Ageing baby boomers in Australia: Evidence informing actions for better retirement

Abstract

The first Australian baby boomers are starting to retire. Consequently, it is essential to develop and apply a strong evidence base to facilitate their successful retirement and ongoing wellbeing. This review focuses on recent literature on pre-retirement baby boomers to identify available research findings and gaps to be filled on retirement preparation. A notable shortage of empirical literature was found on pathways to retirement and financial plans. A trend emerged towards an intention to retire at an older age, and the main source of retirement income was expected to be superannuation. Over half of Australian boomers expect their savings to be sufficient; however, 30-50% anticipate a decline in their standard of living. The majority want the responsibility for funding retirement shared between the individual, government and employers. Further research is needed on the varying plans and expectations of men and women, of low-skilled workers, and those from culturally diverse backgrounds.