Men unprepared for retirement: survey

Baby boomers better act fast to join that yoga class or golf club — by the time you do retire, it may be too late.

New research shows that many retirees, especially men, risk an uneventful and lonely time during their golden years due to lack of planning.

Over 20 percent of men over 50 — compared to 11 percent of women in the same age bracket — are doing minimal planning in relation to post-retirement leisure activities, according to a report by University of NSW academics.

And previous studies show that people are unlikely to take up new hobbies when they do retire.

"Men are looking at assessing their net worth, buying stocks and bonds and contributing to super, but they're not necessarily thinking about how they are going to be spending their time in retirement," report co-author Joanne Earl said.

"People expect that whatever they've saved is going to be enough, but enough for what?"

Results of the survey, to be published in the Journal of Psychology and Aging, also reveal that 34 percent of men (compared to 21 percent of women) are doing minimal planning in relation to their health.

The survey, conducted over a two-week period last year, involved 377 men and women aged between 50 and 66 who responded to an online questionnaire on retirement planning.

The participants, who all work at an unnamed financial institution based in Australia, were invited to take part in the survey through a company email.

Dr Earl said the survey results also highlight the need to build social networks beyond the work office.

"If people have spent most of their time developing work-based relationships and then they leave that social network, it's difficult for people to reconnect into a community or the people around them because most of their work contacts are still working," she said.

"Those who are married tend to adjust better to retirement, because at least they have that relationship to identify with."

Dr Earl suggests that people start planning for their retirement around the age of 45 and if they plan to work part-time in later life, they should think about retraining their skills towards occupations that do not make them tired.