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University‐Provided Retirement Planning Support and Retiree Financial Satisfaction During Retirement: Differences by Gender, Job Classification, and Planning Behavior

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  • Mark L. Power
  • Tahira K. Hira

Abstract

Sound financial planning and financial advice is necessary to achieve retirement income adequacy. The shift from defined benefit to defined contribution pension plans and the recent bankruptcy of Enron Corporation underscore the importance of managing retirement accumulation and liquidation risks. This study analyzes the effectiveness and adequacy of institutional‐provided information and advice on employees' retirement planning decisions and their satisfaction with financial resources during retirement. Results suggest that retirement planning should begin earlier in an employee's career and that employer‐provided retirement information and advice is a highly valued service. Gender, planning practices, job classification, and age are all significant predictors of satisfaction with financial resources during retirement. Targeting women and union employees with retirement information and advice that focuses on allocating contributions using a balanced portfolio approach should result in significant increases in satisfaction with financial resources during retirement. Regulatory objectives should focus on reducing retirement accumulation and liquidation risks, improving the delivery of professional financial advice to plan participants, and expanding qualified retirement plan choice for all labor force participants. To encourage employer participation in employee retirement planning, employers acting in “good faith” should be federally protected from liability for providing retirement planning information and advice to employees.

Suggested Citation

  • Mark L. Power & Tahira K. Hira, 2004. "University‐Provided Retirement Planning Support and Retiree Financial Satisfaction During Retirement: Differences by Gender, Job Classification, and Planning Behavior," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 7(2), pages 121-149, September.
    • Handle: RePEc:bla:rmgtin:v:7:y:2004:i:2:p:121-149
    DOI: j.1098-1616.2004.00041.x
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    File URL: https://doi.org/10.1111/j.1098-1616.2004.00041.x
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    References listed on IDEAS

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    1. Randy E. Dumm & L. Lee Colquitt & Robert E. Hoyt, 2002. "The Status of Social Security and Its Role in Retirement Planning: A Professional Advisor's Perspective," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 5(1), pages 21-30, September.
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    Cited by:

    1. Waqas Ali & Rehman Javaid & Shujahat Ali3 & Yasir Akram & Ayaz Ul Haq, 2019. "Infl Uence Of Life Events On The Financial Satisfaction Of Individuals," IBT Journal of Business Studies (JBS), Ilma University, Faculty of Management Science, vol. 15(1), pages 15-10.
    2. Mark L. Power & Tahira K. Hira, 2010. "Insurance Company Employees' Financial Expertise and Practices: Implications on Benefit Participation and Satisfaction," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 13(1), pages 111-125, March.
    3. Heenkenda, Shirantha, 2016. "Readiness to retirement planning of estate sector employees in Sri Lanka," MPRA Paper 72744, University Library of Munich, Germany.
    4. Mark Power & Jonathan M. Hobbs, 2015. "A Comparative Analysis of Financial Professionals’ Perception of the Level of Graduating Business Student Retirement Planning Familiarity, Motivation, and Preparedness," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 18(2), pages 273-295, September.
    5. Mark L. Power & Jonathan M. Hobbs & Ashley Ober, 2011. "An Empirical Analysis of the Effect of Financial Education on Graduating Business Students’ Perceptions of Their Retirement Planning Familiarity, Motivation, and Preparedness," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 14(1), pages 89-105, March.
    6. Waqas Ali & Rehman Javaid & Shujahat Ali3 & Yasir Akram & Ayaz Ul Haq, 2019. "Infl Uence Of Life Events On The Financial Satisfaction Of Individuals," IBT Journal of Business Studies (JBS), Ilma University, Faculty of Management Science, vol. 15(1), pages 123-137.

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