Retirement Plans Research Articles

Psychological factors and retirement planning behavior among Chinese university faculty members: The mediating effects of retirement planning intention

Psychological factors and retirement planning behavior among Chinese university faculty members: The mediating effects of retirement planning intention

Gig Workers: A Comprehensive Analysis of the Rise, Challenges, and Future of the Gig Economy

The gig economy, defined by temporary contracts, freelance employment, and independent contracting, has seen substantial growth in the global labour market during the last twenty years. Gig workers function independently of conventional full-time employment, enjoying flexibility but sometimes missing access to benefits like job security, healthcare, and retirement plans. This study examines the evolution of the gig economy, analysing the many forms of gig employment, its catalysts, the influence of technology, and its consequences for both workers and employers. The analysis will address the issues encountered by gig workers, such as economic volatility, insufficient legal safeguards, and the ambiguity of employer-employee dynamics. The study will analyse worldwide reactions, regulatory patterns, and the future direction of gig employment considering governmental changes and technology improvements.

“We want to get out” – A qualitative study on reasons for nurses’ early retirement intentions

Abstract Background Nurses, the largest workforce in healthcare, play a central role in health systems. There is a severe global shortage of nurses, which is expected to worsen as a significant portion approaches retirement age. Early retirements can harm care quality and healthcare access, thus significantly impacting public health. Identifying reasons is crucial to prevent this trend. This study examined factors behind nurses’ early retirement intentions. Methods A descriptive qualitative study was conducted in an Irish hospital (July to September 2023) including individual interviews with 10 nurses aged 55 and over. A thematic analysis was conducted collaboratively by three researchers to identify key factors influencing nurses’ intentions to retire early. Results Five main themes emerged: 1) Health concerns, encompassing physical strain and psychological stress, significantly influencing early retirement intentions; 2) Struggling to balance job demands with personal responsibilities such as caring for ageing parents due to inflexible work schedules; 3) Need for more support from senior leaders to address staffing shortages and investment in aging nurses’ career and retirement planning to make staying more desirable and easier; 4) Feelings about nurses’ experience being undervalued in the evolving healthcare; and 5) Facing constant heavy responsibility in guiding new nurses, while simultaneously fearing patient safety risks and encountering generational differences. Conclusions Developing support systems for ageing nurses, encompassing strategies to ease workload strain, enhancing career opportunities, and promoting intergenerational collaboration are critical for reducing early retirement trends and sustaining a resilient healthcare workforce. By implementing tailored approaches, such as flexible scheduling and mentorship programs for ageing nurses, healthcare organisations can promote workforce longevity and enhance public health outcomes through improved care delivery. Key messages • Health challenges and struggles in work-life balance influence early retirement intentions among nurses, urging flexible work arrangements and improved recognition and leadership in healthcare. • To extend work careers, organisations must invest in ageing nurses’ career and retirement planning, value experience, and acknowledge potential challenges and benefits in intergenerational nursing.

The Impact of Changes in Population Structure on the Economic Development in China and the US

Abstract: China and the United States are both undergoing notable shifts in their population dynamics, marked by longer life expectancy and fewer births. This shift is resulting in population aging, with a growing proportion of elderly people compared to younger generations. Studying the impact of population changes on economic development offers valuable guidance for policymakers in China and the US. The research will utilize statistical analysis, data collection, literature review, and comparative case studies as its methodologies. And it informs effective policies in healthcare, education, retirement, and workforce planning. Both China and the United States are witnessing demographic changes marked by aging populations, impacting labor force participation, healthcare expenses, and social security outlays. And both nations confront challenges in maintaining skilled workforces and have implemented policies like fertility incentives, immigration reform, and education investments to address these issues. However, the impacts of demographic changes vary significantly between the two countries. This is due to differences in government policies and culture, such as immigration and fertility policies. Therefore, each country needs to address issues based on the actual changes in its population structure. By leveraging mutual learning and implementing tailored policies, both China and the United States can adeptly navigate demographic shifts, fostering sustainable growth and prosperity.

