Look over the typical retirement lifestyle profiles below to see where you see yourself. Then look at the average income range to find out the price tag for your chosen lifestyle, depending on where you live.
Social Butterflies Urban: $20,600 - $54,200 per household (average $37,600) Social butterflies love to be with other people…and other people enjoy being with them. Social Butterflies are always “on the go”. If you are a Butterfly, you may
This group is relatively young with two-thirds age 65 or less, although some people are still managing this lifestyle at age 80. |
Busy Homebodies Urban: $21,700 - $56,400 per household (average $40,000) Homebodies find home and family the greatest source of enjoyment in life. They are at home because they want to be – and not because of ill health. They are far more likely to live in a detached home because their home is so important to them. About two-thirds of Homebodies are women. If you are a Homebody you may
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Happy Hobbyists Urban: $19,500 - $57,500 per household (average $38,800) Hobbyists are a happy bunch of people who are more content with their lives than most others. They are healthy and relaxed, and those who do work tend to choose their own hours. If you are a Hobbyist, you will likely
When Hobbyists aren’t doing the activities they enjoy themselves, they may well be watching others do them. The choice of activities is varied, and there is something for everyone whatever their income. |
Volunteers Urban income: $24,900 - $67,200 per household (average $42,300) This small but active group of people have better than average health and are the backbone of civic and voluntary organizations. They are frequently well-educated and among the wealthiest of healthy retirees. They are well-informed people – avid readers of books, newspapers, and magazines. Volunteers often begin volunteering shortly after they retire, so for some it’s a transition from work. In fact, many who volunteer wish they could be doing paid work instead. But in the absence of paid work, they would rather volunteer their skills to contribute to society than not use them at all. If you are a Volunteer, you will likely
Many Volunteers eventually become Happy Hobbyists. |
Media Mavens Urban income: $27,100 - $73,400 per household (average $61,000) This group is older, mostly over 70 years old, and typically has health concerns and/or physical challenges that limit their activities. If you fit this profile, you will likely
With Media Mavens, their physical limitations mean they do less volunteer work. Few choose to attend religious services, but they do leave the house for groceries. Most people in this group wish they could spend more time in outdoor activities or sports, but if they can’t, they are happy to spend more time reading. |
Homebounds Urban income: $22,800 - $58,500 per household (average $37,600) This lifestyle may not be one that people choose, but many people adapt to it when they or their loved ones have health problems. Homebounds spend their time at home in personal care activities, sometimes because of their own ill health and sometimes because they are looking after a family member. If you are in this group, you will likely
Some Homebounds join community organizations, do some volunteer work, attend religious services, and socialize over restaurant meals as well – If it takes you twice as long to prepare a meal as it does most people, eating in a restaurant becomes particularly attractive. |
Willing Workers Urban income: $34,700 - $86,700 per household (average $65,800) People in this group are old enough to retire, but most prefer to keep working. Most are closer to 65 than to 75. Their health is better than average for their age group. Willing Workers are often people who have a spouse or common-law partner still in the work force, who continue to work until they can both retire. Many also still have kids at home. Willing Workers are likely to be well-educated people who are well-paid for their time and can choose their own hours (in fact among people with post graduate degrees, 56% keep working later than others). If you fit this profile, you likely
Willing Workers often plan to slow down over the next five years, and indeed most do, despite often being self-professed “workaholics”. Most Willing Workers are looking forward to a time when they can spend more time with family and friends, as well as enjoy more movies, music, sports and plays. |
Super Shoppers Urban income: $23,800 - $59,600 per household (average $42,300) Super Shoppers stand out in one respect—they love to shop! Between driving to stores and time spent shopping, they often spend five to six hours at it, but they often browse and talk with friends rather than buying so costs can be low. Shoppers still spend a lot more than they would if they kept their wallets at home. They are relatively open with their money, also donating to charity more than others. Shoppers also enjoy going out for entertainment, attending movies and plays, as well as having restaurant meals with their friends. Shoppers don’t mind travelling quite a bit to do the things they want to do. In fact, driving places with friends is part of the fun for them. They are members of a sociable group that also joins local social clubs and community organizations. If you are a Shopper, you are likely to be
Shoppers are as likely to be men as women. |
This material has been extracted from materials published by the Investor Education Fund and posted on the VIP Room with their authorization. Please note that this should not be considered to be an endorsement of Manulife, or any other material on the VIP Room website by the Investor Education Fund.