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      Financial Planning for Retirement: A Psychosocial Perspective

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          Abstract

          Retirement is a time of life that has grown ever longer in the developed world, and the number of pensioners has increased accordingly, questioning the strength of Social Security systems and the social safety net in general. Financial Planning for Retirement (FRP) consists of the series of activities involved in the accumulation of wealth to cover needs in the post-retirement stage of life. The negative short-, mid-, and long-term consequences of inadequate Financial Planning for Retirement do not only affect individuals, but also their extended families, homes, eventually producing an unwanted impact on the entire society. The Capacity-Willingness-Opportunity Model has been proposed to understand FPR, combined with Intentional Change Theory, a framework for understanding the process, antecedents and consequences of FPR. From this perspective, we propose this promising model, but there are a large number of variables that have not been included that offer novel ways to deepen our understanding of FPR. A focus on each dimension of the model, the role of age and psychosocial variables associated with demographic indicators such as gender, health status, and migration, allow us to provide a proposal of scientific advancement of FPR.

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          Most cited references 62

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          Self-efficacy:: The exercise of control

           A. BANDURA,  A Bandura (1997)
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            Profiling retirees in the retirement transition and adjustment process: examining the longitudinal change patterns of retirees' psychological well-being.

             Mo Wang (2007)
            The author used role theory, continuity theory, and the life course perspective to form hypotheses regarding the different retirement transition and adjustment patterns and how different individual and contextual variables related to those patterns. The longitudinal data of 2 samples (n(1) = 994; n(2) = 1,066) from the Health and Retirement Survey were used. Three latent growth curve patterns of retirees' psychological well-being were identified as coexisting in the retiree samples through growth mixture modeling (GMM) analysis. On the basis of the latent class membership derived from GMM, retiree subgroups directly linked to different growth curve patterns were profiled with individual (e.g., bridge job status) and contextual variables (e.g., spouse working status). By recognizing the existence of multiple retiree subgroups corresponding to different psychological well-being change patterns, this study suggests that retirees do not follow a uniform adjustment pattern during the retirement process, which reconciles inconsistent previous findings. A resource perspective is further introduced to provide a more integrated theory for the current findings. The practical implications of this study are also discussed at both individual level and policy level. ((c) 2007 APA, all rights reserved.
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              Individual differences in need for cognitive closure.

              This article introduces an individual-difference measure of the need for cognitive closure. As a dispositional construct, the need for cognitive closure is presently treated as a latent variable manifested through several different aspects, namely, desire for predictability, preference for order and structure, discomfort with ambiguity, decisiveness, and close-mindedness. This article presents psychometric work on the measure as well as several validation studies including (a) a "known-groups" discrimination between populations assumed to differ in their need for closure, (b) discriminant and convergent validation with respect to related personality measures, and (c) replication of effects obtained with situational inductions of the need for closure. The present findings suggest that the Need for Closure Scale is a reliable and valid instrument of considerable potential utility in future "motivated social cognition" research.
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                Author and article information

                Contributors
                Journal
                Front Psychol
                Front Psychol
                Front. Psychol.
                Frontiers in Psychology
                Frontiers Media S.A.
                1664-1078
                24 January 2018
                2017
                : 8
                Affiliations
                1Faculty of Psychology, Universidad Nacional de Educación a Distancia , Madrid, Spain
                2Weatherhead School of Management, Case Western Reserve University , Cleveland, OH, United States
                Author notes

                Edited by: Pablo Fernández-Berrocal, University of Málaga, Spain

                Reviewed by: Ronald H. Humphrey, Lancaster University, United Kingdom; Peter McIlveen, University of Southern Queensland, Australia

                *Correspondence: Gabriela Topa gtopa@ 123456psi.uned.es

                This article was submitted to Organizational Psychology, a section of the journal Frontiers in Psychology

                Article
                10.3389/fpsyg.2017.02338
                5787562
                Copyright © 2018 Topa, Lunceford and Boyatzis.

                This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

                Page count
                Figures: 1, Tables: 1, Equations: 0, References: 66, Pages: 8, Words: 6751
                Categories
                Psychology
                Perspective

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