Social identity theory in retirement culture in an underprivileged population: a qualitative study

PurposeSocial identity theory describes how an individual’s behaviors and choices are influenced by social group membership, including those related to financial planning. Social group behavior can also be influenced by structural barriers. The primary cause of poverty at retirement stems from the lack of financial planning for retirement. Underprivileged populations tend to have limited access to resources thus, they have difficulty saving for retirement. This study aims to identify barriers to financial planning among underprivileged populations through the framework of the social identity theory.Design/methodology/approachThis qualitative study examines key aspects of retirement planning among underprivileged populations using the social identity theory. Findings were based on 32 in-depth interviews with individuals from the Arab population in Israel.FindingsFour central themes emerged from the interviews, detailing the motivations for financial planning for retirement: social identity, pension literacy, reliance on the national social security network and (lack of) trust in the state and the pension system.Originality/valueBy utilizing the social identity theory, this study identifies potential barriers retirement planning among people from underprivileged populations. Understanding these barriers is vital for policymakers globally, due to the expected increase in the rate of older adults in coming years. Lack of proper retirement planning can lead to an increased rate of poverty among older adults.

How do firms respond to state retirement plan mandates?

AbstractWe investigate how state “Auto‐IRA” mandates affect firm offerings of employer‐sponsored retirement plans (ESRPs). These policies require firms without ESRPs to facilitate automatic employee contributions to state‐created individual retirement accounts. We find that these policies increase an individual's probability of working for a firm with an ESRP by 6%–9% and of being included in the ESRP by 8%–13%. At the firm level, these policies increase the probability of offering an ESRP by 7%, the probability of establishing a new ESRP by 41%–44%, and the number of ESRP participants by 6 percent.

Determinants of financial planning decisions for salaried individuals: Evidence from India

In the Indian context, financial planning for salaried individuals has gained increased importance due to economic fluctuations, rising living costs, and the need for robust retirement planning. Despite its importance, there is limited research on the specific factors that influence financial decision-making among salaried employees in India. Understanding these determinants is essential for developing effective strategies to enhance financial well-being among employees. This study explores the key factors influencing financial decision-making among employees, including financial goals, emergency savings, retirement planning, budgeting, financial confidence and literacy, financial stress, use of tax-saving instruments, income level, risk tolerance, and debt levels. A sample of 549 employees from diverse sectors in Uttar Pradesh participated in this research, highlighting the critical aspects of personal financial management that impact financial well-being. The study used a questionnaire-based survey to gather data on factors affecting financial decision-making. Descriptive statistics, correlation, and regression analyses were employed to identify significant predictors. The results reveal that financial literacy, access to resources, attitudes toward retirement planning, and cultural norms significantly influence financial decisions. Additionally, income level, job stability, and social support are crucial in shaping employees’ financial planning. The study recommends enhancing employees’ financial decision-making by offering financial education programs, budgeting tools, retirement planning assistance, debt management programs, tax planning workshops, financial counselling services, and employer match programs for retirement savings. These initiatives aim to boost financial literacy and confidence, enabling employees to make informed financial decisions and improve their financial well-being.

Factors Influencing the Retirement Planning Among Private Sector Workers in Malaysia

Factors Influencing the Retirement Planning Among Private Sector Workers in Malaysia

Optimal annuitization under stochastic interest rates

Abstract The decision about when and how much to annuitize is an important element of the retirement planning of most individuals. Optimal annuitization strategies depend on the individual’s exposure to annuity risk, meaning the possibility of meeting unfavorable personal and market conditions at the time of the annuitization decision. This article studies optimal annuitization strategies within a life-cycle consumption and portfolio choice model, focusing on stochastic interest rates as an important source of annuity risk. Closing a gap in the existing literature, our numerical results across different model variants reveal several typical structural effects of interest rate risk on the annuitization decision, which may however vary depending on preference specifications and alternative investment opportunities: When allowing for gradual annuitization, annuity risk is temporally diversified by spreading annuity purchases over the whole pre-retirement period, with annuity market participation starting earlier in the life cycle and becoming more extensive with increasing interest rate risk. Ruling out this temporal diversification possibility, as embedded in many institutional settings, incurs significant welfare losses, which are increasing with higher interest rate risk, together with larger overall demand for annuitization.

Financial Literacy and Retirement Readiness:A Case Study of the Namibian Police Services

Retirement preparedness is a priceless process during one’s tenure of employment because no individual can continue working during his or her lifetime. However, the low levels of financial literacy among retired Namibian police officers compromises sound retirement planning. Financial stress upon retirement is particularly problematic for police officers in Namibia, and this study examined the nexus between financial literacy and retirement planning. The research was qualitative, allowing for an in-depth exploration of the personal experiences and challenges faced by retirees. There were interviews with 26 participants, purposively selected from retired Namibian police officers. In addition, five key informants in the human resources department of the Namibian Police services then corroborated information collected. Purposive-sampling enabled the research to target individuals with direct experience of retirement from the Namibian Police Service. Thematic analysis indicated that upon retirement, police officers found themselves in dire poverty, with no sustainable income sources. The process of determining pension amounts was opaque resulting in the police officers failing to determine the income gap they would face after retirement. There were no financial literacy training programmes for the police officers resulting in their failure to make sound investments during employment period. Therefore, the study recommended that the Namibian Police Services should implement financial literacy programmes, encourage officers to make sound investment decisions, and ensure that retirement becomes an attractive part of one’s lifetime

