Individual, family, job, and organizational factors associated with retirement intentions among older long-term care workers: A systematic review.

This systematic review synthesized prior quantitative research on individual, family, job, and organizational factors associated with retirement intentions (RI) among older long-term care (LTC) workers. Seven databases were searched for peer-reviewed studies. RI were defined as early (<65 years) or late (>65 years). To assess the methodological quality, we used JBI's checklists. The PRISMA statement guided this review. After duplicates were removed, 4 489 records were identified. A final sample of six articles was selected as eligible for inclusion. Current findings show weak social support, high physical job demands, and type of LTC occupation as important determinants for early RI. Strong social support and good job resources are important determinants fore late RI. In contrast to earlier research on other groups of older workers, this review shows no statistically associations between health nor emotional job demands and early RI for LTC workers. The results are discussed using the JD-R theory.

Planning for retirement during active service in Ghana: Insights from pensioners in the Greater Accra Region.

Workers often participate in pre-retirement planning activities to gain awareness of the likely changes they may experience when they retire to enable them to prepare accordingly. Although pre-retirement planning is essential for successful retirement and healthy aging, studies on pre-retirement planning activities among older adults in Ghana are limited. This study explored pre-retirement planning actions that were taken by Social Security and National Insurance Trust (SSNIT) pensioners in the Greater Accra Region of Ghana. A sequential explanatory mixed-methods approach was adopted to gather data from 437 pensioners aged 60 years and above through surveys, interviews, and focus group discussions. The results indicate that while in active service, many (309) pensioners were not motivated to plan for retirement due to issues, such as low income, and distrust of financial institutions. When planning did take place, the pensioners favored financial planning over social, mental, and physical planning. The respondents also revealed that they did not prepare adequately for retirement due to low salaries, as well as low knowledge on pre-retirement planning. Policies are needed to encourage pre-retirement planning among workers in Ghana to enable them to have an appreciable quality of life in old age.

Not Just One Long Vacation: Revisiting the Importance of Lifestyle Planning in the Transition to Retirement.

BACKGROUND: There is a need to further understand the nature and role of planning for one's lifestyle in retirement. OBJECTIVE: The purpose of this study was to examine retirement planning and how it impacts perceived preparedness and satisfaction with the retirement transition, as well as to explore personal experiences of retirement. METHODS: Canadians (n = 748) fully or partly retired participated in an online survey that included quantitative questions about perceived retirement preparedness and satisfaction and open-ended questions about retirement goals, fears, challenges, and advice. FINDINGS: Results determined that while both financial and lifestyle planning were significant predictors of higher perceived preparedness, only lifestyle planning was a significant predictor for satisfaction. Overall, no gender differences were detected. Open-ended comments highlighted the importance of planning for one's lifestyle in retirement, including meaningful activities and social connections. DISCUSSION: Individualized career advising as well as group-based educational programs or peer-assisted learning initiatives appear warranted to support people in planning for their lifestyle in retirement.

A contemporary review of employee retirement.

As societies in many developed countries grapple with the rapid aging trend of the population, the research field of retirement has gained increasing attention. Considering the extensive scope of psychological research on retirement, in this article we focus on providing a review of recent advancements, especially those that have not been covered in existing reviews. We structure our review around four primary empirical themes in alignment with the temporal process model of retirement: retirement planning, retirement decision-making, bridge employment, as well as retirement transition and adjustment. We conclude this review with a discussion on potential future research directions.

Less is not more: 401(k) plan information and retirement planning choices.

This paper presents the results of a choice experiment that is designed to examine whether changing how plan information is presented affects planned retirement-savings behavior. The main hypothesis is that providing plan information in a more concise format with helpful recommendations, rather than providing lengthy and detailed information, will alter retirement-planning choices. The specific choices examined include: whether to enroll, how much to contribute, and how to structure (broadly) the asset allocation. The choice experiment is conducted on three different samples: (i) a Qualtrics panel of new employees, (ii) a Qualtrics panel of job seekers, and (iii) a sample of business-school students. Our results suggest that, controlling for demographic and other factors, our main hypothesis was not supported by the data in any of the samples. Thus, the data cast some doubt on the notion that simplifying and condensing the retirement-plan information presented to employees will result in vastly different retirement-planning choices.

Women's financial literacy: A bibliometric study on current research and future directions.

