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Australian Retirement System: Significance of Pillars 3 and 4 in Achieving an Adequate Standard of Living in Retirement

John R. Evans and Abdul Razeed

Economic Papers, 2019, vol. 38, issue 3, 235-246

Abstract: 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.

Date: 2019
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Handle: RePEc:bla:econpa:v:38:y:2019:i:3:p:235-246