A Matter of Time: Why Some People Plan for Retirement and Others Do Not

Aim: To examine the relationship between time perspective (TP) and retirement planning, and the role of TP in promoting retirement adjustment.

Outcome: Completion of this module will enable financial advisers to understand how to:

  • Identify a client’s time perspective.
  • How the client’s TP is likely to influence their retirement planning and adjustment to retirement.
  • How to work with the client’s TP to help them reach their retirement goals.

Abstract: This study explores time perspective (TP) as a predictor of retirement planning and consequences (adjustment, well-being, and life satisfaction). TP categorised as present-hedonistic, past-negative, and future-oriented, predicted retirement planning. Outcomes of retirement were positively predicted by retirement planning, and past-positive TP, and negatively predicted by past-negative, present-fatalistic, and present-hedonistic TP. Implications for the design of retirement interventions were explored acknowledging the stability of TP and the influence of different TPs on planning and adjustment.