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This is to certify that the
dissertation entitled}

GENDER DIFFERENCES IN RETIREMENT PLANNING:
A COMPARATIVE ANALYSIS OF FACTORS INFLUENCING
EFFECTIVE RETIREMENT PLANNING

presentedby
SUSAN FAYE PAULSON

has been accepted towards fulfillment
of the requirements for

Ph.D. degreeinfiamilmnfi Child
Ecology

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usu loAn Affirmative Action/Ema! Opportunity Imam
WM'

GENDER DIFFERENCES IN RETIREMENT PLANNING:
A COMPARATIVE ANALYSIS OF FACTORS INFLUENCING
EFFECTIVE RETIREMENT PLANNING
By

Susan Faye Paulson

A Dissertation

Submitted to
Michigan State University
in partial fulfillment of the requirements
for the degree of

DOCTOR OF PHILOSOPHY

Department of Family and Child Ecology
1 997

ABSTRACT
GENDER DIFFERENCES IN RETIREMENT PLANNING:
A COMPARATIVE ANALYSIS OF FACTORS INFLUENCING
EFFECTIVE RETIREMENT PLANNING
By

Susan Faye Paulson

The lack of financial preparation by individuals for retirement has created a
growing need for research on preretirement planning. Past research has shown
that preretirement planning is associated with positive retirement adjustment and
is essential for ensuring economic security throughout retirement. However, not
all individuals, particularly women, prepare for retirement which places them at
risk of living out their retirement years in poverty. Therefore, this study
attempted to meet the growing need for research on preretirement planning by
examining how men and women differ with respect to their financial plans prior to
retirement.

This study utilized a subsample from a study conducted by the Western
Regional Project (W-176). The sample (N=865) used in the present study was
comprised of 442 men and 423 women. Selected portions of the telephone
interview were analyzed that focused on financial retirement planning. The
dependent variable was the number of planned sources of retirement income
and the independent variable was gender.

Data were analyzed using the analysis of variance (ANOVA) and logistic

regression statistical techniques. ANOVA results showed only one of the eight

hypotheses indicating that widowed women had significantly more income
sources than widowed men was significant. Logistic regression was used to
identify factors that could be used to predict whether men and women were likely
to engage in effective retirement planning. The results suggested that gender
was a significant determining factor of planning for retirement with women more
likely to plan for retirement than men. Further logistic regression analysis
indicated that there were similarities and differences between men and women
regarding the factors associated with planning for retirement.

The results of this study suggest that preretirement planning programs
should address the similarities and differences between men and women as they
plan for retirement. Furthermore, programs should not only provide financial
education but also inform individuals about their role in creating their future
financial security. Better design and implementation of retirement planning
programs can help to ensure that all individuals approximate the essential goal of

retirement planning which is to balance present resources against future needs.

Copyright by
SUSAN FAYE PAULSON
1997

In Memory of my Grandmother,
Helmi Anna Eleanora Moyryla Paulson,
who instilled in me

the importance of education.

ACKNOWLEDGMENTS

I would like to acknowledge and express my appreciation for the support
of many individuals who contributed to this dissertation. First, my advisor,

Dr. Lawrence Schiamberg, provided the guidance and encouragement to begin
and complete this project. Dr. Schiamberg’s generosity, confidence, and
kindness has had a profound effect upon my professional development. I am
grateful for the opportunity to have worked with him on this and other projects.

I am also fortunate to have had the opportunity to work with and learn from
the other members of my dissertation committee including Dr. Lillian Phenice,
Dr. John Paul McKinney, and Dr. Dennis Keefe. Each member has made a
significant contribution to my dissertation and both my professional and personal
growth and development. I will be forever thankful for the wonderful individuals
who have Shaped my learning experiences here at Michigan State University.

There are other individuals who have directly and indirectly contributed to my
dissertation. Therefore, I would like to thank my friends and family for their
support and encouragement. I am particularly indebted to my generous friends,
Robin Smith, Sandee Cargill, Marianne Beutner, Kathy Zawacki and my sister,
Debra Paulson for their love and support throughout the years. Furthermore, I

would like to thank Ms. Aretha Franklin, the Queen of Soul, for her beautiful

vi

her beautiful music. Her passionate and timeless music inspired me during the
ups and downs of completing my dissertation. Finally, my profound thanks to the

individuals who graciously gave their time to participate in this study.

vii

TABLE OF CONTENTS

LIST OF TABLES ................................ x
CHAPTER ONE ................................. 1
Introduction ................................. 1
Historical Background ............................ 1
Statement of the Problem .......................... 3
Purpose of the Research .......................... 8
Theoretical Perspectives .......................... 9
Ecology of Human Development .................... 9
Lifespan Perspective ....................... 11
Social-Feminist Perspective ..................... 12
CHAPTER TWO ............................... 16
Review of the Literature .......................... 16
Women and Retirement Planning ..................... 17
Overview of Retirement Planning ................... 17
Previous Research on Women and Retirement Planning ...... 20
Retirement Process and Satisfaction with Retirement .......... 26
Women’s Adjustment to Retirement ................. 27
Adjustment to Retirement: Gender Differences ........... 32
Economic Status and Older Women: Women and Poverty ....... 36
Critical Life Events .......................... 38
Discrimination in the Work Place ................... 41
Sex-Role Socialization ........................ 42
Effective Retirement Planning .................... 45
Objectives of the Research ........................ 48
CHAPTER THREE .............................. 51
Methodology and Procedure ....................... 51
Overview of Research Design ...................... 51
Sampling Procedure ......................... 52
Demographic Characteristics of the Sample ............. 53

Data Collection ............................ 54
Research Design ............................. 57
Measurement of Financial Retirement Planning ........... 58
Operational Definitions of Variables ................. 58
Research Questions ......................... 61

Hypotheses .............................. 62

Data Analysis ............................. 66
Research Assumptions ........................ 68
Summary ................................. 69
CHAPTER FOUR ............................... 70
Results .................................. 70
Overview of Analytical Strategies ..................... 70
Test of Hypotheses ............................ 71
Research Question One ....................... 71
Hypothesis One .......................... 71
Hypothesis Two .......................... 72
Hypothesis Three ......................... 73
Hypothesis Four ......................... 74
Hypothesis Five .......................... 75
Hypothesis Six .......................... 76
Hypothesis Seven ......................... 77
Hypothesis Eight ......................... 78
Logistic Regression Results ....................... 79
Research Question Two ....................... 79
Model One: Total Sample .................... 80
Model Two: Predictors of Retirement Planning for Men ..... 82
Model Three: Predictors of Retirement Planning for Women . . 82
CHAPTER FIVE ............................... 87
Discussion ................................ 87
Discussion of the Research Findings ................... 88
Research Question One: The Relationship Between Gender,
Demographic Variables, and the Number of Income Sources . . . . 88
Research Question Two: Predicting Effective Retirement Planning . 96
Limitations of the Study .......................... 102
Methodological Considerations: Sampling .............. 102
Methodological Considerations: Measuring Instrument ....... 104
Methodological Considerations: Level of Measurement ....... 106
Implications for Education, Policy, and Theory .............. 108
. Suggestions for Future Research ..................... 114
Final Considerations ........................... 1 15
APPENDICES ................................ 117
Appendix A - Survey Instrument ..................... 117
Appendix B - Discussion of Survey Questions .............. 135
LIST OF REFERENCES ........................... 140

Table
Table

Table
Table
Table
Table
Table
Table
Table

Table 10:
Table 11:
Table 12:
Table 13:

PPNQSF§S9NrP

9:

LIST OF TABLES

Demographic Characteristics of the Sample ........... 55
Summary of ANOVA for the Number of Income Sources of Married
Men and Women ......................... 72
Summary of ANOVA for the Number of Income Sources of Single
Men and Women ......................... 73
Summary of ANOVA for the Number of Income Sources of

Widowed Men and Women .................... 74
Summary of ANOVA for the Number of Income Sources of Men

and Women Working Full-Time .................. 75
Summary of ANOVA for the Number of Income Sources of Men

and Women Working Part-Time .................. 76
Summary of ANOVA for the Number of Income Sources of Men

and Women Supervisors ..................... 77
Summary of ANOVA for the Number of Income Sources of Men

and Women Non-Supervisors ................... 78
Summary of ANOVA for the Number of Income Sources of Men

and Women with 13+ Years of Education ............. 79
Model 1: Logistic Regression Analyses for the Total Sample . . . 81
Model 2: Logistic Regression Analyses for Men ......... 84
Model 3: Logistic Regression Analyses for Women ....... 85
Comparison of Logistic Regression Models ............ 86

CHAPTER ONE

Introduction

WW

Industrialization during the late nineteenth and early twentieth century helped
to alter the US. economy and influence the development of a new phase of the
life cycle called retirement. Because modern industrialized nations no longer
required the work of all its members to maintain a high level of economic
productivity, retirement became an established social institution (Achenbaum,
1996). Today, retirement has become an accepted part of, and an expected
event in, the life cycle.

Along with the acceptance of retirement as a social practice, there are four
important demographic, labor, and social trends that are changing the way we
view retirement. First, the proportion of people over 65 is increasing. More
people are reaching old age and living longer. In 1990, there were 31 million
(12.5%) people age 65 or older (Day, 1992). The US. Bureau of the Census
estimates that by the year 2020, 54 million people or 20.2 percent of the
population will be age 65 or older and by the year 2050, that number will have
increased to 79 million (20.6%) people (Day, 1992). In addition, average life
expectancy at birth is now 75 years, and women, on average, live almost 4 years
longer than men. Women, at age 65, can expect to live an additional 19 years

whereas, life expectancy for men at age 65 is 15 additional years.

2

Improvements in health, nutrition, and biomedical advances have combined with
economic development to lower mortality rates at all ages (Kingson, 1996).

Second, in the past 40 years, there has been a steady increase in women’s
labor force participation. In 1950, 33.9 percent of women were in the labor force;
by 1992, 58 percent of women were in the labor force (Ferber, 1993; Radner,
1995). In addition, from 1950 to 1992, the percentage of women workers in the
total labor force increased from 25 to 55 percent. By the year 2000, 80.8 percent
or 66 million women aged 25 to 64 are projected to be in the labor force (Green
& Epstein, 1988). Although more women are in the labor force, they make less
money than men regardless of marital status, occupation, employment status,
and educational attainment (Even & Macpherson, 1996; Urban Institute, 1992;
US. Bureau of the Census, 1996). Currently, women working full-time earn only
71 percent of the median earnings of men (US. Bureau of the Census, 1996).
Blau and Ferber (1992) compared age-earnings profiles by gender and
education in 1990 and found that “within educational categories, men earn more
than women at every age, even among the youngest workers who are recent
entrants to the labor force” (p. 176). And women’s participation in the workforce
has far-reaching effects on women's retirement experiences. The effects of
women's employment on their retirement experiences will be discussed in more
detail in the following section.

Third, society’s attitudes toward work and retirement have changed. Despite
the fact that 65 is the age of eligibility for drawing full pensions and Social

Security benefits in the US, both men and women are choosing to take

3

reduced pensions and retire early. For example, in the 60- to 64-year-old age
group, only 54.1 percent of men and 37.1 percent of women were in the
workforce in 1993 (US. House of Representatives, 1994). This trend towards
early retirement is expected to continue into the next century (Burkhauser,
Couch, & Phillips, 1996).

Finally, cultural values toward work are changing. An ethic of leisure has
emerged that, in addition to the work ethic, provides some direction for
organizing life activities. For many individuals, the importance of work has
declined as they find time spent in activities that reflect personal choices and
preferences more rewarding. As a result, many individuals choose to retire early

even if it means a reduction in income.

WM

Increasing longevity, women’s workforce participation, and early retirement
are likely to create a major social dilemma for society in the 21" century. At
issue: how do you prepare people for the period of “life after work?” That is,
how do you prepare individuals to accumulate enough savings prior to retirement
to last them, perhaps, as long as 15 to 30 years? Most Americans have come to
rely on Social Security as their primary source of retirement income (Rix, 1990).
However, possible changes to the Social Security system should cause many
individuals to rethink their approach to retirement planning. For example, the
anticipation of the 76 million “baby boomers" (individuals born between 1947 and

1963) entering retirement has raised concerns about the future solvency of the

4
Social Security Trust Fund (Schulz, 1995). Present projections indicate the

Social Security trust will be insolvent by the year 2031 which has undermined
pubic confidence in the system (Koitz & Kollmann, 1995). In a response to
balance increasing needs and decreasing resources among different
generations, policy makers frequently target Social Security benefits for
reductions. Proposals to cut Social Security benefits have ranged from means-
testing benefits to privatization (Diamond, 1996; Quadagno, 1996). Future
changes to the Social Security system are likely to shift responsibility for the
investment of monies for retirement from the government to the individual
(Wheeler 8. Kearney, 1996). Consequently, individuals must be prepared to
assume the responsibility of managing their retirement resources.

The growing impetus to prepare individuals for retirement has fueled the
need for preretirement planning. Research has shown that individuals who
prepare in advance of retirement adjust better to retirement (Anderson & Weber,
1993; Dennis, 1994; Perkins, 1995). Unfortunately, not all individuals are ready
for retirement. For example, in contrast to the 1950's when few women worked
outside of the home, most women can now expect to experience a retirement
phase in the life cycle. However, many women are not prepared for the
retirement transition or the changes in lifestyle often associated with retirement.
Census data indicate that because many women have not adequately prepared
for the income drop associated with retirement, they are at greater risk of living
out their retirement years in poverty. This is reflected by the following statistics:

In 1993, the median income for women 65 and older was $8,499 (US. Bureau of

5

the Census, 1996). In comparison, the median income for men age 65 and older
was $14,983 in 1993 (US. Bureau of the Census, 1996). Women also makeup
60% of the elderly but account for over 73% of the elderly who are poor (Meyer,
1990; Older Women's League, 1995; Perkins, 1993). Without adequate financial
preparation, many women will continue to live out their retirement years in
poverty (Hayes & Parker, 1993).

Despite the low economic status of women throughout their life span,
relatively little attention has been given to the retirement process or
preretirement planning for women (Anson, Antonovsky, & Sagy, 1989; Logue,
1991). Preretirement planning continues to focus on men despite the following
realities: (1) women's labor force participation has increased dramatically,

(2) women outlive men and must manage their retirement resources over a
greater number of years, and (3) women are more likely to live their retirement
years in poverty (Calasanti, 1993; Hayes & Parker, 1993; Meyer, 1990;
Szinovacz, Ekerdt, & Vinick, 1992).

