent survey:
Survey Cohort
This recent survey resulted in 1,115 responses from individuals who had undertaken a retirement planning course with the Council. Of the respondents 81% were planning to retire soon while the remainder had already retired.
The survey samples ranged in age from 12% in the 55+ category to 1% in the 66 and 67+ categories. The largest response came, as expected, from the 58-65 cohort which indicates the high level of retirees who are currently planning to retire around this age cohort.
Marital Status
The majority (80%) are married and 11% single. Just 5% are separated or divorced and 4% are widowed persons.
Retirement Age
Of the soon-to-retire individuals the question was asked as to what age they intend to retire. This indicates that age 65 (34%) is the target age for the majority. The other significant target age is the approximate age of 60 (29%). Just 6% are planning to retire at age 55 or younger.
These figures changed when it came to the "already retired" cohort where 17% retired at an age younger than 55 while 38% retired on or before age 60. The conclusion to be drawn is that retirement at age 55 or thereabouts is less likely in the current economic climate.
Recession and Retirement Planning
Despite the later retirement age as indicated earlier, the current economic climate seems to have little impact on the soon-to-retire individuals as 88% responded that their plan to retire will not be postponed due to current economic conditions in the country. This was also the case where 73% indicate that they had no plans to retire early due to the crisis in the economy.
Financial Matters
Financial Security
Overall an indication of financial worries came from 29% while 69% have been saving or are saving for a more financially secure retirement.
Trust in the Financial Sector
A total of 86% expressed a lack of trust in those charged with safeguarding their investments. Despite liquidity pressure on banks the practice of seeking repayment of loans using the lump sum of retirees is virtually non-existent.
Lump Sums
Despite the lack of trust in the financial sector almost half of those surveyed (47%) intend to invest their retirement lump sums, yet only 21% have so far sought the advice of investment companies or banks. The next largest group (20%) intend to undertake repairs/renovations to their homes, while 13% intend to clear the mortgage on the family home.
Personal Budgeting
Budgeting is low on the agenda for the majority and 53% do not engage in financial planning. Of the remainder 33% do so monthly.
Work in Retirement
38% of respondents intend to continue working after reaching the official retirement age in their current employment. Of these, 46% intend to seek part-time work; a further 12% intend to become self-employed while 8% intend to work within the charity sectors.
Financial Security
Overall an indication of financial worries came from 29% while 69% have been saving or are saving for a more financially secure retirement.
Trust in the Financial Sector
A total of 86% expressed a lack of trust in those charged with safeguarding their investments. Despite liquidity pressure on banks the practice of seeking repayment of loans using the lump sum of retirees is virtually non-existent.
Lump Sums
Despite the lack of trust in the financial sector almost half of those surveyed (47%) intend to invest their retirement lump sums, yet only 21% have so far sought the advice of investment companies or banks. The next largest group (20%) intend to undertake repairs/renovations to their homes, while 13% intend to clear the mortgage on the family home.
Personal Budgeting
Budgeting is low on the agenda for the majority and 53% do not engage in financial planning. Of the remainder 33% do so monthly.
Work in Retirement
38% of respondents intend to continue working after reaching the official retirement age in their current employment. Of these, 46% intend to seek part-time work; a further 12% intend to become self-employed while 8% intend to work within the charity sectors.
Lifestyle Issues
Planning for Retirement
The respondents were equally divided on whether or not they already had some plans for their impending retirement prior to attending the RPC retirement planning course.
Active Retirement
During the RPC courses we endeavour to get people to "think differently" about this new phase of life and we encourage them to "explore, dream, discover". 69% expressed the hope of living their former dreams. On responses to specific dreams, the longing to travel (38%) features most prominently.
When asked how they viewed their future life in retirement, a large percentage (74%) view this time as a "new chapter in life by being active and in setting new goals". Only 1% expect to be "bored" while 25% want to "take it easy". Having more time for hobbies was considered important by 13%.
A small number (6%) wishes to spend more time with family, while 3% want to participate in further education and a somewhat lesser number want to re-train. Learning another language was well down the list of priorities (1%). Just 2% intend to buy a holiday home or another property; to write a book or to get better at golf.
Despite the new emphasis on the so-called "Silver Markets" only 1% wish to start a new business in retirement.
A Healthy Lifestyle
Just 16% express concern about future health issues and are anxious to maintain good health into retirement while 65% state that they have a "healthy living plan" in place.
Social Networking
During our retirement planning courses, many attendees are surprised to be told that 80% of daily human contact is with people they meet at their workplave or because of their work. This leaves just 20% who are family or friends. To ensure that each retiree gives some thought to this issue we advise them to join clubs and organisations which will help to maintain a social network in their retirement. 58% are already involved in clubs and organisations and intend to stay involved in these. This still leaves 42% uninvolved.
Hobbies
During our courses we also advise that each retiree should endeavour to have at least one physical hobby and one hobby that will help maintain mental alertness. We also advise of the need to have a Summer/Indoor hobby and a Winter/Outdoor hobby. Types of organisations listed for involvement show Golf Clubs at 25% on top of the list; next come Local Community Groups at 13%; Health Clubs/Gyms at 10%; Local GAA Clubs are at 8% and Bridge Clubs at 6%.
