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Australian Retirement System: Significance of Pillars 3 and 4 in Achieving an Adequate Standard of Living in Retirement
Author(s) -
Evans John R.,
Razeed Abdul
Publication year - 2019
Publication title -
economic papers: a journal of applied economics and policy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.245
H-Index - 19
eISSN - 1759-3441
pISSN - 0812-0439
DOI - 10.1111/1759-3441.12261
Subject(s) - actuarial science , business , gerontology , medicine
Most research relating to the adequacy of the Australian retirement system has concentrated on Pillars 1 and 2. This paper indicates that there is a high probability that Pillars 3 and 4 will be needed to ensure an adequate standard of living in retirement, and in most scenarios, the contribution to retirement adequacy from Pillars 3 and 4 is very significant. We include an international comparison of equivalent Pillars 1 and 2 costs and conclude this analysis supports our results.