A number of factors have been identified that contribute to women’s
exclusion from, or lack of involvement in, retirement issues in general and, more
specifically, preretirement planning. These factors include: working in low
paying jobs without benefits, lack of job security or pensions, lack of information
about retirement planning, and lack of knowledge about their husband's pension
and retirement plans (Brubaker & Roberto, 1993; Hayes & Parker, 1993). In
addition, many women have historically abdicated financial planning to their

spouses, in turn putting them at greater risk of financial insecurity in later life

6

(McKenna & Nickols, 1988). Despite these factors, women need to prepare
themselves, and be encouraged, to take an active role in planning for financial
security throughout adulthood and for the retirement years, in particular (Perkins,
1993, 1995). Ideally, for women, this should begin in young adulthood because
many of the factors that have led to high rates of poverty among today's
generation of older women continue to operate for younger women in the
workforce (Junk, Stenberg, & Anderson, 1993; Mauldin, Rudd, & Stafford, 1990;
White-Means & Hersch, 1993). For example, most young women enter marriage
believing marriage is a lifetime commitment and along with that commitment
comes financial security throughout the family life cycle. In reality, the
experiences of divorce or the death of a spouse may leave many women
financially unprepared for living life on their own, both prior to and during their
retirement years, exposing them to greater risk for living in poverty (Cain, 1988;
Hardy & Hazelrigg, 1993; White-Means & Hersch, 1993).

The current generation of "female workers should be aware that the choices
they make about work and family earlier in life will affect their retirement" (Older
Women's League, 1995, p. 5). Two possible avenues for raising the
consciousness of women regarding the importance of preretirement planning
include education and research. Education about financial matters and
retirement planning strategies is the key to making sound financial decisions
throughout life. Therefore, it is imperative that young women become educated
' in financial matters throughout the lifespan. This should include participating in

retirement planning early in one’s career to learn about Social Security,

7

pensions, and investments. Gregg (1992), Hayes and Parker (1993), and
Perkins (1995) all advocate establishing good financial habits early in life.
Furthermore, for women, “it is vital to plan for retirement as though they will live
to be hundred years old, and without a partner or support group to help them”
(Hayes & Parker, 1993, p. 12).

The second avenue for raising women’s consciousness about the
significance of preretirement planning is research. Because research can
provide the basis for intervention and change, research on preretirement
planning is needed which: (1) focuses on the female work experience as a basis
for understanding retirement issues; (2) examines the differences and similarities
between men and women; and (3) identifies the central and pivotal factors in the
retirement experience necessary for providing information to design
preretirement planning programs that are responsive to the changing
composition of the retiring population. Research should also address issues that
are of special concern to women such as implementing and evaluating the
effectiveness of preretirement programs in predominately “female” industries.
This type of research would help to clarify what needs to be done to improve
economic security in retirement for older women (Coyle, 1990; McKenna &
Nickols, 1988; Perkins, 1993). Failing to address the retirement needs of women
has not only created a generation of elderly women who now live in poverty, but

it almost guarantees future generations of women will do the same.

8
WM
Women's increased involvement in the workforce, increasing longevity,
increasing number of years spent in retirement, and the lack of financial
preparation by individuals for retirement has created a growing need for research
on preretirement planning. Past research has indicated that planning for
retirement is associated with positive retirement adjustment (Anderson & Weber,
1993; Dennis, 1994; Perkins, 1995; Richardson, 1993). Hence, preretirement
planning is essential not only for ensuring economic security throughout the
retirement years but also for successful adjustment to retirement. Therefore, this
research addressed retirement planning for men and women with a specific
focus on sources of retirement income. The purpose of this research was
twofold: (1) to determine if there is a relationship between gender, selected
demographic variables, and the expected number of income sources during
retirement and (2) to identify factors that can be used to predict whether or not
men and women are likely to engage in effective retirement planning. Effective
retirement planning was defined from an economicffiscal perspective as a
diversified income portfolio of four or more sources of retirement income. This
study focused on characteristics of men and women that may contribute to the
decision to plan for retirement. Identifying characteristics of individuals who are
likely to participate in retirement planning can help educators to develop
programs that will address the diverse needs and issues of individuals who will
be planning for retirement in the coming decades (Dennis, 1994; Deren, 1990;

Hayes 8 Anderson, 1993; McKenna 8 Nickols, 1988; Schulz, 1995).

9
MW

Two theoretical perspectives, the ecological model of human development
(Bronfenbrenner, 1979; 1993) and the social-feminist (Calasanti, 1993)
perspectives guided the organization and conceptualization of this study. Both
perspectives emphasize the importance of individual differences, contexts of
development, social historical influences, and using a multidisciplinary approach
to the study of human development. For example, these perspectives are based
on the premise that emphasizes the importance of examining developmental
experiences within the contexts of development such as the family or the
workplace. Furthermore, they also emphasize the connectedness among early
developmental processes and later ones. Meaning, factors such as demands
and opportunities (and the lack thereof) early in life can and do influence later life
experiences. Because theoretical perspectives provide a framework for
organizing facts as well as influencing the meaning associated with those facts
(Bubolz, 1991), these perspectives helped to conceptualize the issue being

studied and provided insight throughout the study about retirement planning.

Ecolooutflumanflexelcmnem

An ecological transition occurs "whenever the person's position in the
ecological environment is altered as the result of a change in role, setting, or
both" (Bronfenbrenner, 1979, p. 26). Planning for retirement can be understood
as an ecological transition in which the individual's position in his or her

ecological environment is altered as a result of changes in activities

1 0
(e.g., engaging in retirement planning activities), roles (e.g., acquiring new
roles as well as relinquishing roles), and interpersonal relationships (e.g., work
relationships). These changes not only impact the retiring individual but also his
or her family (Szinovacz & Ekerdt, 1995).

The contexts of development are not seen as just settings within which an
individual's development occurs but as settings that are interconnected as the
ecology of human development (Bronfenbrenner, 1979; 1993). Dynamic
interaction exists between developing individuals and these changing settings.
Therefore, contexts such as the family, the school, and the workplace play an
important part in human development. Bronfenbrenner (1979; 1993) referred to
these contexts as microsystems or systems in which the developing individual
has face to face contact with influential others. According to Bronfenbrenner
(1979; 1993), microsystems are just one part of the ecology of human
development. The other components include the mesosystem, exosystem,
macrosystem, and chronosystem. The mesosystem focuses on the relationship
between microsystems. Social settings that affect the developing individual but
do not directly impinge upon him or her are referred to as the exosystem. The
macrosystem refers to the attitudes, beliefs, and ideologies of society. The
accumulation of life events and transitions over the life course within the
parameters of the sociohistorical context refer to the chronosystem. A key
feature of this perspective is that the developing individual and the family
reciprocally influence one another and the decisions that are made. Individuals

and their families are also part of the interconnected community, societal, and

11

cultural levels of the ecological system (Bronfenbrenner, 1979; 1993). The
ecological perspective has been utilized to study a variety of issues facing
individuals, families and societies (Bronfenbrenner, 1995; Bubolz & Sontag,
1993).

W-

The ecological perspective also combines development in context with
developmental change over the lifespan. The lifespan perspective views
developmental change as the result of interaction between multiple levels of
being (e.g., the inner-biological, individual-psychological, dyadic, social network,
community-societal, cultural, outer physical-ecological, and historical) over time
(Baltes, 1987). Variables from any or all levels may influence human
development as these variables are interdependent. Thus, these variables are
reciprocally interactive. In addition, there are three systems of influence which
shape an individual's development: (1) age-graded (normative), (2) history-
graded (normative), and (3) nonnormative life events (Baltes & Nessleroade,
1984). From this perspective, development is viewed as a lifelong process that
can take multiple pathways involving decline (losses) and growth (gains) (Baltes,
1987).

The lifespan perspective has changed the approach of the social sciences to
adulthood and issues associated with retirement in several ways: (a) by linking
the life changes of the adult years with the earlier experiences of childhood and
adolescence; (b) by relating the trajectory of human lives to the changing

historical world of the individual; and (c) by emphasizing the importance of the

12

interaction between individuals and contexts of development and how this
interaction impacts development (O'Rand 8. Krecker, 1990). Furthermore, it
emphasizes interdisciplinary work in order to bring about the “integration of
knowledge, as opposed to the separatist differentiation of disciplinary knowledge
bases” (Baltes, 1987, p. 622).

In summary, applying an ecological perspective to human development
focuses attention to the mutual adaptation between the developing individual and
the significant contexts of life. This perspective emphasizes the totality of life
events and experiences over an individual's life course. Such a perspective is
both useful and appropriate for this research because it provides a new way from

which to approach the study of preretirement planning.

WW

Retirement can be considered an age-graded (normative) event that
influences an individual's development. Because of the changing status of
women's roles over the past 40 years, the issue of retirement and retirement
planning has become an important concern for women. For example, whether
working in or out of the home, women's lives are embedded in a family context
(i.e., microsystem level). The decisions women make regarding careers,
retirement planning, and retirement are made in accordance with their family
roles and responsibilities. This is because women have been socialized from a
very early age to be the nurturers and to care for others. Gilligan (1982) referred

to this as a "caring orientation." This caring orientation advocates that women

13

place the needs of their families over their educational and career aspirations.
The caring orientation has, in many respects, hurt women in terms of their
educational aspirations, career opportunities, and financial status throughout life
(Arendell & Estes, 1991; Olson, 1990). It has also impacted women's retirement
experience by making them more vulnerable to economic loss during retirement
(Barusch, 1994; Perkins, 1995; Szinovacz, 1982). If fact, we have seen the
result of this caring orientation played out in the lives of today's generation of
older women, many of whom are now living in poverty (Perkins, 1993). Because
the financial problems of older women are an extension of the problems and
choices they made earlier in their lives, women must strive for a more financially
secure future by aggressively planning for their retirement years (Cooper, 1994;
Malveaux, 1993; Perkins, 1995; Rix, 1993).

As previously mentioned, retirement is still viewed as a male phenomenon.
This is partly due to the pervasive societal belief (i.e., macrosystem level) that a
man's identity is obtained through work and a woman's identity is tied to family
roles. It is also reinforced by the policies and rules that discriminate against
women in the workplace (i.e., exosystem level). As a result, women's retirement
experience has not been fully researched (Erdner & Guy, 1990). We do know
that the retirement experience for women is very different from the male
experience because women's life courses are different from men's (Perkins,
1992; Szinovacz, 1982). Therefore, women and retirement planning should be
studied from a woman's perspective that focuses on women and their life

experiences (Calasanti, 1996; Perkins, 1993).

14

The social-feminist approach takes a dynamic view of retirement by taking
into account gender as well as race/ethnicity and class. This approach does not
try to prove whether or not men and women are "different" but takes a power-
sensitive and contextual view of gender relations (Calasanti, 1993). It suggests
that “to understand gender relations, both women and men must be considered”
because “both women and men create and recreate gender in relation to one
another" (Calasanti & Zajicek, 1993, p. 120). The advantage of utilizing a social-
feminist perspective is twofold: (1) it changes how we approach retirement and
retirement planning and (2) it also changes the concept of retirement itself to
include both women and men and to include the ways in which gender relations
differentially affect the meaning of retirement in people's lives (Calasanti, 1993).
It also emphasizes the importance of sociohistorical influences, cultural context,
and the environment as it relates to development and the issues and problems
facing individuals. Studying issues from the standpoint of women allows us to
include the diverse viewpoints of others. It also allows us to understand the
viewpoints of men in a new way. This can help to provide new insights into the
experiences of all individuals.

In summary, consistent with the underlying assumptions of the ecological
perspective, the feminist perspective seeks to incorporate an inclusive approach
to the study of diversity of experience. This is accomplished by studying both the
similarities and differences of individuals as they age to achieve "a multi-layered
understanding of diverse life courses, in order to improve the quality of later life

for all" (Calasanti & Zajicek, 1993, p. 127). These two perspectives are aptly

15

suited for a "dual" approach to addressing issues associated with preretirement
planning.

The following chapters are organized as follows. In chapter two, a
comprehensive review of the literature on preretirement planning, especially as it
relates to women, will be presented. Critical life events that help shape the
economic fate of women will also be delineated in this section. This chapter will
conclude with a discussion of effective retirement planning. In chapter three,
"Methodology and Procedure," a detailed explanation of the following will be
provided: a description of the sample, procedures that were used, research
questions that were asked, hypotheses that were tested, and the data analysis
techniques that were utilized. Chapter four will present the results of the
analyses performed on the data. Finally, chapter five includes a discussion of
the research findings, limitations of the study, implications for education and

policy, and suggestions for future research.

CHAPTER TWO

Review of the Literature

The rapid increased participation of women in the labor force over the past
40 years has increased the need for retirement planning for women. In 1950,
33.9 percent of women were in the labor force; by 1992, 58.0 percent of women
were in the labor force (Ferber, 1993; Radner, 1995). During this same period,
the total labor force comprised of women workers increased from 25 to 55
percent. By the year 2000, 80.8 percent or 66 million women aged 25 to 64 are
projected to be in the labor force (Green & Epstein, 1988).

Not only is there a need for preretirement planning programs because of the
increased participation of women in the workforce but there are several
additional reasons which include: (1) women live longer than men and spend a
greater number of years living on retirement income, (2) women experience
greater interruptions in their work histories than men due to family responsibilities
which influences their future retirement income, (3) women experience more
discrimination in the workplace than men which delegates women to low paying
jobs without benefits such as pensions, (4) women experience high widowhood
rates and low remarriage rates, and (5) women are less likely to participate in
retirement planning (Hayword & Liu, 1992; Kokrda & Cramer, 1996; Morgan,
1991; Perkins, 1992; Rix, 1993). Despite the above factors that inevitably lead

women to spending their retirement years in poverty, very little research on

16

17

preretirement planning has focused on women and what research that does exist
is still dominated by the male perspective (Adelmann, Antonucci, & Jackson,
1993; Calasanti, 1993; Hayes & Parker, 1993; Meyer, 1990).

