Does Retirement Planning Affect the Level of Retirement Satisfaction?

This article analyzes the relationship between retirement planning and retirement satisfaction. Planning for retirement is positively related to the level of retirement satisfaction. As expected, individuals with higher incomes, larger net worths, and those who have partners are significantly more likely to be satisfied in retirement. However, even after controlling for these variables, results show that planning does indeed impact the level of retirement satisfaction. Furthermore, planning implies a higher level of satisfaction even for those who did not make the decision to retire voluntarily- - either because of health problems or an employer's decision.