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Sunday, January 30, 2011

Seeking Financial Comfort For Retirement [1]

          A search of my Third Age Learning blog posts reveals little mention of the financial aspects of retirement.  Financial planning is probably the single most important factor in successful retirement.  It has been reported that 75% of the participants in a retirement workshop in Nigeria felt that the discussion of investment opportunities and other financial matters best suited their expectations. They also indicated that they would like to have been exposed to these ideas earlier in their careers. In the end almost 90% “agreed that the gains of the workshop would assist them in adjusting well in retirement.”

         The team of workshop coordinators, led by Jack Noone at Massey University in New Zealand gathered this next information.
They used the Process of Retirement Planning Scale (PRePS) to find out how people are preparing for their futures. The scale explores responses to financial, health, reflection on roles Issues, thinking of ways to spend one’s time, and ways to prepare for retirement. My goal in this blog entry is to concentrate on people’s thinking about finances. Along with non-financial items people were asked to explore:

1. How much thinking they had been doing about future finances
2. How clear they were about financial issues for retired people
3. What financial goals they had developed.

         They found that:  “…those undertaking higher levels of retirement planning showed a greater tendency to look to the future and felt more in control of their lives.”  In addition they found that  “…financial planning leads to greater well-being regardless of household income.” We can begin by developing knowledge about our pension systems and investments.  The sooner the better! I am meeting with my pension and investment planners next week

NOONE J.H., STEPHENS,C. AND ALPASS F. (2010)  The Process of Retirement Planning Scale (PRePS) Development and Validation, Psychological Assessment, Vol 22, (3), 520-531 

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