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Running Head: RETIREMENT PREPARATION
Retirement Preparation Variables
Jerry A. Klages
Algoma University College, Sault Ste Marie, Ontario, Canada
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Abstract
Members of the baby boom generation are approaching the point where
retirement is imminent. This cohort of new retirees allow for the associated issues and
effects of retirement to be more directly investigated. This study examines the
relationship between preretirement planning and post-retirement quality of life.
Participants were drawn from the local retirement community. Preretirement planning,
current satisfaction with life and general self efficacy surveys were completed to gather
data regarding retirement issues. Results indicate that two aspects of preretirement
planning are directly correlated with the perceived satisfaction of retirement living. Two
factors, end of life issues and post-retirement employment came to light as critical in
retirement planning. Gender did not appear as a significant contributing factor in the
resultant standard of successful retirement living. This study provides us with a greater
understanding of how retirees prepare themselves to ensure maximum enjoyment in their
lives.
Introduction
Some of the people that I have met in my lifetime have demonstrated a special
exuberance, a zest for life in their retirement years. The reality of people such as these
energetic individuals living longer healthier lives in retirement has opened up avenues for
the discussion of new topics. The likelihood of spending up to one third of our life in
retirement represents a time to pursue interests, activities, or hobbies that there may not
have been adequate time for before retirement (Fried, Freedman, Endres, Wasik, 1997).
This requires adapting to concerns that did not exist for previous generations. This
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mosaic of relevant factors is examined to determine more clearly the cause and effect
relationship between the various elements that exist in preretirement living and the
resultant life style in retirement. This paper attempts to measure the relative degree of
preparation for retirement that people have made in advance of their careers ending,
coupled with quality of life experienced in retirement. The effect that gender has on the
degree of preretirement planning undertaken and the resultant difference in the quality of
retirement life enjoyed is examined.
The construct we in North America recognize as retirement is not the standard
throughout the world. In contrast seniors in countries such as China, expect to be looked
after by their children , while in other parts of the world if an older person has no way of
paying for their care they either continue to work or essentially become beggars in order
to survive (Kenny, 2005). This paper deals with the retirement structure as recognized in
our society and may not generalize to other cultures.
The process of retirement is a multidimensional life change event (Lo & Brown,
1999), and hopefully through a better understanding of how we can prepare for it, we can
ensure a greater degree of successful retirement living (Gall, Evans, Howard, 1997). The
people who have the best vantage point from which to comment on retirement living are
those who can speak about it based on their personal experience. For this reason I have
chosen to contact a group of elders who are actively involved in pursuit of a quality
retirement life style.
Retirement is commonly associated with a person of advanced years who has
amassed enough financial security to enjoy a degree of comfort which closely
approximates that which they have enjoyed throughout their working life. The time spent
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in retirement may be viewed as the reward for a lifetime of hard work and social
contribution (Maule, 1995). There is a lucrative industry which services the financial
aspect (Brothers, 2002) of the retirement transition. With a support network comprised
of Old Age Security, Canada Pension, company pension plans, and personal saving and
investments, there is a reasonable expectation that individuals will be able to live in
relative comfort through the later years of their lives. Financial concerns of retirement
are perhaps among the most visible but are by no means the only serious concerns.
There is however more to retirement than financial security (Sharpley, 1997). By
the year 2030 it is expected that one of four Canadians will be age 65 or over (Cutler,
2008). With more people living longer, our society can expect to experience greater
demands on health care and all of the services related to caring for, supplying the needs
of, and supporting our older citizens. The accompanying reality is that many people will
have a greater part of their lives to experience an alternative lifestyle as opposed to
working for a living. With this change comes varying degrees of difficulty in adapting to
the new life situation (Lo & Brown, 1999). Throughout our working lives we attempt to
acquire whatever degree of wealth, power, status, (Maule, 1995) and control (Kim &
Moem, 2002) over our own circumstances that we are able to. This will have a greater or
lesser degree of transferability to retirement living (Kim & Moem, 2002). During the
retirement phase of our lives we will be forced to deal with the results (Canaff, 1997) of
our efforts accumulated through the span of our careers. Successful careers will be more
likely to contribute to a sense of self efficacy in retirement living (Taylor – Carter &
Cook, 1997) (Eden & Ejlertsson, 1999). Retired persons are the only natural resource
which is increasing and the one least utilized (Fried, Freedman, Endres & Wasik, 1997).
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A longer retirement offers more time to utilize the accumulated experiences acquired
during a lifetime, to the benefit of our society at large. Many of the varied facets of life
and career are interwoven to present a composite array of potential possibilities
accessible in retirement.
