More than three out of four Aussie baby boomers are beefing up their savings strategy as a result of the turmoil, according to a Commonwealth Bank survey.
The majority of changes included making bigger or additional contributions to their retirement savings plan, while about a third said they were investing more in other investments outside retirement plans such as shares or property.
Interestingly, the Retirement Lifestyle survey found almost 40 per cent of those surveyed considered retirement an opportunity to pursue a new career or learn new skills.
"This trend suggests that many people see retirement as a series of transitions where some form of work or community service can continue into the retirement years,'' Commonwealth Financial Planning general manager Tim Gunnin said.
According to TD Waterhouse's first Canadians and Retirement survey of already-retired Canadians, retirement is different from what many Canadians imagined it would be.
Twenty percent of women found retirement quite different from what they imagined, versus 15 percent of the men.
A quarter of Canadian retirees aged 55 to 70 found it hard to adjust to a life no longer defined by their work. Financial constraints meant they could not do all the things they used to do for 22 percent of those surveyed.
Retirement advice was offered by retirees to those contemplating retirement.
- Workers should develop a full life outside of work instead of waiting to do so at retirement
- Workers should take care of their physical and mental health
- Workers should save for retirement as early as possible.
- People should pay off all debt before retiring.
Above all, individuals should take time to prepare for and understand what they want from retirement.
Surprisingly, the best part of retirement is simple pleasures, say the retirees. Spending time with family and engaging in hobbies also are satisfying as is volunteering.