Self-provision in retirement: quantitative evidence on older Australians' expectations and experiences

To explore factors that correlate with expectations and experiences of self-provision in retirement.

A regression modelling approach is adopted using a national survey that contains data on the retirement expectations and experiences of older Australians.

Older Australians approaching retirement are more likely to expect to be self-funded in retirement if they possess high qualification levels, stable employment and have healthy levels of wealth holdings. Divorced or separated older women are more likely to expect to be welfare-reliant than other groups. The presence of children, disabilities and residence outside major cities do not affect prospective retirees' expectations of being primarily self-funded in retirement, but they do impact negatively on actual self-provision in retirement. Forced retirement will significantly decrease the probability of self-provision in retirement.

Policy reforms that focus on increasing employment opportunities for women after child-bearing and promoting retirement choice will reduce welfare reliance among older Australians.