Definition (description / characteristics):
Retirement, annuity or pension are the terms for the phase of life after retirement. The average duration of this “life stage” is 18 years. Most retirees spend most of it in good health.
The transition to retirement is a life-changing experience. Pensioners face new challenges and opportunities in shaping their everyday lives. But while there is career advice for students and professionals, people are on their own at the end of their working lives.
However, the changes that retirement brings require planning. There are questions in the room: What will the financial situation be like? How can the day be structured? Do you want to take on new tasks, e.g. volunteer? Which life wishes can now be realized?
The role within society and also the self-image of today's pensioners have changed significantly compared to previous generations. In the past, people often longed for their retirement, e.g. because many jobs were very physically demanding. Today quite a few are looking forward to the new phase of life with mixed feelings. Those who retire today usually feel fit and healthy, want to participate and still experience a lot. So the “un-retirement” is proclaimed.
Market volume (current & future):
Around 19 million people in Germany are drawing an old-age pension in 2022, plus around 1.74 million public sector pensioners in Germany at the federal, state and local levels.
In the next 10 years, the baby boomers will retire. That means: There will be around 1 million newcomers to old-age pension recipients and retirees each year.
Needs (entry phase & in phase):
Financial situation: A reorganization of the finances is necessary at the beginning of retirement. Annuity (pension) instead of salary, possible extraordinary income e.g.. by expiring life insurance on the income side - changes on the expenditure side e.g. less travel costs.
Free time, life planning: Retirement offers space for numerous new activities. This includes living out (new) hobbies, voluntary work or paid work as a freelancer or in employment. Long-cherished dreams are often realized in retirement, such as travel, an expensive hobby or certain purchases. Anyone who owns their own home – that is around 44% of retirees – invests more in barrier-free conversion measures.
Partnership: The new free time in retirement puts some partnerships to the test. Well-established processes can change. The distribution of tasks and roles within the relationship may be questioned.
Scenarios:
Many retirees lack targeted professional advice and support in the new phase of life, especially at the beginning of this life stage. This offers companies and service providers an ideal opportunity to consolidate existing customer relationships and establish new customer contacts through targeted addressing.
This applies to offers for leisure activities that meet a group with a lot of time and usually also good purchasing power. It is important to win them over to an active future with meaningful tasks. In addition, in the area of housing or mobility, targeted offers can be placed for pensioners who want to " give themselves a treat" in the new phase of life.