Retirement planning mistakes undermining the post-retirement adjustment and well-being

Bibliographic Data

ID21537698
AuthorsJaquiline Amani (0000-0001-7025-6771, Department of Educational Psychology and Curriculum Studies, Mkwawa University College of Education (A Constituent College of the University of Dar es Salaam), Iringa, Tanzania), Daniel Sidney Fussy (0000-0002-7031-5409, Department of Educational Foundations and Management, Mkwawa University College of Education (A Constituent College of the University of Dar es Salaam), Iringa, Tanzania, corresponding author)
Year2023
Volume49
Issue2
Pages158-173
Publication date2023-02-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueEducational Gerontology (JOURNAL)
Journal identifiersISSN: 0360-1277 • E-ISSN: 1521-0472
PublisherInforma UK Limited (PUBLISHER • GB)
DOI10.1080/03601277.2022.2096306
OpenAlexW4284709300
LanguageEN
Citations received5
References cited37

The increased longevity of retiree populations calls for constant attention in addressing their social, economic, and psychological adjustment and well-being. Informed by a qualitative research approach, this study was conducted to explore the perspectives of both the employers and the employees (teacher retirees) on retirement planning mistakes that undermine the post-retirement adjustment and well-being. The findings revealed both systemic and behavioral mistakes that affect teacher retirees’ smooth transition from work to retirement, including low savings and debt accruals, limited access to retirement planning education, late family establishment, poor record management, and disregarding opportunities for career development. While the mistakes on each side are costly in isolation, their costs are substantial, irreversible, and have implications on time, health, and psychological well-being. The study recommends that the government timely pay statutory benefits to employees in line with the legal requirements to facilitate smooth retirement planning. Additionally, mandatory retirement planning education in the form of seminars and workshops should be provided to all potential retirees. This can be operational through systematizing retirement training as part of a career development plan in the policies, Public Service Acts and Public Service Social Security Acts

Accrual · Actuarial science · Business · Debt · Economics · Labour economics · Political science · Public relations · Retirement planning · Social security · Statutory law · Employment and Welfare Studies · Financial Literacy, Pension, Retirement Analysis · Psychology · Retirement, Disability, and Employment · Finance · Marketing

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