Determinants of Retirement Financial Planning: A Review of Literature

Abstract

On the basis of previous research, this review paper provides insights regarding financial planning for retirement life. By collecting and compiling research articles related to saving and planning for retirement, researcher has tried to find out the factors determining and influencing decision making for retirement financial planning. From the reviews, the individual and social factors like saving habits, financial behaviour, financial knowledge, financial literacy, risk tolerance, source of financial information, Goal Clarity, Financial difficulties and Health issues, Financial Education Programmes and demographic variables have found essential for retirement planning. The study has significance for the policy makers, financial advisors, academic world, insurance companies and society as a whole.

 Keywords: Retirement financial planning, Determinants, Financial Education Programmes, Financial literacy