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Retirement planning and expectations of Australian babyboomers

journal contribution
posted on 2007-10-01, 00:00 authored by Wendy HunterWendy Hunter, Wei Wang, Tony WorsleyTony Worsley
The "babyboomer" generation, those who were born between 1946 and 1965, account for over 30% of the population in Australia, and it is no surprise that the government is concerned about the financial implications for future healthcare costs. While many babyboomers are more financially secure than previous generations have been on account of compulsory superannuation contributions made over the past 15 years, there are still some who are financially vulnerable and expect to rely on government pensions and welfare assistance. Changes to family structures and job security also mean that those who are less financially secure will need social support. Using an ecological framework model , we explored the retirement expectations and experiences of some Australian babyboomers through focus groups and individual interviews to identify key issues and their plans to address these issues. Four main themes are reported in this paper: retirement attitudes and expectations, finances, health, and food. The results suggested that for many persons retirement equated freedom. Little future planning was undertaken for retirement other than contributing to superannuation schemes, and expectations were reported in general terms, such as wanting to remain independent and healthy and to have time to socialize and travel.

History

Journal

Annals of the New York Academy of Sciences

Volume

1114

Pagination

267 - 278

Publisher

New York Academy of Sciences

Location

New York, N.Y.

ISSN

0077-8923

eISSN

1749-6632

Language

eng

Publication classification

C1 Refereed article in a scholarly journal

Copyright notice

2007, New York Academy of Sciences

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