Retirement planning mistakes undermining the post-retirement adjustment and well-being

The increased longevity of retiree populations calls for constant attention in addressing their social, economic, and psychological adjustment and well-being. Informed by a qualitative research approach, this study was conducted to explore the perspectives of both the employers and the employees (teacher retirees) on retirement planning mistakes that undermine the post-retirement adjustment and well-being. The findings revealed both systemic and behavioral mistakes that affect teacher retirees' smooth transition from work to retirement, including low savings and debt accruals, limited access to retirement planning education, late family establishment, poor record management, and disregarding opportunities for career development. While the mistakes on each side are costly in isolation, their costs are substantial, irreversible, and have implications on time, health, and psychological well-being. The study recommends that the government timely pay statutory benefits to employees in line with the legal requirements to facilitate smooth retirement planning. Additionally, mandatory retirement planning education in the form of seminars and workshops should be provided to all potential retirees. This can be operational through systematizing retirement training as part of a career development plan in the policies, Public Service Acts and Public Service Social Security Acts.