Retirement Preparation Variables Jerry A. Klages...

Preparation Variables 1

Running Head: RETIREMENT PREPARATION

Retirement Preparation Variables

Jerry A. Klages

Algoma University College, Sault Ste Marie, Ontario, Canada


Abstract

Members of the baby boom generation are approaching the point where

retirement is imminent. This cohort of new retirees allow for the associated issues and

effects of retirement to be more directly investigated. This study examines the

relationship between preretirement planning and post-retirement quality of life.

Participants were drawn from the local retirement community. Preretirement planning,

current satisfaction with life and general self efficacy surveys were completed to gather

data regarding retirement issues. Results indicate that two aspects of preretirement

planning are directly correlated with the perceived satisfaction of retirement living. Two

factors, end of life issues and post-retirement employment came to light as critical in

retirement planning. Gender did not appear as a significant contributing factor in the

resultant standard of successful retirement living. This study provides us with a greater

understanding of how retirees prepare themselves to ensure maximum enjoyment in their

lives.

Introduction

Some of the people that I have met in my lifetime have demonstrated a special

exuberance, a zest for life in their retirement years. The reality of people such as these

energetic individuals living longer healthier lives in retirement has opened up avenues for

the discussion of new topics. The likelihood of spending up to one third of our life in

retirement represents a time to pursue interests, activities, or hobbies that there may not

have been adequate time for before retirement (Fried, Freedman, Endres, Wasik, 1997).

This requires adapting to concerns that did not exist for previous generations. This


mosaic of relevant factors is examined to determine more clearly the cause and effect

relationship between the various elements that exist in preretirement living and the

resultant life style in retirement. This paper attempts to measure the relative degree of

preparation for retirement that people have made in advance of their careers ending,

coupled with quality of life experienced in retirement. The effect that gender has on the

degree of preretirement planning undertaken and the resultant difference in the quality of

retirement life enjoyed is examined.

The construct we in North America recognize as retirement is not the standard

throughout the world. In contrast seniors in countries such as China, expect to be looked

after by their children , while in other parts of the world if an older person has no way of

paying for their care they either continue to work or essentially become beggars in order

to survive (Kenny, 2005). This paper deals with the retirement structure as recognized in

our society and may not generalize to other cultures.

The process of retirement is a multidimensional life change event (Lo & Brown,

1999), and hopefully through a better understanding of how we can prepare for it, we can

ensure a greater degree of successful retirement living (Gall, Evans, Howard, 1997). The

people who have the best vantage point from which to comment on retirement living are

those who can speak about it based on their personal experience. For this reason I have

chosen to contact a group of elders who are actively involved in pursuit of a quality

retirement life style.

Retirement is commonly associated with a person of advanced years who has

amassed enough financial security to enjoy a degree of comfort which closely

approximates that which they have enjoyed throughout their working life. The time spent


in retirement may be viewed as the reward for a lifetime of hard work and social

contribution (Maule, 1995). There is a lucrative industry which services the financial

aspect (Brothers, 2002) of the retirement transition. With a support network comprised

of Old Age Security, Canada Pension, company pension plans, and personal saving and

investments, there is a reasonable expectation that individuals will be able to live in

relative comfort through the later years of their lives. Financial concerns of retirement

are perhaps among the most visible but are by no means the only serious concerns.

There is however more to retirement than financial security (Sharpley, 1997). By

the year 2030 it is expected that one of four Canadians will be age 65 or over (Cutler,

2008). With more people living longer, our society can expect to experience greater

demands on health care and all of the services related to caring for, supplying the needs

of, and supporting our older citizens. The accompanying reality is that many people will

have a greater part of their lives to experience an alternative lifestyle as opposed to

working for a living. With this change comes varying degrees of difficulty in adapting to

the new life situation (Lo & Brown, 1999). Throughout our working lives we attempt to

acquire whatever degree of wealth, power, status, (Maule, 1995) and control (Kim &

Moem, 2002) over our own circumstances that we are able to. This will have a greater or

lesser degree of transferability to retirement living (Kim & Moem, 2002). During the

retirement phase of our lives we will be forced to deal with the results (Canaff, 1997) of

our efforts accumulated through the span of our careers. Successful careers will be more

likely to contribute to a sense of self efficacy in retirement living (Taylor – Carter &

Cook, 1997) (Eden & Ejlertsson, 1999). Retired persons are the only natural resource

which is increasing and the one least utilized (Fried, Freedman, Endres & Wasik, 1997).


