According to a new retirement lifestyle survey, the ongoing volatility within financial markets has prompted a massive increased awareness toward retirement savings by Australian baby boomers.
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.
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