Ageing baby boomers in Australia: evidence informing actions for better retirement.
Humpel, Nancy ; O'Loughlin, Kate ; Wells, Yvonne 等
Introduction
Australia's future will be shaped heavily by the emergence of
the baby boom cohort in later life and by how well they are able to
manage their transitions into and through retirement. The front end of
this massive cohort--the 5.5 million people born between 1946 and 1965
(Productivity Commission 2005) --reached 60 years of age in 2006 and
their ranks in retirement will increase sharply over the next two
decades. Demographic ageing will accelerate, as life expectancy at age
64 years is expected to increase further from the present 18.9 years for
men and 22.2 years for women (Australian Institute of Health and Welfare
2008). These trends in living longer lead to, for example, population
projections that the proportion of people aged 65 years and over will
increase from 13.2% in 2007, to approximately 18.6% in 2027 and 24.6% in
2057 (around one in every four Australians; Australian Bureau of
Statistics 2008a).
At the same time, older Australians are becoming more diverse, both
economically and culturally. Although many retirees in the future will
have higher levels of income and wealth than previous generations
enabling them to leverage services, significant numbers of retirees will
continue to rely on the Age pension. In addition, in coming decades,
post-war immigrants from non-English-speaking European countries will
become a more significant proportion of the very old (Australian
Institute of Health and Welfare 2007).
The Australian Treasurer's Intergenerational Reports
(Treasurer 2002, 2007) and a report to Australia's Future Forum
(Kendig et al. 2004) underscore how population ageing has major
implications for public policy and all areas of society. With retirement
looming for the first of the baby boomers, it is essential to build an
evidence base to identify issues and inform actions that can maximise
baby boomers' opportunities for a successful retirement and ongoing
wellbeing into later life.
The current review summarises and interprets recent evidence that
builds on earlier Australian reviews and covers the period 2005-2008.
Jackson and colleagues (2006) reviewed Australian and international
literature on retirement intentions (1997 to 2005) and, in particular,
on ways of delaying retirement and extending participation in the work
force. Focusing on the timing of retirement, they found an
'elasticity' of approximately six years around intended
retirement age where timing could be revised, and also listed factors
that can disrupt retirement intentions. The review documented a need for
more information on women's retirement intentions. Quine and Carter
(2006) completed a broader review of Australian literature on
boomers' expectations and plans for retirement published between
1996 and 2005. They reported having found more commentary and
speculation than empirical evidence on Australian boomers' health,
care needs, housing, employment and income. These earlier reviews
identified a lack of evidence on boomers' attitudes and/or plans
for their financial future and their opinions on where the
responsibility lies for funding their retirement.
Recent changes in retirement patterns and policies (e.g., the
2006-2007 budget changes to superannuation) provide a rationale for this
review of the contributions and gaps in the Australian literature on
retirement. It considers timing and pathways of retirement, financial
planning and expectations for retirement income, and boomers' views
on private and public responsibility for funding retirement. The most
notable of the recent additions to the Australian knowledge base has
emerged from the national Household Income and Labour Dynamics in
Australia (HILDA) survey (see http://www.melbourneinstitute.com/
hilda/).
Method
Searches included Australian literature published in Australia or
internationally between January 2005 and December 2008, and excluded
research on other countries. Sources included databases of peer-reviewed
literature including OVID (Ageline, Medline, Cinahl, PsycInfo), Informit
(APAIS-health, health & society), Scopus, and Science Direct.
Searches were conducted for online research discussion papers and
reports, industry-generated research reports, and Australian Bureau of
Statistics and other Australian government websites. Reference lists
from identified peer-reviewed articles were also used to source relevant
literature. Articles that addressed issues from the perspective of
boomers who had already retired were excluded. Articles published prior
to 2005 were included if they had not been published in the two earlier
reviews. To identify changes since the earlier reviews we used similar
key word search terms, including baby boom *, middle age *, ageing,
aging, expect *, lifespan, life change events, attitude *, intent *,
expect *, timing, pathway *, prepare *, strateg *, experience *. Not all
studies reported here limited participants to people in the baby boomer
cohort. Table 1 gives details on all articles and reports included in
this review.
