Retiring or rewiring? Test of a social cognitive model of retirement planning.

Abstract

Using the social cognitive model of career self-management (CSM; Lent & Brown, 2013), we examined theory-based predictors of retirement planning goals, decisional anxiety, and level of decidedness. Participants were 525 older workers in the United States and Canada. We first examined the psychometric properties of new or revised social cognitive measures linked to retirement planning with part of the sample (n = 200) and then tested the stability of the factor structure with the remainder of the sample (n = 325). The measurement and structural models indicated good overall model-data fit in the larger sample and across most grouping variables (nationality, income level, and gender), and support was found for most of the paths predicting retirement planning, decisional anxiety, and level of decidedness. However, some gender differences were found in aspects of self-efficacy (confidence at time vs. financial management) that were predictive of decidedness. We consider the implications of the findings for future research and practice directions applying the social cognitive model to retirement planning. (PsycInfo Database Record (c) 2021 APA, all rights reserved).