We've moved a fraction to the right

We're older, wiser and certainly not the retiring type

Latest in Finance

Retiring is old hat and as for the midlife crisis - well, its age has come and gone.


MIDLIFE crisis? What midlife crisis? We've moved on.

With more and more of us living to 100 and beyond, we're being told it's now the three-quarter life crisis.

And because we're living longer we are doing a lot of things later - retiring, starting families, even pursuing pastimes.

The Australian Seniors Series: 100 Year Lifespan report reveals that a third of Aussies over 50 admit to experiencing a three-quarter life crisis; 45 per cent have seen others go through one.

But don't let that get you down: 67 per cent of those surveyed saw the crisis as a healthy experience.

"It's more a turning point when people in their late 60s or early 70s reassess their priorities for life with the wisdom and perspective that comes with maturity," said Nick Haslam, Professor of Psychology at the University of Melbourne.

"People may be troubled or in a rut when they enter the crisis period, unsure of the value of their work or jaded with the routines of their life, but they generally come out of it with a refreshed sense of possibility.

"This generation is redefining what ageing means: they see being a senior as a time for positively engaging with the world rather than gradually disengaging from it."

So what is the ideal age to stop working?

According to the report, it's between 65 and 69 - but just over 60 per cent believe living longer requires more extended time in the workforce, even if only on a part-time basis.

Of those who have yet to retire, one in three predict they are likely to re-enter the workforce or return to studying post-retirement.

And as for the word 'retired' - well, more than half say it's time it was retired too, seeing this time of their lives as the beginning of a new chapter rather than an end of something.

The survey also found:

- One in seven over-50s believe that being older means wiser

- 75 per cent believe society is ill-prepared for the average life expectancy to increase to 100. Those who think this agree a lack of aged care facilities is a key contributor

- The vast majority hope to see cures for some major cancers (79 per cent) and treatment for dementia (74 per cent) in their lifetime

- 87 per cent think ageism in the workplace is widespread

- Nearly eight in 10 believe the government does not do enough to entice businesses to employ over-50s

The survey also showed there could be a new buzz word when it comes to where you live in retirement. Almost one in four people said they were open to a "C Change" - a move to a more metropolitan area (for example, from a regional town to a suburban area, or from a suburban area to the inner city).

Most (64 per cent) prefer to live in a free-standing house, 14 per cent would choose apartment living, and 10 per cent favoured a retirement village.

For more on the report click HERE

The Australian Seniors Series is a research project commissioned by insurance provider Australian Seniors. It aims to understand the opinions, thoughts and behaviours of the country's over-50s.