Results
Timing of retirement
Reasons for retirement and the expected ages of retirement have
important policy implications in a climate of increasing pressure for
older employees to remain at work. In 2006-2007, the average age at
retirement was 58 years for men and 48 years for women. Of those
currently retired, 27% retired before the age 55 years, 53% retired
between 55 and 64 years and 20% retired at 65 years or older (Australian
Bureau of Statistics 2008b). The gap between the numbers of baby boomer
men and women in the workforce was found to be closing, mainly among
those aged 55-59 years and unmarried (Kelly & Harding 2007). Despite
these trends in the employment of boomers, in the age group 55 to 59
years, 40% of women, 20% of married men, and 40% of unmarried men had
already retired (Kelly & Harding 2007).
Studies that explored both the age at which respondents would like
to retire, and the age they expected to retire (Table 2), generally
reported that people expect to retire later than they would prefer (a
four to five year difference; AXA 2008; McAllister et al. 2005;
Shacklock & Brunetto 2005; Warner-Smith et al. 2006; Warren 2006).
Cobb-Clark and Stillman (2006) focused on men aged 45-55 years and women
aged 45-50 years from the HILDA data and found 60% expected to retire
later than they would like to. The expected age of retirement in this
age group increased by about 1.5 years in the interval between the 2001
and 2003 HILDA surveys. Millward and Brooke (2007) reported that 54% of
boomers aged 50-64 years thought there was no ideal age for compulsory
retirement, while the balance thought the average best age for
compulsory retirement was 57 years for women and 62 years for men.
Another study found 55% of workers were likely or very likely to
consider remaining in the workforce beyond their expected retirement
age, and 44% were considering working past 65 years (Walter et al.
2008). An AARP survey (2005) across ten developed countries found people
in Australia, Canada and France planned to retire the earliest.
Interestingly, two quantitative studies on highly skilled or
educated workers (Bidewell et al. 2006; Onyx & Baker 2006) reported
preferred and expected retirement ages similar to those found in other
studies of less skilled workers. This is contrary to the findings of two
qualitative studies (Hamilton & Hamilton 2006b; Quine et al. 2006),
which found that people from higher socioeconomic status (SES) groups
expect to cut back on work or retire earlier than those from lower SES
groups, who anticipate that they will be forced to have to work longer
for financial reasons. Overall, people appear to adjust their planned
ages of retirement as they approach the retirement-age years and
experience different 'push' and 'pull' factors
(Ranzijn et al. 2004).
The retirement intentions of staff at a university are strikingly
different from those of other groups (Shacklock 2006). General staff
want to stop working much earlier than academic staff do, and some
academics want never to retire. A lack of work place flexibility
experienced by general staff, such as the limited availability of
variable hours and part-time jobs, influences their desire to retire as
soon as they are financially able. The importance of flexibility in work
arrangements has emerged as being essential to retain older workers
longer in the labour force in other occupations and industries
(Shacklock 2006; Shacklock & Brunetto 2005; Walter et al. 2008).
The proportion of boomers who do not know when they prefer or
expect to retire is surprisingly high, ranging from approximately 25%
(McAllister et al. 2005; Warner-Smith et al. 2006) to 40% of workers
aged 45 years and over (Australian Bureau of Statistics 2008b). It is
unclear whether some boomers have not yet considered retirement, or
whether other issues have influenced responses to this question. Most
studies have reported that health and physical ability are central
considerations in deciding when to retire completely. Health is a very
important factor in the decision for 59.2% of all men and 63.9% of all
women (Warren 2006). Other important considerations include financial
security (55.1% of men, 60.4 % of women), the need to care for a
spouse/family member (53.8% of men, 49.3% of women), the ability to
access superannuation funds, the number of financial dependents and the
desire for a different lifestyle (Warren 2006).
Several studies reviewed here included participants aged in their
twenties and thirties as well as those in the baby boomer cohort (AXA
2008; Delpachitra & Beal 2002; Shacklock & Brunetto 2005).
Webber and Smith's study (2005) found the age a person would like
to retire is five years lower in a younger age group (20-30 years) than
in older age groups. Participants' current age appears to influence
their intended retirement age. This could limit the ability of these
studies to generalise findings to those closer in age to retirement. Any
future survey of retirement timing intentions should particularly focus
on age groups closest to retirement.