Personal retirement decisions necessitate consideration of multiple interconnected
elements. Various factors contribute to the eventual choices and resultant quality of life
experienced in retirement. Evidence points to the fact that gender plays a role in a
persons expectations and their resultant level of self defined success (Fouquereau,
Fernandez & Mullet, 2001). Likewise marital status and domestic harmony have an
impact on the ability of individuals to choose an appropriate retirement plan (Fouquereau
et al. 2001). Preretirement planning either formal or informal (Taylor – Carter & Cook,
1997) has some degree of impact on the eventual success of a persons experience in their
retirement years (Elder & Rudolph, 1999). For many people there may be a need or
desire to work, either part time or full time during their retirement (Brothers, 2002).
Whether they choose to examine the possibility of a career change or continue on in a
similar field is a personal choice (Canaff, 1997). Some of us may be forced into
retirement by actions or decisions beyond our control, health, downsizing, personal
obligations, or through their position being declared obsolete (Eden, Ejlertsson, &
Petersson, 1999). Individuals may decide that due to personal reasons retirement has
become their best option (Maule, 1995). Personal preferences, family situations, or the
need to make a change and move on, can create an internal locus of control (Brothers,
2002) while others may experience situations in which they feel more motivated by
external pressures. These are some of the more prominent variables associated with the
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forces at work prompting people to consider making the change from their working
careers to a more leisure oriented retirement phase (Maule, 1995). With multiple
considerations each person’s retirement choices must address many personal issues,
resulting in a complex interwoven matrix of possibilities. A thorough examination
coupled with careful consideration of the significant elements provides for the optimum
possibility of making the best choices in retirement concerns. This decision making
process may or may not involve formal planning or some form of retirement counseling.
Retirement formerly consisted of a relatively short period of time, so it is easy to
understand that it has been associated with the beginning of the end of our lives. In this
context it is reasonable that the prospect of retirement has become closely linked with the
end of a productive and enjoyable lifestyle (Sharpley, 1997). Diminished physical
ability, decreased mental capacity, illness, limited or uncertain financial resources are
serious considerations facing many retirees (Gall, Evans, Howard, 1997). Additionally
the loss of close family members and friends, diminished status and social position,
reduced control over personal decisions, and general loss of personal control in many if
not all matters are issues which may face those adapting to retirement (Gall et al., 1997).
The transition into retirement has the potential to necessitate some serious and difficult
decisions. Ideally each person’s response and ultimate decision will potentially result in
the most positive outcome possible. Some individuals may postpone dealing with issues
such as funeral arrangements and estate matters thereby hoping to avoid the eventuality.
I believe that retirement is in a state of flux, undergoing a transition never before
experienced necessitating the resolution of issues that had not been thoroughly
considered previously. Not everyone who reaches the expected age of retirement will be
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equally prepared to make the best decisions concerning their future. Neither will
everyone possess the same degree of understanding required to make the optimum
choices in light of some potentially difficult possibilities (Kim& Moem, 2002). Different
educational and socioeconomic backgrounds will lead to greater or lesser abilities with
which to discern the optimum mix of components making up the ideal personal
retirement scenario (Brothers, 2002). The fact that retirement expectations are specific to
each of us necessitates everyone making decisions based on individual needs and
preferences. The sense of identity inherent with the occupation, career or profession that
has consumed a major portion of a person’s life will be forever altered the further away
they move from their defining career role (Maule, 1995). Some retirees may not be able
to replicate their former level of status or a level of satisfaction similar to that enjoyed
during their career. The realization of facing a future in which there will be a steady
decline in possibilities can be a sobering thought. The consequences of this may lead to
depression and the possibility of isolation with serious repercussions (Sharpley, 1997). In
light of these concerns it is essential that a readily accessible support system be
established to assist people struggling to make these types of decisions. Both formal as
well as informal support systems potentially generate wholesome and positive effect to
assist with the transition into retirement living.
With the current realistic expectation of an increased life span in retirement comes
the possibility of more time to pursue the activities that comprise a healthful, enjoyable
life. Combined with this prospect of a longer time to enjoy a retired lifestyle come some
new and interesting challenges for both retires and society at large. This cohort of new
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retirees is poised to challenge the long standing view of retirement. The demographic
bulge in the population known as the baby boom generation is now entering retirement
age (Taylor – Carter & Cook, 1997), and as a result we see an unprecedented increase in
the number of retirees.
