Academic literature on the topic 'Non-financial retirement preparation'

This study examined whether retirement income sources matter for the subjective financial well-being of retirees and the subjective retirement savings adequacy of non-retirees. Using nationally representative data from the 2017 Survey of Household Economics and Decisionmaking, the study found that while income from a defined benefit (DB) plan, defined contribution (DC) plan, and an individual retirement account (IRA) were positively related to the subjective financial well-being of retirees, income from employment and family were negatively related to their subjective financial well-being. Also, retirement preparation with a DB, DC, and IRA was positively related to subjective retirement savings adequacy for non-retirees. The moderating role of age in the relationship between the form of retirement savings for non-retirees and their subjective retirement savings adequacy was significant. Because of the growing importance of individual responsibility for retirement planning, the present study adds to the financial planning knowledge of financial practitioners, educators, and researchers.

The study examined the effect of retirement planning on psycho-social adjustment during retirement among teacher retirees in the Tarkwa Municipality. The study was mainly a descriptive survey employing the qualitative approach to inquiry. Nineteen (19) retired teachers were selected using the purposive sampling technique. Data was collected using a semi-structured interview protocol and was analysed using content analysis. It was found that Ghana Education Service (GES) did not organise retirement seminars for the retirees prior to retirement, however, they were able to do some financial preparation for retirement though not inadequate. Also, those who did adequate planning were psychologically well adjusted. It was recommended that the GES through the Guidance and Counselling Unit, Financial Institutions, Non-Governmental Organisations (NGOs), and other stakeholders organise workshops and seminars to empower teachers for proper planning and adjustment towards retirement.

Introduction. The Ukrainian system of social protection, which is mainly financed by the budget funds and funds of state social insurance funds, is currently unable to provide a decent level of pensions. Involving non-state financial institutions in solving this problem allows to increase the efficiency and flexibility of the system of social protection of the population in old age. Purpose. The purpose of the article is to analyze the situation, outline the problems of development and develop practical recommendations for improving the non-state pension provision as an instrument of social protection for people of retirement age. Results. The essence and structure of the system of the population social protection is uncovered, which unites state and non-state constituents. The dynamics of budget expenditures on social protection and expenditures of the Pension Fund of Ukraine are analyzed. The increasing deficit of the Pension Fund has been revealed, which indicates a profound financial crisis in the pension system. There has been made an evaluation of the development of nonstate pension provision as a mechanism for the formation of additional financial resources for the payment of pensions. It has been established that non-state pension funds (NPFs) are the main financial institutions that provide accumulation of pension assets. The analysis of NPF activity in Ukraine shows a reduction in their number, exceeding the number of NPF participants over the number of contracts concluded, a small amount of contributions from individuals, an increase in retirement benefits, a slight increase in the value of retirement assets, as well as imbalances in the volume of assets by types of NPFs. There has been highlighted the role of life insurance companies in non-state pension provision, which consists in entering into life insurance pension insurance contracts with an NPF participant, calculation and payment of an additional pension. The directions of activity of banking institutions in the system of non-state pension provision regarding the establishment of an NPF, the role of the custodian bank of NPF, maintenance of insurance companies engaged in pension insurance, and the attraction of pension funds through the opening of pension deposit accounts are disclosed. Conclusions. The proposals on the necessity of developing well-balanced rational and effective of socio-economic, normative-legal, organizational management decisions for the preparation and implementation of an effective strategy for the development of non-state pension provision, are substantiated.

Modern pension schemes are based on the delegation of responsibility for pension provision from state institutions to individuals, which implies voluntary retirement saving. Workers for profit (independent workers in household market enterprises) hold much greater personal responsibility for financing their pensions than workers for pay. The main aim of this study was to provide an empirical identification of economic and social factors that would determine the propensity toward long-term saving for pensions by independent, for-profit workers in Poland. Additionally, the study recognizes the level of saving accumulated by them as well as preferred forms in which this saving is made.In order to select determinants of pension saving, a logistic regression model was used. The data come from the direct survey conducted in 2020 by CAWI method (Computer-Assisted Web Interview) on a random nationwide sample of Poles. The analysis of the data also used other methods of descriptive and mathematical statistics. The conducted research showed that the respondents’ individual decisions concerning saving for retirement are affected by such factors as gender, age, family situation, amount of revenue, share of revenue from business activity in total revenue, and subjective assessment of the respondents’ financial situation. The respondents declared holding various, though not high, savings. Moreover, it turned out that independent workers for profit in Poland opt for non-conventional forms of gathering pension savings.

Dinars and dirhams, have been used by the population since thousands of years ago, which are known as the essential medium of exchange (thaman haqiqi or thaman khalqi). Islam has introduced the dinar and dirham as currency. Dirham, for the first time used in Aceh during the Samudera-Pasai kingdom, which was then followed by the Aceh Darussalam kingdom and subsequently the use of the gold currency, expanded throughout the archipelago. Dirham, which means money made of silver. But in Samudera-Pasai, dirham means money made of gold. This gold coin weighs 0.57 grams, 18 carat quality with a diameter of one centimeter. Dinar and Dirham in the true sense, namely the dinar is made of 22 carat gold 4.25 grams, and the dirham is made of pure silver 2.975 grams.Based on UUPA No. 11 of 2006, the Aceh government has the authority to set requirements for bank financial institutions and non-bank financial institutions, and the Aceh government can explore gold mines in the Leuser Ecosystem (KEL) for the need to innovate various types of gold currency and gold jewelry that can prosper, can establish dinar-dirham financial institution, making dinar-dirham money, creating e-dinar-dirham, Dinar-DirhamCard, utilizing the Dinar-Dirham as the basis for the Mobil Payment System (MPS); innovating the birth of various currencies for the cyber age under the names Mondex, E-Cash, DigiCash, CyberCash, GoldCash, E-Gold and E-Dinar, E-Dirham, by establishing a Qanun, aiming to invest in the future development of aceh. The institution was given the task of creating dinars, which were kept, monitored, and exchanged. This financial institution in the long term; can be used for safe financial planning, used for children's education funds, family health funds, retirement preparation, and other activities. Meanwhile, physically, the dirham can be used for savings, investment, muamalah, and even zakat, infaq and diyat

