• Journal of Family Resource Management and Policy Review
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• v.11 no.2
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• pp.1-19
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• 2007

The purpose of this study was to analyze the affecting factors on employed mens' retirement and reemployment decision making. The focus was on the process of employed mens' decision on retirement and their reemployment decision after retirement from present job. The major findings were as follows ; First, the employed men who had a retirement plan were having more household income, more household net asset, more savings and investment for elderly life, and more positive attitude toward retirement. Second, the major factors affecting on having retirement plan or not were employed mens' age, household income, expected income after retirement, savings and investment for elderly life, job, and attitude toward retirement. Third, the major affecting factors on expected retirement age were employed mens' age, health status, job security, and attitude toward retirement. Forth, the employed mens' reemployment decision was affected from their household income, expected income after retirement, pension ownership, and attitude toward retirement. From the findings, it can be concluded that the employed mens' age, economic status, and attitude toward retirement played a important role in the process of retirement and reemployment decision making.

• Journal of Family Resource Management and Policy Review
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• v.17 no.1
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• pp.199-219
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• 2013

The purpose of the study was to investigate the effects of money transfer between generations on preparation behaviors for retirement, separated into assets and saving for retirement. The survey was conducted by targeting 422 married people across the nation. The factor of money transfer between generations was defined as the inheritance and gift variable. The data were analyzed using SPSS 20. Correlation, analysis of variance (ANOVA), and multiple regressions were utilized. The results indicated that preparation behaviors for retirement are affected by the economic independence of parents, inheritance, expenses for children's education, and marriage. Retirement assets were significantly affected by inheritance, the economic independence of parents, educational expenses for children, financial assets, and amount of debt, while the significant factors related to retirement savings were interests on retirement, income, wedding expenses for children, economic independence of parents, and educational expenses for children. It was concluded that the financial preparation for retirement ought to be expanded from one household's finances to finances between generations.

• Journal of Wellbeing Management and Applied Psychology
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• v.5 no.4
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• pp.1-9
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• 2022

Purpose: Many people recognize the fact that women are basically poor at financial and retirement planning. A small number of scholars have explored the factors and situations that influence the level of awareness of pre-retirement women and men with regards to planning for their retirement years. In most developing countries, including Malaysia, there are more men in the younger segment of the population and more women in the older segment, since women tend to live longer than men due to having jobs of relatively lower risk, their behaviors, and activities. Research design, data and methodology: Given that it is hard to predict whether they will be healthy in old age, women may require additional resources to obtain the care and assistance that they need. The transition from career life into retirement is a long process for people to go through. Some may be able to prepare for the next stage of life, and some may not be able to prepare due to personal reasons. Planning for future retirement is important because it will affect the quality of a woman's life after a certain age. Results: Without proper planning, women may face financial instability, depression, and poor psychological well-being. However, many women are unaware of their financial status or do not know their family's financial status, such as tracking the main income, budget, and expenses, financial commitments and have no proper record of assets owned, loans owed, or updated loan balances. Conclusions: The findings of this research have led to the conclusion that pre-retiree women are likely to regard their retirement savings as sufficient without realizing that they should have at least several types of savings instead of just one, and the grave consequences of not having any savings at all for their retirement years.

• Journal of Families and Better Life
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• v.24 no.1 s.79
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• pp.193-207
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• 2006

The purpose of this study was to analyze middle-aged salaried workers' retirement plans and the factors that affect the plans. The main point of this study was to compare male workers with female workers on their economic preparation and health care plans. The major findings were as follows; First, middle-aged salaried workers perceived their level of economic retirement plan to be relatively low. Second, the factors the affected the level of economic preparation for post-retirement were their current subjective economic level, age, household assets and debts, economic and health problems expected in their future elderly life, and savings and assets reserved for their elderly life. Third, the factors that affected whether to put aside savings for elderly life or not were age, current subjective economic level, capital assets, and savings and assets reserved for their elderly life. Fourth, the level of preparation for post-retirement health care depended on health problems expected in their elderly life, current subjective economic level, locus of control, job, and expected retirement age. Overall, the factors that affect male salaried workers' economic and health care plans were different from those of female salaried workers. From the findings, it can be concluded that the middle-aged salaried workers' level of economic retirement plans was different from that of their health care plans. Also, male salaried workers' level of retirement plan were different from that of female workers.