Information on planned retirement age is necessary for political
and economic planning. Recent research described here highlights the
fact that many baby boomers have quite flexible plans for retirement,
and are able to shift their expectations in response to current economic
conditions and work opportunities. The sheer numbers of baby boomers in
Australia and the threat of large numbers of retirements in some
industries (such as nursing, teaching and tertiary education; Hugo 2005;
O'Brien-Pallas et al. 2004; Preston 2000) represent a challenging
shift in workplace conditions. Numerous reports (e.g., Australian Bureau
of Statistics 2008c) provide evidence of an increasing demand for
flexible work opportunities to meet the needs of mature age workers. The
next section of this review examines the issue of pathways from work to
retirement.
Expected pathway to boomers' retirement
A major decision when approaching retirement age is which pathway
to take: that is, to cease paid work completely and abruptly or to move
gradually into retirement. Phased or partial retirement describes the
process of shifting, over an extended period of time, from a relatively
permanent pattern of full-time paid work to a job with fewer hours or a
different level of responsibility (Borland 2005; Thomson 2007). The
Australian government has been re-shaping retirement income policies to
meet the challenges of the ageing population and potential shortages of
skilled labour by trying to encourage boomers to remain in the workforce
and choose the phased model of retirement (Walter et al. 2008). A
comprehensive review of policy raises major questions as to whether the
introduction by the Australian Government in 2006 of new superannuation
taxation and pension policies will have the intended effect of retaining
baby boomers in the workforce longer (Warren 2008a).
Few peer-reviewed articles were found on boomers' expectations
about the pathway to retirement. Partial retirement was a common phase
among older workers prior to leaving the labour force (Thomson 2007),
particularly among self-employed men (Warren 2006). In HILDA (2003), 20%
of workers aged 45 years and over indicated their job was part of a
transition to full retirement (Headey & Warren 2007). This
proportion rose sharply from 10-15% of workers aged 45-54 years to over
50% for workers aged 65 and over. The HILDA surveys (2001-2004) found
that, of those who had left full-time employment within the previous
three years, 54% of women and 38% of men had shifted to partial
retirement. Further HILDA analyses followed baby boomers from 2001-2006
and found the main predictors of pathway to retirement were health,
education, work experience, age, and partner's employment status
(Warren 2008b). The accumulation of more HILDA findings will eventually
provide increased knowledge on Australian workers' patterns of a
phased or abrupt retirement. A limitation of most existing studies is
that inferences on transition to retirement have been drawn based on
workers' retrospective accounts of the pathway they chose (Borland
2005). We have yet to accumulate prospective research for baby
boomers' retirement transitions parallel to those on earlier
cohorts from the Healthy Retirement Project (de Vaus et al. 2007; Quine
et al. 2007). That research showed that choice is more important than
pathway as an influence on health and well being outcomes in retirement.
The Australian Survey of Retirement Attitudes and Motivations
(ASRAM) recruited a nationally representative sample of 40-59 year olds
in 2006. In addition to two peer-reviewed articles (Jackson et al. 2006;
Walter et al. 2008), further results are available on the ASRAM website
(http://www.ozretirementsurvey.com/). Eighty percent of boomers'
prefer a phased pathway to retirement (Walter & Jackson 2007), and
most prefer to stay in their current employment or similar work during
this phase. High income and skilled workers are the least likely group
to want to stop work completely. An important finding for policy is that
those who are willing to remain working longer are also more likely to
prefer phased retirement (Table 3). Boomers are optimistic about being
able to phase in retirement; however, only 9% have talked with their
employer about retirement options (Walter & Jackson 2007). Onyx and
Baker (2006) also found a preference for phased retirement, where paid
work could play an important but reduced role and demand less time and
energy. These findings are supported by a study by Millwood and Brooke
(2007), which found that boomers prefer to retire gradually.
