An analysis of preretirement planning needs /

Abstract

The survey instrument was a general needs checklist consisting of 53 potential preretirement planning topics. Respondents were instructed to rate the items on a scale of 1 to 4 as "not at all necessary" to "essential." A factor analysis reduced the items to 13 factors, which were then analyzed using the analysis of variance.

Many differences in need for certain factors were apparent. In general, differences based on sex indicated females had a greater interest in health and psychological topics. Younger people were more interested in topics about money management. Information about government assistance and topics concerning health care were not of concern to white collar workers, those with college educations, or those with incomes over $40,000. They were of concern for those with lower incomes and less education. Topics dealing with lawyers and legal advice were preferred by those with lower incomes and by those in younger age groups. Information on leisure activities and retirement housing were also deemed necessary by those with lower incomes and for blue collar workers.

Suggestions and recommendations were made to developers of preretirement planning programs based on the results obtained.

The purpose of this exploratory study was to examine differences in preretirement planning needs based on sex, age, income, education, and occupation. A survey was conducted with 953 employees of T G & Y, a large company specializing in discount department stores. A 30 percent response rate yielded 286 questionnaires available for analysis.