Understanding the influence of demographic and psychological variables on retirement planning.

The authors examined the degree to which workers were engaging in financial, health, interpersonal/leisure, and work planning for retirement, exploring whether demographic and psychological variables inhibited or promoted planning in each of these domains. Planning in each domain was influenced by a unique set of variables. Goals emerged as a consistent and positive predictor of planning. Gender accounted for health and interpersonal/leisure planning, while work planning behavior was negatively predicted by income. Time perspective also helped to clarify the amount of retirement planning undertaken in the financial and interpersonal/leisure domains. Practical implications for designing retirement interventions are discussed.