Using the New Technologies
A large cohort of 81% describe themselves as "computer literate" and regular users of the internet; while 71% are daily users. Home computer users are even higher at 86% compared to 11% office-only users. Social networking sites are unattractive to retirees as 90% are uninterested. Of those who are members of a social networking site - 88% are on Facebook.
Volunteering
A massive 79% are willing to play a role as volunteers with a majority still unsure as to which type of voluntary activity they might choose. This leaves the way open for creative schemes to make full use of this offering of volunteers which would be a win-win for the retiree and for society. This conclusion shows that it could not be a better time in terms of meeting many societal needs with the presence of a largely experienced, educated and energetic cohort who are willing and able to meet that need.
Types of activity desired ranged from community activity combined with local voluntary work at 39% in total. Charity sectors most likely to benefit: Society of St. Vincent de Paul; Meals on Wheels; Parish Work; the Hospice Movement.
A tiny proportion expressed the desire to join a political party.
A Place called Home
While 20% intend to undertake repairs/renovations to their home, 81% have made no alterations in preparation for retirement. Of those who have, 68% have undertaken renovations while 14% have made changes to make it easier to live in their homes for as long as possible.
With the availability of energy grants a further 13% have undertaken work to make their homes more efficient. Just 2% have moved house or downsized in preparation for retirement.
Wills and Legal Issues
An astonishing 35% have not completed making a will. Of these 3% state that they still have to "complete" their will. The issue of having an Enduring Power of attorney in place in case of losing mental faculties, 76% have taken no action in this regard.
__________________________________end_________________________________________________
The respondents were equally divided on whether or not they already had some plans for their impending retirement prior to attending the RPC retirement planning course.
Active Retirement
During the RPC courses we endeavour to get people to "think differently" about this new phase of life and we encourage them to "explore, dream, discover". 69% expressed the hope of living their former dreams. On responses to specific dreams, the longing to travel (38%) features most prominently.
When asked how they viewed their future life in retirement, a large percentage (74%) view this time as a "new chapter in life by being active and in setting new goals". Only 1% expect to be "bored" while 25% want to "take it easy". Having more time for hobbies was considered important by 13%.
A small number (6%) wishes to spend more time with family, while 3% want to participate in further education and a somewhat lesser number want to re-train. Learning another language was well down the list of priorities (1%). Just 2% intend to buy a holiday home or another property; to write a book or to get better at golf.
Despite the new emphasis on the so-called "Silver Markets" only 1% wish to start a new business in retirement.
A Healthy Lifestyle
Just 16% express concern about future health issues and are anxious to maintain good health into retirement while 65% state that they have a "healthy living plan" in place.
Social Networking
During our retirement planning courses, many attendees are surprised to be told that 80% of daily human contact is with people they meet at their workplave or because of their work. This leaves just 20% who are family or friends. To ensure that each retiree gives some thought to this issue we advise them to join clubs and organisations which will help to maintain a social network in their retirement. 58% are already involved in clubs and organisations and intend to stay involved in these. This still leaves 42% uninvolved.
Hobbies
During our courses we also advise that each retiree should endeavour to have at least one physical hobby and one hobby that will help maintain mental alertness. We also advise of the need to have a Summer/Indoor hobby and a Winter/Outdoor hobby. Types of organisations listed for involvement show Golf Clubs at 25% on top of the list; next come Local Community Groups at 13%; Health Clubs/Gyms at 10%; Local GAA Clubs are at 8% and Bridge Clubs at 6%.
Using the New Technologies
A large cohort of 81% describe themselves as "computer literate" and regular users of the internet; while 71% are daily users. Home computer users are even higher at 86% compared to 11% office-only users. Social networking sites are unattractive to retirees as 90% are uninterested. Of those who are members of a social networking site - 88% are on Facebook.
Volunteering
A massive 79% are willing to play a role as volunteers with a majority still unsure as to which type of voluntary activity they might choose. This leaves the way open for creative schemes to make full use of this offering of volunteers which would be a win-win for the retiree and for society. This conclusion shows that it could not be a better time in terms of meeting many societal needs with the presence of a largely experienced, educated and energetic cohort who are willing and able to meet that need.
Types of activity desired ranged from community activity combined with local voluntary work at 39% in total. Charity sectors most likely to benefit: Society of St. Vincent de Paul; Meals on Wheels; Parish Work; the Hospice Movement.
A tiny proportion expressed the desire to join a political party.
A Place called Home
While 20% intend to undertake repairs/renovations to their home, 81% have made no alterations in preparation for retirement. Of those who have, 68% have undertaken renovations while 14% have made changes to make it easier to live in their homes for as long as possible.
With the availability of energy grants a further 13% have undertaken work to make their homes more efficient. Just 2% have moved house or downsized in preparation for retirement.
Wills and Legal Issues
An astonishing 35% have not completed making a will. Of these 3% state that they still have to "complete" their will. The issue of having an Enduring Power of attorney in place in case of losing mental faculties, 76% have taken no action in this regard.
__________________________________end_________________________________________________
02.11.2011
Book a Course
View our full list of course dates
Course Locations
