The importance of retirement planning: How it effects late-life satisfacton.

Abstract

In this study, retirement planning and retirement preparation are investigated in terms of when & how individual initiated the plan, how different the reality of retired life and the expectation, how did they prepare for late-life, what were the challenges they experienced on preparation, and how they adapted to the change. Previous studies in the literature for retirement preparation and the influence factors on retirement planning are reviewed. Qualitative research is done by conducting in-depth interviews with 8 Thai people aged 60 years and above who are in the late-life stage and have experienced retirement planning journey. It is concluded that retirement planning, investment strategy, and stable income after retirement effect on individual late-life satisfaction. Moreover, a suggestion for the young generation to prepare for their retirement are summarized.