AbstractIndividuals are increasingly asked to take responsibility for preparing for retirement and available financial products to do so are growing in sophistication. A better understanding of how non-cognitive skills influence financial capability and retirement preparation could help effective policy design. This area of research has been hampered by the struggle to find reliable measures of these skills. I argue that questionnaires themselves can be seen as performance tasks, such that measures of survey effort could lead to meaningful measures of non-cognitive skills. I exploit the fact that I observe respondents taking multiple survey modules covering different topics in different moments of time to build survey effort measures in a nationally representative internet panel. I use survey effort measures along with self-reports to study the role of non-cognitive skills on retirement preparation and financial capability. My results show that non-cognitive skills can have a significant role, beyond the role of cognitive ability.

Purpose This study aims to understand the drivers that help working adults to be better prepared for retirement, by examining the relationship between financial literacy (FL), financial attitude (FA), financial well-being (FWB), financial behavior (FB) and retirement preparation (RP). RP includes multidimensional measures, which are retirement confidence, retirement planning, long-term financial planning and private retirement schemes (PRS) participation. Design/methodology/approach This was a quantitative study adopting non-probability sampling with self-administered questionnaire distributed to all working adults. Descriptive analysis was used to examine the 294 useable data, and the multiple logistic regression analysis was adopted for hypothesis testing. Findings The empirical results show that FB is positively associated with RP and then followed by FWB on retirement confidence. Although insignificant influence is found on FL and FA, better FL and FA will still improve individuals' RP. Research limitations/implications The study provides insights to working adults that practicing positive FB and good FWB will improve RP. Besides, for financial institutions, income level is the main determinant for consumers to participate in PRS; for policy makers, to incorporate financial attributes knowledge as part of the school curriculum since early school years. Originality/value This study is one of the few studies in Malaysia that explored FL, FA, FB and FWB on retirement planning, respectively.

For Indians, retirement is neither a formal stage of life nor an issue that people dwell upon while planning their future. Despite the lack of preparation for retirement, a burgeoning population indicates a huge mass of retirees in the coming decades. These statistics trigger the need for individuals to prepare for their retirement appropriately, while accounting for factors like inflation. To highlight the significance of retirement planning and create awareness among the masses, pre-requisites to retirement planning should be effectively communicated. Extant literature suggests advertising to be one such measure of effective communication. This study intended to capture the extent and method of retirement advertisement in the Indian context using 40 television advertisements (ads) of financial institutions focusing on retirement plans. A content analysis revealed that 61% of the ads were non-informative and filled with emotional content. Though celebrity endorsements have effective impact on the Indian audience, only five advertisements used a celebrity to voice their messages. It was concluded that retirement ads need greater focus in India due to the expansive retiring population and the changing family structure in India. The study concluded that financial institutions and banks should focus on this segment and promote their product appropriately.

Structural ageing and social change mean that the socio-economic and cultural context for ageing in the 21st century differs from that experienced by previous generations. Contemporary models of positive ageing have challenged constructions of aging as decline and disengagement and resulted in higher expectations for retirement. However, these new notions of ageing may yet be eroded by the economic and social uncertainties associated with modern life; the reformation of the social contract; and dubious assumptions about the prevalence of healthy lifestyles. As population ageing gathers momentum, state supports are becoming more tightly targeted and risk is increasingly being devolved to the individual. This progressive contraction of the welfare state has occurred during a period in which employment has become more precarious, family structures more diverse and marriage less stable. These and other social transformations have significance for how both individuals and governments prepare for later life. Baby boomers, as the first generation to age in this fundamentally different environment, are likely to face challenges that were not present for previous generations and will present policy-makers with new dilemmas. Against this background, the thesis is a study of how the radical social changes of the last half century are likely to shape the way in which ageing is experienced by baby boomers and subsequent generations. The thesis is underpinned by demographic (Riley et al 1999) and socio-cultural (Giddens 1990; 2002) theories of social change and is organised into two components. The first uses ABS Census data to explore differences between a pre-war cohort and a sub-cohort of baby boomers. The second component uses primary and secondary data from the North West Adelaide Health Cohort Study to analyse later life preparation in the baby boomer cohort. It uses an holistic conceptual framework that considers the interplay between: public protection, self-insurance, and self-protection. From a theoretical and practical perspective the research identifies the need for policymakers to be cognisant of how social change will impact on the resources baby boomers bring to old age and on how they negotiate the later life transition. It identifies variations in both the financial and non-financial resources available to different subgroups and in the factors that constrain their capacity to build and maintain the resources that will support them in later life. Evidence from this study shows that low income earners, singles, and those with poor mental health are more likely to have fewer resources than the rest of the population and to be at greater risk of poor outcomes. This is also the case for females who are more likely to enter later life with multiple chronic conditions and fewer financial resources than men. There is, therefore, a need to develop appropriately targeted policies to ensure that the needs of the most vulnerable are adequately met.
Thesis (Ph.D.) -- University of Adelaide, School of Social Sciences, 2011