INFLUENCE OF RETIREMENT PLANNING ON RETIREMENT SATISFACTION AMONG RETIREES IN ILORIN, KWARA STATE
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Date
2022
Journal Title
Journal ISSN
Volume Title
Publisher
Faculty of Social Science, University of Ilorin
Abstract
This study investigated the influence of retirement planning on retirement satisfaction
among retirees in Ilorin, Kwara State. The survey research design was adopted for the
study. Purposive sampling technique was used to select 3 centres for pensioners in
Ilorin. Simple random sampling technique was used to select 324 respondents in the
selected centres. A standardised retirement inventory scale for financial resources
(x=0.81); a self-developed scale on marital satisfaction and health wellbeing scale
(x=0.82). Three hypotheses were formulated and tested at 0.05 level of significant. The
findings showed that there was positive significant relationship between financial
resources and retirement satisfaction (r =.405, < 0.05). Also, there was positive
significant relationship between marital satisfaction and retirement satisfaction (r
=.384, < 0.05). Similarly, there was positive significant relationship between health
wellbeing and retirement satisfaction (r =.486, < 0.05). The joint contributions of
financial resources, marital satisfaction and health wellbeing was significant F=
42.199 p <.05; the relative contribution of health wellbeing (â=0.331, t =5.008, p<.05),
financial resources (â= .226, t =4.244, p<.05) and marital satisfaction (â= .081, t =
1.269 p<.05) with health wellbeing being the most influential factor, followed by
financial resources and marital satisfaction. Based on the findings of the study, it was
recommended that retirees and prospective retirees should always intensify efforts to
participate in pre-retirement training/seminars aimed at having retirement satisfaction.
Pension board or commission should constantly organise periodic workshop, seminars
or trainings that will assist in enhancing retirement satisfaction.
Description
Keywords
Retirement planning, financial resources, marital satisfaction, Health wellbeing, Retirement satisfaction, Retirees