This chapter is organized into several sections. The first section will review
the research on preretirement planning. This section will examine whether
women participate in preretirement planning and how preretirement planning
influences retirement satisfaction. The research literature on the retirement
process and satisfaction with retirement will be reviewed in the second section.
This will include a discussion of how individuals adjust to retirement and how the
adjustment process impacts satisfaction with retirement. The last section will
address two issues: (1) the economic status of older women will address the
issue of women and poverty during the retirement years by examining the factors
that impact the economic position of women in old age and (2) effective
retirement planning will include a discussion of the importance of effective

retirement planning and why women fail to engage in such planning.

flemmndfietirementflanning
WWW
Retirement has been defined in numerous ways from total withdrawal from
the labor force, termination of a long career, receipt of Social Security or other
pension benefits, partial retirement, or a person's declaration that he or she is
"retired" (Foner & Schwab, 1981; Richardson, 1993). Retirement is often viewed

as a time of loss due to withdrawal from the workforce, but it also involves gains

18

such as: freedom from a structured schedule, freedom from negative aspects of
work, increased time to develop family and social relationships, and increased
leisure time to develop former and new interests (Anson et al., 1989; Kelly 8
Westcott, 1991 ).

If we examine retirement from an ecological perspective, we find that
retirement not only affects the individual who is retiring but also the family system
(Anson et al., 1989; Brubaker 8 Roberto, 1993; Szinovacz 8 Ekerdt, 1995). In
other words, what is occurring in the context of the work environment has an
impact on the context of the family as the individual begins to make the transition
from employed to retired individual. For example, many changes will occur in
various areas of the retired individual's life. Research has indicated that
individuals contemplating retirement have many concerns regarding the changes
associated with retirement. These include: (1) when and if to retire, (2) ensuring
adequate retirement income, (3) maintaining physical and mental health and
access to health care, (4) maintaining family and social relationships, and
(5) participation in leisure activities (Anson et al., 1989; Cooper, 1994; Deacon 8
Firebaugh, 1988; Richardson, 1993; Rix, 1993; Rowen 8 Wilks, 1987). Perhaps
the most important area of concern is having adequate retirement income.
Without adequate income, individuals can not meet their personal needs and
goals (Braithwaite 8 Gibson, 1987; Clark, 1994; Deacon 8 Firebaugh, 1988;
Szinovacz, 1982).

The best way to deal with the changes associated with retirement and to

ensure successful adjustment to retirement is to prepare for retirement well in

19

advance of retirement. Research has indicated that pre-planning for retirement
has been identified as a major factor contributing to successful adjustment to
retirement (Anderson 8 Weber, 1993; Block, 1982; Dennis, 1994; Heidbreder,
1972; Junk et al., 1993; Kragie, Gerstein, 8 Lichtman, 1989; Perkins, 1995;
Richardson, 1993; Szinovacz et al., 1992). This may be because preretirement
planning serves as part of an anticipatory socialization process which provides
the individual with an opportunity to participate in informal preparatory activities
prior to the retirement event (Kroeger, 1982; Richardson, 1993). lnforrnal
preparatory activities such as talking to others about retirement and reading
about retirement allow the individual to adjust to the emotional and/or behavioral
expectations associated with the role of the retiree. They also help the individual
to gradually adjust to role or status changes, develop realistic expectations about
retirement, and ease the individual into successfully taking on new roles such as
the retiree role.

As mentioned previously, retirement is still considered a male phenomenon.
As a result, the early research on retirement and retirement planning focused
exclusively on men. Research on women and retirement planning is slowly
emerging in the literature (Perkins, 1995). Research that has focused on women
and retirement planning has examined a number of topics including the following:
adjustment to retirement, life satisfaction, the spousal relationship, demographic
and personal variables, retirement timing, and attitudes toward retirement, to
name a few. These studies have shown that women are less likely than men to

plan for retirement and are less likely than men to think about retirement in

20
advance of the event (Atchley, 1981; Feuerbach 8 Erdwins, 1994; Perkins, 1992;

Prentis, 1980). This research finding is important because planning for

retirement is associated with satisfaction with retirement (Anderson 8 Weber,

1993; Block, 1982; Dennis, 1994; McKenna 8 Nickols, 1988; Schwenk, 1994;

Szinovacz, 1982).

 

One of the earliest studies to explore the experiences of women and
retirement planning was done by Szinovacz (1980) who examined three aspects
of retirement planning: (1) do retirement plans assist individuals in making the
transition from worker to retired individual, (2) are retirement plans implemented,
and (3) do retirement plans assist individuals in adjusting to retirement. Face-to-
face interviews were conducted utilizing both open- and closed-ended questions.
The sample consisted of 115 women who had retired within five years prior to
the interview. A mix of occupational statuses were included in the sample. The
majority of the subjects had worked in lower- (29%) and middle-level (25%)
white-collar jobs. But blue-collar and service workers (13%), medium-level
(27%) and higher level administrative and professional workers (6%) were also
represented. The respondents were asked about their retirement plans prior to
retirement and their postretirement adjustment was assessed using a modified
version of Thompson's (1958) job deprivation scale, the Kutner, Fanshel, Togo,
and Laugner’s (1956) morale scale, and Bradbum's (1965) measure of positive

and negative feelings of happiness.

21

The results indicated that 57 percent of the respondents had made some
plans regarding retirement. Financial plans were the most common followed by
plans regarding travel, hobbies, community activities, and spending time with
children and relatives. Forty-three percent of the sample made no plans for
retirement, 19 percent had made plans but did not implement them, 10 percent
made plans and implemented some of them, and 28 percent followed through
with their retirement plans. Most women (63%) in this study followed through
with their financial plans. The data also confirmed that preparation for leisure
activities constituted an important element in women's adjustment to the
retirement transition. The study indicated that both retirement planning and plan
implementation contributed to positive feelings of happiness after the retirement
transition. This finding was restricted to plans for activities only. Financial
planning did not significantly differentiate between the satisfied and dissatisfied
retirees. This finding was explained by the author who described the sample as
atypical in that most of the women in the study were covered by state pension
plans which is not representative of the general population of women in the labor
force (Rix, 1993; Szinovacz, 1980; Wellen 8 Peck, 1990). Szinovacz (1980)
concluded that successful adjustment to retirement depends upon making plans
for retirement and implementing those plans. Retirement preparation programs
should instruct women about financial planning and management and include
information on leisure, community programs, health care, and social activities
(Cort Van Arsdale 8 Newman, 1993; Dennis, 1994; McKenna 8 Nickols, 1988;
Richardson, 1993).

22

Kroeger (1982) examined whether preretirement planning functions as a kind
of anticipatory socialization for retiring workers. Kroeger (1982) attempted to
identify those characteristics of individuals who participated in preretirement
preparation and to examine differences between preretirement preparation
between men and women. Three groups of individuals were compared as
follows: (1) individuals who participated in formal preretirement programs,

(2) individuals who engaged in their own "self-help" or informal programs, and
(3) individuals who did not participate in preretirement planning. Interviews were
conducted with 264 men and women who were retired from jobs in the
merchandising industry. Respondents were assessed on their preretirement
planning, the nature of the retirement (voluntary or involuntary), their social
support network and whether the social support network had a positive or
negative attitude regarding the retiree role, and differences in preretirement
planning between executives and middle-status workers and educational level.

The findings indicated that men and women approach preretirement
preparation differently. Men were more likely to use informal sources (either
alone or in combination with formal sources), women were more apt to
participate in formal programs, and women were more likely than men to have
had no retirement preparation. Men (53%) also had greater access than women
(36%) to preretirement programs sponsored by their place of employment or
union. Women, in both the executive and higher education categories, were
more likely than men to do nothing to prepare themselves for retirement if formal

programs were not available. Men tended to seek informal sources of retirement

23

planning information if formal programs were not available. Men also tended to
think about retirement in advance of retirement for longer periods than women.
Men typically thought about retirement for one to five years and during this
period actively engaged in informal preparatory activity. Women tended to think
about retirement for less than a year and did not engage in any informal
preparatory activity during this time. Because women were less inclined than
men to take a personal initiative in preretirement planning, Kroeger (1982)
recommended targeting women (specifically women in lower income groups who
are especially vulnerable to financial losses at retirement) for preretirement
programs.

Using a university sample, Newman, Sherman, and Higgins (1982) examined
plans and expectations about retirement for a group of professional men and
women. The sample size was 958 with 74 percent men and 26 percent women.
The sample included both faculty and nonteaching professionals such as
counselors and administrators. The results indicated that expectations for
retirement are gender-related. Women tended to have less positive attitudes
toward retirement than men. The authors offered two explanations for the
negative attitudes of women which include: (1) women live longer than men and
spend a greater number of years in retirement and (2) women spend less time in
the labor force due to child care responsibilities and therefore have less time to
complete their personal goals. Another finding indicated men spend more time
thinking about retirement than women. This finding was consistent with

Kroeger's (1982) finding that women spend less time than men thinking about

24

retirement prior to the retirement event. Men were also looking forward to
retirement with more pleasure than women and men were more certain of their
postretirement work plans. The authors recommended that retirement
preparation should include sensitizing younger workers to retirement issues and
encourage their participation in preretirement programs at an early age because
employees have a tendency to avoid retirement issues until it is to late to
address the potential problems.

In a more recent study by Feuerbach and Erdwins (1994), two groups of
married, working women were compared on preretirement attitudes, knowledge,
and behaviors. The sample was comprised of 149 women ranging in age from
55 to 62 years old. The women were divided into two groups as follows: group
one (career women) had a mean of 30 years of employment; group two (reentry
women) had a mean of 11 working years. The researchers found the women
with higher levels of education (women from group one) who were approaching
retirement were no better informed on issues related to preretirement planning,
retirement living, and aging than their less educated counterparts. In addition,
91% of the entire sample of women answered no to the following question:
"Have you thought about retirement?" These findings were consistent with other
studies that have found that women spend less time thinking about and planning
for retirement (Kroeger, 1982; Newman et al., 1982).

Comparing professional and nonprofessional women's attitudes toward
retirement, Johnson and Price-Bonham (1980) explored characteristics that

contributed to positive attitudes toward retirement among women. The sample

25

included 100 married women, of which 52 were professionals and 48 were
nonprofessional. The respondents were assessed on their attitudes toward
retirement, reasons for retirement, financial plans for retirement, and plans for
postretirement activities. The results indicated both groups of women had
relatively positive attitudes toward retirement. Professional women viewed
retirement in a negative way if they were strongly committed to their work and did
not plan to continue working during retirement. Nonprofessional women were
more concerned about their finances during their retirement years. As a result,
making financial plans appeared to further the development of positive
retirement attitudes in this group of women. A surprising finding was that only 29
(55.7%) professional women and 21 (43.8%) of the nonprofessional women had
paid into any retirement fund of their own. This finding was explained by the
women's expectation of economic security from their husband's benefits. It also
supports the finding that many women abdicate financial planning to their
spouses and enter their retirement years financially unprepared (Hayes 8
Parker, 1993; Mauldin et al., 1990; McKenna 8 Nickols, 1988; Onyx 8 Benton,
1996; Perkins, 1993; Wellen 8 Peck, 1990).

In a study designed to examine women's involvement in retirement planning,
McKenna and Nickols (1988) explored personal characteristics of women that
may influence their ability to plan for retirement. Using a sample of 400 women
from 40 to 55 years of age, they found eight characteristics that were linked to a
greater involvement in retirement planning. The characteristics included:

(1) higher household income, (2) expected availability of pension benefits, (3) a

26

positive orientation toward financial risk, (4) perceived control over chance, (5) a
general willingness to take risks, (6) perceived internal ability to control one's life,
(7) comfort with math ability, and (8) older age. The researchers found that even
though women may indicate a need to plan for retirement, they may not actually
take steps to do so. In addition, women may not take charge of their own
financial futures because of their personal orientations may inhibit them from
aggressively planning for a secure financial future. For example, some women
may feel uncomfortable with financial planning and management because of
math anxiety. The researchers suggested that education could address many of
the above characteristics that may inhibit women from becoming involved in
retirement planning. They recommended that "educational programs must
contain elements of personal understanding as well as infomiation and skills that

relate to finances" (McKenna 8 Nickols, 1988, p. 162).

 

People take different routes to retirement. Most people expect to retire at a
certain age but labor market dislocations, age and sex discrimination, poor
health and disability, and family responsibilities can all lead to nonvoluntary or
unexpected retirement (Atchley, 1992; Perkins, 1995; Schulz, 1995). The type of
retirement, whether it was voluntary or nonvoluntary and the timing of retirement,
whether it was expected or unexpected, may have a significant effect on whether
retirement is perceived as a positive or negative experience and subsequent

satisfaction with retirement (Richardson, 1993; Szinovacz, 1986-1987). For

27

example, many women may be forced into early retirement before they are
financially prepared because of job loss, health problems, or family
responsibilities. For these women, retirement may be viewed as a negative
experience because of the added economic pressures associated with a

decrease in income (Perkins, 1 992; Szinovacz, 1 986-1987).

In addition to the type and timing of retirement, factors such as health,
income, marital status, and attitudes towards retirement have also been
associated with retirement satisfaction (Braithwaite 8 Gibson, 1987; Calasanti,
1988; Campione, 1988; Dennis, 1994; Dorfman 8 Moffett, 1987). In an
exploratory study by Erdner and Guy (1990), working women's attitudes toward
retirement were examined to provide a better understanding of their adjustment
to retirement. Specifically, they examined the relationship between women's
identity with their work and their attitudes toward their future retirement. The
sample (N=201) consisted of female teachers employed in the public school
system. The subjects ranged in age from 23 to 65 years with a median age of
37 years. The subjects were assessed using a questionnaire that consisted of
work-related and sociodemographic variables. The results indicated that
individuals with stronger work identities had significantly more negative attitudes
toward retirement than those with weaker work identities. This difference
remained significant when controls were introduced for years of teaching

experience, expected age of retirement, and attitude toward work. That work

28

identity is a significant factor influencing retirement attitudes speaks to the
growing importance of a work identity for some working women. For such
women, retirement is likely to be viewed as threatening since it serves to strip
away that which has been gained by working. The authors concluded that work
identity is an important facet in the lives of many working women. For women
whose identity is based on their work, retirement can be viewed as a negative
event (Lopata, 1995). As more women enter the labor force and as work identity
becomes more predominant among working women, career-oriented women
may begin to face problems similar to those faced by men when retirement
ensues. And because women live longer than men and spend a greater number
of years in retirement, satisfaction with retirement will become a matter of greater
importance to women as they plan for retirement.

