Retirement
Macquarie University study reveals benefits of guaranteed income in retirement
Retirement
Macquarie University study reveals benefits of guaranteed income in retirement
A new study by Macquarie University's School of Psychological Sciences has found that mental health, enjoyment, and financial security are key benefits of incorporating guaranteed income and annuities into retirement plans.
Macquarie University study reveals benefits of guaranteed income in retirement
A new study by Macquarie University's School of Psychological Sciences has found that mental health, enjoyment, and financial security are key benefits of incorporating guaranteed income and annuities into retirement plans.
The research, conducted in partnership with Challenger, Australia's largest retirement income provider, surveyed approximately 1,000 Challenger customers aged over 60.
Key findings from the study include:
- Two-thirds of respondents proactively chose to enter retirement, citing financial stability, enjoying retirement while health allowed, and eligibility to access superannuation as main factors.
- Respondents who proactively chose to retire reported significantly fewer worries (51%) compared to those who retired out of necessity (32%).
- Over 50% of respondents noted 'enjoyment' as their key purpose in retirement, followed by 'keeping well' (22%).
Lead researcher Professor Joanne Earl said, "Proactively choosing how and when to retire may be the secret ingredients to wellbeing in our golden years."
The study also found that retirees with a guaranteed income outperformed on every happiness metric compared to Challenger's earlier Retirement Happiness Index Research.
Challenger Chief Executive, Customer, Mandy Mannix stated, "The data clearly indicates that annuities, or some element of guaranteed regular income in retirement can be a gamechanger."
With 10% of Australia's population set to retire in the coming decade, the study highlights the importance of guaranteed and longevity-focused retirement income strategies.
The research contrasts with broader Australian population trends, where retirement is often triggered by factors such as reaching retirement age, illness, or unemployment.
This Australian-first study provides valuable insights for both retirees and the industry on the role and importance of guaranteed income streams in retirement planning.
RELATED ARTICLES
Retirement Planning
Retirement Living Council calls for focus on seniors' housing as population ages
The Retirement Living Council (RLC) has urged governments across Australia to prioritise age-friendly housing solutions in response to new data revealing an ageing population. Read more
Retirement Planning
Retirement villages offer affordable housing amid market crisis, study finds
Retirement villages are providing a significantly more affordable housing option for older Australians compared to the traditional property market, according to new data released today. Read more
Retirement Planning
Age-appropriate housing could reduce hospitalisations for elderly Australians, report finds
A new report from the Australian Institute of Health and Welfare (AIHW) has highlighted the potential benefits of age-friendly housing in reducing hospitalisations among older Australians. Read more
Retirement Planning
Retirement Living Council urges focus on seniors' housing as population ages
The Retirement Living Council (RLC) has called for a renewed focus on retirement villages as a key housing solution to cater for Australia's ageing population, following the release of fresh ...Read more
Retirement Planning
Reverse mortgages in Australia: A financial solution for retirees
For many Australian retirees, finding ways to fund their post-retirement years is a significant concern. One financial solution that has gained attention is the reverse mortgage. This type of loan ...Read more
Retirement Planning
Retirement Living Council criticises state budgets for lack of ageing strategies
The Retirement Living Council (RLC) has criticised state government budgets for their lack of ideas, vision and strategies to appropriately house ageing populations around Australia. Read more
Retirement Planning
Retirement Living Council urges action on affordable housing for seniors as more retirees worry about income
The Retirement Living Council (RLC) is calling on governments to prioritise retirement villages as a key solution to housing affordability for older Australians, as new data shows an increase in ...Read more
Retirement Planning
Empowering your future: Financial literacy and retirement planning in Australia
In today’s complex financial landscape, achieving a secure and comfortable retirement requires more than just saving money. It demands a deep understanding of financial concepts and the ability to ...Read more
Retirement Planning
Retirement Living Council calls for focus on seniors' housing as population ages
The Retirement Living Council (RLC) has urged governments across Australia to prioritise age-friendly housing solutions in response to new data revealing an ageing population. Read more
Retirement Planning
Retirement villages offer affordable housing amid market crisis, study finds
Retirement villages are providing a significantly more affordable housing option for older Australians compared to the traditional property market, according to new data released today. Read more
Retirement Planning
Age-appropriate housing could reduce hospitalisations for elderly Australians, report finds
A new report from the Australian Institute of Health and Welfare (AIHW) has highlighted the potential benefits of age-friendly housing in reducing hospitalisations among older Australians. Read more
Retirement Planning
Retirement Living Council urges focus on seniors' housing as population ages
The Retirement Living Council (RLC) has called for a renewed focus on retirement villages as a key housing solution to cater for Australia's ageing population, following the release of fresh ...Read more
Retirement Planning
Reverse mortgages in Australia: A financial solution for retirees
For many Australian retirees, finding ways to fund their post-retirement years is a significant concern. One financial solution that has gained attention is the reverse mortgage. This type of loan ...Read more
Retirement Planning
Retirement Living Council criticises state budgets for lack of ageing strategies
The Retirement Living Council (RLC) has criticised state government budgets for their lack of ideas, vision and strategies to appropriately house ageing populations around Australia. Read more
Retirement Planning
Retirement Living Council urges action on affordable housing for seniors as more retirees worry about income
The Retirement Living Council (RLC) is calling on governments to prioritise retirement villages as a key solution to housing affordability for older Australians, as new data shows an increase in ...Read more
Retirement Planning
Empowering your future: Financial literacy and retirement planning in Australia
In today’s complex financial landscape, achieving a secure and comfortable retirement requires more than just saving money. It demands a deep understanding of financial concepts and the ability to ...Read more