This study undertakes a bibliometric and content analysis on women's financial literacy. The purpose of a bibliometric research on financial literacy and women is to carefully evaluate and quantify the body of literature on this subject. It attempts to identify trends, research gaps, significant authors, and essential ideas, offering a thorough overview that might direct future research and policy activities to increase women's financial literacy and well-being. The data extraction commenced in January 2023 with a thorough criteria search for articles, which includes inclusion and exclusion criteria using Web of Science Core database, resulting in 312 articles, published between 1998 and 2022. Biblioshiny application as well as the VOSviewer software for network visualization of keywords and bibliographic coupling is used. Based on the outcomes of the scientific bibliographic coupling, dominant themes were identified - "Global Financial Literacy: Addressing Disparities and Enhancing Education", "Addressing gender gap in financial inclusion and personal finance behaviour", "Empowerment through Financial Literacy: Overcoming the Manacles of Domestic Violence" and "Women's retirement planning and preparedness". Future research in this area could examine global gender differences in financial literacy, implement targeted financial education interventions, incorporate financial literacy and economic empowerment into domestic violence policies, investigate factors influencing women's retirement planning, and advance gender equality and financial well-being globally. The outcome from the future research is anticipated to assist regulatory bodies, government agencies and non-profit organization in enhancing existing regulations (specifically for women) and provide the platform for a sustainable wealth management and well-being program for women.

Fighting for Olympic dreams and life beyond: Olympian judokas on striving for glory and tackling post-athletic challenges.

Objectives: This study explores the experiences of Olympian judokas, examining both their pursuit of excellence to compete at the Olympics and their subsequent transition out of judo. The aim is to offer empirical evidence regarding the challenges they face in realizing their Olympic dreams, and to shed light on the transitional challenges, available resources, and needs they face as they move toward post-athletic lives. Methods: We conducted semi-structured interviews with eight Olympian judokas: five males and three females, all of whom have retired from competitive judo. These participants are from Portugal (n = 1), Republic of Korea (n = 2), and the United Kingdom (n = 5). We employed thematic analysis, which led to the identification of five main themes: (a) From Dreams to Olympic Reality, (b) Facing the Void: Loss of Goals and Identity, (c) The Crucial Role of Social Support, (d) Dual Aspects of Pre-Retirement Planning, and (e) The Double Edge of Organizational Support. Findings: The findings highlight the significant challenges faced by Olympian judokas, including goal and identity loss post-retirement, and the need for comprehensive and accessible organizational support, particularly psychological assistance, to assist in their transition to post-athletic life. Implications: The findings not only enhance our understanding of judokas' experiences during transition but also offer insights that could guide the development of tailored support programs. It is critical for sport governing bodies and practitioners to apply these insights in creating comprehensive and easily accessible support systems, which will ensure a smoother transition to post-athletic life for high-performance athletes.

How old is too old to work for physicians?

The healthcare systems throughout the world are facing numerous problems, including aging and shortages of medical staff. Although senior medical practitioners are important to the healthcare, their competency may decline with age. A major problem experienced nowadays by some elderly practitioners is digital exclusion caused by difficulties with adopting new technologies. Some attempts are being made to determine the optimum moment to retire, considering its possible impact on the safety and wellbeing of patients, as well as on the health system and human resource allocation. Until legal regulations are adopted, the age-related screening programs can be used to determine the optimal retirement age.

Changes in retirement plans in the English older population during the COVID-19 pandemic: The roles of health factors and financial insecurity.

Over the course of 2020 and 2021, the COVID-19 pandemic disrupted lives globally. In the UK, unemployment rate continued to increase during and post-lockdown periods, and job security and financial wellbeing deteriorated. It is important to understand whether individual decisions related to retirement plans have changed systematically as a result of the pandemic, especially among older adults who experienced greater rates of pandemic unemployment. Using the English Longitudinal Study of Ageing, this article examines changes in retirement plans of older adults during the COVID-19 pandemic and estimates the impact of health and financial circumstances on these changes. In June/July 2020, 5% of 2095 participants reported planning earlier retirement, while 9% reported planning later retirement. We found that poor self-rated health and financial insecurity were associated with intentions to postpone retirement. Additional risk of later retirement associated with poor health was detected among those experiencing financial insecurity. In November/December 2020, 7% of 1845 participants reported planning earlier retirement, while 12% reported planning later retirement. We found that poor health was predictive of a lower relative risk of later retirement, while depressive symptomology and financial insecurity predicted a higher relative risk of later retirement. The findings imply a contextual role of health factors in, and a persistent influence of financial insecurity on, retirement planning in the older population.