There are several obstacles that retirees may face in making the transition to a
new style of living. The prospect of reduced income, less social interaction, and physical
restrictions due to health concerns are among the problems seniors may encounter. Age
discrimination may be an issue for seniors who return to work in a full time or part time
position (Canaff, 1997) either by choice or due to necessity (Cutler, 2008). Evidence
points to the fact that older employees are highly trainable, possess a positive work ethic
and in many instances actually have a tendency to make better employees than some
younger people (Canaff, 1997). This unprecedented explosion in the number of older
citizens is a significant shift in our society’s structure. Support needs to be garnered to
educate not only employers and workers but retirees as well in order to diminish the
effects of discrimination based on age and the associated negative thinking.
Some aspects of retirement must be redefined as the current demographic changes
unfold. Positive results can be realized by providing retirees with ways of contributing in
meaningful and productive social venues (Fried, Freedman, Endres, Wasik, 1997). This
research explains there are multiple factors to be considered in the transition from a
career to retirement. The literature which I reviewed shows that there are no current
measures, other than financial, to assess retirement planning. Existing research does not
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clearly define whether or not men and women both prepare for retirement in the same
manner or to the same extent.
The first goal of my research is to develop and test a new measure of retirement
planning. The second goal of this study is to compare the results of this research to
norms of General Self Efficacy and Satisfaction With Life scores. The final goal is to
analyze the results to determine if any new or unique correlations are found between the
results of this study and existing information.
It is probable that if one enters retirement better prepared they may subsequently
enjoy a greater degree of satisfaction in their retirement life. In this research the
relationship between the level of preparation undertaken prior to retirement and the
subsequent quality of life experienced as retirees is examined. I propose that this
research will demonstrate that better preparation leads to increased quality of life in
retirement. If there is a measurable quality of life advantage attributable to better
preparation then logical arguments can be made to adopt aspects of the demonstrably
superior preparation methods.
General Methods
Participants
The volunteer participants for this study (n = 30) were drawn from the population
of individuals accessing the facilities at a local seniors drop in center. The drop in center
is housed in a facility allowing for access by residents from the two adjoining senior
housing complexes and from the community at large. The participants in this study
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ranged in age from 58 to 85 years of age with an average age of 70.3 years old. The
average time each of these people has spent in retirement is 13.5 years. The majority of
these respondents retired voluntarily although 18% indicated that they had experienced
some type of forced retirement. Eighty percent (80%) of the participants were women.
Materials
The participants were asked to complete three questionnaires. The first
questionnaire was the Retirement Preparation Scale (RPS) which I constructed in
response to the literature I reviewed for this research (Appendix A). This scale consists
of 8 core questions with 4 additional questions dealing with demographic issues. The 8
core questions were scored on an incremental 0 to 5 scale. The second scale was the
General Self Efficacy Scale (GSE) consisting of 10 questions using a 4 point Likert scale
(Jerusalem & Schwarer, 1979). The third scale was the Satisfaction With Life Scale
(SWL) consisting of 5 questions using a 7 point Likert scale (Denier, 1985).
Below is an example of the questions in the Retirement Preparation Scale which I
have constructed.
Example:
1) How much planning did you do in regard to your housing arrangements in retirement? Including moving to a new location.
__________ __________ __________ __________ __________ Not enough planning More than enough planning
The respondents were asked to place an X along the broken line indicating their
answer to the question.
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Procedure
The survey scales were presented stapled together into a package with a consent
form (Appendix B) as the first page with the RPS, GSE and SWL making up the next 4
pages. Each volunteer was asked if they would care to become involved in a study
concerning retirement. Once they agreed to participate they were given a copy of the
surveys and two HB/2 pencils. Then it was explained how each of the surveys were to be
completed. Participants were reminded to answer the survey questions honestly. It was
stressed that there were no right or wrong answers and they could take as much time as
they needed. Space was made available within the Seniors Center to allow individuals a
quiet place to sit and complete the surveys. When they finished completing the surveys,
debriefing was offered to address any questions or concerns. Once the data were
collected they were analyzed for results.
Results
Looking at the results I found that the participants in this study scored a mean of
3.25 on the GSE survey. This compares with a norm of 2.93 for Canadians, indicating
that the participants in this study rated higher than average in self efficacy. Likewise the
participants in this study scored an average of 26 on the SWL survey placing them in the
25 – 29 range described as achieving a high level of satisfaction with life. Scores on the
RPS, GSE and SWL surveys for those who retired voluntarily did not differ significantly
from those who experienced forced retirement.
