Understanding baby boomers' expectations and plans for their retirement: findings from a qualitative study

Objective: To explore the range of expectations and plans for retirement of Australian baby boomers in order to inform policy. Methods: A qualitative study of participants recruited to 12 focus groups in NSW in 2004, grouped by socioeconomic status, gender and geographical location. Topics raised included work, retirement and financial and other planning. Transcriptions of the sessions were analysed manually to identify the range of views on each topic and any variation by the selected study variables. Results: Although some baby boomers had planned for their retirement many had not. Socioeconomic status was the most important variable associated with planning. Conclusions: The findings increase our understanding of how baby boomers from different backgrounds are thinking and planning for their retirement. Baby boomers from low socioeconomic backgrounds consider that responsibility for retirement funding should rest either solely, or partially, with the government as they have not had time to accumulate sufficient superannuation.