• East Asian Journal of Business Economics (EAJBE)
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• v.1 no.3
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• pp.71-84
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• 2013

Purpose: The South African government is determined in alleviating poverty while encouraging job creation and protecting the disposable incomes of poor households. This article looks at the challenges that are facing the South African Social Security system and argues that the provision of income security is amongst the most practical expressions of a nation's cohesion and values. Research Design, Data and Methodology: There are seven proposals in the Social Security and Retirement Reform and these proposals are based on the following two principal objectives of the government, that is, to ensure a basic standard of living and to prevent destitution in old age or in circumstances of unemployment or incapacity partly or wholly through redistributive measures, and to encourage savings to provide for the replacement of income on retirement, disablement or death through long-term insurance arrangements. Results: This article evaluates these seven proposals, state old age pension, wage subsidy, mandatory participation in a national social security system for all, mandatory participation in private occupational or individual retirement funds, Voluntary additional contributions to occupational or individual retirement funds, reform of the governance and regulation of the retirement funding industry and reform of the tax system. Conclusion: This article concludes that the population size of South Africa has increased significantly to 51, 8 million in 2011 and therefore the time is right for bold new steps in improving income security of the poor and strengthening the fabric of social solidarity that binds all South Africans together.

• International Journal of Human Ecology
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• v.17 no.2
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• pp.31-42
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• 2016

We examine the self-control problems of U.S households and their effects on households' retirement preparedness based on the Behavioral Life-Cycle Hypothesis. Using the 2010 Survey of Consumer Finances dataset, the level of retirement adequacy was estimated with income replacement ratio (IRR), and only 42% of households were adequately prepared for retirement. Results from logistic regression analysis indicated that households with loan payment and saving self-control problems were less likely to be prepared adequately for retirement compared to those without such problems. Age, education, race/ethnicity, marital status, employment status, retirement plans, expected retirement age and risk tolerance were significantly related to retirement preparedness. This study provides financial educator and researchers with suggestions on how to help household make a better retirement plan.

• Journal of Families and Better Life
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• v.25 no.2 s.86
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• pp.89-104
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• 2007

The purpose of this study was to analyze the affecting factors on male salary workers' level of retirement planning. The focus was on the causal effects on salary workers' attitude toward retirement and their level of retirement planning. The major findings were as follows.: First, the salary worker's attitude toward retirement was neutral, neither positive nor negative, and they estimated their level of retirement planning relatively high. Second, the major factors affecting on attitude toward retirement were salary workers' age, their current economic status, and future perspectives for the post-retirement life. Third, the major affecting factors on level of retirement planning were salary workers' age, health status, and level of self-esteem, household net asset, savings and investment for elderly life, and attitude toward retirement. forth, the causal effects on the level of retirement planning was verified, and attitude toward retirement had direct effect as well as indirect effect on the level of retirement planning. From the findings, it can be concluded that the salary workers' attitude toward retirement played a important role in the process of retirement planning.

• Journal of Distribution Science
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• v.13 no.11
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• pp.69-77
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• 2015

Purpose - Economic status at an early stage of life after one's retirement is often determined by the long-term sacrifice of one's earlier consumption tendencies. In general, the first and foremost way to secure income after retirement is through annuity savings. People sign up for personal annuity savings in order to guarantee a stable economic life upon retirement, and such actions may be heavily influenced by self-efficacy. Confidence in current economic activity is a source of rational decision-making. Inability to achieve self-control can lead to reckless spending and the eventual hindering of proper investment for the future. This paper examines how self-efficacy and self-control affect the intention and action of enrolling in an annuity savings plan in relation to one's level of financial literacy. Research design, data, and methodology - To analyze the proposed model, this study investigates financial consumers over the age of 20. The data were collected from 511 respondents and analyzed with SPSS 21.0 and AMOS 21.0. First, for the one-dimensional test and to measure the convergent validity of each structure, we use the scale purification process. The results of the test and the confirmatory factor analysis ensure the focus of the validity of the single dimension for each structure. In addition, the validity of the measurement was guaranteed from the results of correlation analysis. Results - First, self-efficacy and self-control have positive effects on the purchasing intention of the personal annuity savings plan. Second, purchasing intention positively affects purchasing behavior. Lastly, self-control has a positive effect on purchasing intention among the low financial literacy group, whereas self-efficacy does not have this effect in the high financial literacy one. Conclusions - The time of product benefit is different with age. The younger group would be granted the savings after several decades once they enroll, whereas the older group would wait for a relatively shorter period of time. Therefore, further research should be conducted in order to verify such a difference. However, this study has value through its confirmation that the roles of self-efficacy and self-control play a part in leading to the enrollment in annuity savings plans and by verifying different effects based on levels of financial literacy. Such results suggest a number of implications in a real life setting. First, banks need to put greater emphasis on the stability of annuity savings in general. Second, customers with relatively low levels of financial literacy are able to control their finances through annuity savings, but find self-efficacy difficult due to a lack of financial understanding. Therefore, such customers should be approached from an invest-effectiveness comparison method. Third, customers with high financial literacy tend to put more value in rational economic decision-making and behavior than in self-efficacy. Therefore, such customers should be approached by promoting the reliability of annuity savings and the excellence of the specific bank's annuity savings plan in comparison to those of other financial institutions.

