Teachers Retirement in Private Higher Educational Institutions in Northern Philippines

It is usually said that when one retires, this is the time when one would live a more comfortable and happy life. But for many retirees, this is not always the case. Thus, preparation for retirement is very important. This study aimed to determine (1) the level of readiness of teachers for retirement; (2) identify considerable socio-economic barriers to a good retirement and (3) determine as well as propose certain programs, projects, and activities that would promote a good retirement for teachers. This study focused on teacher-retirees in private higher educational institutions. A questionnaire was floated to ascertain the level of readiness of respondents –retirees for retirement as well as the socio-economic barriers to a good or happy retirement. This research employed a quantitative and qualitative-descriptive method and used a combination of frequency counts, percentage as well as Mean and Standard Deviations in the analysis and interpretation of data. The respondents were 44 teacher-retirees from four private higher educational institutions in Nueva Vizcaya, Philippines. Results of the study showed that teacher-retirees are well prepared to a high extent for retirement, personally and by their employers. The study showed that the majority of the teacher-retirees are prepared personally to a high extent. However, despite such a level of preparation, it was found out that there are still considered socio-economic concerns that bar them from enjoying a good retirement. The main reasons for them not experiencing a good retirement were that their retirement pay was used to pay their debts, their retirement pensions are not sufficient for their and their family’s needs, no savings after reinterment, and they do not have health insurance policies. The results of the study also showed that socio-economic preparation determines how retirees enjoy life in retirement. It was then a recommendation that private educational institutions should, as part of their management plan, establish socio-economic programs, projects, or activities for the welfare of their teacher-retirees.