A longer retirement offers more time to utilize the accumulated experiences acquired

during a lifetime, to the benefit of our society at large. Many of the varied facets of life

and career are interwoven to present a composite array of potential possibilities

accessible in retirement.

Personal retirement decisions necessitate consideration of multiple interconnected

elements. Various factors contribute to the eventual choices and resultant quality of life

experienced in retirement. Evidence points to the fact that gender plays a role in a

persons expectations and their resultant level of self defined success (Fouquereau,

Fernandez & Mullet, 2001). Likewise marital status and domestic harmony have an

impact on the ability of individuals to choose an appropriate retirement plan (Fouquereau

et al. 2001). Preretirement planning either formal or informal (Taylor – Carter & Cook,

1997) has some degree of impact on the eventual success of a persons experience in their

retirement years (Elder & Rudolph, 1999). For many people there may be a need or

desire to work, either part time or full time during their retirement (Brothers, 2002).

Whether they choose to examine the possibility of a career change or continue on in a

similar field is a personal choice (Canaff, 1997). Some of us may be forced into

retirement by actions or decisions beyond our control, health, downsizing, personal

obligations, or through their position being declared obsolete (Eden, Ejlertsson, &

Petersson, 1999). Individuals may decide that due to personal reasons retirement has

become their best option (Maule, 1995). Personal preferences, family situations, or the

need to make a change and move on, can create an internal locus of control (Brothers,

2002) while others may experience situations in which they feel more motivated by

external pressures. These are some of the more prominent variables associated with the


forces at work prompting people to consider making the change from their working

careers to a more leisure oriented retirement phase (Maule, 1995). With multiple

considerations each person’s retirement choices must address many personal issues,

resulting in a complex interwoven matrix of possibilities. A thorough examination

coupled with careful consideration of the significant elements provides for the optimum

possibility of making the best choices in retirement concerns. This decision making

process may or may not involve formal planning or some form of retirement counseling.

Retirement formerly consisted of a relatively short period of time, so it is easy to

understand that it has been associated with the beginning of the end of our lives. In this

context it is reasonable that the prospect of retirement has become closely linked with the

end of a productive and enjoyable lifestyle (Sharpley, 1997). Diminished physical

ability, decreased mental capacity, illness, limited or uncertain financial resources are

serious considerations facing many retirees (Gall, Evans, Howard, 1997). Additionally

the loss of close family members and friends, diminished status and social position,

reduced control over personal decisions, and general loss of personal control in many if

not all matters are issues which may face those adapting to retirement (Gall et al., 1997).

The transition into retirement has the potential to necessitate some serious and difficult

decisions. Ideally each person’s response and ultimate decision will potentially result in

the most positive outcome possible. Some individuals may postpone dealing with issues

such as funeral arrangements and estate matters thereby hoping to avoid the eventuality.

I believe that retirement is in a state of flux, undergoing a transition never before

experienced necessitating the resolution of issues that had not been thoroughly

considered previously. Not everyone who reaches the expected age of retirement will be


equally prepared to make the best decisions concerning their future. Neither will

everyone possess the same degree of understanding required to make the optimum

choices in light of some potentially difficult possibilities (Kim& Moem, 2002). Different

educational and socioeconomic backgrounds will lead to greater or lesser abilities with

which to discern the optimum mix of components making up the ideal personal

retirement scenario (Brothers, 2002). The fact that retirement expectations are specific to

each of us necessitates everyone making decisions based on individual needs and

preferences. The sense of identity inherent with the occupation, career or profession that

has consumed a major portion of a person’s life will be forever altered the further away

they move from their defining career role (Maule, 1995). Some retirees may not be able

to replicate their former level of status or a level of satisfaction similar to that enjoyed

during their career. The realization of facing a future in which there will be a steady

decline in possibilities can be a sobering thought. The consequences of this may lead to

depression and the possibility of isolation with serious repercussions (Sharpley, 1997). In

light of these concerns it is essential that a readily accessible support system be

established to assist people struggling to make these types of decisions. Both formal as

well as informal support systems potentially generate wholesome and positive effect to

assist with the transition into retirement living.

With the current realistic expectation of an increased life span in retirement comes

the possibility of more time to pursue the activities that comprise a healthful, enjoyable

life. Combined with this prospect of a longer time to enjoy a retired lifestyle come some

new and interesting challenges for both retires and society at large. This cohort of new


retirees is poised to challenge the long standing view of retirement. The demographic

bulge in the population known as the baby boom generation is now entering retirement

age (Taylor – Carter & Cook, 1997), and as a result we see an unprecedented increase in

the number of retirees.

