Psychological Antecedents of Retirement Planning: A Systematic Review

Abstract

As workforce aging continues through the next decade, the number of persons who will retire from long-held jobs and careers will increase. In recent years, researchers across disciplines of psychology have focused attention on the impact of the retirement process on post-retirement adjustment and well-being. The objective of the current review is twofold. The first goal is to review the literature on retirement planning with attention to past conceptualizations and current theoretical specifications. Second, empirical work investigating the psychological antecedents of retirement planning is reviewed. The primary conclusion reached from this review is that, conceptually, retirement planning continues to be poorly delineated and, thereby, narrowly investigated. Empirically, cognitive antecedents of retirement planning continue to figure prominently in both workplace and retirement researches. The boundary conditions of retirement planning, as well as alternative mechanisms for adult wellbeing, are discussed. Specifically, retirement planning's meaning amidst increasing job mobility and longer life expectancies are identified as two complementary areas for future empirical integration of work–retirement research domains.

Retirement Savings Model Tested With Brazilian Private Health Care Workers

“…As stated by Kerry (2018), the practice of saving for retirement has already been addressed in different studies including sociodemographic factors such as income, marital status and gender (Petkoska and Earl, 2009; Gutierrez and Hershey, 2014), cognitive antecedents, i.e., financial literacy and financial knowledge (Jacobs-Lawson and Hershey, 2005; Lusardi and Mitchell, 2007), cognitive antecedents, i.e., financial risk tolerance, retirement goal clarity and future time perspective (Stawski et al, 2007; Koposko and Hershey, 2014; Earl et al, 2015; Koposko et al, 2016), and affective antecedents, i.e., emotional stability, neuroticism and extroversion (Hershey and Mowen, 2000; Kerry and Embretson, 2018).…”

Inspired and Effective: The Role of the Ideal Self in Employee Engagement, Well-Being, and Positive Organizational Behaviors

“…Finally, this study contributes to the mechanisms of how employees find meaningfulness in their work. Rosso et al ( 2010 ) noted that the self is a source of meaning at work, but research has primarily focused on singular components of the self, such as values, motivations and beliefs about work. However, there has been very limited research on the ideal self in the context of work.…”

“…The most recent Gallup poll suggest that only 34% of US employees describe themselves as feeling engaged at work, while the rest report that they are either unengaged (53%) – or worse – actively disengaged (13%) (Harter, 2018 ). Yet the meaningfulness of work is important for organization and employees because – while it is a subjective determination of the significance in their job role (Steger et al, 2012 ) – employees who find meaning in their work have higher levels of job satisfaction (Wrzesniewski et al, 1997 ), well-being (Ryff, 1989 ; Ryan and Deci, 2001 ; Rosso et al, 2010 ; Allan et al, 2014 ; Hooker et al, 2019 ), individual performance (Hackman and Oldham, 1980 ; Wrzesniewski, 2003 ), in-role behavior (Wrzesniewski and Dutton, 2001 ; Bunderson and Thompson, 2009 ; Berg et al, 2010 ), extra-role behavior (Bateman and Organ, 1983 ), and have higher quality relationships at work (Chalofsky, 2010 ; Rosso et al, 2010 ; Fairle, 2011 ; Shuck and Rose, 2013 ). However, its emergence is “nuanced and individually offered” (Shuck and Rose, 2013 , p. 3), and “cannot be demanded, artificially created, or inflated” by the organization (Shuck and Rose, 2013 , p. 3).…”

“…Following Boyatzis and Akrivou ( 2006 ) proposition that individuals who can better articulate how their jobs are a part of their ideal self – as well as defining the role it plays in its development and realization – would have higher levels of engagement and fulfillment in their lives, in this paper, we explore the efficacy of a specific tool – the articulation of the ideal self – to predict a variety of positive employee outcomes including job engagement, psychological well-being, and organizational citizenship behavior (OCB). It has been proposed that the ideal self may be particularly relevant to this topic because “how individuals see themselves and how they are oriented toward the activity of work plays a crucial role in the meaning of that work” (Rosso et al, 2010 , p. 99). Additionally, while the work relationship may have become more transactional, employees are also more entrepreneurial in their development, focusing more on self-managing their protean careers (Arthur and Rousseau, 1996 ; Cartwright and Holmes, 2006 ), or crafting their jobs to fit their needs, desires and strengths (Wrzesniewski and Dutton, 2001 ).…”

Savings and financial literacy: a review of selected literature

“…These include, among others, demographic and socioeconomic variables such as gender, age, household size, qualifications, marital status, income and/or wealth and employment status (Bongini and Cucinelli 2019;Cupák, Kolev and Brokešová 2019;Heckman and Hanna 2015;Lachance 2014). Other variables incorporated in models are risk tolerance (Brounen, Koedijk and Pownall 2016;Nguyen et al 2017), attitudes, subjective norms, perceived control (Bongini and Cucinelli 2019), self-confidence, underconfidence (Ramalho and Forte 2019), institutional factors (Heckman and Hanna 2015) and cognitive, connotative, and affective factors (Kerry 2018).…”