Researchers consistently conclude that finances and health are the two most significant factors associated with retirement decision-making and a successful retirement experience. Retirement planning is one mechanism by which individuals prepare for the retirement transition; however, retirement planning routinely emphasizes financial concerns, often to the exclusion of health or other significant aspects of retirement. Retirement planning is an increasingly relevant topic at a time when the population is aging, company-sponsored pensions and retiree benefits have diminished significantly, and reform is being sought for the long-standing social programs that have provided support for generations of older Americans. From a financial perspective, few would question the positive benefits associated with retirement planning; however, preparing for a healthy retirement is equally important. If a relationship between retirement planning and health status were to be established, Americans might find increased public and private support for individual retirement planning efforts, particularly among more vulnerable populations such as minorities and women. This dissertation explores the notion that engagement in retirement planning is associated with health status through three studies. Utilizing data from the Health and Retirement Study (HRS), the first article explores prevalence of plans for retirement among worker and retiree respondents, and compares health and other key characteristics associated with planning among the two sub-samples. The second and third articles focus on time order relationships between health status and retirement planning, with article two addressing the question of whether onset of poor health precedes planning for retirement and article three examining health status of planners versus non-planners, over time, to determine whether those who engage in retirement planning are more likely to realize better health outcomes. A brief review of th e health, retirement, and retirement planning literature provides the theoretical framework for these research questions and related hypotheses.This dissertation consists of five chapters. Chapter 1 is an introduction to the retirement planning and health literature, Chapters 2-4 describe the series of three studies conducted, and Chapter 5 discusses the overall conclusions as well as future directions for research.

There is worldwide concern that individuals are not saving sufficiently for retirement. Low savings rates, coupled with a lack of preservation of retirement funds when individuals move jobs, could have adverse repercussions on the ability to retire with sufficient funds. The traditional response to low preservation levels has been to impose taxes on cash withdrawals and a move is underway in South Africa to potentially mandate preservation. All these interventions assume that individuals are not acting rationally when they take a cash payout, however this assumption of irrationality has not been tested. Therefore, the aim of this study was to determine the factors that lead to low preservation levels in order to determine whether intervention is required to increase preservation, and if so, what form it should take. The study consisted of two phases. Phase one carried out a critical, multidisciplinary literature review to construct a conceptual model of the factors which potentially lead to low preservation levels. According to this model, these factors could arise from rational decision making in line with consumption smoothing behaviour linked to the life cycle hypothesis or irrational decision making arising from behavioural factors linked to bounded willpower or bounded rationality. The resultant model highlighted the distinct differences in the drivers of rational and irrational behaviour and therefore, the distinctly different interventions required. Phase two of the study focused on the empirical testing of the conceptual model to obtain an understanding of the relative importance of the factors. This phase made use of an analytical survey to test relationships between the predictor variables identified in the conceptual model, and the outcome variable which is whether the individual preserved funds when moving jobs. The data was analysed with logistic regression techniques. The study found that behavioural factors play an important role in explaining the preservation decisions made by individuals. In particular behavioural factors related to bounded rationality as a result of the inherent computational complexity of the decision making environment emerged as important explanatory variables. This appears to indicate that solutions should focus on decision support and guidance to assist individuals in making optimal decisions. This study makes a unique contribution to the field of retirement finance and decision making as it highlights the role that behavioural factors play in retirement preservation decisions. The implications regarding which interventions are best suited to assist in optimal decision iv making are informative for policy makers, providers of retirement products and financial advisors, as well as sponsors and members of retirement funds. / Thesis (PhD)--University of Pretoria, 2013. / lk2014 / Financial Management / Unrestricted

The purpose of the study was to examine retirement decision making of certificated employees (N = 284 respondents N = 241) of the Beaverton School District in a near retirement age category. The Beaverton School District is a large suburban school district near Portland, Oregon. It currently serves over 25,000 students and employs approximately 2,600 certificated and classified employees. The study answered the following questions: Can psycho-social factors be identified that will enable the Beaverton School District to help potential retirees make an informed decision to retire? What personal factors affect a person's decision to retire? Does it matter, in the ranking of variables, if a person is either vested or not vested in his or her retirement fund? What demographic factors (gender, age grouping, education, position and marital status) affect a person's decision to retire? Discriminate analysis enabled this researcher to conclude that finance and job satisfaction were significant factors in predicting retirement decision making. Other factors listed (health, activity time, support system, degree of control, personal identity as it relates to the job, and availability of medical benefits) were significant but did not add appreciably to predictive capability. Personal factors effecting a person's decision to retire were obtained through self- reports and were grouped into two categories: Directly stated informational requests, and Implied informational needs. Responses were grouped according to their common themes and each fit well within the parameters of the previously identified psycho-social variables. Directly stated informational requests related to concerns about finances and the availability of medical benefits. Implied needs were primarily related to the need for relief from job stress, pressure, and burnout. Concerns were also expressed regarding a perceived lack of administrative competence and/or support and a lack of personal control relative to the job. Respondents were asked if they would be vested at the point of retirement. This question was asked to assess if being either vested or not vested would make a difference to one's decision to retire. Though the findings were significant, the sample size for individuals who would not be vested was too small (1%) to constitute a valid sample. Gender, the first demographic variable examined, was found to be significant. Males reported less job satisfaction than their female counterparts. Job satisfaction was the most significant psycho-social variable affecting retirement decision making. Other demographic variables (age, marital status, education, and position) were not found to be significant predictors of retirement decision making. This study was clearly exploratory. Therefore, recommendations for further research include replicating this study in other school districts. Additional variables might be identified that impact one's decision to retire. There was clear indication for the need for further study in the area of job satisfaction. In addition, a longitudinal study would enable a researcher to determine the congruence between pre-retirement perceptions and post retirement "reality."

This thesis aimed to extend knowledge of athletes’ career transitions through examining athletes’ retirement decision-making process and influence of cultural diversity and organisational culture on the process of career transition. The purpose of Study 1 was to identify the current status of knowledge in the study area through providing a systematic review of the athlete career transition studies. The findings provided up to date knowledge in the study area and suggested potential future research directions. Study 2 aimed to understand Korean tennis players’ career transition out of sport experiences via longitudinal qualitative research. The results indicated that athletes perceived making the retirement decision was difficult process for them and revealed that participants’ experiences were influenced by cultural aspects and sport contexts of Korea. Study 3 focused on exploring the athletes’ retirement decision-making process among Korean tennis players. Results showed that athletes’ leaving from sport decision-making is a complex and multidimensional process, and the transtheoretical model was helpful in explaining athletes’ retirement from sport decision-making. The objective of Study 4 was to explore the processes involved in the development of an athletes’ career transition programme. Results revealed that the organisation might have influence on athletes’ retirement decision and the quality of career transition. Overall, the findings from the current thesis provide advanced useful knowledge on the athlete career transition process, and such knowledge may assist attempts to enhance athletes’ well-being and welfare for during and post-sport life.