Unveiling A Century of Research on Retirement Schemes: A State-of-the-Art Bibliometric Review

This bibliometric study investigates research on retirement schemes from 1985 to 2023, using data from the Scopus database. It comprises a qualitative assessment of influence using citation measures including citation counts, h-index, and g-index, as well as a quantitative assessment of publication output among authors and journals. The study offers a thorough overview of the field by identifying significant works and important contributors. Co-word occurrence analysis also identifies important study themes and emphasizes understudied topics in the literature on retirement plans. This method lessens the subjectivity present in conventional literature evaluations while providing insights into research trends, significant writers, and hot themes. The study also fills gaps in the literature and makes recommendations for future research directions to guide future investigations and support the creation of retirement plan policy.

Gender Differences in Planned Retirement Age Among Medical Students: Are Changes on the Horizon?

ABSTRACT Gender Differences in Planned Retirement Age Among Medical Students: Are Changes On the Horizon? Purpose Planned age of retirement has an important effect on the physician workforce. Earlier studies of practicing physicians have reported that the planned as well as actual retirement age was significantly younger for women. Also, previous reports had shown that rural physicians tended to retire earlier. This paper offers a view earlier in the physician pipeline and reports surveys of medical students and pre-medical college students concerning their retirement plans. Methods During 2015-2019, 70 college students and 41 medical students at a regional rural medical campus completed a career eulogy that included their planned retirement age. Results Combining both groups of students, women planned to retire at a mean age of 61.9 and men at 59.1, P=0.048. A longitudinal comparison of just medical students showed that prematriculation students just before starting medical school had the oldest planned age of 66.9, compared to college students (57.4 to 58.9) and medical students (64.0 to 64.6), P=0.049. There was no difference in planned retirement age in rural vs urban upbringing. Conclusions In this group of pathways students, women planned to retire almost 3 years later than men, which differs from earlier reports of physicians in practice. The men planned retirement almost 5 years earlier than in previous reports of planned retirement age. There was no difference in rural vs urban upbringing. Whether this is a generalizable finding will require similar studies in different student populations on other campuses, and our survey instrument is available for others to look deeper into the process of professional identity formation that may explain any differences in planned retirement age.

Aging With Emerging Social Welfare and Disappearing Filial Piety: Chinese Migrant Workers' Pathways Toward Financial Retirement Planning.

This study examines the pathways and mechanisms linking Chinese migrant workers' migration experiences and their financial retirement planning. Using a mixed-methods approach with 1083 surveys and 32 interviews, this study finds that having a good financial status and social support system and maintaining a hopeful attitude toward retirement are direct pathways toward good financial retirement planning. Good health and hope for retirement are further enhanced by a good financial status and social support. Conversely, poor health and negative employment experiences are linked to poor financial retirement planning. The qualitative findings provide a contextual understanding of the pathways identified in the quantitative analyses. Migrant workers often face a dilemma between self-reliance for retirement and relying on filial piety. These findings apply not only to Chinese migrant workers but also to all migrant workers with limited access to healthcare and public pensions for retirement.

" Operationalizing Jitegemea Philosophy As A Model To Sustainable Development To Retirement Plan Among The Pulpit Workers

