When I’m 65…the new Australian retirement dream revealed

Australia is home to 3.72 million retirees, and with another 372,000 people set to retire within the next 12 months (Roy Morgan), over 65s make up a sizeable proportion of the population. It was high time we asked this important segment what they hope for in their next phase of life. As we look at the results of the report, a picture begins to form of the ideal Australian retirement dream.    

Retirees value retirement communities with freestanding properties 
Of all respondents questioned in the research, 32 per cent were open to the idea of living in a retirement community in future, with specific ideas as to what that entailed. Of those polled, the most preferable property within a retirement community was the villa or townhouse within an over-s style resort (40 per cent), and second most preferable was a villa or townhouse in a retirement community (26 per cent).   

Retirees value security 
When asked which features of a retirement community retirees found most attractive, the most popular response from research participants was the security village living offered, followed narrowly by the peace of mind that came with leaving their belongings in a safe environment while travelling. 

Retirees value low-maintenance, low-fuss properties
After a lifetime of mowing lawns and clearing gutters, older Australians decided this was not something they wanted to take with them into retirement, with minimal upkeep of a property ranking as a major drawcard for retirement communities. When weighing up the features of a retirement community they found most attractive, retirees rated low home and garden maintenance an average 7.7/10 in attractiveness. Perhaps surprisingly, this trumped both access to appropriate care and medical professionals (7.4/10) and meeting like-minded people (7/10).

Retirees value downsizing 
Forty eight per cent of retirees looking to buy a retirement community property were looking to spend less than the value of their current home, with only 7 per cent looking to purchase something greater than the value of their current home. To give a ballpark figure of how much retirees were willing to spend, most respondents considering retirement living had a budget that sat somewhere between the $200,000 to $0,000 mark. 

Independence cherished
Retirees value above all thing their ability to stay independent, but don’t always see retirement villages as the best way to preserve that independence, despite the support that villages offer. Sixty two per cent said they were reluctant to move to a retirement village because they didn’t feel they needed the care and services villages provide, perhaps indicating a perceptions gap on what a retirement community actually does.

Retirees are more tech savvy than you think
The common misconception that retirees are oblivious to current technology is blown away by the results of  the 2015 Nielsen Connected Consumers Report. Ninety four per cent of Australians over 60 who are active online have engaged in some form of social media over the last 12 months, with 77 per cent of poll participants owning their own computers, 60 per cent owning their own smart phones, and 44 per cent owning tablets. 

Retirees value online content
Once upon a time, older Australians were big consumers of traditional mainstream media like magazines, newspapers and radio. However, the Connected Consumers Report indicates retirees are shifting in their preferred reading habits, with more favouring digital than ever before. Older Australians spend on average 2.1 hours per week reading magazines, four hours per week reading newspapers and a whopping 20 hours and 12 minutes per week online. So maybe put the pen and paper away and drop your Grandma a note on Facebook Messenger instead!

This article was written by the team at realestate.com.au, a Retirement Living Council corporate partner.