The availability of work place flexibility and the capacity for
workers to shift between jobs at older ages may affect workers'
ability to even consider the phased pathway to retirement (Schofield
& Beard 2005; Shacklock 2006; Shacklock & Brunetto 2005). Two
important factors in enabling boomers to take a phased pathway to
retirement are current job satisfaction and growth in part-time
positions (Hartlapp & Schmid 2008). Age discrimination and myths
about older workers' employability, productivity and learning
capacities also influence their ability to choose a phased pathway
(Kossen & Pedersen 2008). Organizational downsizing and
restructuring can result in retrenchment for this age group, forcing a
sudden change to plans. The Australian Longitudinal Study on
Women's Health found that family care obligations also restrict
choice over retirement timing and pathways (Berecki-Gisolf et al. 2008).
Some information on gender differences in pathways to retirement is
available (Headey & Warren 2007; Warren 2006) but more research is
needed, given the major differences between men's and women's
experiences. A model of three main retirement pathways for women emerged
from an Australian study by Everingham and colleagues (Everingham et al.
2007): the gateway (an abrupt end to paid employment); the transitional
pathway (cease paid employment gradually); and the transformative
pathway (committed to continuing paid work and building another flexible
working life). The transitional pathway was the most common pathway. Of
particular interest are studies that further trial this model for women
(Everingham et al. 2007).
Future research should inquire about boomers' expectations and
plans for taking the abrupt or phased pathway to full retirement. Which
people plan for a particular path? How do they prepare? The HILDA
surveys have followed boomers who are now in transition or recently
retired, but few studies have asked about their preferences while still
working. There is also a need for knowledge on any differences in plans
by geographical location and hence different local employment and
housing markets. Are those who live in regional, rural or remote areas
less likely to be able to access a phased retirement pathway?
Financial planning and expectations for retirement income
The Australian retirement income system consists of three
'pillars': a means-tested publicly funded Age pension;
compulsory saving through an occupational superannuation scheme; and
voluntary savings (Warren & Oguzoglu 2007). Recent policy changes
have shifted the emphasis from the Age pension to compulsory
occupational superannuation and personal savings. A 'fourth
pillar' to Australia's retirement system could be emerging;
that of delayed or no retirement (Borowski 2008).
Government, organisation and industry surveys have found the main
expected source of income in retirement to be superannuation or annuity.
A recent study of people aged over 45 years and still working found this
is so for 57% of men and 39% of women (Australian Bureau of Statistics
2008b). Among Australians aged 30-65 years in the AARP (2005)
international survey, 43% reported that the first expected main source
is superannuation or annuities, and the second expected source is other
personal savings/investment (34%). The third source of expected
retirement income is a government pension or allowance; for 20% of
respondents in both the ABS study and Australian results from the AARP
study (AARP 2005; Australian Bureau of Statistics 2008b) and for 12% of
those aged 45-59 years in the Hamilton and Hamilton study (2006a).
The AXA Retirement Scope Study (AXA 2008) found that 59% of workers
aged 25 years and older (and 42% of those aged 45-64 years) expected
their total retirement savings to be sufficient. Similarly, the HILDA
2003 survey of those aged 45 and over (McAllister et al., 2005) found
that 59% expected their retirement savings to be sufficient. However, in
contrast, 60% of participants in the Australian Pensioners Insurance
Agency study (APIA; 2007) indicated their savings were not enough. When
asked about standard of living, 36% in the AXA study and 31% in HILDA
expected their standard of living to decline (AXA 2008; McAllister et
al. 2005). It appears there is widespread uncertainty around the
sufficiency of expected retirement income.
To date, few peer-reviewed studies have examined in detail how
Australians plan financially for their retirement. A few qualitative
studies have explored the issue (Hunter et al. 2007; Quine et al. 2006).
Strategies mentioned by boomers include buying an investment property,
and spending most of their money during retirement, although some worry
about not leaving an inheritance for their children (Hunter et al.
2007). Some believe having enough money for retirement is essential for
quality of life, while others think that they should be able to adjust
their lifestyle to suit their circumstances (Quine et al. 2006).
Hamilton and Hamilton (2006a) found that people in lower income
groups expressed high levels of anxiety about their financial security
and being able to live comfortably in retirement. Participants disagreed
on how much annual income would be needed, ranging from $40,000-$60,000
(those with high income) to $30,000-$35,000 (those with low income). Few
participants, including low income earners, anticipated relying solely
on the Age pension, although some said they would be eligible for a part
pension.
