Contribution of retirement benefits on economic wellbeing of pensioners in Dodoma City

Abstract

This study assesses the contribution of retirement benefits to the economic wellbeing of pensioners in Tanzania. Data were collected from 136 pensioners and 12 interviewees and analysed empirically using descriptive and regression models. The research findings revealed that the economic wellbeing of pensioners is not good after retirement. Furthermore, the study found that monthly pension and pre-retirement training are key contributing factors to pensioners' economic well-being. Moreover, other sources of income available to pensioners, education, and salary level have a significant contribution to economic wellbeing regardless of the retirement benefits one receives. Thus, the study recommends that institutions, stakeholders, and pensioners should work on a pension formula in order to increase the monthly pension amount to improve economic wellbeing of the pensioners. Future studies on social interactions are also recommended.