• Journal of Families and Better Life
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• v.24 no.3 s.81
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• pp.95-115
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• 2006

The purpose of this study was to analyze the affecting factors on male salary workers' pre-retirement plans and pre-retirement planning programs. The focus was on male workers' pre-retirement plans and programs for economy, housing, family relationship, leisure and health care in their elderly life. The major findings were as follows: First, the salary workers estimated their level of economic and health problems among their elderly life as relatively high. Second, the major factors affecting the level of planning for post-retirement were salary workers' age, job satisfaction, and reserved savings for their elderly life. Third, the major affecting factors on participation in pre-retirement planning programs were age, educational attainment, and spouse's job status. From these findings, it can be concluded that salary workers' level of pre-retirement planning and the needs of pre-retirement planning programs differed from their personal characteristics and preferences. Also, salary workers' characteristics related to job and retirement had more important effects on their pre-retirement planning than economic status.

• Journal of Family Resource Management and Policy Review
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• v.16 no.4
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• pp.131-152
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• 2012

The aims of this study were to analyze middle-aged households' financial preparation for retirement. Specifically, this study surveyed the relation between human capital investment for children and the middle-aged households' financial preparation for retirement and investigated factors influencing financial preparation for retirement. Data were obtained from the 3rd Korean Retirement and Income Study (KReIS) in 2009, and a sample of 757 households was selected. The statistical methods were frequency, percentile, mean, standard deviation, ${\chi}^2$, t-test, Pearson's correlation coefficient, and logistic regression analysis. The findings of this study are as follows. First, the percentile of preparation for living costs for old age was 49.9% for the middle-aged households. In terms of the types of preparation for living costs for old age, the results showed 61.6% of personal preparation, 33.9% of pension system, and 1.3% for children and relatives. In relation to the adequacy of the preparations for living costs for old age, preparations made by 57.4% of the middle-aged households were inadequate. Observing the minimum living costs for old age and adequate living costs after retirement for single and couple, the minimum living costs of the middle-aged households was 1.46 million won for couple and 0.91 million won for single. The adequate living costs for old age was 2.07 million won for couple and 1.34 million won for single. Second, there were 757 households with total education expenditure. Of these, 208 incurred annual expenditure on public education, and the annual expenditure for public education was 7.28 million won. There were 170 households with annual expenditure for private education, and the annual expenditure for private education was 2.50 million won. 243 households of middle-aged households had annual expenditure for human capital investment, including both public and private education, with annual expenditure for human capital investment for children of 7.82 million won. Furthermore, in the human capital investment factor, there was a difference in the middle-aged households' financial preparation for retirement according to their annual expenditure for human capital investment including both public and private education. In addition, there was a difference in financial preparation for retirement based on their public education expenditure. Third, in the logistic regression model 1, which included human capital investment, the significant variables affecting the preparation for retirement of the middle-aged households were as follows : annual household income, total amount of annual household income, experience of inadequate living costs, existence of financial assets, total amount of annual household savings, financial independence, adequate living costs (for single) for old age, and human capital investment. In the logistic regression model 2, which included annual expenditure for public education and annual expenditure for private education, the significant variables affecting the preparation for retirement of the middle-aged households were as follows : annual household income, total amount of annual household income, experience of inadequate living costs, existence of financial assets, total amount of annual household savings, financial independence, adequate living costs (for single) for old age, and annual expenditure for public education.