Satisfaction with life was shown to have a positive correlation in two areas with
retirement preparation. The first positive correlation (0.54) was found between the
amount of time a person spent in planning for new hobbies, interests, education and travel
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in retirement and their SWL score. The second positive correlation (0.53) was found
between the time spent planning for changes to lifestyle in advance of retirement and
their SWL score. The data were analyzed using factorial analysis and the results are
displayed in Table 1. The results of the 8 core questions of the RPS scale as well as the
GSE and SWL scores were found to be grouped into 3 principal factors or components.
The bold italicized values in Table 1 show the numerical value of the significant items
that comprise the three principal components or factors revealed in this study.
Table1
Component Matrixa
RPS, SWL & GSE Component
Survey Scales 1 2 3
RPS #8 .929 -.011 -.235
RPS #7 .878 -.035 -.165
RPS #5 .804 .037 -.142
Satisfaction With Life Scale .661 .135 .421
General Self Efficacy Scale .568 .133 .252
RPS #6 .490 .397 .076
RPS #1 .464 -.300 -.373
RPS #4 .457 -.290 .664
RPS #3 .088 .776 -.411
RPS #2 -.197 .731 .377
Extraction Method: Principal Component Analysis.
a. 3 components extracted.
The three principal components or factors are entitled (1) General Preparation,
(2) End of Life Preparation and (3) Employment Preparation respectively as seen in
Table 2. In clarifying the results of Table 1, the 10 significant numerical values have
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been replaced by the 10 correspondingly appropriate titles. The significant items
displayed in numerical values from Table 1 have been listed in text form in Table 2.
Table 2
Results: Variability Distribution
(1) General Preparation
(2) End of Life Preparation
(3) Employment Preparation
Degree of Planning Funeral Planning Full / Part Time Lifestyle Changes Assets, Estate, Will Hobbies & Interests SWL GSE Physical Activity Housing Changes
Discussion
The results of this study demonstrate that there are two new areas of retirement
preparation identified as being critically important in addition to the component entitled
General Preparation. These are End of Life issues and Postretirement Employment
Planning. The End of Life component is a composite of personal funeral planning and
preparation for the distribution of personal assets and estate, traditionally by the creation
of a will. The Postretirement Employment component deals with the need to spend time
addressing employment as an aspect of retirement. Individuals may choose to work full
time, part time or not at all. The important thing is to address this issue in planning for
retirement.
The component entitled General Preparation consisting of the results of the GSE
and SWL surveys combined with data gathered from 5 of the issues addressed by the
RPS survey provided 37.52% of the total variance in this study. End of Life Preparation
explains an additional 15.07% of the variance while Employment Preparation contributes
another 12.40% of the variance. This analysis indicates the two newly identified
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components, End of Life and Employment Preparation, account for an additional 27.47%
or variance thereby increasing the total variance identified to 64.99%. This explanation
of variance is displayed in Table 3. We now have a new instrument with which we can
measure some of the factors important in retirement planning. My analysis of the data
collected indicates that End of Life issues and Postretirement Employment components
are critical concerns which necessitate serious consideration in regard to retirement
planning. Additionally my research has revealed that satisfaction with life in retirement
may be increased by committing time to plan for new activities such as hobbies,
education or travel and also by planning for the lifestyle changes associated with
retirement living. The participants in my study are high functioning adults as evidenced
by their GSE and SWL scores. The people involved in this study enabled me to see ways
in which high functioning adults may be able to increase their quality of life in
retirement. For some individuals the retirement era may be the beginning of a new
enriched lifestyle. Due to the security of a reliable income, independent of the necessity
for gainful employment, many people are able to choose activities based on personal
preferences rather than necessity. Often older people may be in a position to enter an
entirely new realm of their lives in terms of freedom, whether they decide to be involved
in volunteer activities, paid employment or a combination of both.
As our society adapts to the changing role of senior adults we may do well to take
some lessons from other cultures who revere the wisdom of their elders. They are a
beneficial means to enhance the social structure, utilizing the natural resource of
accumulated wisdom of those who have lived longer. Heightened awareness of the issues
involved in this new retirement era will help us to prepare for this societal evolution. The
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stage is set for the possibility of a remarkable societal change and this study is an
indication of directions for future research into retirement living.
