What are People Doing to Prepare for Retirement? Structural, Personal, Work, and Family Predictors of Planning
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Case Western Reserve University School of Graduate Studies / OhioLINK
2004
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| Online Access: | http://rave.ohiolink.edu/etdc/view?acc_num=case1079241195 |
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ndltd-OhioLink-oai-etd.ohiolink.edu-case10792411952021-08-03T05:31:41Z What are People Doing to Prepare for Retirement? Structural, Personal, Work, and Family Predictors of Planning Dan, Amy Anne Gerontology retirement planning preparations old age income life course finances This dissertation examines non-retirees’ financial expectations and plans for retirement and compares them to those of current retirees. Outcomes included financial knowledge, retirement age, anticipated sources of income in retirement, age financial preparations were initiated, and the propensity to save. A model of financial planning was tested from a life-course framework, which outlined how social structural, work, family, personal, and income variables predict the expectation and planning outcomes. The life-course model also considered how socio-historical circumstances may have differentially shaped the retirement plans of six cohorts. Data were collected with mailed surveys from 404 randomly selected individuals living in the Cleveland, Ohio area. Respondents were between the ages of 19 and 96 and had wide ranging labor force experiences, financial resources, and retirement plans. While many young people in particular expressed low levels of confidence in the future viability of the Social Security system, a majority of all age groups anticipate they will rely heavily on Social Security income in retirement. The youngest cohorts, however, are more likely than Baby Boomers and current retirees to expect to rely largely on their own assets in retirement. Three-quarters of respondents have begun making financial preparations for retirement, including over half of the respondents in their twenties, suggesting retirement planning is a long-term process. Results demonstrate that many young people have initiated their financial retirement plans early in life, which contrasts the experiences of most current retirees. Income and education were the most highly predictive of retirement preparations. Gender differences in outcomes were largely indirect via measures of work experiences and family composition and responsibilities, with the exception of financial knowledge. Men scored significantly higher than women on the financial knowledge scale. This research highlights the value of considering younger adults in studies of retirement planning and the need to improve people’s financial knowledge. Study findings are considered within the context of the shifting emphasis in U.S. society on individual responsibility for later-life income, given the escalating costs of the Social Security system and because the large cohort of Baby Boomers are approaching retirement age. 2004-03-16 English text Case Western Reserve University School of Graduate Studies / OhioLINK http://rave.ohiolink.edu/etdc/view?acc_num=case1079241195 http://rave.ohiolink.edu/etdc/view?acc_num=case1079241195 unrestricted This thesis or dissertation is protected by copyright: all rights reserved. It may not be copied or redistributed beyond the terms of applicable copyright laws. |
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NDLTD |
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English |
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NDLTD |
| topic |
Gerontology retirement planning preparations old age income life course finances |
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Gerontology retirement planning preparations old age income life course finances Dan, Amy Anne What are People Doing to Prepare for Retirement? Structural, Personal, Work, and Family Predictors of Planning |
| author |
Dan, Amy Anne |
| author_facet |
Dan, Amy Anne |
| author_sort |
Dan, Amy Anne |
| title |
What are People Doing to Prepare for Retirement? Structural, Personal, Work, and Family Predictors of Planning |
| title_short |
What are People Doing to Prepare for Retirement? Structural, Personal, Work, and Family Predictors of Planning |
| title_full |
What are People Doing to Prepare for Retirement? Structural, Personal, Work, and Family Predictors of Planning |
| title_fullStr |
What are People Doing to Prepare for Retirement? Structural, Personal, Work, and Family Predictors of Planning |
| title_full_unstemmed |
What are People Doing to Prepare for Retirement? Structural, Personal, Work, and Family Predictors of Planning |
| title_sort |
what are people doing to prepare for retirement? structural, personal, work, and family predictors of planning |
| publisher |
Case Western Reserve University School of Graduate Studies / OhioLINK |
| publishDate |
2004 |
| url |
http://rave.ohiolink.edu/etdc/view?acc_num=case1079241195 |
| work_keys_str_mv |
AT danamyanne whatarepeopledoingtoprepareforretirementstructuralpersonalworkandfamilypredictorsofplanning |
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1719421327590293504 |