There are several obstacles that retirees may face in making the transition to a

new style of living. The prospect of reduced income, less social interaction, and physical

restrictions due to health concerns are among the problems seniors may encounter. Age

discrimination may be an issue for seniors who return to work in a full time or part time

position (Canaff, 1997) either by choice or due to necessity (Cutler, 2008). Evidence

points to the fact that older employees are highly trainable, possess a positive work ethic

and in many instances actually have a tendency to make better employees than some

younger people (Canaff, 1997). This unprecedented explosion in the number of older

citizens is a significant shift in our society’s structure. Support needs to be garnered to

educate not only employers and workers but retirees as well in order to diminish the

effects of discrimination based on age and the associated negative thinking.

Some aspects of retirement must be redefined as the current demographic changes

unfold. Positive results can be realized by providing retirees with ways of contributing in

meaningful and productive social venues (Fried, Freedman, Endres, Wasik, 1997). This

research explains there are multiple factors to be considered in the transition from a

career to retirement. The literature which I reviewed shows that there are no current

measures, other than financial, to assess retirement planning. Existing research does not


clearly define whether or not men and women both prepare for retirement in the same

manner or to the same extent.

The first goal of my research is to develop and test a new measure of retirement

planning. The second goal of this study is to compare the results of this research to

norms of General Self Efficacy and Satisfaction With Life scores. The final goal is to

analyze the results to determine if any new or unique correlations are found between the

results of this study and existing information.

It is probable that if one enters retirement better prepared they may subsequently

enjoy a greater degree of satisfaction in their retirement life. In this research the

relationship between the level of preparation undertaken prior to retirement and the

subsequent quality of life experienced as retirees is examined. I propose that this

research will demonstrate that better preparation leads to increased quality of life in

retirement. If there is a measurable quality of life advantage attributable to better

preparation then logical arguments can be made to adopt aspects of the demonstrably

superior preparation methods.

General Methods

Participants

The volunteer participants for this study (n = 30) were drawn from the population

of individuals accessing the facilities at a local seniors drop in center. The drop in center

is housed in a facility allowing for access by residents from the two adjoining senior

housing complexes and from the community at large. The participants in this study


ranged in age from 58 to 85 years of age with an average age of 70.3 years old. The

average time each of these people has spent in retirement is 13.5 years. The majority of

these respondents retired voluntarily although 18% indicated that they had experienced

some type of forced retirement. Eighty percent (80%) of the participants were women.

Materials

The participants were asked to complete three questionnaires. The first

questionnaire was the Retirement Preparation Scale (RPS) which I constructed in

response to the literature I reviewed for this research (Appendix A). This scale consists

of 8 core questions with 4 additional questions dealing with demographic issues. The 8

core questions were scored on an incremental 0 to 5 scale. The second scale was the

General Self Efficacy Scale (GSE) consisting of 10 questions using a 4 point Likert scale

(Jerusalem & Schwarer, 1979). The third scale was the Satisfaction With Life Scale

(SWL) consisting of 5 questions using a 7 point Likert scale (Denier, 1985).

Below is an example of the questions in the Retirement Preparation Scale which I

have constructed.

Example:

1) How much planning did you do in regard to your housing arrangements in retirement? Including moving to a new location.

__________ __________ __________ __________ __________ Not enough planning More than enough planning

The respondents were asked to place an X along the broken line indicating their

answer to the question.


Procedure

The survey scales were presented stapled together into a package with a consent

form (Appendix B) as the first page with the RPS, GSE and SWL making up the next 4

pages. Each volunteer was asked if they would care to become involved in a study

concerning retirement. Once they agreed to participate they were given a copy of the

surveys and two HB/2 pencils. Then it was explained how each of the surveys were to be

completed. Participants were reminded to answer the survey questions honestly. It was

stressed that there were no right or wrong answers and they could take as much time as

they needed. Space was made available within the Seniors Center to allow individuals a

quiet place to sit and complete the surveys. When they finished completing the surveys,

debriefing was offered to address any questions or concerns. Once the data were

collected they were analyzed for results.

