Beyond paid work: Our pensioners share their insights

Earlier this year we conducted an online survey to help us better understand more about life after paid work from our members.  We were thrilled and grateful that nearly 3000 pension members gave their valuable contributions and insights.

The survey provided an opportunity for our retired members to provide feedback about their experience in retirement, including whether their expectations were being met, commentary on what they would change and advice for future generations.

We used this research to inform a report we have written, Beyond Paid Work.  The report uncovered that most of our retired members are content and happy, with the benefit of a regular pension immeasurable.  Further, a significant 82% of pensioners reported positive feelings about their life in retirement.

The report lifts the lid on what life is really like for our members after paid work; that it is nuanced, with the needs and circumstances of retirees changing throughout their 20 plus years in retirement.

Commenting on the findings State Super CEO John Livanas said, “The good news is the majority of members feel content (59%), relaxed (53%) and happy (52%) about their retirement. Additionally, they are much less likely to feel sad (3%), and feelings of disappointment are equally rare (5%).”

Digging deeper, the key driver of the positive feelings towards retirement was that members had finally found the ‘time to do the things they wanted to do’ (61%).

These positive emotions are magnified for those more experienced in retirement.

“Our research found that our members become progressively more content throughout their retirement years. Feelings of contentment gradually increase from 42 per cent for those under the age of 60 to an overwhelming 74% for members aged over 80 years”, Mr Livanas said.

Content retirees over the age of 80 enjoy a slower pace of life (58%), spend more time with family and friends (36%) and have time for their hobbies (27%).

The strong emotional connection to time and contentment is present regardless of income level prior to retirement. Those who earned less than $59,000 per annum were more likely to feel content, when compared to members on higher salaries prior to retirement (63% versus the average of 59%).

The research also revealed the word retirement no longer reflected the experiences of members today.

“Only 3% of members feel that retirement is an accurate word for life beyond paid work. In contrast, over 50% felt either ‘The Next Act’, ‘Age of Experience’ or ‘The Golden Age’ were better brands,” Mr Livanas said.

The survey, one of the largest ever conducted with retirees, also revealed the change in priorities from the ten years leading up to retirement and priorities once in retirement.

“Unsurprisingly, careers and financial aspects take a back seat in retirement and are replaced with relationships, spending time with loved ones and giving back to the community,” Mr Livanas said.

Other findings included:

• More men ranked relationships as the most important value in retirement (25%) compared to women (14%).
• One in five (21%) respondents were either going to enter the workforce again or were seriously considering it.
• Respondents who were earning more than $100,000 before retirement were most likely to think they will go back into paid employment (41%).
• 30% of retirees said giving back to the community was an important factor in retirement

“We conducted the survey and produced Beyond Paid Work to better understand our members.  We know the important roles our pension members played in our community when in the paid workforce, keeping us safe, teaching our children, caring for people in hospitals, among many other important public sector roles. We are grateful for those who shared their thoughts and we look forward to learning more from more of our members” said Mr Livanas.

Figure 1: Values of retirees pre-retirement and in present day

Click here to read the report.