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KMID : 1023720120580010133
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Journal of Welfare for the Aged
2012 Volume.58 No. 1 p.133 ~ p.162
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Determinants of Financial and Health Preparation for Retirement among the Korean Baby Boomers
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Han Gyoung-Hae
Kim Joo-Hyun
Baik Ok-Mi
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Abstract
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The purpose of this study was to investigate the effects of psychological factors and resources on retirement preparation of Korean Baby Boomers, focusing on two dimensions of retirement preparation: preparation in finance and health. A total of 3,783 non-retirees, born from 1955 to 1963, were analyzed. Psychological factors (i.e., positive attitude toward retirement and environmental mastery) and resources (i.e., retirement knowledge, financial burden, and health status) were included as predictors of retirement preparation in this study. Our findings showed that psychological factors, such as positive attitude toward retirement and environmental mastery, enhanced the level of preparation in finance and health as well as resources, specifically, retirement knowledge and financial burden. Also, significant interaction impacts of psychological factors and resources on retirement preparation revealed that the extent of resource determined the magnitude of the effect of psychological factors on retirement preparation.
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KEYWORD
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Retirement Preparation, Positive Attitude toward Retirement, Environmental Mastery, Retirement Knowledge, Financial Burden, Health Status, Korean Baby Boomers
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