The main purpose of Gigy's (1985-1986) exploratory study was to examine
the subjective experiences of retired women and to examine the factors
associated with women's adjustment to retirement under the differing daily
circumstances involved in being retired as compared with being employed. The
sample consisted of 25 women planning to retire and 30 women who had retired
within the past few years (half within the last two years and all but one within the
last five years). The average age of the "preretired" women was 58 years and
the average age of the "retired" women was 64 years. One-third of all the
respondents were married, with the remaining two-thirds about evenly divided
among women who were widowed, divorced, or never married. Interviews were

conducted and usually lasted an hour and a half. Respondents were assessed

29

on: attitudes toward retirement, the decision to retire, adjustment to retirement,
morale, and self-esteem.

The findings indicated most women agreed that success in retirement
depended upon the personality and/or attitude of the retiree. No significant
differences were found between the two groups with regard to morale,
adjustment to retirement, or self-esteem. In addition, no significant differences
were found between the two groups in reference to their reports of why they first
started thinking about retirement or what considerations went into their decisions
about retirement. Overall, both groups agreed on the factors needed for
successful retirement: having activities and interests was most frequently
mentioned, an adequate amount of money was mentioned second, and health
was the third most frequently mentioned factor. Additionally, retired women
mentioned family and friends, having a good attitude toward life, and doing
something useful. And both groups indicated a positive attitude about retirement
was important. Finally, there was no difference between before and after
retirement groups on any of the three measures (morale, adjustment to
retirement, and self-esteem) of psychological status. These findings suggested
retirement status has little or no direct impact on the psychological functioning
and general attitudes of women in this study.

Belgrave ( 1988) examined differences between Black and White women
regarding work histories, work attitudes, financial resources, and health. Other
factors included: do the effects of work histories, work attitudes, financial

resources, and health on retirement status differ by race. The data gathered for

30

this study were collected through structured interviews with the respondents.
The analysis included data from 258 Black and White women who were either
working or retired at time two, when the respondents ranged in age from 62 to
66. The results indicated Black women had more continuous work histories than
White women and had spent more time in their adult lives in the labor force than
White women. The Black women had relatively high status jobs in comparison
to their White peers. Black and White women were very similar in both their
general commitment to work and their satisfaction with their jobs, suggesting
that, for these women, attitudes toward work and work behavior are independent.
This study further supported the fact that work attitudes were unrelated to
retirement status. In fact, health was the most important predictor of retirement
satisfaction, regardless of race and financial resources. Black women, most of
whom had spent the majority of their lives as active participants in the labor
force, stayed in the labor force despite the opportunity to retire. Black women's
greater tendency to remain in the labor force beyond age 62 reflects continuity
over the life course. Similarly, Choi (1994) found that Black men who shared
similar work histories and family responsibilities with White men were also more
likely to continue working into old age than White men.

Prentis (1980) examined perceptions of retirement by white-collar working
women. An effort was made to examine the relationship of age, marital status,
type of work, and income to the perceptions of retirement. The sample was
comprised of 1,235 women and was divided into two groups of professional and

nonprofessional workers. Questionnaires were used to obtain the data. The

31

findings indicated that "the majority of working women anticipate retirement,
appreciate some of the changes that will occur, and are confident about making
a satisfactory adjustment to retirement” (Prentis, 1980, p. 93). The author
explained this optimism regarding retirement by the age of the sample and their
health ratings. The median age of the sample was 42 which meant the
participants were approximately twenty years away from retirement and their
current health ratings were good. This finding supported Streib and Schneider's
(1971) finding that younger persons tend to be more favorable in their attitudes
toward retirement than older persons.

The majority of participants in the Prentis (1980) study indicated that
between the ages of 30 to 39 was the appropriate time to start planning for
retirement, but the time period they actually implemented retirement planning
was between the ages of 50 to 59. Although the majority of the participants
(73%) looked forward to retirement and had thought seriously about early
retirement prior to the age of 65 (73%), most participants did not plan ahead for
retirement. For example, the most important area of concern prior to making the
decision to retire was financial resources, but only 42 percent of the participants
had done any serious planning for retirement. In addition, 22 percent of the
unmarried participants indicated they did not know how to plan for their
retirement and needed assistance in doing so. The lack of implementation of
retirement plans suggested a state of unpreparedness for the event of
retirement. This finding is consistent with the findings of numerous researchers

who report that women are not financially prepared for retirement (Barusch,

32
1994; Hayes 8 Anderson, 1993; Kroeger 1982; McKenna 8 Nickols, 1988;

Perkins, 1995; Richardson, 1993; Rix, 1994).

With regard to the timing of retirement, 49 percent of the entire sample
indicated they planned to work until the age of 65. Specifically, there were
differences between general (i.e., blue-collar) and professional women: 63
percent of professional women indicated they wanted to keep working versus 35
percent of the general employed women. With respect to the usefulness of a
pre-retirement program, 87 percent of general employment group of women said
a preretirement planning program would be helpful and 25 percent indicated their
employer offered a regular formal pre-retirement planning program. However,
only 32 percent indicated they had attended the pre-retirement program. Again,
these findings support other research that has indicated that although women
may think about retirement, they may not plan or know how to plan for retirement
(Hayes 8 Anderson, 1993; McKenna 8 Nickols, 1988; Richardson, 1993). As
mentioned previously, women must begin to take greater individual responsibility

for income support in old age (Perkins, 1995; Rix, 1993).

 

Henretta, O'Rand, and Chan (1993) examined dual-worker couples to
determine if there were gender differences in the timing of retirement in couples
with one retired member. Both husband and wife were employed at the
husband's 55 birthday and one member of the couple had retired before the first

interview. The sample size was 607 couples which were divided into two groups:

33

306 couples in which the husband remained working after his wife's retirement
and 301 couples in which the wife remains employed following her husband's
retirement. The purpose of the study was to examine whether men or women
retire more quickly after the retirement of a spouse and how this influences
retirement satisfaction. In other words, does the gender of the still working
spouse make a difference in the length of time until the second retirement?
Existing research indicates that there is pressure towards synchronization or
close spacing between the husband's and wife's retirement when one spouse in
a two-worker couple retires (Campoine, 1987; Henretta 8 O'Rand, 1983;
Szinovacz, 1989). Specifically, it is believed that women tend to retire more
quickly following the retirement of their spouses because their labor force roles
are secondary to their family roles and being pressured to retire earlier than
anticipated can negatively impact adjustment to retirement. The results of this
study did not support this notion.

The results indicated that there was not a significant gender difference and
gender differences were smaller among couples in which the wife's work role
was not secondary to her family role. In other words, when men and women had
similar employment histories there was only a small disparity in exit rates of men
and women following a spouse's retirement. The authors speculated that similar
work roles may produce more coordinated family behavior. In couples in which
the wife was not employed during child rearing, women retired more slowly than
men. These women may not be ready to retire because their careers may have

been interrupted for child rearing which results in fewer years in the work force.

34

In conclusion, the findings of this study indicated that men and women with
similar employment histories retire at similar ages following the retirement of their
spouse. Adjustment to retirement and retirement satisfaction may be negatively
affected when women are pressured to retire at a earlier date than anticipated.
Retirement planning programs need to address differences in the timing of
retirement for dual-working couples.

Comparing women and men in terms of retirement adjustment and
satisfaction, Seccombe and Lee (1986) examined three categories of
antecedents of retirement satisfaction which included: health status, marital
status, and socioeconomic status (income and occupational status). The sample
size was 1530 individuals, 859 men and 671 women. The mean age of the
respondents was 70 years. The dependent variable was satisfaction with
retirement. The findings indicated retired women expressed significantly lower
levels of retirement satisfaction than retired men, although the differences were
small. Although women and men did not differ in terms of self-rated health, it
appeared that women were less satisfied with retirement than men because they
had significantly lower incomes and were less likely to be married. But those in
better health and with higher incomes were the most likely to be satisfied with
retirement, regardless of gender. Occupational status was also positively
correlated with retirement satisfaction. For example, higher occupational status
workers appear more satisfied with retirement because they have higher
incomes and better health due to better health care. And finally, married

individuals expressed higher levels of retirement satisfaction than did unmarried

35

individuals. Other studies have found few differences in adjustment to retirement
when comparing women to men (George, F illenbaum, 8 Palmore, 1984; Gigy,
1985-1986; Keith, 1985; Sheldon, McEwan, 8 Ryser, 1975).

Kelly and Wescott (1991) examined the attitudes of blue-collar workers
associated with retirement. The sample was comprised of 10 women and 15
men. Person-to-person interviews were conducted in the respondent's home.
The study examined the following: attitudes about retirement, activities, family
and friendship relationships, work history, family history, education, perceived
health, mobility, income level, and life satisfaction. The most important finding
was one of the commonalities -- what was significant was not the differences but
the similarities among the respondents. For example, most of the respondents
began discussing their retirement years before they retired. These respondents
indicated they would have preferred to have been more actively involved in
preretirement planning. Individuals at risk for unsatisfactory retirement included:
(1) those who were widowed or divorced without adequate sources of available
intimates, family, or friends; (2) those who were limited by health difficulties;

(3) those who did not take the time to develop even a base set of interests and
activities repertoires; and (4) those who were poor. Factors associated with
positive retirement adjustment included: satisfaction with retirement income,
good health, and ongoing relationships with family and friends.

In an effort to find out how educators in the field of gerontology can best
meet the needs of the growing population of retirees, Anderson and Weber

(1993) investigated the impact of preretirement planning on life satisfaction

36

during retirement. The sample consisted of 308 retirees of which 172 were
women and 136 were men. The amount of time the subject had spent in
retirement ranged from six months to approximately three years. The findings
indicated that those individuals who planned for retirement on their own were
significantly more satisfied with retirement and experienced fewer problems
adjusting to retirement than individuals who participated in company sponsored
programs and those who did not plan for retirement. The individuals who
participated in company sponsored preretirement planning programs expressed
dissatisfaction with the programs because they felt the programs were
implemented too late to effectively assist retirees. Supporting the position of
other researchers (Dennis, 1994; Perkins, 1995; Richardson, 1993; Rix, 1993),
Anderson and Weber (1993) recommended that to be effective, preretirement
planning programs must be enacted well in advance of retirement. In addition,
by becoming actively involved in the retirement planning process, whether
planning on one's own or through involvement in a structured preretirement
program, individuals can enhance their likelihood of achieving satisfaction with

retirement.

EmmflfluuLQleenLflemmmmm
Aging and poverty can be considered women's issues because the majority
of the elderly population are women and the majority of the elderly population
living in poverty are women (Barusch, 1994; Dodge, 1995; Gonyea, 1994;

Perkins, 1993; Rix, 1994). As society ages, the number of women age 65 and

37

older continues to dramatically increase in the United States. By the year 2000,
over 19 million women will be eligible for retirement in the United States (Hayes
8 Parker, 1993). At the same time, women of all ages have entered the work
force in increasing numbers. Many of these women are currently the working
poor and/or will find themselves in poverty in old age. Because labor force
participation over one's lifetime provides the basis for financial resources
available in retirement, retirement and retirement planning are important issues
for women. However, many women are unprepared for the economic realities of
retirement. For example, many women, age 65 and older, have entered their
retirement years financially unprepared as reflected in the following statistic: In
1993, the median income for women age 65 and older was $8,499 (US. Bureau
of the Census, 1996). This figure was slightly above the federal poverty
threshold for older individuals which was $6,930 per year (Family Economics
Review, 1994). Older women comprise 60% of all elderly people but account for
over 73% of the elderly who are poor and 82% of the elderly poor who live alone
(Meyer, 1990; Older Women's League, 1995). And older women are twice as
likely as older men to live in poverty. For example, in 1991, the poverty rates for
women and men were 16% and 8%, respectively (Barusch, 1994).

The greater poverty of women has been referred to as the "feminization of
poverty" (Pierce, 1978). The path to poverty in later life often begins with lower
wages during a woman's working years. The economic chasm between women
and men becomes more profound during retirement. Some of the factors

associated with poverty in later life include: (1) high widowhood rates and low

38

remarriage rates for women, (2) interruptions in employment due to family
responsibilities that impact future retirement benefits (i.e., pensions and Social
Security), (3) gender inequalities (i.e., sex segregation) at earlier ages in
occupational options and pay levels, employment in low-skilled jobs, and low-
paying jobs, (4) life-long sex-role socialization that limits girl's and young
women's investment in their human capital, and 5) increased longevity (Barusch,
1994; Bradsher 8 Estes, 1996; Dressel, 1988; Gee 8 Kimball, 1987; Kokrda 8
Cramer, 1996; Logue, 1991; Ollenburger 8 Moore, 1992; Perkins, 1993).

The following section will examine the factors that impact the economic
status of women throughout the life cycle. As we will see, the poor economic
situation of women in old age is the result of many factors including critical life

events, discrimination in the work place, and the socialization of women.

W

Divorce, widowhood, and teenage pregnancy are three critical life events that
appear to shape the economic fate of women at varying stages in the life cycle.
Divorce and widowhood can change a women's economic standing overnight.
The divorce rate in the United States reflects the fact that we live in times of
instability. For example, approximately one-half of all marriages in the United
States end in divorce (Blau 8 Ferber, 1992). In addition, more older women are
separated or divorced than older men. Only four percent of people over 65 were
divorced in 1986 but four percent of the elderly constituted 1.1 million people in

1986 (Garner 8 Mercer, 1989). And as the population continues to age the

39

number of divorced and separated elderly will increase.

Divorce has a profound impact on older women's economic status. In 1993,
"25 percent of older women receiving Social Security benefits who were
separated or divorced from their husbands lived below the poverty line" (Older
Women's League, 1995, p. 4). In a study by Hayes and Anderson (1993), 89%
of their sample of women had made few or no long-range financial plans for
retirement following divorce and the respondents indicated that they were not
equipped with the financial skills necessary to understand investments,
insurance coverage, and pension coverage. Hayes and Anderson (1993)
advocated that women need to participate in financial planning prior to divorce to
help them develop their financial management skills. Women also need to
engage in financial planning following divorce to ensure that their settlements are
productively invested to provide financial security throughout the retirement
years.

