Retirement Planning Programs

Running Head : RETIREMENT PLANNING PROGRAMS

Retirement Planning Programs

(Name of Author

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Introduction

What is the role of planning in the retirement process ? What are the factors that are associated with retirement planning

Retirement planning should begin 5 to 10 years prior to retirement , but it is inadequate in the majority of cases , in a nationwide survey conducted some years ago , a sample of older Americans was asked what they had done to prepare for retirement . Although many of the respondents reported having made some preparations , on

the whole the plans of this group were inadequate in terms of such matters as savings preparing a will , arranging for part- of full time employment , and enrolling in retirement counseling programs ADDIN EN .CITE Aiken19951 116Lewis R AikenAging : An Introduction to Gerontology1995New YorkSAGE Publishinghttp /books .google .com /b ooks ?id MmRVz38oR8oC pg PA273 dq Retirement Planning Programs am br

as_brr 3 sig QBsxM9g2f9vuG8GxuJEhLybU4k4 PPA273 ,M1 (Aiken , 1995

The Employees Retirement Income Security Act (ERISA ) of 1974 , which required that employees be kept more fully informed of their pension benefits , was a stimulus for the development of retirement planning programs in many companies . A further impetus was provided by amendments in 1978 and 1986 to the Age Discrimination in Employment

Act , which increased the mandatory retirement age in most organizations The high cost of living , and the resulting concern of employees about whether they could afford to retire , also encouraged the development of retirement programs and increased the number of participants in existing ones ADDIN EN .CITE Clark20052 226Robert Louis ClarkOlivia S MitchellReinventing the Retirement Paradigm2005O xfordOxford University Press (Clark Mitchell , 2005

Types of Retirement Planning

Retirement planning happens both officially , through contribution in preretirement preparation programs , and casually , as persons build up strategies for contracting with life alterations that go along with retirement . While participating in preretirement planning programs seems to be most valuable regarding financial preparation , informal lifestyle planning assists individuals in their psychological preparation for retirement transitions . In a study of preretirement education program attendees were more likely to initiate financial planning activities and were more knowledgeable about healthcare and economics than non-attendees . Preretirement planning programs , however , are frequently faulted for being superficial , offered at too late an age to be helpful and /or failing to reach the people who need help most . Research on the effects of participation in formal planning programs continues to suggest that they are relatively limited and short-lived ADDIN EN .CITE LachmanMargie E LachmanHandbook of Midlife Development2002New YorkJohn Wiley and Sonshttp /books .google .com /books ?i d T21mKdP6q-8C pg PA492 dq Retirement Planning Programs as_b rr 3 sig jOKpQofkSSYE9yX8pvNNVNsrLmg PPA493 ,M1 (Lachman , 2002

By contrast , researchers have found that informal lifestyle planning has significant influences on favorable retirement expectations retirement satisfaction , self-efficacy , and overall well-being after retirement . In a sample of retirees in rural areas (ages 65-96 , having attended preretirement classes or counseling sessions was not related to retirement satisfaction , where as informal planning behaviors such as reading or being exposed to radio or TV programs about retirement were significant predictors of retirement satisfaction ADDIN EN .CITE Adams20034 446Gary A AdamsTerry A BeehrRetirement Reasons , Processes , and Results2003Ne w YorkSpringer Publishing Company (Adams Beehr , 2003

Conclusion

As we enter into the twenty-first century , numerous new retirement-related opportunities and offers , and also dangers tackle different persons , employers , and policymakers . These opportunities comprise the thrilling projection of living longer , living in good health , and living a more fruitful being than ever before . But dangers are also vast , counting the dispute of setting proceeds sufficiency purpose and then saving sufficient for retirement , investing prudently in a time of financial dis , and preparing carefully for a long phase of time in retirement . Furthermore , this could and will help us make better decisions and better policy , as policymakers , practitioners and eventually retirees in the twenty-first century ADDIN EN .CITE MitchellOlivia S MitchellP . Brett HammondAnna M RappaportForecasting Retirement Needs and Retirement Wealth1999Phi ladelphia , PennyslyvaniaUniversity of Pennsylvania Press (Mitchell , Hammond Rappaport , 1999

References

ADDIN EN .REFLIST Adams , G . A Beehr , T . A (2003 . Retirement Reasons , Processes , and Results . New York : Springer Publishing Company

Aiken , L . R (1995 . Aging : An Introduction to Gerontology . New York SAGE Publishing

Clark , R . L Mitchell , O . S (2005 . Reinventing the Retirement Paradigm . Oxford : Oxford University Press

Lachman , M . E (2002 . Handbook of Midlife Development . New York : John Wiley and Sons

Mitchell , O . S , Hammond ,

. B Rappaport , A . M (1999 . Forecasting Retirement Needs and Retirement Wealth . Philadelphia , Pennyslyvania University of Pennsylvania Press Retirement Planning Programs PAGE \ MERGEFORMAT 3 ...