Why do academics fail to plan for retirement? Employers' and employees' views.

Studies have shown that early and informed retirement planning lead to a successful retirement transition, and adjustments. Despite this fact, it has been widely reported that most of employees inadequately plan for their retirement. Existing empirical evidence provides limited information on barriers which affect academics' retirement planning in sub-Saharan Africa, particularly Tanzania. Informed by the Life Course Perspective Theory, the present study qualitatively explored the retirement planning barriers from perspectives of the academics and their employers in four purposefully selected universities in Tanzania. The focused group discussions (FGDs) and semi-structured interviews were employed to generate data from the participants. The thematic approach guided data analysis and interpretations. The study revealed seven barriers which affect retirement planning among academics in higher education. These include: Limited knowledge of retirement planning, lack of investment management skills and experience, failure to prioritize expenditure, attitude towards retirement, financial constraints due to extended family needs, retirement policies and legal reforms, and limited time to supervise investments. Based on the findings, the study provides recommendations to address personal, cultural and systemic barriers in order to support academics' successful transition to retirement.

Pension Plan Types and Social Security Knowledge: New Survey Evidence.

Knowledge of the Social Security Old-Age and Survivors Insurance program affects people's work, consumption, and savings decisions before retirement and in turn impacts financial well-being in retirement. This study examines whether the type of employer-sponsored pension is associated with varying levels of Social Security knowledge using data from the Understanding America Study. Results indicate that people with various pension types are consistently more knowledgeable about disability benefits, age adjustment, claiming upon retirement, and spousal benefits, relative to pensionless individuals. Interventions to enhance Social Security knowledge may benefit from targeting the most financially vulnerable individuals, particularly women without a pension, for enhanced retirement security.

Older Adults Place Greater Importance Than Younger Adults on a Purposeful Retirement.

Objective: Regarding retirement, some but not all people decline in sense of purpose, and retirees may view maintaining a sense of purpose as nonessential. These findings suggest individual differences both in the importance placed on being purposeful during retirement in general and the discrepancy for purpose importance prior to and during retirement. Method: This study surveyed U.S. adults (n = 2009, Mage = 48.51) asking them about how they viewed having a purpose in two life stages: before and during retirement, as well as personality and demographic questions. Results: Findings suggest that, overall, people believe it is important to have a purpose and direction during retirement. This tendency was greater among older adults, and those higher on conscientiousness or lower on neuroticism. However, working status did not play a role in the perceived importance of purpose during the retirement period. Moreover, age differentiated who perceives during-retirement purpose as more important than prior-to-retirement purpose. Conclusion: The current findings add to our understanding of when individuals expect to be purposeful and counter the claims that older adults may place less importance on being purposeful. Instead, these findings point to the need for continuing work on how to help older adults maintain or find a purpose in life following retirement.

From Social Protection to Personal Protection: Implications for an Integrated Framework of Retirement Planning for Informal Workers in Ghana.

Without a mandatory retirement age, many informal workers are exploring diverse ways of ensuring their well-being as they age. This exploratory study focuses on the retirement plans of workers in Ghana's informal sector to inform interventions to ensure their well-being. Findings from 35 in-depth interviews among self-employed informal workers in Adum-Kumasi, the largest hub of Ghana's informal work, highlight that retirement planning is centred on self-protection through investment in economic and non-economic activities. The study contributes to the discourse on extending social protection coverage to informal work settings. It further recommends an integrated policy framework for social protection to cover a broad range of domains that are important for the well-being of informal workers in later life.

Pension Policy Literacy and Retirement Expectations: A Cross-Country Survey Experiment.