Table 3
Total Variance Explained
Initial Eigenvalues Extraction Sums of Squared Loadings Compo
nent Total % of Variance Cumulative % Total % of Variance Cumulative %
1 3.752 37.520 37.520 3.752 37.520 37.520
2 1.507 15.068 52.587 1.507 15.068 52.587
3 1.240 12.397 64.985 1.240 12.397 64.985
4 .858 8.579 73.564
5 .751 7.507 81.071
6 .708 7.077 88.148
7 .507 5.066 93.214
8 .433 4.326 97.539
9 .189 1.891 99.430
10 .057 .570 100.000
Extraction Method: Principal Component Analysis.
Initially I had intended on using a fourth survey to collect additional data. The
survey I had chosen is the Quality of Life Questionnaire (QLQ) consisting of 15
subscales and 192 questions (Evans & Cope, 1989). This questionnaire is designed to
measure an individual’s global quality of life across a wide range of issues. Five of the
participants in my study agreed to complete this survey form. The most frequent reason
for not completing this form was “I’m too busy, I don’t have the time”. Due to the
limited response I did not include the data collected from these 5 QLQ surveys my study.
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Future Research
My study expanded the knowledge base in regard to retirement planning /
preparation. It would be beneficial to continue research to discover the elements that
comprise the unknown 35% variability associated with this topic. I believe that it will be
productive to examine the 15 different items that are represented in the GSE and SWL
survey forms. It would also be productive to investigate the influence of factors such as
ethnic background, education level and type at time of retirement and additional
employment variables. The fact that this preliminary study discovered important
elements in retirement planning reinforces that there is still more we can learn in this
area. A longitudinal study starting prior to retirement, which incorporates the new
information discovered in this research, would potentially help to identify exciting new
aspects of successful retirement planning.
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References
Brothers, L. 2002. An Individuals Chosen Retirement Age: When Is the Economically
Feasible Retirement Age Chosen Over the Anchor Provided by Known Others.
Presented at Retirement Implications of Demographic and Family Change
Symposium Sponsored by the Society of Actuaries.
Canaff, A. 1997. Later Life Career Planning: A New Challenge For Career Counselors.
Journal of Employment Counseling, Vol. 34, Issue 2.
Cutler, J. 2008. The Voice of CARP. Creating a More Seasoned Workforce, Volume 24,
Number 1. February 2008.
Denier, E., Emmons, R. A., Larsen, R J. & Griffin, S. 1985. Satisfaction With Life Scale,
Journal of Personality Assessment, Vol.49 No.1.
Eden, L., Ejlertsson, G. 1999. Quality of Life Among Retirees. Experimental Aging
Research, Vol. 25 Issue 4.
Evans, D., & Cope, W. 1989. Quality of Life Questionnaire (QLQ). Multi- Health
Systems, Toronto.
Fouquereau, E., Fernandez, A., Mullet, E. 2001. Evaluation of Determinants of
Retirement Satisfaction Among Workers And Retired People. Social Behavior
and Personality, 29(8) 777 – 786.
Gall, T., Evans, D. 2000. Preretirement Expectations and the Quality of Life of Male
Retirees in Later Retirement. Canadian Journal of Behavioural Science Vol.
32(3), pp. 187 – 197.
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Gall, T., Evans, D., Howard, J. 1997. The Retirement Adjustment Process: Changes in
the Well-being of Male Retirees Across Time. Journal of Gerontolowgy:
Psychological Sciences Vol. 52 B pp.110-117.
Jerusalem, M., & Schwarer, R. 1979. Generalized Self-Efficacy scale. Measures in
health psychology: A user’s portfolio. Causal and control beliefs (pp. 35-37).
Windsor, UK: NFER-NELSON.
Kenny, K. 2005. China’s Seniors Dilemma, CBC News Viewpoint, June 20, 2005.
www.cbc.ca/news/viewpoint/vp_kenny/20050620.html
Kim, J., Moem, P. 2002. Retirement Transitions, Gender, and Psychological Well-Being:
A Life-Course, Ecological Model. Journal of Gerontology: Psychological
Sciences Vol. 57B, No. 3. pp.212-222.
Lo, R., Brown, R. 1999. Stress and Adaptation: Preparation for successful retirement.
Australian and New Zealand Journal of Mental Health Nursing 8, pp.30 – 38.
Maule, A. 1995. Early Retirement Schemes, Factors Governing Their Success And How
These Differ Across Job Categories. Personnel Review, Vol. 24 No. 8 pp.6 – 16.
Reitzes, D., Mutran, J., & Fernandez, M. 1996. Preretirement Influences on
Postretirement Self-Esteem. Journal of Gerontology Vol. 51B, NO. 5, pp. 242-
249.