A second critical event in the life cycle that impacts the economic status of
women is widowhood. Widowhood primarily impacts women for the following
reasons: (1) women live longer than men, (2) women tend to marry men who
are older than themselves, (3) elderly women are less likely to remarry than
elderly men, and (4) there are strong social norms against older women marrying
younger men as well as norms against older women remarrying (Barusch, 1994;
Garner 8 Mercer, 1989). The average age of a widow is 56 which means that
many women will live 25 years of their lives alone (Cort van Arsdale 8 Newman,

1993). When poverty is examined by family status and living arrangement, older

40

women who live alone, such as those who are widowed, have the highest
concentration of poverty. For example, approximately one in four elderly women
living alone in the US. is poor compared to one in twenty women living in
married-couple families (Malveaux, 1993; Older Women's League, 1995). For
women who have spent their lives as financial dependents in a marital
relationship, the death of the major income recipient substantially increases their
risk of entering poverty (Blieszner, 1993; Hardy 8 Hazelrigg, 1993; Holden,
1989).

Finally, early childbearing reduces a woman's chances of finishing school
and increases her chances of falling into a cycle of life-long poverty (England 8
Browne, 1992). For example, an increasing proportion of female-headed
households are now the result of teenage pregnancy and not the breakup of a
family. Among Whites, 30 percent of all first births to teenage mothers occur
before the mother is married. Among Blacks, unmarried teenage pregnancies
account for over 80 percent of all first births to teenage mothers (Murry, 1992;
Schiller, 1989). Even more disturbing, most teenage mothers live in poverty
(Butler, 1992). And the risk of poverty increases dramatically with the number of
children. Only 12 percent of one-child families are poor but one-third of all
families with four children are poor (Schiller, 1989). Teenage mothers are also
more likely to adhere to traditional sex role attitudes which may make them more
prone to dropping out of high school (Elster, Ketterlinus, 8 Lamb, 1990). For
example, 47 percent of teenage mothers who drop out of school because of

pregnancy do not return to school. The dropout rates are similar for pregnant

41
Blacks and Whites (45%) but considerably higher for Hispanics (67%) (Schorr,

1989). Finally, dropping out of school lowers an individual's future income and
employment opportunities (Schorr, 1989). As a result, unwed mothers have the
greatest probability of being poor and dependent upon public assistance
(Furstenberg 8 Brooks-Gunn, 1989). Without much education, these young
mothers are also more likely to stay poor and dependent well into old age

(Gonyea, 1994).

mm

In addition to the three critical events just discussed there are other factors
that shape women's economic status throughout life. During their working years,
women tend to be concentrated in peripheral industries while men tend to be
concentrated in the core industries (Betz, 1993; England 8 Browne, 1992;
Logue, 1991; Perkins, 1993; Rix, 1994). The peripheral industries include
traditional, low-paying occupations or part time work such as those in clerical and
service occupations. For example, "three in five younger women, like three and
five older women, hold sales, service, and clerical jobs" (Older Women's League,
1995, p. 1). In contrast, the core industries offer higher wages, more steady
work, and a greater range of fringe benefits (Perkins, 1993; Stone, 1989; Zopf,
1989). And the earnings gap between the sexes is marked. In 1995, women
working full time earned only 71% of the median earnings of men (US. Bureau

of Census, 1996).

42

With regard to benefits, women are also less likely than men to be covered
by pension plans and have less access than men to retirement programs offered
by employers (Hatch 8 Thompson, 1992; Hayward 8 Liu, 1992; Rix, 1993;
Szinovacz, 1982; Wellen 8 Peck, 1990). For example, currently only 12 percent
of women over 65 receives a private pension compared with 33 percent of men.
The mean private pension income for older women is $3,440 annually compared
with $7,468 for men (Older Women's League, 1995). Due to women's lower
earnings during their working years, women also receive lower Social Security

benefits when they retire (Rix, 1994).

598mm

Socialization begins in childhood and proceeds into adulthood influencing the
job choices women and men make. If we examine socialization from an
ecological perspective, the agents of socialization include the following: family,
peers, school, the media, work environments, and the community (Bems, 1997;
Corsaro 8 Eder, 1995; Maccoby 8 Martin, 1983). Agents of socialization operate
through role models, reinforcement patterns, feedback, cultural expectations,
parenting styles, and cognitive learning methods to help individuals acquire the
knowledge, skills, and character traits that will enable them to become
productive, contributing members of society (Bems, 1997; Corsaro 8 Eder, 1995;
England 8 Browne, 1992; Perkins, 1993). Although it is hard to make a direct
connection between socialization and poverty throughout the life course, several

authors have speculated that women's failure to prepare financially for retirement

43

may be related to women's traditional roles in society (Perkins, 1992, 1995;
Szinovacz, 1982). The roles are assigned to women from birth because
"American society divided its world into two spheres, the public sphere
dominated by men and the private sphere assigned to women" (Lopata, 1995,
p.115)

Research indicates that the way we socialize young girls affects their
attitudes and achievement goals and teaches them to emphasize home and
family interests instead of educational and career pursuits (Betz, 1993;
Eisenhart, 1996; Lerner, 1994; Lips, 1988). For example, an important factor in
the socialization of achievement is the presence of role models. Where girls are
provided with achieving-female role models, their attitudes toward success and
career attainment seem to be affected positively. The research literature on the
effects of maternal employment indicates that in middle-class families, daughters
of employed women have higher educational and occupational aspirations than
do daughters of women who are full-time homemakers (Etaugh, 1974; Stephan
8 Corder, 1985). Furthermore, among Black female university students, those
pursuing nontraditional careers were more likely than their more traditional
counterparts to have mothers who were well educated and working in
nontraditional fields themselves (Burlew, 1982). As early as kindergarten and
the first grade, girls whose mothers were working in nontraditional fields also
tended to aspire to less gender-stereotypic careers (Selkow, 1984). Since more
than half of the mothers of young children in North America are now employed

outside the home, a gradual reduction in the strength and pervasiveness of

44

occupational stereotyping by gender may be occurring.

Socialization and the presence of gender stereotypes have an impact on the
way females react to their own achievements and their level of self-confidence.
For example, as early as the third grade, boys begin to predict more successful
task outcomes for themselves than girls do, a difference that seems to last into
adulthood (Erkut, 1983; Vollmer, 1984). There is also some evidence that boys
have higher achievement expectations than girls, but this may be mainly a White,
middle-class phenomenon. Much of the literature suggests that Black females
have higher career aspirations and expectations than both Black males and
White females (Mau, Domnick, Ellsworth, 1995; Smith, 1982).

Socialization has long reaching effects for young girls and women because it
shapes their image and ideas about who they are and what they can become
(Betz, 1993). The choices young girls and women make regarding life roles,
educational goals, and career aspirations are all affected by their socialization
experiences. For example, the message received by the current generation of
older women was that the family role was the most important role and all other
roles were to be secondary (Olson, 1990). As a result, their labor force history
was characterized primarily by non-participation or interrupted participation.
Those who worked more continuously were the women who needed to in order
to make ends meet including: unmarried, women of color, and the poor
(England 8 Browne, 1992; Meyer, 1990). Interruptions in employment obviously
reduce earnings in the short-run, but also have longer-terrn consequences.

Frequent interruptions cause women to be segregated into peripheral and part

45
time sectors of the labor market (Meyer, 1990; Perkins, 1995; Rix, 1994). Also,

work interruptions may also mean erosion of skills, increased difficulty locating
employment at a later date, and less seniority leading to lower wages (Jacobsen
8 Levin, 1995). More importantly, a continuous employment history through the
adult years is a significant indicator of economic security in retirement (US.
Department of Labor, 1988; US. Senate Special Committee on Aging, 1991).
Research has demonstrated that continuous work participation by women results
in higher retirement income (O'Rand 8 Henretta, 1982; Rix, 1994). Thus,
women's work interruptions for whatever reason incur substantial hidden

economic costs that may not be realized until retirement.

Wag

Lower earnings during the working years and lower retirement benefits
combine to reduce a woman's opportunity to engage in effective retirement
planning. In this study, effective retirement planning was defined from an
economicffiscal perspective as a diversified retirement portfolio of four or more
sources of retirement income. There are several issues related to why women
do not engage in effective retirement planning. The first issue has to do with
lack of finances. Adequate financial resources have been shown to be essential
to preretirement planning (Kilty 8 Behling, 1985; O'Rand 8 Henretta, 1982;
Schulz, 1995). Without sufficient income during the working years and pension
benefits, individuals cannot make retirement investments. In a study by

Richardson and Kilty (1989), the most consistent predictor of financial planning

46

was level of income. Therefore, it is not surprising that individuals with low
wages, particularly women, do not plan for retirement even though they are the
most vulnerable to poverty during retirement.

The second issue has to do with beliefs about the Social Security system.
Unfortunately, some women mistakenly believe that Social Security retirement
benefits will be sufficient to provide them with a comfortable standard of living
during retirement. Social Security was never intended to be the only source of
retirement income (Schulz, 1995; Underwood 8 Brown, 1993). It was meant to
be one of many sources of economic protection to maintain an adequate
standard of living in retirement (Schulz, 1995). The research literature on
retirement planning recommends that individuals diversify their retirement
income portfolios by investing in three to four (preferably more) income-
producing investments (Gamitz, 1990; Liebig, 1984; Rix, 1990; Rosenberg,
1993; Schulz, 1995; Undenrvood 8 Brown, 1993). The three basic sources of
retirement income are Social Security, a pension plan, and savings. These three
sources of retirement income have been referred to as the "three-legged stool"
of retirement income (Leonard, 1991; Liebig, 1984; Rix, 1990). The advantage
of diversifying investments is that it spreads the risk of investments and insulates
assets against the ever-changing investment environment.

Finally, women often lack the necessary information about retirement
planning and/or lack knowledge about their husband's pension and retirement
benefits (Brubaker 8 Roberto, 1993; Hayes 8 Parker, 1993). Research has

shown that individuals who prepare for retirement adjust better to retirement

47
(Anderson 8 Weber, 1993; Dennis, 1994; Richardson, 1990; Schwenk, 1994).

Therefore, it is imperative that women participate in retirement planning to learn
as much as possible about the Social Security system, pensions, and retirement
investments (Richardson, 1993; Rix, 1993). Ideally, this should begin early in
one's career (White-Means 8 Hersch, 1993). Perkins (1995) has referred to
younger women educating themselves about the need for retirement planning as
"life-planning." By engaging in life-planning, women can avoid the unnecessary
risk of retirement poverty. Similarly, Gregg (1992) has proposed the idea of the
individual wealth-span. Wealth-span is a "dynamic likelong process in which the
course of later life is affected by earning, spending, and saving decisions taken
earlier" (Gregg, 1992, p. 169). What these approaches have in common is that
both advocate establishing good financial habits early in life. They also
emphasize the importance of preparing for retirement. Regardless of the
approach, planning for retirement can help to ensure financial well-being during
retirement. Therefore, women of all ages and from all social strata should be
encouraged and supported in their need to aggressively plan for retirement.

In summary, this section discussed the factors that influence women's
financial status throughout the life course. These factors seem to lock women
into a economically compromised position that is exacerbated in old age. "The
economic status of older women is a map or mirror of their past lives, reflecting
their education, employment history, and marital status. The economic problems
that older women face are extensions of the problems and choices they faced

earlier in their lives" (Malveaux, 1993, p. 168). Because reforms in the area of

48

job and wage segregation and other forms of discrimination are slow in coming,
women of all ages must begin to take greater responsibility for their financial
security by participating in effective retirement planning. To do so, they must
have access to educational programs and services that can assist them in
developing the financial skills that will enable them to prepare for their financial
security in old age. And society must begin to socialize young girls to believe
that they deserve more than a secondary place in society. Socializing and
educating young girls and women must include encouraging them to maximize
their potential based upon their skills and abilities and not upon traditional

gender rules and roles.

Ql . I' [II B I

This study was organized and conceptualized by the ecological and feminist
perspectives to examine how women and men differ with respect to the financial
plans they make prior to retirement. Because of its unique perspective, this
study enhanced the body of preretirement planning literature in several ways.
First, this study compared both men and women with regard to their financial
plans for retirement. Past retirement planning research has exclusively focused
on men and except for a few studies, has examined financial planning for men
and women separately (Coyle, 1990; Hayward 8 Liu, 1992; Secombe 8 Lee,
1986; Szinovacz et al., 1992). Other problems associated with earlier research
were also addressed and included: (1) comparing men and women on the

number and type of expected income sources during retirement instead of

49

looking only at total income and (2) using a relatively large and recent data set
versus small, unrepresentative samples used in earlier research (Coyle, 1990;
Hayward 8 Liu, 1992). Prior research on preretirement planning has been based
on surveys conducted in the 1970's, making it difficult to evaluate the current
retirement issues facing men and women today.

Second, the intention of this study was to identify characteristics of men and
women that were useful in predicting the perceived likelihood of engaging in
effective retirement planning. Because of the lack of research in this area,
especially as it relates to women, this type of information is useful in assisting
educators, retirement planners and counselors, and gerontologists in designing
and implementing better preretirement planning programs. Creating better
preretirement planning programs should help: (1) to increase awareness about
the need to plan for retirement; (2) individuals to develop the skills that are
necessary in meeting their goal of financial security in retirement; (3) encourage
the active participation of individuals in securing their future financial security;
and (3) meet the diverse needs of individuals who are currently and those who
will be planning for retirement in the near future.

Finally, organizing and conceptualizing this study from both the ecological
and feminist perspectives facilitated the analysis of preretirement planning from
a multidimensional perspective (Bronfenbrenner, 1995; Calasanti, 1993). This
dual approach incorporated the experiences of women over the lifespan which
has been absent from previous research. It also helped to generate the "right"

questions about preretirement planning both prior to and throughout the course

50

of the research study itself. This, in turn, provided a better understanding of the

diverse preretirement planning needs of men and women as they age.

CHAPTER THREE

Methodology and Procedure

Q . [B I Q .