OBJECTIVES: This study reports the findings of the first cross-national survey experiment on the effects of information on the expected retirement age. Given the drawbacks of unrealistic retirement expectations, the study examines the impacts of nonpartisan information about future demographic aging and forecasted pension benefit levels. METHODS: An online survey experiment was conducted in the United States, Germany, and Spain in 2018 using an internet access panel. We assigned respondents to 2 random treatments: one citing the change in the projected share of the population older than 65 years (demographic treatment) and another citing the projected change in pension replacement rates (benefits treatment), both for 2015-2040. Treatment effects on the expected retirement age are reported. RESULTS: The benefits treatment has a strong influence on retirement expectations. In the United States, respondents informed of the expected decline in pension replacement rates expect to retire 2 years later than respondents not informed of the decline. In Spain, this treatment leads to an approximately 9-month postponement of expected retirement, while no significant effect is found in Germany. In addition, the demographic treatment does not affect retirement expectations in the countries studied. Respondents in all countries informed of future population aging do not show different expected retirement ages than respondents not given this information. DISCUSSION: People's retirement expectations are sensitive to information on future changes in pension generosity but not to information on population aging. The results suggest information campaigns focused on declining pension replacement rates may help extend working lives.

Purposeful retirement expectations and their associations with retirement planning.

OBJECTIVE: Previous research has demonstrated that retirees tend to report lower levels for sense of purpose compared to working adults. However, it remains unclear whether adults show differences in the extent to which they expect to be purposeful during retirement, and what that may mean for the propensity to plan for retirement. METHOD: The current study examined this question in a cross-sectional sample of 492 adults (Age: M = 39.28, SD = 8.35) prior to retirement. Participants completed an adapted measure to capture expected purposeful engagement during retirement, along with sense of purpose, retirement planning, and the Big Five personality traits. RESULTS: Factor analyses and zero-order correlations suggested that purposeful retirement perceptions are related yet distinct from sense of purpose in general, and adults on average expect a moderately purposeful retirement. Purposeful retirement scores were associated with multiple retirement planning scales, and remained predictive of retirement preparation even when accounting for the Big Five and demographic factors. CONCLUSION: Adults differ in how purposeful they expect to be during their future retirement. Moreover, these differences may be a valuable consideration when understanding how to promote retirement planning.

Factors influencing older nurses' decision making around the timing of retirement: An explorative mixed-method study.

AIM: This study aimed to understand factors influencing decision making of older nurses around timing of retirement. BACKGROUND: Global nursing shortages require flexible nurse retention strategies. METHODS: An explanatory sequential mixed-method approach: nurses across seven health care organisations within one integrated care system responded to an online survey (n = 524). Semistructured interviews and a focus group were conducted (n = 19). RESULTS: Survey data confirmed age as a key factor influencing nurses' decision making. Factors associated with retention were flexible working conditions, financial considerations and feeling valued. Factors associated with attrition were poor or deteriorating health, stress and wish for more time with family and friends. Logit regression confirmed that flexible work patterns are the strongest predictors for working beyond retirement. Qualitative data revealed that retirement plans are accompanied by personal milestones; the work environment heavily influences these plans. CONCLUSIONS: Reasons for retirement are multifaceted, but many factors are within the control of employers. Organisational policies, practices and workplace culture have a bearing on decisions surrounding the timing of retirement. IMPLICATIONS FOR NURSING MANAGEMENT: Retention strategies that allow older nurses to work part-time are key, and nurse managers need to proactively engage with older nurses to discuss their retirement plans.

Skint: Retirement? Financial Hardship and Retirement Planning Behaviors.

This study used data from the 2018 National Financial Capability Study to investigate the association between financial hardship and retirement planning behaviors. Results from logistic regressions showed that respondents with high difficulty making ends meet were more likely to calculate retirement needs and more likely to own a non-employer sponsored retirement plan. The perceived over-indebtedness was positively associated with owning an employer-sponsored account while negatively associated with owning a non-employer-sponsored account. Financial fragility was associated with a lower likelihood of calculating retirement needs and having a retirement account. The results of additional generational analyses revealed that the difficulty making ends meet and the perceived over-indebtedness showed different patterns with retirement planning behavior across three generations. In contrast, financial fragility showed consistent and negative associations with the retirement planning behaviors across generations.

Retirement Confidence: Development of an Index.