Results

Looking at the results I found that the participants in this study scored a mean of

3.25 on the GSE survey. This compares with a norm of 2.93 for Canadians, indicating

that the participants in this study rated higher than average in self efficacy. Likewise the

participants in this study scored an average of 26 on the SWL survey placing them in the

25 – 29 range described as achieving a high level of satisfaction with life. Scores on the

RPS, GSE and SWL surveys for those who retired voluntarily did not differ significantly

from those who experienced forced retirement.

Satisfaction with life was shown to have a positive correlation in two areas with

retirement preparation. The first positive correlation (0.54) was found between the

amount of time a person spent in planning for new hobbies, interests, education and travel


in retirement and their SWL score. The second positive correlation (0.53) was found

between the time spent planning for changes to lifestyle in advance of retirement and

their SWL score. The data were analyzed using factorial analysis and the results are

displayed in Table 1. The results of the 8 core questions of the RPS scale as well as the

GSE and SWL scores were found to be grouped into 3 principal factors or components.

The bold italicized values in Table 1 show the numerical value of the significant items

that comprise the three principal components or factors revealed in this study.

Table1

Component Matrixa

RPS, SWL & GSE Component

Survey Scales 1 2 3

RPS #8 .929 -.011 -.235

RPS #7 .878 -.035 -.165

RPS #5 .804 .037 -.142

Satisfaction With Life Scale .661 .135 .421

General Self Efficacy Scale .568 .133 .252

RPS #6 .490 .397 .076

RPS #1 .464 -.300 -.373

RPS #4 .457 -.290 .664

RPS #3 .088 .776 -.411

RPS #2 -.197 .731 .377

Extraction Method: Principal Component Analysis.

a. 3 components extracted.

The three principal components or factors are entitled (1) General Preparation,

(2) End of Life Preparation and (3) Employment Preparation respectively as seen in

Table 2. In clarifying the results of Table 1, the 10 significant numerical values have


been replaced by the 10 correspondingly appropriate titles. The significant items

displayed in numerical values from Table 1 have been listed in text form in Table 2.

Table 2

Results: Variability Distribution

(1) General Preparation

(2) End of Life Preparation

(3) Employment Preparation

Degree of Planning Funeral Planning Full / Part Time Lifestyle Changes Assets, Estate, Will Hobbies & Interests SWL GSE Physical Activity Housing Changes

Discussion

The results of this study demonstrate that there are two new areas of retirement

preparation identified as being critically important in addition to the component entitled

General Preparation. These are End of Life issues and Postretirement Employment

Planning. The End of Life component is a composite of personal funeral planning and

preparation for the distribution of personal assets and estate, traditionally by the creation

of a will. The Postretirement Employment component deals with the need to spend time

addressing employment as an aspect of retirement. Individuals may choose to work full

time, part time or not at all. The important thing is to address this issue in planning for

retirement.

The component entitled General Preparation consisting of the results of the GSE

and SWL surveys combined with data gathered from 5 of the issues addressed by the

RPS survey provided 37.52% of the total variance in this study. End of Life Preparation

explains an additional 15.07% of the variance while Employment Preparation contributes

another 12.40% of the variance. This analysis indicates the two newly identified


components, End of Life and Employment Preparation, account for an additional 27.47%

or variance thereby increasing the total variance identified to 64.99%. This explanation

of variance is displayed in Table 3. We now have a new instrument with which we can

measure some of the factors important in retirement planning. My analysis of the data

collected indicates that End of Life issues and Postretirement Employment components

are critical concerns which necessitate serious consideration in regard to retirement

planning. Additionally my research has revealed that satisfaction with life in retirement

may be increased by committing time to plan for new activities such as hobbies,

education or travel and also by planning for the lifestyle changes associated with

retirement living. The participants in my study are high functioning adults as evidenced

by their GSE and SWL scores. The people involved in this study enabled me to see ways

in which high functioning adults may be able to increase their quality of life in

retirement. For some individuals the retirement era may be the beginning of a new

enriched lifestyle. Due to the security of a reliable income, independent of the necessity

for gainful employment, many people are able to choose activities based on personal

preferences rather than necessity. Often older people may be in a position to enter an

entirely new realm of their lives in terms of freedom, whether they decide to be involved

in volunteer activities, paid employment or a combination of both.

As our society adapts to the changing role of senior adults we may do well to take

some lessons from other cultures who revere the wisdom of their elders. They are a

beneficial means to enhance the social structure, utilizing the natural resource of

accumulated wisdom of those who have lived longer. Heightened awareness of the issues

involved in this new retirement era will help us to prepare for this societal evolution. The


stage is set for the possibility of a remarkable societal change and this study is an

indication of directions for future research into retirement living.

