Baby Boomers and Retirement Planning- A Multifactor Approach

Reports consistently indicate that baby boomers are unprepared for retirement,a potentially long phase of life. Many studies have targeted financialplanning to the exclusion of other important aspects of retirement planning,namely, the concomitant psychosocial factors. Accordingly, this study examinedretirement planning in the following five key areas: general, financial,work, health, and lifestyle. Specifically, this study's primary purpose was toexamine the relationship between both role clarity and internal locus ofcontrol and past, current, and future retirement planning. Secondary purposeswere to examine: a) the relationship between internal locus of controland role clarity; b) the relationship between internal locus of control and pastretirement planning; c) the effect of past retirement planning on current andfuture retirement planning; and d) the effect of past retirement planning onrole clarity. The study also examined the influence of personal backgroundfactors on past, current, and future retirement planning and on internal locusof control. Multivariate analyses highlight the role of past retirement planningand indicate the importance of funding, implementing, and maintainingretirement education programs to engage baby boomers in retirement planning.The findings can be used by researchers, policy makers, practitioners,and retirement planners.