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

This study investigated the prevalence and characteristics of teacher retirement preparation programs in Texas public schools and determined how school personnel directors perceived selected aspects of such programs. A survey questionnaire was used to gather data about personnel directors' opinions of several aspects of retirement preparation programs, and about existing school district programs.

No description available.

The transitional process to retirement by today's professional women is an issue of great significance. Beginning in the 1960s, these women became the first generation en masse to form long-term careers and to join the professional ranks. Retirement is now affecting over seven million women who are age 55 or older. A void exists in literature concerning these women's experiences as they approach retirement. Their pre-retirement transitions and decision-making process have not been previously addressed. This study addressed the void and through qualitative research, employed a multiple-case study with a phenomenological frame. Through in-depth interviews, the data collected addressed professional women's pre-retirement decision-making. A five-phase working model was developed that illustrates the transitions to retirement of professional women. / Ph. D.

Retirement saving research frequently has investigated the differences between working men and working women and primarily focused on the near retirement and retirement years. There is limited research targeting young to old working-age women including those who do not work for pay and are unemployed. The purpose of this study was to examine what factors affect non-retired working-age (25 years and older) women's retirement saving behaviors, retirement savings, and retirement income satisfaction. To implement the study, a research framework was developed based on Deacon and Firebaugh's Family Resource Management Model. The research framework for this study consisted of three major sections: (a) input (demographics, saving motives, retirement saving involvement level, retirement information seeking, current financial assets and debts, and future expectations), (b) throughput (retirement saving behaviors such as calculating needed retirement savings, being a retirement saver, starting saving for retirement age, and being a regular retirement saver), and (c) output (the objective retirement savings and the subjective retirement income satisfaction). An online survey instrument was developed to obtain data for the study. Two pilot tests were conducted to confirm the validity and reliability of the instrument. Data for this study were collected from a national population between May 25, 2012 and May 30, 2012 with 591 valid responses. Several statistical methods were employed: descriptive statistics, one-way between-groups analysis of variance (ANOVA), direct logistic regression, and standard multiple regression. From the results of the study, only about one-third of the women (31.8%) reported they expect to get the full amount of Social Security retirement income that today's retirees get. However, around 60% of the women only save less than $25,000 or none in employer-provided retirement accounts or in personal investments and savings. There is an un-addressed gap between the cognition of the need to save for retirement and real saving action. A regular retirement saver is more likely to save more in employer-provided retirement accounts and to feel more satisfied with that retirement income. Yet, regular retirement savers have less savings in personal investments and savings, possibly because they believe their work investments will be sufficient or some women may make direct deposits to meet the annual limits of retirement plans. Other researchers have not reported this relationship. Those women who are more cognitively involved with saving for retirement are more likely to calculate needed retirement savings and to be a retirement saver, but they are less satisfied with retirement income from Social Security and from personal investments and savings. Satisfaction level is subjective; thus, those who expect to own more types of assets in retirement may have a higher satisfaction level with the expected income from both employer-sponsored retirement accounts and personal investments and savings. Generally, greater satisfaction with expected retirement income is associated with higher accumulation in retirement savings, and the female savers have much more retirement savings than non-savers. However, there is no difference in the retirement income satisfaction of savers and non-savers. These findings have implications for financial educators, counselors and advisors, researchers, employers, and policy makers. There are recommendations for women and future research. / Ph. D.

Doctor of Philosophy / Department of Sociology, Anthropology, and Social Work / Laszlo Kulcsar / Retirement age migration is not new. However, it has recently been garnering the attention of both researchers and local policy makers. Older migrants present the possibility of economic stimulus without creating additional pressure on the labor market. That said, a majority of works on retirement migration come to the same conclusions. Conventional theories state that older people move to places based on natural amenities and recreation opportunities. Further, these findings are often utilize a binary dependent variable based on whether a county has achieved a certain level of growth from inmigration of all people age 60+. I argue that this view is too narrow. Older age migrants move for a variety of reasons. These motives also vary across different age, sex, and race-ethnicity characteristics of the migrants in question. Further, not all counties that attract older migrants have bountiful natural or recreation amenities. Not only have these unconventional retirement destinations (URDs) had different historical trajectories, they also possess a different kind of amenities that appeal to older people who have relocated to the area. Finally, a focus on binary retirement classifications misses both diversity in retirement patterns and fails to explicitly account for the influence of space in county desirability. The goal of this work is to address these issues. First, I discuss the history and theories of retirement migration. Second, I develop models accounting for variation across older age migrant groups with varying demographic characteristics. Third, I identify and describe URD counties. Fourth, I present the results of a small-scale survey, community leader interviews, and a new model with additional variables to get at what other kinds of things should be labeled as “amenities.” Finally, I examine the role of space in migration research. My analysis demonstrates that there is much to be learned from looking at spatial models, micro-regional effects, and relative advantage between neighboring counties. Results indicate that conventional theories of retirement migration, while not necessarily wrong, are at least incomplete. The addition of diversity, new amenities, and space may greatly enhance our understanding of older age migration and migration research as a whole.

The main purpose of this study was to determine whether there were significant differences in the Arizona State Retirement System when compared with Systems in Alaska, California, Colorado, Nevada, New Mexico, Oregon, and Washington. To provide perspective, it was necessary to review the literature of public employees and teacher retirement systems as presented by authorities in the field. Major categories were selected for purposes of comparison. As the categories were analyzed and conclusions were reached, recommendations for action and for further research were made. The findings indicated that the Arizona State Retirement System had a higher over-all cost and provided fewer and less costly benefits than the majority of the other Retirement Systems studied. The recommendations included the standardization of information, formation of a coalition of members, and a separate study commission of Legislative and public members. Improvement of benefits and/or the decrease of dollar amounts necessary for the continued sound and equitable operation of the Arizona State Retirement System were also recommended.

The thesis is focus on problems of increasing ratio of mandatory spending and total spending of state budget when I apply my mind to statutory mandatory spending which contains social transfers (especially benefits of pension insurance). I apply my mind to development of mandatory spending, retirement system and prepared retirement reform in individual parts of the thesis. Within retirement reform I am concerned with approved changes, basic parameters of retirement reform and I characterize newly established second pillar of retirement system. I focus on II. pillar in detail and I analyze how many people (especially employees) are going to probably join the II. pillar. When I practice the analysis I respect basic facts and conditons of joining the II. pillar and I take into account various recommendations of that. In closing I also calculate which impact the joining the II. pillar have on revenue part of state budget.

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."

No description available.