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"Retirement Planning."
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Health, financial and social resources as mediators to the relationship between planning and satisfaction in retirement
Increasingly rapid demographic aging poses a challenge to the promotion of satisfaction in retirement. Because satisfaction in retirement is an important indicator of well-being and quality of life during retirement, it is necessary to analyze the predictors of satisfaction and build models that will help policymakers propose guidelines and initiatives in this area. Focusing on time and available resources, this study proposed and tested an explanatory model of satisfaction in retirement that assumes individual resources to be the mediator between retirement planning and satisfaction in retirement. The study included 1194 retirees between the ages of 44 and 88 from all regions of Brazil, of whom a slight majority (55.4%) were women. Participants responded to a questionnaire about satisfaction in retirement, individual resources, planning for retirement and socio-demographic characteristics. The proposed model was partially confirmed, in that only physical, financial and social resources were found to play a mediating role in the relationship between retirement planning and satisfaction in retirement. The results emphasize that it is important for retirement planning to focus on developing individual resources essential to well-being, especially those related to health, finances and relationships. The discussion also addresses the situation of retirees in Brazil and suggests improvements to the way well-being in retirement is conceived. The article concludes by recommending that other variables be included in future studies and that the model be tested in other contexts.
Journal Article
Do psychological social and financial perceptions of post-retirement life and demography influence the retirement planning behaviour?
PurposeThe aim of this study is to understand the effects of psychological social and financial perceptions of post-retirement life and demographic characteristics on retirement planning behaviour (RPB) of the employees from different occupational sectors.Design/methodology/approachThe primary data from 400 employees in central government, state government and private sector is collected through a structured questionnaire. The questionnaire comprised of 43 items to measure social and financial perceptions and RPB along with demographic information. An exploratory factor analysis (EFA) and multiple linear regression (MLR) analysis are performed to find the significant variables of social and financial perceptions influencing the RPB.FindingsThe results of exploratory factor analysis revealed three principle components of social perceptions, four of financial perceptions and three of RPB. The role clarity, involvement, obligations, uncertainty and preparations have significant impact on RPB. This study found a moderate positive correlation between RPB and extracted factors of social and financial perceptions. The study confirms the significant effect of demographic variables such as age, marital status, occupational sector, income and education levels on RPB.Originality/valueThe study has number of implications for government and private sector organisations involved in offering the retirement planning solutions as well as to the employees. The stakeholders may take a note of the role of psychological social (role clarity and social involvement) and financial (financial obligations, uncertainty and preparation for post-retirement life) perceptions that influence RPB. The study also provides an insight to the policy makers for considering the demographic information such as age, education, marital status and income of the employees while designing/offering the choices of retirement plans to them. Further studies are recommended to validate the findings of this study in terms of testing the effect of psychological social and financial perceptions on retirement planning behaviour of the employees.
Journal Article
The Effects of Financial Attitudes, Financial Literacy and Health Literacy on Sustainable Financial Retirement Planning: The Moderating Role of the Financial Advisor
Financial planning for retirement is essential to ensure that people have enough money to live the lifestyle they desire when they retire. Self-employed business owners in developed countries widely do financial retirement planning. However, in Malaysia, the percentage of self-employed individuals concerned about financial retirement planning is lower than in other countries. This study aims to identify the relationship between the financial attitude, financial literacy and health literacy of self-employed individuals toward sustainable financial retirement planning in Malaysia and find out the moderating effect of the role of financial advisors. The study utilized structural equation modelling. Data were collected through a survey questionnaire and analyzed using SMART PLS 3.3. The total sample size was 416 self-employed individuals from the northern Malaysian region. The findings revealed that financial attitude and financial literacy significantly impact retirement planning. Moreover, the role of financial advisors moderates the relationship between financial attitude–financial retirement planning and financial literacy–financial retirement planning. The result of the study will fulfil the needs of self-employed individuals to plan their retirement by including the financial planning determinants needed for a well-planned retirement.
Journal Article
What drives working adults to be better prepared for their retirements?
PurposeThis study aims to understand the drivers that help working adults to be better prepared for retirement, by examining the relationship between financial literacy (FL), financial attitude (FA), financial well-being (FWB), financial behavior (FB) and retirement preparation (RP). RP includes multidimensional measures, which are retirement confidence, retirement planning, long-term financial planning and private retirement schemes (PRS) participation.Design/methodology/approachThis was a quantitative study adopting non-probability sampling with self-administered questionnaire distributed to all working adults. Descriptive analysis was used to examine the 294 useable data, and the multiple logistic regression analysis was adopted for hypothesis testing.FindingsThe empirical results show that FB is positively associated with RP and then followed by FWB on retirement confidence. Although insignificant influence is found on FL and FA, better FL and FA will still improve individuals' RP.Research limitations/implicationsThe study provides insights to working adults that practicing positive FB and good FWB will improve RP. Besides, for financial institutions, income level is the main determinant for consumers to participate in PRS; for policy makers, to incorporate financial attributes knowledge as part of the school curriculum since early school years.Originality/valueThis study is one of the few studies in Malaysia that explored FL, FA, FB and FWB on retirement planning, respectively.
Journal Article
The Hard Times Guide to Retirement Security
A timely guide to overcoming the retirement challenges we all faceThe Great Recession has placed a wake-up call to America's baby boomers. Many have not saved enough for retirement and have not taken a hard look at how many post-work years they may need to finance.Written in a straightforward and accessible style, The Hard Times Guide to Retirement Securitytackles the tough questions about retirement in the new post-crash economy. Page by page, it puts retirement in perspective by touching on important issues such as insuring against the risk of outliving your assets, recalibrating damaged retirement portfolios, managing the risk of health-care expenses in retirement, and career strategies for workers who are 50 years old and up.Reveals how to boost lifetime income through better planning, and working just a few additional yearsOffers advice on how to hire a financial advisor whose first loyalty is to you, not Wall StreetDiscusses why you should rethink housing in the wake of the real estate crashOffers detailed advice on career reinvention, the 50+ job market and midlife entrepreneurshipEngaging and informative, this practical guide provides the strategies needed for a truly fulfilling and secure retirement.
eBook