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date: 22 January 2020

Abstract and Keywords

In industrialized nations around the world, effective financial planning for retirement has become a cornerstone of the successful aging process. A financially secure retirement is one in which the retiree is unconstrained by money-related concerns, and all key options remain open (Mottern & Mottern, 2006 ). The implications of such a lifestyle are broad and far reaching—but relatively few future retirees can realistically expect to experience this level of financial freedom. Our objective in this chapter is to critically examine the factors that differentiate the quality of individuals’ retirement-related financial planning efforts. In doing so, we examine not only the characteristics of effective retirement planners and savers, but also the underlying dimensions that help to explain their success. This is accomplished by synthesizing empirical and theoretical work on retirement preparedness, exploring global trends related to financial planning for retirement (FPR), and presenting a tripartite conceptual model of the financial planning process. Our broad goals in developing this review are to shed light on emerging trends, identify key unresolved issues, and point out limitations and profitable directions for future research.

Keywords: retirement, financial planning, aging, planning, investing, finance, psychology

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