Accession Number : AD1053486

Title :   Retirement Planning: Important Factors Influencing a Service Member's Decision to Prepare for Retirement

Descriptive Note : Technical Report

Corporate Author : Naval Postgraduate School Monterey United States

Personal Author(s) : Todd,Jimmie S ; Schuyler,Matthew R

Full Text :

Report Date : 01 Dec 2017

Pagination or Media Count : 129

Abstract : The purpose of this research study was to identify what financial and nonfinancial retirement planning factors are important to service members and to determine which factors have the most significant influence on a service members decision to financially prepare for retirement. A voluntary and anonymous online survey was developed and deployed to resident U.S. military students at the Naval Postgraduate School to identify the circumstances that influence decisions to save or not save for retirement. The survey included questions regarding financial resources, resource constraints, and nonfinancial factors. After analyzing the literature and survey data, the findings indicate that saving for unexpected costs outside of retirement accounts, improving financial literacy, and establishing clear retirement goals were important to consider during retirement planning. This research also found that a service members rank, savings outside of a dedicated retirement account, calculating necessary retirement savings, and conducting retirement planning activities were statistically significant at the 0.05% level. Finally, recommendations were made for the Department of Defense to increase retirement education for service members and provide retirement education on a continual basis, which may encourage service members to increase savings outside of a dedicated retirement account.

Descriptors :   regression analysis , department of defense , active duty , military personnel , personnel management , retirement (personnel) , financial management , military training , military education , money , economic analysis

Subject Categories : Personnel Management and Labor Relations

Distribution Statement : APPROVED FOR PUBLIC RELEASE