The subjects in this study were part of a larger study, the Western Regional
Project (W-176), entitled Housing Transitions of the Maturing Population:
Consequences for Rural/Non-Metropolitan Communities in the Western Region.
The study was conducted from November 1993 to March 1994. The Western
Regional Project (WRP) was funded by the Agricultural Experiment Stations in
Idaho, Michigan, Nevada, and Wyoming. A telephone survey was used to
examine factors related to community satisfaction of older persons age 50 to 70
years. The total sample included 2447 participants. There were five objectives
of the WRP study which included: (1) to develop an instrument to determine the
paradigm of retirement - developing a framework that describes how persons
near the traditional retirement age define the meaning of retirement. This will be
achieved by examining their retirement concerns and preferences; (2) to
compare this paradigm to previous paradigms of retirement - determining if the
meaning of retirement has changed and if so, how does this new meaning differ
from previous paradigms of retirement; (3) to determine the implications the
evolution of the paradigm of retirement has for individuals, families, financial
planners, educators, gerontologists, care providers, business persons,

community leaders (such as county commissioners) and public policy makers -

51

52

how people define retirement will help others to make better decisions about
retirement and the aging population; (4) to communicate the information
obtained through presentations and publications - disseminating what has been
Ieamed to other interested parties; and (5) to provide a platform for seeking
outside funding for a regional or national study on the paradigm of retirement
(Junk, 1994). The present study utilized a subset of the Western Regional
Project (W-176) sample (N=865) to examine if there are differences between

men and women with regard to financial retirement planning.

W

A commercial sampling firm, Survey Sampling, Inc., was contracted to obtain
an age-stratified, random sample of the four state’s population. A dual sampling
method was employed to obtain the projected number of completed surveys in
the Western Regional Project M476) study. First, names were obtained from
telephone directories. Second, in order to ensure that persons who were
renters, had lower incomes, and had unlisted numbers were included in the
sample random digit dial (RDD) telephone numbers were obtained. In addition,
efforts were made to obtain a sample equally representative of both genders and
of individuals who lived in both metropolitan and nonmetropolitan areas. Finally,
telephone numbers were screened to determine if the head of the household:

(1) met the age criteria (50 to 70 years of age), (2) was the head of the
household, and (3) was willing to participate. Five call-back attempts were made

in an effort to contact someone at the home and determine if the individual was

53

eligible to participate in the study. Call-back attempts were varied by the time of
day and the days of the week in order to increase the response rate. The
households selected from phone directories were notified by letter prior to the
phone survey that they would be contacted. There was no prior notice to the

households called from the random digit dialing telephone numbers.

Qenmgmnhlcgbmctedsflcsctflnfiamm

The participants in this investigation were a subset of a larger sample from
the Western Regional Project (W-176) study. The subsample included women
and men between the ages of 50 and 61 who participated in a telephone survey
between November 1993 and March 1994. These individuals identified
themselves as the head of their households. All of the participants resided in the
following four states: Idaho, Michigan, Nevada, and Wyoming. The sample
included 865 participants, of which 423 were female and 442 were male. The
participants also indicated that they were not retired.

The demographic characteristics of the sample by gender are presented in
Table 1. The sample was almost equally divided between men (51.1%) and
women (48.9%). The mean age for women was 55.70 years and the mean age
for men was 55.07 years. The age range for both groups was 50-61 years of
age. In terms of marital status, the majority of men and women were married.
Consistent with the research literature, more men (83%) than women (70.2%)
were married and more women (9.7%) than men (2.0%) were widowed. An

equal percentage of men (1.1%) and women (1.2%) were separated and slightly

54

more women (15.1%) than men (11.3%) were divorced. Finally, 3.3 percent of
women and 2.0 percent of men reported they had never been married.

The sample was predominantly White (91.5% of women and 94.1% of men)
and very well educated. Thirty-five percent of men and 22.0 percent of women
had completed a bachelor's or higher level degree. Only 6.8 percent of men and
9.7 percent of women had not graduated from high school. In reference to
income, there were differences in income between men and women. The
median income for men was between $35,000 to $50,000 and the median
income for women was $25,000 to $35,000. In addition, only 41.0 percent of
women had incomes of $35,000 or greater whereas 66.1% of men had incomes
of $35,000 or greater. Finally, the majority of sample was employed with 96.2
percent and 82.3 percent of the men and women being employed, respectively.

Again, more men (85.7%) than women (53.4%) were employed full-time.

mum

Interviewers for the Western Regional Project (W-176) were trained by the
Social Science Research Unit (SSRU) at the University of Idaho. SSRU
collected the data over a seven week period using a computer-aided telephone
survey lab from November 1993 through March 1994.

The participants who were recruited from the telephone directories were sent
a letter prior to contacting them by phone. The portion of the sample obtained

through random digit dialed calls received "cold calls" with no prior notice to the

55
Table 1

Demographic Characteristics of Sample

5.22;
Age

MaritaLSjatus

Married
Separated
Divorced
Widowed
Never Married
Missing

Ell . C' IT

White

Black

American Indian
Asian

Hispanic

Other

Missing

III II IIEI l'

Less than 12 years

High school graduate

or equivalent

Some college - no degree

College graduate - 4 years
Advanced degree
Missing

Frequency

423

Women

Percent

48.9

Mean = 55.70

Range = 50-61 years

297

41
14

387

41

150
139

61
32

70.2
1.2
15.1
9.7
3.3

0.3.;

AND
(”(0-th401

9.7

35.5
32.9

14.4
7.6
0.0

442

Men

Frequency Percent

51.1

Mean = 55.07

Range = 50-61 years

367
50

416

(001-54050)

30

119
137

80
75

83.0
1.1
11.3
2.0
2.0

4.3?
\l-hCON-b-B-b

A

6.8

26.9
31.0

18.1
17.0

IotaLEamilinecme
Less than $10,000
$10,001 to $15,000
$15,001 to $20,000
$20,001 to $25,000

$25,001 to $35,000
$35,001 to $50,000

$50,001 to $65,000
$65,001 to $80,000
$80,001 to $95,000
$95,001 or more
Missing

CurrentlILEmnlexed

Yes

No

Never employed outside
of home - (housewife)
Never employed outside
of home - (disabled)

Werkfitatue

Part time
Full time
Varies
Missing

56
Table 1 (cont'd).

Men
Frequency Percent

Women
Frequency Percent
28 6.6
23 5.4
38 9.0
43 10.2
54 12.8
80 18.9
40 9.5
24 5.7
16 3.8
13 3.1
64 15.1
348 82.3
58 13.7
16 3.8
1 .2
117 27.7
226 53.4
4 .9
76 17.9

21
31

110

75
45
26
36
28

425
16

31
379
15
17

1.8
1.8
4.8
7.0
12.2
24.9

17.0
10.2
5.9
8.1
6.3

96.2
3.6

0.0

7.0
85.7
3.4
3.8

57

household. Overall, response rates were as follows: Idaho, 76.2%; Michigan,

68.8%; Nevada, 62.9%; and Wyoming, 74.9%.

W

This research study utilized cross-sectional data to examine the differences
between men and women with regard to their planned sources of retirement
income and characteristics associated with financial planning for retirement. The
participants were examined on the following variables: number of retirement
income sources, level of education, marital status, employment status (working
full- or part-time), income, self-assessed physical health, type of current
occupation (working as a supervisor or nonsupervisor), and living arrangement.
More specifically, the purpose of this study was to develop and compare models
for men and women that help to explain who engages in effective retirement
planning. This was accomplished in several steps. First, in order to provide a
better understanding of the factors involved in gender differences in retirement
planning, men and women were compared on the following demographic
variables: marital status, level of education, employment status, and type of
current occupation. The last step involved developing separate models for men
and women that help to explain who was likely to engage in effective retirement
planning. Effective retirement planning was defined from an economic/fiscal
perspective as a diversified income portfolio of four or more sources of
retirement income. Of particular importance was to identify characteristics of

men and women that were associated with an increased likelihood of engaging

58

in effective retirement planning.

M I [El 'IBI' IEI .

The retirement survey was designed by the Western Regional Project
(W-176) research team to assess the participants on their satisfaction with their
community. The survey instrument was entitled "Retirement SurveY" and was
constructed according to Dillman's Total Design Method (Dillman, 1978). Sixty-
six questions comprised the survey which focused on the following five areas:
satisfaction with the community, activities of daily living, employment, sources of
retirement income, and demographic information. (See page 117 of Appendix A
for a copy of the telephone survey and page 135 Appendix B for a discussion of

the questions that comprised the telephone survey).

QnemflenaLQefinjfleneetlanebIee

This section will present the operational definitions for each of the variables
utilized in this study. The primary independent variable was gender. The
number of planned sources of retirement income was the dependent variable.
The following variables were also examined to determine if they influenced the
number of planned sources of retirement income: level of education,
employment status, marital status, type of current occupation, self-assessed
physical health, living arrangement, and income.

1. Gender - was a category for the question labeled sex.
2. W - the respondent's response to questions 40,

59

41, and 42. Question number 40 asked the respondent the following
question, "Next, I would like to ask a few questions about your financial
planning for when you retire. People vary in their planned sources of
retirement income. As I read the following list of possible income sources,
please tell me if each will be a source for you in retirement. The first one is
Social Security. Do you expect Social Security to be an income source in
your retirement?" The response category was: 1-yes, 2-no, and 3-no
answer. Using the same response category as question 40, question 41
asked the respondent about additional retirement income sources
including: an individual retirement account (IRA), mutual funds, stocks and
bonds, a paid up life insurance policy, annuities, real estate, a military
pension, and a regular savings account. Question 42 asked about pension
plans as a source of retirement income. The question was, "And finally do
you expect...a pension plan...to be an income source? The response
alternatives included: 1-Yes (GO TO Q43), 2-No (GO TO Q51), and 3-No
answer (GO TO Q51).

. Winn - the respondent's response to question 56 which asked
the respondent, 'What is your highest level of education?" There were six
response categories as follows: 1-less than 12 years of school, 2-high school
graduate or equivalent, 3-some college - no degree, 4-college graduate -

4 year, 5-advanced degree - master’s or doctorate, and 9-no answer.

. Emelexmentstatus - the respondent's response to questions 33 and 34.

Question 33 asked, "Are you currently employed?" The response categories

60
were as follows: 1-Yes, 2-No (GO TO Q37), 3-Never employed (housewife)

(GO TO Q33A), 4-never employed (disabled/other) (GO TO Q33B), and 5-No
answer (GO TO Q47). Question 34 asked, “About how many hours do you
work per week? Would you say...”Response categories included: 1-20 hours
or less per week, 2-21 to 39 hours per week, 3-40 hours or more per week,
4-other - varies, and 5-no answer.

. Maritabtams - the respondent's answer to question number 53. The
question was as follows: "What is your current marital status?" The
response alternatives included: 1-married, 2-separated (GO TO Q55),
3-divorced (GO TO Q55), 4-widowed (GO TO Q55), 5-never married (GO TO
Q55), and 6-no answer.

. WWW) - this variable was created based on
the respondent's answers to questions 40 through 42 on retirement income
planning (see variable two - planned sources of retirement income above).
Those individuals with four or more sources of retirement income comprised
this group.

. MW) - this variable was created
based on the repondent's answers to questions 40 through 42 on retirement
income planning (see variable two - planned sources of retirement income
above). Those individuals with three or less sources of retirement income
comprised this group.

. W - the respondent's answer to question 36 which

asked, "Does your occupation primarily involve..." The response categories

61

included: 1-working in a position in which others supervise your activity,
2-working independently with little or no supervision, 3-supervising the work of
others, or 4-no answer (GO TO Q40).

8. Health - the respondent’s answer to question 57: “Compared to others your
age, how would you describe your health? Would you say...” There were six
response categories: 1-excellent, 2-very good, 3-good, 4-fair, 5-poor, and
6-no answer.

9. W - the respondent’s answer to question 58 which asked,
“How many people, including yourself, live in your residence? This was an
open-ended question with no preset response categories.

10. [neeme - the respondent’s answer to question 61. The question asked,
"Which of the following categories best describes your total family income
before taxes In 1993?” There were eleven response categories that
included: 1-less than $10,000, 2-$10,000 to $15,000, 3-$15,000 to $20,000.
4-$20,000 to $25,000, 5-$25,000 to $35,000, 6-$35,000 to $50,000,
7-$50,000 to $65,000, 8-$65,000 to $80,000, 9-$80,000 to $95,000.

10-$95,000 or more, and 0-no answer.

Beeeamhflueetiens

As we have seen, the research on preretirement planning has addressed a
diversity of issues related to retirement planning. However, the review of the
research literature also leaves several matters regarding gender and retirement

planning unresolved and in need of clarification. Retirement has become a

62

normative life-course transition for both men and women. And due to the

precarious nature of women's economic status in later life, planning for

retirement is becoming an increasingly salient issue for women. In order to fully

understand the financial retirement needs of men and women, research must be

conducted that examines the differences and similarities between men and

women as they relate to effective retirement planning. Therefore, the following

research questions were the focus of this study:

1.

What is the relationship between gender and selected demographic variables
with regard to the number of expected income sources of men and women
who are planning for retirement? For example, do marital status, level of
education, employment status, and type of current occupation, interact with
gender to influence the number of income sources during retirement?
Among those men and women who are planning to retire, what combination
of demographic variables (e.g., employment status, level of education, type
of current occupation, living arrangement, self-assessed health, and income)
best predict effective retirement planning for men and women, respectively?
Effective retirement planning is defined as a diversified income portfolio of

four or more sources of retirement income.

flxmtheeee

To address the research questions of this study, the following hypotheses

were tested to determine if there were differences between men and women with

regard to the following: the number of retirement income sources and

63

characteristics associated with planning for retirement.

Research Question 1. What is the relationship between gender and selected

demographic variables with regard to the number of expected income sources of

men and women who are planning for retirement? That is, do marital status,

employment status, type of current employment, and level of education interact

with gender to influence the number of income sources of men and women who

are planning for retirement?

H01 :

HA1 :

H02:

HA2:

H03:

There is no difference between the number of income sources of married
women who are planning for retirement and married men who are
planning or retirement.

Married women who are planning for retirement will have fewer income
sources than married men who are planning for retirement.

There is no difference between the number of income sources of single
women (divorced, separated, and never married) who are planning for
retirement and single men (divorced, separated, and never married) who
are planning for retirement.

Single women (divorced, separated, and never married) who are planning
for retirement will have fewer income sources than single men (divorced,
separated, and never married) who are planning for retirement.

There is no difference between the number of income sources of women
who are widowed and planning for retirement and men who are widowed

and planning for retirement.

HA3:

H04:

HA4:

H05:

HA5:

H06:

HA6:

64

Women who are widowed and planning for retirement will have fewer
income sources than men who are widowed and planning for retirement.
There is no difference between the number of income sources of women
working full-time (40 or more hours per week) who are planning for
retirement and men working full-time (40 or more hours per week) who are
planning for retirement.