Table 3

Total Variance Explained

Initial Eigenvalues Extraction Sums of Squared Loadings Compo

nent Total % of Variance Cumulative % Total % of Variance Cumulative %

1 3.752 37.520 37.520 3.752 37.520 37.520

2 1.507 15.068 52.587 1.507 15.068 52.587

3 1.240 12.397 64.985 1.240 12.397 64.985

4 .858 8.579 73.564

5 .751 7.507 81.071

6 .708 7.077 88.148

7 .507 5.066 93.214

8 .433 4.326 97.539

9 .189 1.891 99.430

10 .057 .570 100.000

Extraction Method: Principal Component Analysis.

Initially I had intended on using a fourth survey to collect additional data. The

survey I had chosen is the Quality of Life Questionnaire (QLQ) consisting of 15

subscales and 192 questions (Evans & Cope, 1989). This questionnaire is designed to

measure an individual’s global quality of life across a wide range of issues. Five of the

participants in my study agreed to complete this survey form. The most frequent reason

for not completing this form was “I’m too busy, I don’t have the time”. Due to the

limited response I did not include the data collected from these 5 QLQ surveys my study.


Future Research

My study expanded the knowledge base in regard to retirement planning /

preparation. It would be beneficial to continue research to discover the elements that

comprise the unknown 35% variability associated with this topic. I believe that it will be

productive to examine the 15 different items that are represented in the GSE and SWL

survey forms. It would also be productive to investigate the influence of factors such as

ethnic background, education level and type at time of retirement and additional

employment variables. The fact that this preliminary study discovered important

elements in retirement planning reinforces that there is still more we can learn in this

area. A longitudinal study starting prior to retirement, which incorporates the new

information discovered in this research, would potentially help to identify exciting new

aspects of successful retirement planning.


References

Brothers, L. 2002. An Individuals Chosen Retirement Age: When Is the Economically

Feasible Retirement Age Chosen Over the Anchor Provided by Known Others.

Presented at Retirement Implications of Demographic and Family Change

Symposium Sponsored by the Society of Actuaries.

Canaff, A. 1997. Later Life Career Planning: A New Challenge For Career Counselors.

Journal of Employment Counseling, Vol. 34, Issue 2.

Cutler, J. 2008. The Voice of CARP. Creating a More Seasoned Workforce, Volume 24,

Number 1. February 2008.

Denier, E., Emmons, R. A., Larsen, R J. & Griffin, S. 1985. Satisfaction With Life Scale,

Journal of Personality Assessment, Vol.49 No.1.

Eden, L., Ejlertsson, G. 1999. Quality of Life Among Retirees. Experimental Aging

Research, Vol. 25 Issue 4.

Evans, D., & Cope, W. 1989. Quality of Life Questionnaire (QLQ). Multi- Health

Systems, Toronto.

Fouquereau, E., Fernandez, A., Mullet, E. 2001. Evaluation of Determinants of

Retirement Satisfaction Among Workers And Retired People. Social Behavior

and Personality, 29(8) 777 – 786.

Gall, T., Evans, D. 2000. Preretirement Expectations and the Quality of Life of Male

Retirees in Later Retirement. Canadian Journal of Behavioural Science Vol.

32(3), pp. 187 – 197.


Gall, T., Evans, D., Howard, J. 1997. The Retirement Adjustment Process: Changes in

the Well-being of Male Retirees Across Time. Journal of Gerontolowgy:

Psychological Sciences Vol. 52 B pp.110-117.

Jerusalem, M., & Schwarer, R. 1979. Generalized Self-Efficacy scale. Measures in

health psychology: A user’s portfolio. Causal and control beliefs (pp. 35-37).

Windsor, UK: NFER-NELSON.

Kenny, K. 2005. China’s Seniors Dilemma, CBC News Viewpoint, June 20, 2005.

www.cbc.ca/news/viewpoint/vp_kenny/20050620.html

Kim, J., Moem, P. 2002. Retirement Transitions, Gender, and Psychological Well-Being:

A Life-Course, Ecological Model. Journal of Gerontology: Psychological

Sciences Vol. 57B, No. 3. pp.212-222.

Lo, R., Brown, R. 1999. Stress and Adaptation: Preparation for successful retirement.

Australian and New Zealand Journal of Mental Health Nursing 8, pp.30 – 38.

