The impact of illness on retirement finances

Kelly, Simon J., Percival, Richard, Schofield, Deborah J., Shrestha, Rupendra N., Callander, Emily J., and Passey, Megan E. (2012) The impact of illness on retirement finances. Economic Record, 88 (283). pp. 576-584.

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Early retirement due to illness reduces financial capacity over the long term. Using a microsimulation model called Health&WealthMOD, it was found that for Australians aged 45–64, those out of the labour force due to ill health would accumulate a significantly lower amount of savings by age 65 than what they could have accumulated if they had no chronic condition and remained in the labour force. They will also have access to an annuity, which provides as little as $40 per year. This is a concern as self-reliance is seen to be a key strategy of government to offset the financial burden of ageing populations and to raise living standards of older persons.

Item ID: 41329
Item Type: Article (Research - C1)
ISSN: 1475-4932
Keywords: health economics; living standards
Date Deposited: 13 Sep 2016 04:27
FoR Codes: 14 ECONOMICS > 1402 Applied Economics > 140208 Health Economics @ 100%
SEO Codes: 91 ECONOMIC FRAMEWORK > 9102 Microeconomics > 910209 Preference, Behaviour and Welfare @ 50%
92 HEALTH > 9204 Public Health (excl. Specific Population Health) > 920408 Health Status (e.g. Indicators of Well-Being) @ 50%
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