Women working full-time (40 or more hours per week) who are planning
for retirement will have fewer income sources than men working full-time
(40 or more hours per week) who are planning for retirement.

There is no difference between the number of income sources of women
working part-time (39 or less hours per week) who are planning for
retirement and men working part-time (39 or less hours per week) who are
planning for retirement.

Women working part-time (39 or less hours per week) who are planning
for retirement will have fewer income sources than men working part-time
(39 or less hours per week) who are planning for retirement.

There is no difference between the number of income sources of women
who work in positions in which they supervise the work of others and who
are planning for retirement and men who work in positions in which they
supervise the work of others and who are planning for retirement.
Women who work in positions in which they supervise the work of others
and who are planning for retirement will have fewer income sources than

men who work in positions in which they supervise the work of others and

65

who are planning for retirement.

H07: There is no difference between the number of income sources of women
who work in positions in which they are supervised by others and who are
planning for retirement and men who work in positions in which they are
supervised by others and who are planning for retirement.

HA7: Women who work in positions in which they are supervised by others and
who are planning for retirement will have fewer income sources than men
who work in positions in which they are supervised by others and who are
planning for retirement.

H08: There is no difference between the number of income sources of women
with 13 or more years of education who are planning for retirement and
men with 13 or more years of education who are planning for retirement.

HA8: Women with 13 or more years of education who are planning for
retirement will have fewer income sources than men with 13 or more years
of education who are planning for retirement.

Research Question 2. Among those men and women who are planning to

retire, what combination of demographic variables (e.g., level of education,

employment status, income, type of current occupation, self-assessed physical
health, and living arrangement) best predict effective retirement planning for men

and women, respectively? Effective retirement planning was defined as a

diversified income portfolio of four or more sources of retirement income.

66
Mini:

{The main issue this study addressed was the relationship of gender to
planned sources of retirement income. Data analysis preceded in several steps.
First, to describe the data, descriptive statistics were run to obtain frequencies
and percentage on the variables. Descriptive statistics were instrumental in
determining the nature of the data set. Second, inferential statistics were run to
test the hypotheses. The analysis of variance (ANOVA) statistical procedure
was used to test the null hypothesis that the population means are equal. Each
of the proposed hypotheses were tested using the one-way ANOVA procedure to
determine if there were any significant differences between gender (independent
categorical variable with two levels: male and female). The men and women
were examined according to their marital status, employment status (working full-
or part-time), type of current occupation (working as a supervisor or
nonsupervisor), and level of education to determine if there was a significant
difference between the number of planned sources of retirement income
(dependent variable). A .05 level of significance was used to evaluate the
relevant F-ratios.

The final step in the data analysis process was to identify a set of variables
that could be used to predict whether or not men and women have engaged in
effective retirement planning. Effective retirement planning was defined as a
diversified income portfolio of four or more sources of retirement income.
Logistic regression analysis was used because the outcome or dependent

variable was dichotomous (Norusis, 1997). Logistic regression was used to

67

identify factors or characteristics of individuals that were associated with
planning financially for retirement when other factors are controlled. An
alternative procedure, discriminant regression analysis, is often used when the
dependent variable is dichotomous. But because it assumes that the
independent variables follow a normal distribution, it must be used with caution if
some of the independent variables are nominal (Dawson-Saunders 8 Trapp,
1990; Press 8 Wilson, 1978). "In particular, if any of the independent variables
are dichotomous or categorical in nature, then the discriminate function method
tends to give biased results, usually giving estimated odds ratios that are too
high" (Kleinbaum, 1994, p. 105). In contrast, the strength of logistic regression
was that it requires no assumptions about the distribution of the independent
variables (Hosmer 8 Lemeshow, 1989). Thus, the independent variables can be
a mixture of continuous and/or categorical variables. Therefore, it is the
recommended method of multivariate analysis when the independent variables
include both continuous and categorical variables (Hosmer 8 Lemeshow, 1989).
Three models were produced including one for the total sample (model one),
one for men only (model two), and one for women only (model three). The
dependent variable was planning for retirement (planners) versus not planning
for retirement (nonplanners). Seven predictors were used for model one. The
predictors included income level, employment status (working full- or part-time),
type of current occupation (working as a supervisor or nonsupervisor), self-
assessed physical health, living arrangement, level of education, and gender.

The sample was divided into two groups according to the respondent's answer to

68

the questions about financial planning (questions 40 through 42). The sample
was divided as follows: individuals with four or more expected income sources
comprised the planning group (planners) and those with three or less expected
income sources made up the nonplanning group (nonplanners). For models two
and three, the sample was divided according to gender: men only and women
only. Six predictors or independent variables used including: income level,
employment status, type of current occupation, self-assessed physical health,
living arrangement, and level of education. Identifying characteristics of
individuals who engage in effective retirement planning can help educators to
design preretirement planning programs that will meet the diverse needs of

individuals who will be planning for retirement in the future.

BeaearehAseummiene
The following assumptions were made with regard to this study as it was

being implemented:

1. The sample was representative of those individuals, aged 50 to 61, who were
participating in this study and were planning for retirement.

2. The research participants’ self-report information reflected the actual facts
and realities of their family situations.

3. The instrument used in this study was sensitive enough to detect the

concepts being studied.

 

69
Summary

In summary, this study utilized a subsample of the Western Regional Project
(W-176) to determine if differences existed between men and women with regard
to effective retirement planning. The participants were examined on variables
such as planned sources of retirement income, income level, level of education,
marital status, type of current occupation, employment status, self-assessed
physical health, and living arrangement using a variety of statistical procedures.

The following chapter will present the results of the data analysis procedures.

CHAPTER FOUR

Results ‘

W

This section presents the results of the statistical analysis of the data. The
purpose of this study was twofold: (1) to determine if there was a relationship
between gender, selected demographic variables, and the expected number of
income sources during retirement and (2) to identify factors that could be used to
predict whether or not men and women are likely to engage in effective
retirement planning.

The one-way analysis of variance (ANOVA) procedure was used to test the
null hypothesis that the population means were equal. Each of the eight
hypotheses were tested using the one-way ANOVA procedure to determine if
there were any significant differences between gender (independent categorical
variable with two levels: male and female) and the dependent variable. The
participants were examined according to their marital status, employment status
(working full- or part-time), type of current occupation (working as a supervisor or
nonsupervisor), and level of education to determine if these factors influenced
the number of planned sources of retirement income (dependent variable). A
p<.05 level of significance was used to evaluate the relevant F-ratios. In
addition, logistic regression was employed to identify a set of variables that can

be used to predict whether or not men and women have engaged in effective

70

71

retirement planning. Logistic regression was used because the outcome or
dependent variable was dichotomous (Norusis, 1997). Logistic regression was
used to identify factors or characteristics of individuals that were associated with
planning financially for retirement when other factors were controlled. The
dependent variable was planning for retirement (effective retirement planning -
planners) versus not planning for retirement (noneffective retirement planning -
nonplanners). The predictors or independent variables included: total family
income, self-assessed health, employment status, living arrangement, type of

current occupation, gender, and level of education.

mum

Westiengne

What is the relationship between gender and selected demographic variables
with regard to the number of expected income sources of men and women who
are planning for retirement? That is, do marital status, employment status, type
of current occupation, and level of education, interact with gender to influence
the number of income sources of men and women who were planning for
retirement?

flypetheeieene. Married women who are planning for retirement will have
fewer income sources than married men who are planning for retirement. The
number of income sources was the dependent variable. The independent
variable was gender. There was no significant difference between the two

groups (F=.746, DF= 1, 662, p<.388). The results indicated that there was no

72

difference between the number of income sources of married men and married

women who were planning for retirement (see Table 2).

Table 2

Summary of ANOVA for the Number of Income Sources

of Married Men and Women

 

 

 

Source of Variance SS df MS F p
Between Group 2.685 1 2.685 .746 .388
Within Group 2383.724 662 3.600

Total 2386.409 663

 

MW- Single women (divorced, separated, and never married)

who are planning for retirement will have fewer income sources than single men

(divorced, separated, and never married) who are planning for retirement. The

number of income sources was the dependent variable. The independent

variable was gender. There was no significant difference between the two

groups (F=3.466, DF=1,145, p<.065). The results indicated that there was no

difference between the number of income sources of single men and single

women who were planning for retirement (see Table 3).

73
Table 3

Summary of ANOVA for the Number of Income Sources

of Single Men and Women

 

 

 

Source of Variance 88 (ff MS F p
Between Group 13.879 1 13.879 3.466 .065
Within Group 580.666 145 4.005

Total 594.545 146

 

Hypetheeiejhme. Women who are widowed and planning for retirement

will have fewer income sources than men who are widowed and planning for

retirement. The number of income sources was the dependent variable. The

independent variable was gender. There was a significant difference between

the two groups (F=5.354, DF=1,48, p<.025). The results indicated that widowed

women who were planning for retirement had significantly more income sources

than widowed men who were planning for retirement (see Table 4).

74
Table 4

Summary of ANOVA for the Number of Income Sources

of Widowed Men and Women

 

 

 

Source of Variance SS df MS F p
Between Group 28.098 1 28.098 5.354 .025
Within Group 251.902 48 5.248

Total 280.000 49

 

fiypetheeiejegr. Women working full-time (40 or more hours per week)
who are planning for retirement will have fewer income sources than men
working full-time (40 or more hours per week) who are planning for retirement.
The number of income sources was the dependent variable. The independent
variable was gender. There was no significant difference between the two
groups (F=.176, DF=1,603, p<.675). The results indicated that there was no
difference between the number of income sources of men who were working full-
time and women who were working full-time and were planning for retirement

(see Table 5).

75
Table 5

Summary of ANOVA for the Number of Income Sources

of Men and Women Working Full-Time

 

Source of Variance SS df MS F p

 

 

Between Group .613 1 .613 .176 .675
Within Group 2102.270 603 3.486
Total 2102.883 604

 

fiypetheejeflxe. Women working part-time (39 or less hours per week) who
are planning for retirement will have fewer income sources than men working
part-time (39 or less hours per week) who are planning for retirement. The
number of income sources was the dependent variable. The independent
variable was gender. There was no significant difference between the two
groups (F=1.259, DF=1,146, p<.264). The results indicated that there was no
difference between the number of income sources of men who were working
part-time and women who were working part-time and were planning for

retirement (see Table 6).

76
Table 6

Summary of ANOVA for the Number of Income Sources

of Men and Women Working Part-Time

 

 

 

Source of Variance SS df MS F p
Between Group 6.009 1 6.009 1.259 .264
Within Group 696.694 146 4.772

Total 702.703 147

 

film. Women who work in positions in which they supervise the
work of others and who are planning for retirement will have fewer income
sources than men who work in positions in which they supervise the work of
others and who are planning for retirement. The number of income sources was
the dependent variable. The independent variable was gender. There was no
significant difference between the two groups (F=.469, DF=1,680, p<.494). The
results indicated that there was no difference between the number of income
sources of men who supervised the work of others and women who supervised

the work of others and were planning for retirement (see Table 7).

77
Table 7

Summary of ANOVA for the Number of Income Sources

of Men and Women Supervisors

 

 

 

Source of Variance SS df MS F p
Between Group 1.780 1 1.780 .469 .494
Within Group 2582.801 680 3.798

Total 2584.581 681

 

Wu. Women who work in positions in which they are
supervised by others and who are planning for retirement will have fewer income
sources than men who work in positions in which they are supervised by others
and who are planning for retirement. The number of income sources was the
dependent variable. The independent variable was gender. There was no
significant difference between the two groups (F=.798, DF=1,87, p<.374). The
results indicated that there was no difference between the number of income
sources of men who were supervised by others and women who were

supervised by others and were planning for retirement (see Table 8).

78
Table 8

Summary of ANOVA for the Number of Income Sources

of Men and Women Non-Supervisors

 

 

 

Source of Variance SS df MS F p
Between Group 3.004 1 3.004 .798 .374
Within Group 327.715 87 3.767

Total 330.719 88

 

Hypethefleeigm. Women with 13 years or more of education who are
planning for retirement will have fewer income sources than men with 13 years
or more of education who are planning for retirement. The number of income
sources was the dependent variable. The independent variable was gender.
There was no significant difference between the two groups (F=2.13, DF=1,522,
p<.145). The results indicated that there was no difference between the number
of income sources of men and women with 13 years or more of education and

who were planning for retirement (see Table 9).

79
Table 9

Summary of ANOVA for the Number of Income Sources

of Men and Women with 13+ Years of Education

 

 

 

 

Source of Variance SS df MS 1 F p
Between Group 7.143 1 7.143 2.136 .145
Within Group 1745.778 522 3.344
Total 1752.921 523

' i R r s i n l
Beeeamhfiuestienjwe

Among those men and women who are planning to retire, what combination
of demographic variables (e.g., level of education, living arrangement, income
level, employment status, type of current occupation, and self-assessed physical
health) best predicts effective retirement planning for men and women,
respectively? Effective retirement planning was defined from an economic/fiscal
perspective as a diversified income portfolio of four or more sources of
retirement income. Three logistic regression models were produced (Table 13
presents a comparison of the three models). The first model used the total

sample. For the second and third models, the sample was divided according to

80

gender and two separate models were produced one for men and one for

women.

MedelflneLthaLSamnle-

For the total sample, seven variables were used as predictors: level of
education, gender (male or female), self-assessed health, income, living
arrangement (living alone versus living with others), type of current occupation
(working in a position as a supervisor or nonsupervisor), and employment status
(working full-time or part-time). The results indicated five of the variables were
significant in predicting the decision to plan for retirement (p<.05): education,
gender, self-assessed health, income, and type of current occupation (see Table
10). Variables that increased the likelihood of planning for retirement included
higher levels of education, positive self-assessed health, and higher levels of
income. That is, as the level of education increased, the likelihood of planning
for retirement increased (b=.765, p=.0000). As the level of self-assessed health
improved, the likelihood of planning for retirement increased (b=.189, p=.0360).
Likewise, as income level increased, the likelihood of planning for retirement
increased (b=.453, p=.0000). The type of current occupation decreased the
likelihood of planning for retirement: being a supervisor at work decreased the
likelihood of planning for retirement (b=-.377, p=.0287). Finally, there was a
significant gender difference that indicated women were more likely to plan for
retirement than men (b=.435, p=.0328). Overall, 82.43% of the cases were

correctly classified (96.05% of the planners and 31.32% of the nonplanners).