Maule, A. 1995. Early Retirement Schemes, Factors Governing Their Success And How

These Differ Across Job Categories. Personnel Review, Vol. 24 No. 8 pp.6 – 16.

Reitzes, D., Mutran, J., & Fernandez, M. 1996. Preretirement Influences on

Postretirement Self-Esteem. Journal of Gerontology Vol. 51B, NO. 5, pp. 242-

249.

Sharpley, C. 1997. Psychometric Properties Of The Self-Perceived Stress In Retirement

Scale. Psychological Reports 81, pp. 319 – 322.

Taylor – Carter, M., Cook, K. 1997. Planning And Expectations of The Retirement

Experience. Educational Gerontology, Vol. 23 Issue3, p. 273.


Acknowledgements

I would like to thank the individuals who have helped to make this research

possible. Mrs. Catherine Johnson, Director of the Sault Ste Marie, Seniors Drop in

Center and her staff for their assistance and generosity in making their facility available

to me. My sincere thanks to the volunteer participants who gave their time to complete

the survey forms and provide me with the all important data my thesis required. I would

like to thank my fellow students who offered the moral support and an open honest

critique of my work in progress. I would like to extend my thanks to Dr. Laurie

Bloomfield for her guidance and encouragement without which I would not have

achieved this milestone in my career. Special mentions to Dr. J. Rajnovich for helping

me persevere to realize my dream when it seemed as though it may be lost. The process

of researching and creating a thesis requires the combined wisdom and counsel of many

individuals. My project has been made possible with the considerable support and deft

guidance of Dr. Linda Sorensen, without whom this topic most likely would not have

been possible for me to develop and research. Dr. Sorensen, through her patience, has

also made the world of statistic analysis a less formidable area. I also want to express my

sincere thanks and deepest gratitude to my best friend and spouse Mrs. Catherine Klages

for her support through my years of study.

Last but by no means least I wish to dedicate this thesis study to Bill and Elsa my

parents. My parents lived their lives, including thirty plus years in retirement

exemplifying that special zest for living, thank you.


Appendix A Retirement Preparation Scale

Making decisions about retirement involves many different choices.

The following questions are aimed at understanding more about how you feel in regard to your own pre-retirement planning.

Please answer the questions to the best of your ability as you feel they apply to your retirement planning. Please answer the questions as they apply to yourself whether you are single or living with a partner.

Answer by placing an X at the point on the line that best describes your response.

The following is a sample question: I feel that I have planned my leisure activities for the most enjoyment in retirement. __________ ___________ __________ ___X_______ __________ Not enough planning More than enough planning

2) How much planning did you do in regard to your housing arrangements in retirement? Including moving to a new location.


3) How would you describe the planning you have done in regard to your own funeral arrangements?


4) Have you instructed your family as to what you wish done with your estate by making out your will?



5) Have you made plans to work part time or full time in retirement? __________ __________ __________ __________ __________ Not enough planning More than enough planning

6) Have you planned new hobbies or interests that you expect to enjoy in your retirement, including education and travel?


7) How much planning have you done toward keeping physically active in retirement? New activities, clubs, groups or sports?


8) Do you feel that you have spent enough time in preparing for the changes to your lifestyle in retirement?


9) How do you feel your degree of planning compares to that of other retirees?


Please answer the four questions listed below. Your gender: Male ___ Female ___ Your Age ____ How many years has it been since you retired? ____ Was your retirement voluntary? Yes ___ No ___


Appendix B

Study Title: Retirement Preparation Variables After reading this page, I agree to participate in this study, and I have received a copy of this consent form.

____________________________ ______________________ Participant’s Signature Date

Consent Form

Retirement Preparation Variables Investigator: Jerry Klages I am a fourth year psychology student, at Algoma University College in Sault Ste Marie studying some of the factors experienced during the transition into retirement living. This study is intended to provide information which will facilitate a better understanding of the significant elements commonly experienced when making the change from full time work to a retirement lifestyle. The goal of this project is to gather information which may help to ensure the maximum quality of life for retired persons. Your participation in this involves answering questionnaires, requiring 40 to 45 minutes in total. Your participation in this study is strictly voluntary. You have the right to withdraw at any time without penalty.

If you have any questions or concerns about the study or about being a participant, you may call Dr. Bloomfield at 705-949-2301 Ext. 4332 or Dr. Sorensen at 705-949-2301 Ext. 4342 Your identity will not be revealed at any time. Thank you.

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