Health, financial and social resources as mediators to the relationship between planning and satisfaction in retirement

The Importance of Age-Friendly City on Older People’s Continuity and Life Satisfaction

“…That is, older people’s internal resources (education, self-rated health, and financial satisfaction) enhance their external continuity (work, social connectedness, and social participation), which determines life satisfaction, an indication of successful adaptation to aging. The relationship in which internal resources predicted life satisfaction is consistent with previous findings [ 10 , 14 , 20 ]. Older people with greater internal resources are more able to choose and enjoy external activities they prefer, resulting in higher life satisfaction.…”

“…Internal continuity facilitates one’s ability to embrace inner change while maintaining a stable self-concept [ 9 ]. Internal resources such as knowledge, ability, health, and finances, with health and financial status being the key factors, have been associated with older people’s well-being in the long run [ 10 ]. Deterioration of health or reduction in financial stability may hamper older people’s continuity of external (e.g., work or social participation) and internal activities (e.g., life-long learning).…”

“…It has been the central theme in gerontological research where various levels of variables (city level, society level, and individual level) were studied to understand how they influence life satisfaction. All studies concluded that besides individual characteristics, both the societies and cities in which the older people live play significant roles in supporting older people’s life satisfaction [ 4 , 10 , 12 , 19 ].…”

“…The findings support the role played by personal resources in determining life satisfaction. In Brazil, internal resources such as knowledge, ability, health and finances have been found to be associated with older Brazilian people’s well-being in the long run [ 10 ]. Similarly, in Taiwan, having higher personal resources such as being more educated and better physical and psychological health, social support, and economic satisfaction were found to predict a higher life satisfaction trajectory of older people based on a 14-year, five-wave longitudinal data [ 14 ].…”

A Model for Personal Financial Planning Towards Retirement

“…Welfare in the old age is linked to financial resources and health (Purnell et al, 2016;Ruberton et al, 2016;Weckroth et al, 2017), but incomes level (Amorim & França, 2020) or age (Petkoska & Earl, 2009) are not the unique predictors of the quality of planning and saving for retirement. The main difficulty for people is the early financial planning of the monetary resources for their future, because it requires foreseeing future needs when they are still nonexisting, implying a deferral of rewards (Hershfield et al, 2011).…”