Sharpley, C. 1997. Psychometric Properties Of The Self-Perceived Stress In Retirement
Scale. Psychological Reports 81, pp. 319 – 322.
Taylor – Carter, M., Cook, K. 1997. Planning And Expectations of The Retirement
Experience. Educational Gerontology, Vol. 23 Issue3, p. 273.
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Acknowledgements
I would like to thank the individuals who have helped to make this research
possible. Mrs. Catherine Johnson, Director of the Sault Ste Marie, Seniors Drop in
Center and her staff for their assistance and generosity in making their facility available
to me. My sincere thanks to the volunteer participants who gave their time to complete
the survey forms and provide me with the all important data my thesis required. I would
like to thank my fellow students who offered the moral support and an open honest
critique of my work in progress. I would like to extend my thanks to Dr. Laurie
Bloomfield for her guidance and encouragement without which I would not have
achieved this milestone in my career. Special mentions to Dr. J. Rajnovich for helping
me persevere to realize my dream when it seemed as though it may be lost. The process
of researching and creating a thesis requires the combined wisdom and counsel of many
individuals. My project has been made possible with the considerable support and deft
guidance of Dr. Linda Sorensen, without whom this topic most likely would not have
been possible for me to develop and research. Dr. Sorensen, through her patience, has
also made the world of statistic analysis a less formidable area. I also want to express my
sincere thanks and deepest gratitude to my best friend and spouse Mrs. Catherine Klages
for her support through my years of study.
Last but by no means least I wish to dedicate this thesis study to Bill and Elsa my
parents. My parents lived their lives, including thirty plus years in retirement
exemplifying that special zest for living, thank you.
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Appendix A Retirement Preparation Scale
Making decisions about retirement involves many different choices.
The following questions are aimed at understanding more about how you feel in regard to your own pre-retirement planning.
Please answer the questions to the best of your ability as you feel they apply to your retirement planning. Please answer the questions as they apply to yourself whether you are single or living with a partner.
Answer by placing an X at the point on the line that best describes your response.
The following is a sample question: I feel that I have planned my leisure activities for the most enjoyment in retirement. __________ ___________ __________ ___X_______ __________ Not enough planning More than enough planning
2) How much planning did you do in regard to your housing arrangements in retirement? Including moving to a new location.
__________ __________ __________ __________ __________ Not enough planning More than enough planning
3) How would you describe the planning you have done in regard to your own funeral arrangements?
__________ __________ __________ __________ __________ Not enough planning More than enough planning
4) Have you instructed your family as to what you wish done with your estate by making out your will?
__________ __________ __________ __________ __________ Not enough planning More than enough planning
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5) Have you made plans to work part time or full time in retirement? __________ __________ __________ __________ __________ Not enough planning More than enough planning
6) Have you planned new hobbies or interests that you expect to enjoy in your retirement, including education and travel?
__________ __________ __________ __________ __________ Not enough planning More than enough planning
7) How much planning have you done toward keeping physically active in retirement? New activities, clubs, groups or sports?
__________ __________ __________ __________ __________ Not enough planning More than enough planning
8) Do you feel that you have spent enough time in preparing for the changes to your lifestyle in retirement?
__________ __________ __________ __________ __________ Not enough planning More than enough planning
9) How do you feel your degree of planning compares to that of other retirees?
__________ __________ __________ __________ __________ Not enough planning More than enough planning
Please answer the four questions listed below. Your gender: Male ___ Female ___ Your Age ____ How many years has it been since you retired? ____ Was your retirement voluntary? Yes ___ No ___
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Appendix B
Study Title: Retirement Preparation Variables After reading this page, I agree to participate in this study, and I have received a copy of this consent form.
____________________________ ______________________ Participant’s Signature Date
Consent Form
Retirement Preparation Variables Investigator: Jerry Klages I am a fourth year psychology student, at Algoma University College in Sault Ste Marie studying some of the factors experienced during the transition into retirement living. This study is intended to provide information which will facilitate a better understanding of the significant elements commonly experienced when making the change from full time work to a retirement lifestyle. The goal of this project is to gather information which may help to ensure the maximum quality of life for retired persons. Your participation in this involves answering questionnaires, requiring 40 to 45 minutes in total. Your participation in this study is strictly voluntary. You have the right to withdraw at any time without penalty.
If you have any questions or concerns about the study or about being a participant, you may call Dr. Bloomfield at 705-949-2301 Ext. 4332 or Dr. Sorensen at 705-949-2301 Ext. 4342 Your identity will not be revealed at any time. Thank you.
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