Superannuation finances the retirement of 22% of those who are
currently retired, whereas among those not yet retired, the percentage
expecting to live from superannuation savings is approximately double
that figure (Australian Bureau of Statistics 2008b). Whether
superannuation savings will be enough to fulfil these hopes remains to
be seen. The Age pension will remain a significant source of income in
retirement, especially for women. Gender biases appear to occur in
current retirement policy (due to a shorter work period for women) and
more women than men are dependent on the Age pension (Jefferson 2005).
Projections show a gender gap in duration of employment of about 14
years (i.e., around 35% less time in the workforce) over the working
life (Jefferson & Preston 2005), and the gap in accumulation of
superannuation will be similar. The known links between income and
ability to save imply that improvements to women's earnings, from
higher wages or from the increase in numbers of women working longer,
can be expected to result in increased savings (Jefferson & Preston
2005).
The AARP international survey (of working people aged 30-65 years)
studied the extent to which respondents felt informed about what is
needed for a successful retirement. For Australians, the average score
was 5.8 on a 10 point scale. The highest score of 6.5 was obtained for
respondents from the USA and the lowest was 5.0 for those from France
and Japan (AARP 2005). The survey report concluded that governments and
other stakeholders will have to make a genuine effort to promote greater
understanding of retirement security issues. Relatively low scores on
feeling informed about these issues demonstrate a need for
awareness-raising campaigns and education, not only regarding financial
planning, but also about social and psychological adjustment issues in
retirement life (see Table 3 for our review's main findings).
Whose responsibility is it to fund retirement?
Baby boomers are being encouraged by the government to work longer
than the previous generation to enable financial independence in
retirement and maintain the size of the workforce (Warren 2008b). But do
boomers agree that they should support themselves, or do they think the
government should support them with a pension, or at least a part
pension, to 'top up' compulsory savings?
Forty-four percent of Australians aged 30-65 years believe the
individual has primary responsibility for funding their retirement, and
50% say the individual has some responsibility (AARP 2005). In contrast,
25% say the government has primary responsibility and 71% say it has
some responsibility. Employer-based programs were nominated as having
primary responsibility by only 10% of respondents, but 66% say employers
should bear some responsibility. These findings are supported by the AXA
Retirement Scope Study (AXA 2008), which similarly asked working
Australians who should be responsible for providing retirement income.
Eighty-seven percent of participants nominated the individual as
primarily responsible, 75% the government, and 44% the employer. These
findings are also supported by Millward and Brooke (2007); 25% of
respondents aged 50 to 64 years stated that everyone should be entitled
to the full government Age pension, with 53 % stating that everyone
should receive at least some income from the Age pension. The HILDA
(2003) survey did not ask participants (aged 45 and older) about
responsibility for funding future retirees, but the data suggest that
approximately 68% of men and 55% of women expect their retirement to be
self-funded. Only 29% of men and 38% women expect the government pension
to fund them. Participants may be indicating that they would commence
retirement as self-funded retirees, but gradually draw down their wealth
and become eligible for the Age pension (McAllister et al. 2005).
Qualitative studies (Hamilton & Hamilton 2006b; Quine et al.
2006) of baby boomers have reported that many high SES participants are
planning and taking responsibility for their future, but many low SES
participants are concerned that they may have insufficient funds to do
so. Boomers in all groups claim that the government has to take some
responsibility, as compulsory superannuation has not been implemented
long enough for their generation to save sufficient funds. Some
respondents have argued that even self-funded retirees should be
eligible for the Age pension. Hamilton and Hamilton (2006b) reported
that participants 'had a strong sense that they were owed something
by government because baby boomers had "missed out on super".
The participants believed that they had been "caught in the
middle", whereby they had not had the opportunity to accumulate
enough super to self-fund in retirement' (p. 11). All participants
agreed that the government has a responsibility to continue to provide
an Age pension. Overall, the general consensus in the Australian
literature is that the government, individuals, and employers have a
shared responsibility towards funding retirement incomes in the future.
