Retirement Planning, Retirement Insecurity, and Financial Satisfaction

This study examines retirement planning prior to retirement and its association with retirement insecurity and financial satisfaction using a fully retired sample from the U.S. National Financial Capability Study. The findings suggest that, when compared to retirees who did not complete a retirement plan prior to retirement, retirees who completed a retirement plan are less likely to experience retirement insecurity and are more likely to experience higher levels of financial satisfaction during retirement. The ensuing discussion highlights the need for retirement planning engagement prior to retirement and outlines useful interventions for policymakers, retirement planning stakeholders, and financial planning professionals.