Successful Retirement - Healthy Aging and Financial …...Amsterdam, 16th November, 2017 No.1...
Transcript of Successful Retirement - Healthy Aging and Financial …...Amsterdam, 16th November, 2017 No.1...
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Helping people achieve a lifetime of financial security
Successful Retirement – Healthy Aging and Financial Security
Mike Mansfield & Lex Van Delden
Amsterdam, 16th November, 2017
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No.1 retirement dream globally:
TravelingSpending more time with friends and family
Pursuing new hobbies
Volunteer work
Continue working in same field
Living abroad
Studying
Continue working, but in another field
Starting a business
None of the above
Don’t know
NET: Business/paid work
62%57%
48%
26%
26%
15%
12%
12%
11%
10%
3%
3%
Travel
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Financial Security: Three important tips
1. Start early 2. Become a habitual saver
3. Write down your retirement plan
Those who start saving for their pension at age 20 compared to age 30 can have a boost of up to 64% in their retirement savings
Non savers
Aspiring savers
Past savers
Occasional savers
Habitual savers
I have a written plan 14%
I have a plan, but it is not written down 44%
I do not have a plan 38%
Don’t know 4%
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Healthy Aging: 82% of people say that health in older age is a concern. Yet few are doing as much as they can.
I avoid harmful behaviorse.g., drinking too
much alcohol or smoking
I eat healthily
I exercise regularly
I think about my long-termhealth when making lifestyle choices
For example, I try to avoid stress
I take my health seriouslye.g., have routine medical check-ups
and do regular self-checks
I practice mindfulness regularly
e.g., meditation andrelaxation exercises
17%
57%
57%
50%
43%
42%
e.g., five-a-day portions of fruit and vegetables
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Future retirement means “flexibility”
I will change the way I work (e.g. working part-time or on temporary contracts) but only for a while before I eventually give up paid work altogether 31%
10%
I will keep working as I currently do. Retirement age won’t make a difference to the way I work
1%
Other
I will immediately stop working altogether and enter full retirement
33%
I will change the way I work (e.g. working part-time or on temporary contracts) and I will continue paid work throughout retirement in some capacity
16%
9%
I don’t know
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39% of retirees globally retired
Reasons for doing so
My ill health 29%
I don’t know 1%
Unemployment/job loss 25%
Family responsibilities 14%
I realized I had saved enough money to retire on 9%
I received a windfall 4%
Other reason(s) 33%
sooner than planned
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Employers can and should do more to help workers transition into retirement
Work more suitable for older workers
The option to move from full-time to part-time working 24%
Flexible retirement plans which allow you to work beyond the usual retirement age
Employer provided healthcare in retirement
Retaining or continuing education to keep skills up-to-date
Financial advice
Other
20%
19%
18%
15%
14%
2%
Don’t know 16%
None of the above 29%
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Active life to survive
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Inactive transportation
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Inactive at home
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Two systems for decisions and behaviour
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Nudge, prime, affordance
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Let’s see what it feels like to be an older person
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Some elements of the Old Age Suit
Simulation of unsteady gait
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Some more elements
Simulation of various eye
diseases Macular degeneration
Cataract
Glaucoma
Unilateral retinal detachment
Diabetic retinopathy
Retinitis pigmentosa
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Summary
Financial planning and staying healthy lead to a greater probability of retirement readiness
Financial planning • Start early • Become a habitual saver • Write down your retirement plan
Staying healthy • Health in older age is a concern • Few are doing as much as they can • Change our environment to stay healthy