Understanding individual retirement planning behaviour: An evidence from survey data

Thakur, Shailesh Singh; Jain, S.C.; Soni, Rameshwar

doi:10.5958/0976-478x.2017.00023.4

Cited by 3 publications

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“…This approach enables individuals to make informed decisions and avoid impulsive actions that can undermine their financial security in the long run. Retirement contentment is a multifaceted subject that can be determined by a multitude of factors, including but not limited to one's marital status, health, education, reasons for retirement, occupation, and retirement planning; and the interplay of these components can have a substantial influence on an individual's post-retirement well-being (Thakur et al, 2017). The table 1 below gives a glimpse of the factors that influence the retirement planning of individuals.…”

Section: Review Of Literaturementioning

confidence: 99%

Retirement Planning: A Brief Snapshot Of The Demographic Factors Influencing The Choice Of Investments For Planning Your Retirement

2023

IJFMR

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Establishing a comfortable life in retirement from a personal and financial outlook is a very intricate exercise that calls for careful planning and years of perseverance. Retirement strategy differs from other forms of investment strategies given that it empowers people to have financial independence and, consequently, lead a contented and happy life even when they are not working. From this perspective, it becomes evident that being poorly prepared in terms of finances for retirement might only diminish the value of a retired life. When it comes to retirement planning, there are a number of factors that can influence one's investment choices. It is important to carefully consider these factors in order to make informed decisions and ensure long-term financial stability. By taking a thoughtful and strategic approach to retirement planning, individuals can best position themselves for a comfortable and secure retirement. The primary intention of this paper is to offer a brief literature review by focusing on several factors which influence the financial strategies and investment plan of people for their post-retirement lives. The current study seeks to look into why some persons are capable of planning for retirement while others are unable to do so. The factors that influenced the decisions regarding retirement planning were found to be age, gender, marital status, education and income. The most significant factor that explained the diversity in retirement savings of people turned out to be the income and education. The retirement planning and financial preparedness of households with greater levels of education and income were revealed to be superior. The study revealed that young people and women trailed behind in their retirement preparation and are less conscious of it.

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Section: Review Of Literaturementioning

confidence: 99%

Retirement Planning: A Brief Snapshot Of The Demographic Factors Influencing The Choice Of Investments For Planning Your Retirement

2023

IJFMR

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“…Many employees have been forced to falsify their age due to the fear of retirement in order to postpone retirement date. However, Olufemi and Fashiku (2015); Thakur and Jain (2017) argued that if employees in service know some of the benefits they could achieve in their retirement, it might fortify them towards early or voluntary retirement instead of records falsification often linked to fear of retirement, in their bid to remain longer than necessary in service. Okolie (2021) observed that retirement 'is a necessary ill' which cannot be avoided.…”

Section: Retirementmentioning

confidence: 99%

Entrepreneurship Skills in Food and Nutrition Education: A Panacea for Sustainable Retirement

Ogbonyomi, Omolara Bosede

2022

njhe

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Retirement can be explained as an event in an individual’s life which marks a withdrawal from active service, terminating an accustomed pattern of life and transiting to a new one. It is the stage in which employees have to leave the workforce on a permanent basis so as to prepare for their twilight years. Life after retirement for majority of retirees is not a rosy one owing to ineffective preparation and planning for post-retirement years. Venturing into a business venture at an old age is an interesting phenomenon. Public servants have a variety of economic activities to venture into after retirement and entrepreneurship in Food and Nutrition education is one of those ventures. This paper focuses on the conceptual clarification of Food and Nutrition, Retirees and Entrepreneurship; the Place of Food and Nutrition Entrepreneur-ship in economic sustainability during post retirement. It will discuss extensively on ways of Identifying and exploiting entrepreneurship opportunities in Food and Nutrition for sustainable economic during retirement. It will also identify some of the challenges of Entrepreneurship skill development in Food and Nutrition Education. Adequate preparations and planning by all employees for post-retirement will curb the effects of postretirement anxiety, financial insufficiency, prevailing cost of living, poor feeding, depression and ill-health. Adequate exposure of employees to skills, knowledge and attitude in food and Nutrition education is will help them to develop strong foundation that will enable them sustain the family’s future.

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“…Thus, it is necessary to evaluate individual perceptions for retirement planning (Thakur, Jain, & Soni, 2017). In this study, researcher focus specifically on perception of retirement toward retirement preparation behavior among formal worker in nearretirement age at the public sector in Central Region, Thailand?…”

Section: Perception Of Retirementmentioning

confidence: 99%

Factors associated with retirement preparation among formalworkers in near retirement age: A cross-sectional study

Kulabut¹

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In the past few decades, the fast-growing life expectancy has raised concern over retirement issues worldwide, including in Thailand. While insufficient preparation for retirement has been known to link with negative impacts on both physical and mental health of retirees, there is still little research done on retirement preparation and planning among the Thai older person. Thus, the present study aims to determine the level of retirement preparation among formal workers at near retirement age in a public sector. This study was conducted in May-June 2021 via a 45-minute self-administered questionnaire with 226 participants aged 55-59 years old; participants were selected using systematic random sampling. A self-administered questionnaire was distributed to assess the information of sociodemographic characteristics, health status and retirement preparation. All data were analyzed by descriptive statistics such as frequency, percentage, mean and standard deviation. First, the results showed that the formal workers near retirement age in a public sector are divided into 40.3 percent female and 59.7 percent male. Most participants had a senior high school education and a couple's marital status. Many of them lived with the children, in their own accommodation together with 3-4 family members. The monthly income of participants is between 15,001 to 25,000 baht, and more than 90.3 percent of them received employee welfare benefits. Overall, participants were not preparing for retirement very well. Less than half (47.3 percent) having the preparation for retirement at a moderate level. Although 23.5 percent of participants reported that they have a high level, more than a quarter (29.2 percent) fall far short of retirement preparation. Second, quality of life and perceptions of job satisfaction were found to have a major influence on the level of retirement preparation among formal workers in near retirement age. The result of this study was expected to be useful for public sector to review and planning of retirement preparation behavior for formal workers before retirement.

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Understanding individual retirement planning behaviour: An evidence from survey data

Cited by 3 publications

References 0 publications

Retirement Planning: A Brief Snapshot Of The Demographic Factors Influencing The Choice Of Investments For Planning Your Retirement

Retirement Planning: A Brief Snapshot Of The Demographic Factors Influencing The Choice Of Investments For Planning Your Retirement

Entrepreneurship Skills in Food and Nutrition Education: A Panacea for Sustainable Retirement

Factors associated with retirement preparation among formalworkers in near retirement age: A cross-sectional study

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