Purpose of the Study: This study aimed to investigate the operationalization of Jitegemea Philosophy as a model for the sustainable development of retirement plans among pulpit workers. Statement of the Problem Despite the importance of retirement planning, these workers face challenges such as low salaries, irregular income, and limited access to pension schemes, leading to financial insecurity in later life. The Jitegemea (self-reliance) philosophy, rooted in principles of self-sufficiency and sustainability, offers a potential model for addressing this gap. However, there is limited research and practical application of Jitegemea as a structured retirement planning model tailored to the specific needs of pulpit workers. Addressing these challenges is crucial to ensuring the financial security and well-being of PCEA pulpit workers in retirement. Therefore, this study explores how operationalizing the Jitegemea philosophy could provide a sustainable solution for enhancing financial security and well-being for clergy during retirement. Methodology: This study employed a qualitative research approach, utilizing semi-structured interviews with PCEA pulpit workers to explore their perceptions, experiences, and challenges related to retirement planning. A purposive sampling technique was used to select participants from various PCEA churches in Nairobi. Data were analyzed thematically to identify key themes and patterns related to retirement planning among PCEA pulpit workers. Key Findings: The study revealed that while many clergy face socio-economic barriers, religious beliefs, community support, and proactive planning can foster resilience. Participants expressed mixed emotions about retirement, some feeling apprehensive and others viewing it as a period of spiritual renewal. The study highlights the need for tailored support mechanisms, including financial literacy programs, fair compensation, and expanded pension schemes. Conclusion: The study emphasizes the importance of collaborative efforts among religious institutions, policymakers, and community organizations to improve retirement planning. Recommendation: Recommendations include financial education, compensation reform, and community support to ensure better retirement preparedness. Further research is suggested to evaluate the long-term effects of these interventions on clergy retirement outcomes.

A Study on Employees Perception towards NPS & EPF

The study "A Study on Employees' Perception towards NPS & EPF" investigates the views of employees regarding two of India's most prominent pension schemes: the National Pension System (NPS) and Employees' Provident Fund (EPF). The research aims to understand employees' preferences and satisfaction levels with these schemes based on factors such as returns, risk, ease of access, transparency, and tax benefits.NPS, being a market-linked pension scheme, offers higher flexibility and potential for better returns but also carries a higher risk. It is typically favored by employees who seek control over their investments and are comfortable with market fluctuations. In contrast, EPF is a government-backed, more stable scheme, offering lower risk but fixed returns. It is preferred by risk-averse employees who prioritize security over potentially higher gains. Through primary data collected from employees across different sectors, the study highlights key insights into how employees' perceptions differ based on their employment type, income levels, and financial goals. Understanding these perceptions is crucial for policymakers and employers to address gaps in awareness and satisfaction, thereby encouraging more informed decisions for retirement planning and improving participation in both pension schemes. The study contributes to a broader understanding of retirement planning preferences in India

Gamification as an Educational Tool for Retirement Planning

Many individuals worldwide retire financially unprepared. The most evident factor for low retirement savings is due to a lack of retirement planning, especially from an early age. Financial literacy is a key element in navigating the current complex financial landscape, as it enables the individual to effectively manage personal finances and make sound financial decisions regarding earning, consuming, saving, investing, debt management, insurance, mitigating risk, identifying suitable financial sources when needed, and also ultimately saving enough for retirement. Financial education provided by employers is usually voluntary and generally designed as a one-size-fits-all solution. The current methods used to teach financial literacy are effective in accessing financial education, but whether they change financial behaviour that results in leaving individuals better prepared for retirement is not evident. Millennials thrive in a digital environment and prefer a trial-and-error approach when learning takes place. To make financial education more practical and appealing to millennials, programme developers should consider the use of gamified applications portraying real-life events where problems need to be solved and active engagement and immediate feedback, which can promote financial literacy and might change the saving behaviour of the younger generations. Gamification is explored as a potential educational tool that can be used in teaching retirement preparedness and financial literacy in the workplace.

Подготовка к выходу на пенсию как процесс: этапы и факторы

The study is relevant due to the complex nature of the retirement experience, which requires mental recovery and future planning. The aim of the study is to explore characteristics of pre-retirement individuals based on their stage in the retirement planning process. Hypothesis: Proactive coping strategies and long-term personality orientation are linked to the retirement planning process. Social and demographic factors (level of education, presence of dependents in the family) are significant in planning the retirement transition. Participants: 202 respondents aged 43-63 years (male = 49%; female = 51%), working and living in different regions of the Russian Federation. Methods (tools): an abridged version of the Stanford “Zimbardo Time Perspective Inventory” (F. Zimbardo adapted by T. A. Nestik) was used to study individual differences in time perspective; the Proactive Copying Inventory (E. Greenglass adapted by E. P. Belinskaya, A. V. Vecherin, E. R. Agadullina) was used to study proactive coping strategies; The Process of Retirement Planning Scale (Jack H. Noone, Christine Stephens, Fiona M. Alpass) was used to assess the retirement planning process. Findings. The research demonstrated significant differences in the manifestation of proactive coping strategies at the stages “Ideas about Retirement” and “Preparation for Retirement”. Future orientation was markedly lower at the stages of “Ideas about Retirement” and “Decision to Start the Preparation”. The time perspective of the respondents who were at the stage of “Decision to Start the Preparation” differed significantly from other groups in their fatalism in the perception of the present. The desired age of retirement significantly exceeded the age of the planned retirement. The research revealed the significance of social and demographic characteristics for retirement planning. The main conclusions. The stage “Decision to Start the Preparation” is characterized by the fatalism of the respondents in the perception of the present. Proactive coping strategies manifest themselves at the stages of “Ideas about Retirement” and “Preparing for Retirement”. Such social and demographic factors as presence of dependents in the family and the education level of a pre-pensioner are crucial for retirement planning. Practical application. The results of the study can be utilized in counseling pre-pensioners.