Older workers who are confident about the changes accompanying retirement report higher well-being. We have developed an index to measure retirement confidence - the Retirement Confidence Index (RCI). A six-stage approach was used to develop the index items, including (i) a literature review to catalogue retirement confidence components; (ii) a consultation with a panel of experts to review the proposed indicators and combine components according to their meaning; (iii) normalisation of the selected components to make them comparable; (iv) weighting of the top-level dimensions using experts' judgement; (v) linear aggregation of the dimension scores according to their corresponding relative weight; and (vi) correlation of the composite score with a self-report measure of retirement confidence. Based on the review of the literature, a list of nine sub-components (financial literacy, financial attitude and behaviour, financial control, financial anxiety, physical health, mental health, social connectedness, goal setting for retirement and future uncertainties) was compiled. Subsequently, these components were grouped into four broad dimensions. Correlations between these dimensions (social, financial awareness and skills, health and well-being, and retirement awareness and planning dimensions) and the corresponding self-reported measures were as high as r = 0.555, r = 0.603, r = 0.591 and r = 0.569, reflecting 30.8%, 36.3%, 34.9% and 32.3% shared variance with the corresponding self-reported indices, respectively. The Retirement Confidence Index provides the foundation for future research to measure retirement confidence, with the aim of identifying deficient RCI dimensions and directing efforts to targeted policies to ensure older workers are confident about retirement.

Finance 101 for Physicians.

Although physicians enjoy extensive educational backgrounds, financial planning typically is not a significant component of the curricula they have completed. As a result, many physicians could benefit from greater financial acumen, and their preparation for retirement might be lacking in light of their relatively high-income levels. This article by a private wealth advisor with 29 years of industry experience provides physicians with the basic building blocks to understand and manage their finances. It focuses on 3 pillars of financial planning: (1) protecting themselves, their families, and their assets; (2) reducing their taxes; and (3) growing their wealth.

Perspectives on Aging-Related Preparation.

When older adults face age-related life challenges, anticipating what to expect and how to access potential coping strategies can both prevent and provide the possibility of easier recovery from crises. Aging-Related Preparation (ARP) is defined as the continuum of thoughts and activities about how to age well, often beginning with the awareness of age-related changes, or the anticipation of retirement, and concluding with specifying end-of-life wishes. In the current paper, we introduce the concept of ARP and related formulations regarding plans for aging well, describe both predictors and outcomes of ARP for several the domains of ARP, and consider the elements of ARP within the context of existing social policy. We conclude that ARP is determined by a variety of influences both intrinsic to the older person (e.g., personality, cognitive ability, beliefs about planning, problem-solving skills), linked to social class and education, as well as dependent on family structures, access to and knowledge of options, services, and local community resources, and social policy. We further provide evidence that ARP has positive effects in the domain of pre-retirement planning (for retirement adjustment), of preparation for future care (for emotional well-being), and of ACP (for a good death). However, other domains of ARP, including planning for leisure, housing, and social planning are under-researched. Finally, we discuss policy implications of the existing research.

Cuando los adultos mayores enfrentan desafíos de la vida relacionados con la edad, anticipar qué esperar y cómo acceder a posibles estrategias de afrontamiento puede prevenir y brindar la posibilidad de una recuperación más fácil de las crisis. La preparación relacionada con el envejecimiento (ARP) se define como el continuo de pensamientos y actividades sobre cómo envejecer bien, a menu-do comenzando con la conciencia de los cambios relacionados con la edad o la anticipación de la jubilación, y concluyendo con la especificación de los deseos del final de la vida. En el artículo actual, presentamos el concepto de ARP y formulaciones relacionadas con respecto a los planes para envejecer bien, describimos tanto los predictores como los resultados de ARP para varios dominios de ARP y consideramos los elementos de ARP dentro del contexto de la política social existente. Concluimos que el ARP está determinado por una variedad de influencias tanto intrínsecas a la persona mayor (p. Ej., Personalidad, capacidad cognitiva, creencias sobre la planificación, habilidades para la resolución de problemas), vinculadas a la clase social y la educación, así como dependientes de las estructuras familiares. acceso y conocimiento de opciones, servicios y recursos de la comunidad local, y política social. Además, proporcionamos evidencia de que ARP tiene efectos positivos en el dominio de la planificación previa a la jubilación (para el ajuste de la jubilación), de la preparación para la atención futura (para el bienestar emocional) y de la ACP (para una buena muerte). Sin embargo, se están investigando otros dominios de ARP, incluida la planificación del ocio, la vivienda y la planificación social. Finalmente, discutimos las implicaciones políticas de la investigación existente.