Abstract
Older workers are staying in their jobs longer and are compelled to find a new job, according to a report from the Bureau of Labor Statistics. Today, more older workers are in the labor force (Weller, 2009). This study aims to discover the factors affecting an older person’s readiness for retirement, considering the different aspects of a human being: physical, social, emotional, financial, and spiritual. The inductive approach to theory development was used to create a theory to explain the occurrence of the phenomenon observed. A readiness for retirement test was used to determine their readiness to retire. Data were randomly collected from working older persons with ages 50 – 65. It was analyzed using cluster analysis, clustering the data into three aided by Minitab. Results revealed that older persons, ages 56 – 60, married, Roman Catholics, with white collar jobs, living with a dependent child, with an average monthly income of Php 20, 001 – 30, 000, working for 26 – 30 years, and going to church twice a week, are more prepared for retirement. Readiness for retirement is dependent upon financial capacity, social support and preoccupation after retirement. Considering these factors before reaching retirement age will guide actions to make retirement decisions easier.
Recommended Citation
Garcia, Laurence L.
(2013)
"Readiness for Retirement: A Theory Development Approach,"
CNU Journal of Higher Education: Vol. 7:
Iss.
1, Article 10.
DOI: https://doi.org/10.70997/2546-1796.1092
Available at:
https://jhe.researchcommons.org/journal/vol7/iss1/10