Разработка опросника «Шкала финансовой автономности личности» и его психометрическая проверка на группе предпенсионеров

Relevance: the issues of studying subjective qualities of the pre-retiree’s personality, including their financial autonomy, are of particular relevance due to economic instability and uncertainty. The present article is devoted to the problem of measuring financial autonomy in the situation of retirement planning which is one of the indicators of economic and psychological maturity of a person. The purpose of the work is to conduct a psychometric test of the original author’s questionnaire “Individual’s Financial Autonomy Scale” (T. V. Drobysheva, I. V. Larionov, S. V. Tarasov). Hypothesis: an individual’s financial autonomy scale has a one-dimensional structure and is associated with internal locus control and autonomy interpreted as the individual’s independence. Participants: 215 pre-retirees (from 45 to 63 years old) living in different regions of the Russian Federation including 108 women and 107 men, 49% are working and 51% are unemployed. Techniques (tools): subscale “Autonomy” of K. Ryff’s Scale of Psychological Well-Being (adapted by T. D. Shevelenkova, T. P. Fesenko), the Subjective Control Level Questionnaire (compiled by E. F. Bazhin, E. A. Golynkina, L. M. Etkind); the results were processed with the help of the software packages IBM SPSS.22.0, IBM AMOS 19.0, Jamovi 2.4.11. Results: the initial standardization of the questionnaire has been carried out. A check for normality and internal consistency has been performed. The study has evaluated the factor structure, discriminatory power and convergent validity of the questionnaire. The results show that the Individual’s Financial Autonomy Scale has a one-factor structure and is characterized by high indicators of psychometric reliability. Main conclusions: the Individual’s Financial Autonomy Scale is a reliable tool that measures financial autonomy as the ability of a person to manage their finances regardless of the opinions of others, to make appropriate decisions and to take responsibility for them, as well as to monitor their financial state. The study describes differences in the degree of autonomy in different groups of pre-retirees. The practical significance of the research is determined by the necessity to provide targeted assistance to pre-retirees in planning their retirement on the basis of the financial autonomy indicators measured with the scale.

The Influence of Financial Literacy and Personality Traits on Retirement Planning Strategies Among Full-time Employees of Indonesia

The purpose of this paper is to examine the impact of financial literacy and Personality traits on retirement planning strategy among full-time employee in Indonesia. This study applies a quantitative approach and the data were collected through online survey and compose of 358 respondents of full-time employess in Indonesia. The study reveals that age, income, and openness significantly related to pursuing active planning retirement strategy. Financial knowledge and behavior do not significantly affect the intention to pursue any retirement planning strategy. We expect this study to contribute into significant implication for Goverment, financial practitioners advisor, financial services authority (OJK) & Banking regulations include an individual worker. Earlier research on retirement planning focused on financial characteristics of the individual separately from the individual’s subjective norms (age, income, dependents, personality traits). This study combine those factors and see how each factor influences the final retirement planning strategies

Life Beyond Classroom: The Plight Of Retired Educators

This study describes the plight of retired academicians of Agusan Del Norte and Agusan del Sur using the purposive sampling approach in the selection of the participants. The use of focused group discussion allowed the researcher to unveil the sentiments of the retired educators. This undertaking used a phenomenological approach with interview guide as a data-gathering instrument. The gathered data were analyzed using thematic analysis. It was revealed that during the first few months of retirement, the retired educators embraced a stress-free life; they reinvigorated their daily routine and revamped their financial approach. The study likewise revealed that sustaining a lifelong financial gameplan, shaping a passionate faith through fervent prayers, and savoring retirement bliss while maintaining mental clarity can help retirees cope with the sudden change of lifestyle brought about by retirement. Moreover, the insights that were revealed are, establishing a well thought financial retirement plan, understanding that retirement is an ending of a beautiful beginning and retirees should know that Health is our Greatest Fortune. The findings of this study can be a tool towards crafting a skills and development and financial literacy program for educators. Hence, this study can be used to review the current GSIS pension program.