Conclusion
This review has identified a substantial increase since 2005 in our
knowledge of baby boomers' retirement plans and expectations. The
review builds on Jackson et al.'s (2006) work by updating knowledge
on boomers' expectations about the timing of retirement. Gains in
knowledge are expanded with this review's focus on pathways to
retirement, financial planning and expectations for retirement income,
and views on responsibility for funding retirement. Important findings
include that up to 40% of boomers do not know when they would like to or
expect to retire. There is a gender gap in superannuation savings with
women lagging behind men, and the majority of boomers expect their main
source of income to be superannuation or annuity even though their
superannuation savings may not be sufficient to allow this.
The HILDA, ASRAM, and ABS surveys are providing new national data,
but other studies have recruited relatively small samples, thus limiting
their ability to generalise to the majority of boomers. Very little has
been published so far on boomers' anticipated pathways to
retirement (sudden or gradual), the financial aspects of their
retirement planning, or their plans for retirement lifestyles (Table 3).
Most published studies did not differentiate expectations or planning by
gender, SES, or occupational status. In particular, for retirement
income the findings to date focus on individuals and overlook the fact
that for most people, retirement income is based on couples. Despite
increasing diversity in the population of older people, very little is
known about the retirement plans and expectations of workers in
low-skilled occupations, and issues for people from linguistic and
culturally diverse (CALD) backgrounds are entirely neglected. Attention
to these groups would be consistent with new Australian government
policy directions promoting social inclusion. Also very little is known
about factors that might encourage mature age workers to remain in the
workforce longer. To date, only one study has examined this issue
(Walter et al. 2008).
The shortcomings of existing knowledge on baby boomers limit our
capacity to develop appropriate policy responses and only serve to
reinforce stereotypes and unwarranted generalisations about this
generation. Until more results from longitudinal studies such as HILDA
are published we will have to rely on studies of earlier cohorts for
understanding the influences on, and effects of, retirement transitions
and processes for the boomers who have had different life experiences
from those of their predecessors. In addition, with the massive economic
and financial crisis of 2007 and beyond, we need new evidence from 2009
onwards on the ways in which baby boomers may be changing their views
and plans in the light of recent economic and policy developments.
Acknowledgements
This research was supported by an Australian Research Council
Linkage grant scheme (Grant No. LP0882748). Title: Ageing Baby Boomers
in Australia: Informing Better Actions for Retirement. The Linkages
Partners are National Seniors Association and the US AARP.
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Table 1. Australian peer reviewed articles and government,
industry and research reports
Authors Sample Main purpose
Peer reviewed articles
Delpachitra & Beal, Mailed survey to 3 To examine factors
2002 (2001) suburbs of influencing the
Queensland (near decisions to retire
Brisbane, Ipswich, including when
and Toowoomba) people plan to
n = 313 non retired; retire, and the
184 retired Mean age reasons. Trialled to
46y use of the locus of
control construct
Jefferson & Preston, Baby boomer women. Projected employment
2005 (various) Data drawn from patterns and
other sources superannuation
accumulations.
Schofield & Data drawn from 4 Age distribution,
Beard, 2005 ABS census studies. attrition rates,
(1986-2001) Trends in work hours worked by age
practices of GPs, group
specialists and
nurses
Shacklock & Emailed survey to Which
Brunetto, 2005 employees of 2 characteristics of
(not reported) public sector workers can affect
organisations. n = how they perceive
97, aged 21-60y recognised
(77.6% aged >41y). retirement factors
Included qualitative in the decision to
open-ended questions retire
Webber & Participants known Used Levinson's
Smith, 2005 to researchers and theory of
(not reported) snowballing development changes
technique. Survey in work-related
n = 162 (40.5% values across
response rate) Mixed lifespan and utility
SES 44% aged 20-30y; theory to examine
56% aged 50-60y job satisfaction,
commitment to work,
and views on early
retirement
Bidewell Highly educated The influence of
et al., 2006 sample employed by 1 delay and
(not reported) large public service anticipated health
organisation and 2 and enjoyment, on
private financial amount of retirement
institutions. Survey savings sacrificed
n = 102. Mean age for early retirement
53y.
