How our elderly are feeling

Across the range of elderly interviewed in a Horizon study for the Financial Services Council, many told of what life is like.

Here are some comments made, generally reflecting the feelings of those in groups doing well to worrying:

We asked: Overall, what are your thoughts on the circumstances you will face or are facing in retirement?

• Doing fine

36% of retired 65+s commented that they we comfortable/fine/doing OK.  28% of those 65+ who were yet to retire also felt this way.

“I can live quietly and comfortably, with maybe one overseas trip per year.”  (Male, 75 years or over, home owner, Auckland)

“Just need to be able to pay bills, buy food and be comfortable and happy.”  (Female, 73 years, Far North District)

“I am happy with my present circumstances and budget to my income.”  (Female, 75 years or over, home owner, Hastings District)

• It’s difficult

17% of retired 65+s said they were finding retirement difficult:

“Need more than Super to be comfortable in a retirement home especially if have a car and or an animal.”  (Female, 75 years or over, in retirement home, Wellington City)

“A bit wary of the future.”  (Female, 69 years, home owner, Auckland)

“Bloody bleak.”  (Female, 69 years, home owner, Auckland)

“Very bleak.”  (Male, 75 years or over, Christchurch City)

“Financial hardship.”  (Female, 65 years, home owner, Thames-Coromandel District)

“I have not been retired long, two months, but it is a bit scary now the till has stopped.”  (Female, 71 years, home owner, Auckland

12% had concerns about health and healthcare costs:

“Not easy with high doctor’s fees and long hospital lists for basic things like cataracts etc.”  (Female, 73 years, home owner, Auckland Council)

Concerned:

12% of 65+s who were not retired were also concerned about the future:

“It’s scary, I don't imagine I will stop working until I am 80.”  (Male, 65 years, home owner, Auckland)

“I am worried about my finances in retirement. I am trying to cut down my spending and have cut down, but not by enough. So I do fear the longer term future and whether what I have saved will last long enough!”  (Female, 65 years, home owner, Porirua)

“I'm not an extravagant person and so my main concern is enough money to have heat power and the things necessary for comfort without have to scrimp and save.”  (Female, 70 years, home owner, Whangarei)

“It will be a struggle.”  (Female, 67 years, home owner, Taupo District)

“The rising price of power scares me a bit as there is nothing I can do to control this. My property upkeep is also a concern, I can see a lot of expense here in the future.”  (Female, 71 years, home owner, Wanganui)

“I will continue to struggle but will get there.”  (Female, 66 years, renting, Mackenzie District).

Other related stories from this study:

After 10 years most on the pension only

New Zealand Herald, with video interview

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