Factors Affecting Retirement Planning of People in South Gujarat

Abstract

Retirement is an inescapable reality of one s life. With continuous change in technology, economy and society, people have understood the importance of retirement planning to access the wishful retirement life. Now, people are not fully dependent on any entity for their retirement life. Though people have started planning for their retirement to remain independent, their decision related to retirement are not independent. All the decisions related to retirement and retirement planning are dependent on one or the other factors comprising demographical factors, economic situations, organizational environment etc. Even after consideration of all notable factors, people come across different kind of difficulties due to unavailability of information, unreliable information, lack of financial knowledge, lack of social security programs and required advice. In this study different factors affecting retirement planning are identified. The list of factors contains Economic elements, psychological aspects, demographic context and financial and investment planning of an individual. People also have expectation from the job performed by them in any organization. In the absence of satisfactory occupational elements, people would like to take early retirement and vice-versa. Also, the subcomponents of the identified factors are found to know about the influencing variables of retirement planning of an individual. Apart from this, it is apprehended that, with the change in social structure, the interest and requirements of people have got changed. These altering need and realisation of importance of retirement planning has led people towards more objective and realistic attitude for the preparation of later life. newlineTo achieve the mentioned objective of identifying the elements affecting the retirement planning, Descriptive Cross-Sectional type of conclusive Research Design is being adopted in this study to verify the details given in theories or concepts in exploratory research.