Quine et al., 2006 12 focus groups in Explore expectations
(2004) NSW (8 urban, 4 and plans for
rural) Mixed SES retirement among
first wave of
boomers
Onyx & Highly educated Examine retirement
Baker, 2006 members of 1 expectations,
(not reported) superannuation fund reasons for
with a range of retirement,
professions and financial planning
attending a and planned
retirement seminar. retirement
Survey n = 205. Mean activities
age 56.4y
Shacklock, 2006 Interviews with 15 To explore the
(not reported) academic and 15 meaning of working
general university for older workers
staff aged >50y and how this meaning
Mixed SES influences
intentions to
continue working
Warner-Smith ALSWH pilot survey Women's intentions
et al., 2006 of women from a and expectations of
-2004 small area. Mixed retirement
SES n = 130 aged
53-58y
Everingham ALSWH data. Women The aim was to
et al., 2007 aged 53-58 and generate theory by
(2004) 65-70 in 2004. 48 identifying
interviews and 11 similarities and
focus groups differences in life
experience and self
understanding in
diverse groups of
women facing
retirement
Hunter et al., 2007 5 focus groups and Investigated the
(not reported) 12 interviews. retirement plans and
Recruited through expectations of
snowballing boomers in relation
technique. Aged to health and
41-70y nutrition using an
ecological framework
Walter et al, 2008 ASRAM study. The aim was to
National assess the extent to
representative which older workers'
survey n = 2501 retirement
aged 40-59y intentions and
motivations are in
line with government
retirement policy
Book Chapter
Millwood & Brooke National survey N = The Australian
2007 (2005) 3902 Results Survey of Social
reported here for Attitudes (AuSSA) is
age group 50-64 yrs. a biennial survey
N = unknown which provides
authoritative data
on the social
attitudes and
behaviour of
Australians.
Govt reports
ABS Retirement & 2006-2007 MPHS and The aim of the this
Retirement Labour Force survey topic was to provide
Intentions, 2008 Aged 45+y information on
(2007) retirement trends,
the factors which
influence decisions
to retire, and the
income arrangements
that retirees and
potential retirees
have made to provide
for their retirement
Industry/ organisation reports
AARP, 2005 International survey The goal of this
International n = 400 each across international survey
Retirement Survey 10 countries was to understand
(2005) Australians aged the attitudes and
30-65y behaviours
surrounding
retirement issues as
well as confidence
among current and
future retirees
about their own
retirement
AMP.NATSEM Income & Mainly ABS data Update on previous
Wealth Report, Kelly reports on the baby
& Harding, 2007 boomers approaching
(2007) retirement
Australian National survey, To gather opinions
Pensioners Insurance n = 2,564 aged on the following
Agency, 2007 (2007) 50-75y topics: Society;
General Wellbeing;
Family; Health;
Education and
Learning; Work and
Retirement; Finance;
Recreation Club
Memberships;
Security and Safety
AXA Retirement Survey n = 309 To explore attitudes
Scope, 2008 workers aged 25-69y to retirement;
(2008) (42% 45-64years) compare perceptions
n = 319 retired and reality (workers
vs retired); compare
Australian views
with international
views
Research Reports
McAllister et al., HILDA survey Examines aspirations
2005 (2003) n = approx 2,500 and expectations of
workers 45+y pre retirement
Mean age 52y cohort (timing,
financial, workforce
participation);
outcomes for
existing post
retirement cohort
Cobb-Clark & HILDA survey Aged Examine plans for
Stillman, 2006 45-55y the timing of
(2001-2003) retirement (expected
and actual)
Hamilton & Hamilton, Focus groups in Focus groups--to
2006 Sydney, Bathurst, gauge the feelings
(2006) Parramatta, Brisbane and attitudes of
Aged 45-60y National baby boomers towards
survey n = 829 aged a range of issues
45-59y (n = 627 associated with
employed) retirement and
retirement incomes.
Survey -to examine
how widespread the
attitudes and
experiences of focus
group participants
were
Warren, 2006 HILDA survey Examine factors
(2003) Workers >45y affecting women
(n = 2502) Gender about to retire.
differences Understand the
differences in
reasons for, and
process of,
retirement for men
and women
Headey & Warren, HILDA survey The second Annual
2007 (2001-2004) Workers >45y Statistical Report
(Transition to of the HILDA survey.
retirement section) Reports on the 4
main areas:
households and
family life;
incomes; employment;
life satisfaction,
health and
wellbeing.
Walter & Jackson, National To examine boomer
2007 (2006) representative retirement process
survey n = 2501 preferences (timing,
aged 40-59y transition)
Warren & Oguzoglu, HILDA survey. Aged To identify if any
2007 (2001-2005) 55-70y Restricted to financial incentives
those employed when to retire early are
HILDA began in 2001 present in the
Australian
retirement income
system
Warren, 2008 HILDA survey. Age To describe the
(2001-2006) restricted to those retirement
aged 45-57y in 2003 intentions of baby
n = 2352 boomers and to
identify the main
patterns of labour
force. Followed baby
boomers from
2001-2006
(Year)--year of data collection
Table 2. Preferred and expected timing of retirement
Study Age would like Age intend/expect
to retire to retire
Delpachitra & Beal, 61% -55-60y; 27% -
2002 60-65y 88% not
beyond 65y
Webber & Smith, Younger group -57y
2005 Older group- 62y
Shacklock & Approx 60% [less
Brunetto, 2005 than or equal to]
60y 56-60y- 34.7%;
60-65y- 36.7%
McAllister et al., HILDA survey M=63y
2005 46% - <60y 18% - <60y; 47% -
70% - <65y <65y 1 in 24 before
like to; 40% at
preferred age; those
later than like to-
50% within 5 years
McAllister et al., Living in Australia
2005 survey DK = 24.3%;
Majority = 61-65y
By 60ys -34% of men
and 41% of women
AARP, 2005 9%- 50-54y; 21% -
55-59y; 27%- 60-64y;
20%- 65-69y; 5%-70+
Bidewell et al., Youngest age M = 58y
2006 Oldest age M = 62.5y
Onyx & Baker, 2006 Mean age 58.7y; 23%
by 55y; 36% by 65y
Cobb-Clark & 30% when like to
Stillman, 2006 60% later than like
to 5% earlier than
like to
Warren, 2006 45-54y partnered DK = 7.9% men;
women = 56y 45-54y 11.9% women 45-54y
single men = 58y partnered women =
55-59y partnered 59y 45-54y single
women = 61y, 55-59y men = 63y 55-59y
single men = 62y All partnered women =
45+ = 59-60y 63y, 55-59y single
men = 65y All 45+ =
61-64y
Warner-Smith et al., DK = 25% DK = 30%
2006 28% before 60y
Millward & Brooke, Best age to
2007 compulsorily retire
For men -62y; For
women-57y
ABS, 2008 DK = 40%; Mean = 63y
16%- 55-59y; 33%-
60-64y; 38% 65-69y;
11%-70+
AXA, 2008 Ideal age 57y 62Y
ABS-Australian Bureau of Statistics
DK--Don't know
Table 3. Key findings of the review
Topic Findings Gaps in knowledge/
research needs
Preferred and Trend towards an Is this trend
expected timing of intention to retire towards an older
retirement at an older age than retirement age
the previous temporary?
generation did
What influences the
The age they expect disparity between
to retire is older intended and actual
than the age they retirement age?
would like to retire Future participants
25% to 40% do not need to be nearer to
know when they would the age group
like to or expect to closest to
retire Current age retirement
influences preferred
and expected timing
Expected pathway to Those willing to Quantitative studies
retirement work longer also of desired pathway
preferred the phased to retirement are
pathway Choosing the needed as most
gradual pathway did studies thus far are
not necessarily mean qualitative
staying longer in
the workforce Government and
industry reports
have not addressed
this issue
Financial plans and Gender gap in Few peer-reviewed
expected retirement superannuation studies have been
income savings Majority published, and these
expect main source are mainly
of income to be qualitative or
superannuation or industry related
annuity
Are boomers
Approximately 59% preparing
expect savings to be financially for
sufficient, however, retirement, in
30 -50% expect their addition to
standard of living contributions to
to decline compulsory super?
And if so, how?
Responsibility for Majority want Only one peer-
funding retirement responsibility to be reviewed paper has
shared between the been published on
individual, this topic: a
government and qualitative study.
employers.
Do boomers have
General consensus confidence that they
that the government government will
has a responsibility continue to fund an
to provide an Age Age pension?
pension
All topics Little attention has
been paid to
subgroups such as
comparing men's and
women's retirement
and describing the
retirement intention
of migrants from
CALD backgrounds or
in low status
occupations.