81

Table 10

Model 1: Logistic Regression Analyses for the Total Sample

 

 

Variables 8 SE Wald p Value R Exp(b)
Education .765 .141 29.290 .0000*** .175 2.149
Health .1 89 .090 4.399 .0360* .052 1 .209
Income .453 .055 67.690 0000*” .272 1 .573
Living Arrangement -.183 .264 .481 .4878 .000 .833
Gender .435 .204 4.556 .0328" .054 1 .545
Type of Occupation -.377 .172 4.786 0287* -.056 .686
Work Status .301 .238 1.594 .2068 .000 1.351
Constant -3.01 .638 23.642 .0000*** -- --

 

Model X2 = 167.943, df= 7, p = .0000
*p<.05; **p<.01; ***p<.001.

 

82

For the sample of men, four of the six variables were significant predictors
(p<.05). The four significant predictors included: education, self-assessed
health, income, and employment status. The results indicated that as level of
education and income increased, the likelihood of planning for retirement
increased. Men with four year college degrees or advanced degrees were more
likely to plan for retirement than men with high school diplomas or lower levels of
education (b=.791, p=.0001). Similarly, men with high incomes were more likely
to plan for retirement than men with low incomes (b=.335, p=.0000). Each
increment in self-assessed health (e.g., from being in fair health to being in good
health) increased the likelihood of planning for retirement (b=.255, p=.0468).
Finally, the more likely an individual works full-time, the greater the likelihood the
individual will plan for retirement (b=.730, p=.0496). The classification analysis
indicated 82.35% of the cases were correctly classified. The percentage of
cases correctly classified as planners versus nonplanners was 97.17% and

23.60%, respectively (see Table 11).

 

The results for the women only sample revealed four of the six variables
were significant predictors (p<.05). The four variables were education, income,
living arrangement, and type of current occupation. Similar to men, women with
higher levels of education and higher incomes were more likely to plan for

retirement. That is, women who had a four year college degree or higher level of

83

education were more likely to plan for retirement than women with a high school
diploma or lower level of education (b=.731, p=.0004). Likewise, women who
had higher incomes were more likely to plan for retirement than women with
lower incomes (b=.629, p=.0000). Women who lived with others were less likely
to plan for retirement than women who lived alone (b=-.985, p=.0103). Women
who were supervisors at work were less likely to plan for retirement than women
who were supervised by others at work (b=-.731, p=.0054). The logistic model
correctly classified 82.98% of the cases for the entire sample of women (93.64%

of the planners and 45.16% of the nonplanners) (see Table 12).

 

34

Table 11

Model 2: Logistic Regression Analyses for Men

 

 

 

Variables B SE Wald p Value R Exp(b)
Education .791 .197 16.078 .0001 *** .178 2.205
Health .255 .129 3.952 .0470* .066 1.291
Income .335 .075 20.290 .0000*** .203 1.399
Living Arrangement -.516 .379 1.851 .1736 .000 1.676
Type of Occupation -.147 .235 .392 .5314 .000 .863
Work Status .730 .372 3.855 .0496" .065 2.074
Constant -4.267 .927 21.21 1 .0000*** -- --

 

Model X2 = 71.726, df= 6, p = .0000
*p<.05; ”p<.01; ***p<.001.

 

Table 12

Model 3: Logistic Regression Analyses for Women

 

 

Variables 8 SE Wald p Value R Exp(b)
Education .731 .208 12.396 0004*" .153 2.077
Health .1 25 .132 .903 .3420 .000 1 .133
Income .629 .088 50.693 .0000*** .331 1 .875
Living Arrangement -.985 .384 6.576 .0103“ -.101 .374
Type of Occupation -.731 .263 7.729 .0054" -.1 13 .482
Work Status .063 .319 .039 .8442 .000 . 1 .065
Constant -1 .614 .799 4.087 .0432" -- --

 

Model )6 = 110.524, df= 6, p = .0000

*p<.05; **p<.01; ***p<.001.

 

 

86

Table 13

Comparison of Logistic Regression Models

 

 

 

 

Model 1 Model 2 Model 3
Total Sample Men Only Women Only

Variables 8 SE B SE 8 SE
Gender .435" .204 -- -- -- --
Education 765"“ . 141 791"" .197 731*“ .208
Health .189" .090 .255" .129 .125 .132
Income .453'“ .055 335*“ .075 .629‘“ .088
Living Arrangement -.183 .264 -.516 .379 -.985*" .384
Type of Occupation -.377* .172 -. 147 .235 -.731"* .263
Work Status .301 .238 .730' .372 .063 .319
Constant -3.104*"" .638 4267"” .927 -1.614* .799
Model X2 167.943, df=7, 71.726, df=6, 110.524, df=6,

p = .0000 p=.0000 p=.0000

 

"p<.05; “p<.01; *“p<.001.

 

 

CHAPTER FIVE

Discussion

The purpose of this study was twofold: (1) to determine if there was a
relationship between gender, selected demographic variables, and expected
income sources during retirement and (2) to identify factors that, taken together,
could be used to predict whether men and women are likely to engage in
effective retirement planning. As indicated in the first two chapters, planning for
retirement has become an increasingly salient issue for both men and women,
particularly as the latter group has moved into the workplace in increasing
numbers. To understand the financial retirement needs of men and women,
there is a need for research that addresses the similarities and differences
between men and women as they relate to retirement planning in order to ensure
a financially secure retirement. For purposes of this study, effective retirement
planning was defined from an economic/fiscal perspective as a diversified
income portfolio of four or more income producing investments. Individual
characteristics of men and women that contribute to the decision to plan for
retirement were the focus of this study. The participants of this study were a
subsample from the Western Regional Project (W-176) and included 865
participants of which 442 were men and 423 were women between the ages of
50 and 61. The data was collected using a survey instrument (see Appendix A,

page 117) designed by the Western Regional Project research team. This

87

88

chapter is organized into five sections as follows: 1) the findings of this study,
including a review of the research questions that formed the basis of this study
and a discussion of the findings; 2) the limitations of the study, including a
discussion of methodological issues; 3) implications for education, policy, and
theory; 4) suggestions for further research; and 5) some final considerations

regarding effective retirement planning.

DI i [II B I E' l'
; l e -um 0.: 13 i 01‘ ' =:I.::I -I-.= LII-9.01.
WNW

What is the relationship between gender and selected demographic variables
regarding the number of expected income sources of men and women who are
planning for retirement? That is, does marital status, employment status, type of
current employment, and level of education interact with gender to influence the
number of income sources of men and women who are planning for retirement?
Effective retirement planning has been defined as a diversified income portfolio
of four or more sources of retirement income.

The first objective of this study was to determine if there was a relationship
between gender, selected demographic variables, and the number of income
sources during retirement. This objective was addressed by examining a
number of individual characteristics that included marital status, employment
status (working either full- or part-time), type of current occupation (working as a

supervisor or nonsupervisor), and level of education. Based on prior research

89

that suggests that women are likely to enter their retirement years not only with
less retirement Income but with a greater likelihood of being in poverty (Barusch,
1994; Dodge, 1995; Even 8 Macpherson, 1996; Older Women’s League, 1995),
it was hypothesized that the women in this study would have fewer anticipated
income sources during retirement than men. The results showed that women did
not have significantly fewer sources of retirement income than men. In fact, only
one of the eight tests of the hypotheses was significantly different with the
outcome favorable to women, indicating widowed women had significantly more
income sources than widowed men.

These findings are contrary to previous research that has shown that women,
regardless of marital status, occupation, employment status, and educational
attainment make less money and are less financially secure in retirement than
men (Even 8 Macpherson, 1996; Urban Institute, 1992; US. Bureau of the
Census, 1996). For example, women working full-time earn only 71 percent of
the median earnings of men (US. Bureau of the Census, 1996). In addition,
Blau and Ferber (1992) compared age-earnings profiles by gender and
education in 1990 and found that “within educational categories, men earn more
than women at every age, even among the youngest workers who are recent
entrants to the labor force” (p.176). Furthermore, men in all occupational
groups, from executive, professional specialities, to service workers have higher
earnings than women in the same occupational groups (US. Bureau of the
Census, 1996). Finally, men, of all marital statuses, also have higher earnings

than women. For example, the median income of married men (who worked full-

90

time and year-round and were the heads of the household) was $35,268. In
contrast, the median income for women was $23,505 (US. Bureau of the
Census, 1996).

The research on retirement preparation also indicates that men do much
better than women when it comes to financial planning for retirement. In 1995,
the median income for men and women age 65 and over was $16,484 and
$9,355, respectively (US. Bureau of the Census, 1996). The discrepancy
between past research that has found gender differences in retirement planning
and the current research findings of no gender differences will be discussed
further in the next section.

Although the current findings were contrary to past research, there is
nonetheless some research evidence that supports no gender differences with
regard to planning for retirement (Kaye 8 Monk, 1984; Newman et al., 1982;
Richardson 8 Kilty, 1989; Turner, Bailey, 8 Scott, 1994). The main explanation
for the lack of gender differences in these studies was the increased labor force
participation of women which enables women to rely more on their own
resources. Possible explanations for the findings of no gender differences in the
current study include: (1) the nature of the sample (e.g., this will include a
discussion of how employment status, educational attainment, socioeconomic
status, and marital status influence planning for retirement); (2) the number of
income sources versus sufficient retirement money (e.g., the difference between
having an adequate number of income sources and having a sufficient amount

of retirement money will be discussed in addition to saving for retirement); and

91

(3) the nature of the measuring instrument (e.g., problems associated with a
newly designed measuring instrument) will be addressed in the following section
and the section on methodological considerations.

In terms of the nature of the sample, there are four issues that need to be
addressed. First, one reason no gender differences were found in the current
study may be because of women’s increased involvement in the labor force. The
majority of the women in this study were currently employed (82.3% women and
96.2% men) and working full-time (53.4% women and 85.7% men). Because of
increased participation in the labor force, women may be leveling the disparity
between men and women and the benefits derived from employment. In
addition, the increased involvement of women in the labor force may also be
helping them to become more aware of the benefits associated with their
employment and to take advantage of those benefits. For example, Honig
(1996) found that planning behavior is based upon knowledge of current and
expected resources during retirement. Furthermore, retirement expectations and
retirement behaviors were linked through planning behaviors. Honig (1996)
concluded that increased knowledge of benefits should lead to increased
planning and preparation for retirement.

A second factor influencing the outcome of this study was education. The
majority of the women in this study were highly educated and in a higher
socioeconomic bracket. Of the total sample, 60.6 percent had 13 or more years
of education. Almost 55 percent of the women and 66.1 percent of the men had

some college experience or higher level of education. Also, past research has

92

found education has a positive influence on participation in 401 (k) plans (Foster,
1996).

Income also influenced the outcome of this study. Seventy-five percent of
the women and 83.7 percent of the men were making $20,000 or more a year.
Previous research has indicated education is associated with income, with higher
income and higher levels of education associated with higher rates of planning
(Cooper, 1994; Kominski 8 Adams, 1994; Kragie et al., 1989; Maxwell, 1986).
Occupations are also associated with income and planning for retirement.
Kokrda and Cramer (1996) found individuals in professional and managerial
occupational categories had greater opportunities to contribute to retirement
plans such as pensions, IRA's, and Keoghs. A higher level of income affords
individuals greater opportunities to invest in retirement resources.

Finally, the majority of the women (70.2 percent) and men (83.0 percent)
were married. Research has shown that married couples, especially married
women, are financially better off than single individuals (Even 8 Macpherson,
1996; Moon 8 Juster, 1995; US. Bureau of the Census, 1996). For example,
DeViney and Solomon (1995) found women had lower retirement income than
men because they have been divorced or widowed earlier in their lives. In their
study, women who were continuously married to the same man received, on
average, only $85.52 less a month in retirement income than continuously
married men. They concluded that the one factor that narrows the gap between

men and women’s retirement income is the continuity of their marital career.

93

F urthermore, the current study found that widowed women had a greater
number of retirement resources than widowed men. This finding may be due to
women’s reliance on a combination of their own work-related benefits and
survivor benefits from their husband’s pension and Social Security which
improves their socioeconomic status. In contrast, most women have lower
earnings than men and are less likely than men to receive pension benefits
(Hatch 8 Thompson, 1992; Rix, 1993). Therefore, widowed men are less likely
to receive survivor benefits based on their spouse’s earnings. As a result of the
above factors, the women who were part of the current research may have
benefited from their educational attainment, income level, occupational level, and
marital status.

The findings of the current research could be interpreted as supporting the
position that an improvement in the financial status of women leads to better
retirement planning. However, such an interpretation should be treated
cautiously because although the respondents may have reported having an
adequate number of income sources, in reality they may have an insufficient
total amount of retirement money. For example, an individual may report having
a savings account but have an insufficient sum of money in the account for it to
be a viable income-producing resource. For example, Foster (1996) found that
39.3 percent of families owned retirement accounts that included individual
retirement accounts (lRA’s), Keogh accounts, and employer-sponsored defined
contribution plans in 1992. But the median value of these accounts (in 1992

dollars) was only $15,000. This finding is reflected in the low US. personal

94

saving rates of approximately 5 percent of after-tax income per year (Crown,
1996; Gitman 8 Joehnk, 1996). This rate is considered inadequate to provide
financial security in retirement (Crown, 1996; Gitman 8 Joehnk, 1996).

There are a number of reasons for the low savings rate and the failure to
save for retirement. They include: (1) above average expenses prior to
retirement such as college expenses, larger families, and higher health care
costs; (2) lack of information on savings opportunities; (3) marital disruption, and
(4) preferences for high current consumption (Holden, 1989). An additional
reason suggests that individuals may be unaware of the amount of money they
will need in retirement to maintain their current standard of living. The
recommended income replacement standard is 75 to 80 percent of preretirement
income (Rosenberg, 1993; Schulz, 1995). For example, if you are 40 years old,
currently earning $50,000 a year, and plan to retire at age 65, you will need to
save approximately $10,644 a year to maintain your current standard of living at
a 75 percent replacement rate (assuming a 8 percent return on investments and
a 4 percent inflation rate).

The gap or surplus between the estimated annual income needed at
retirement minus estimated annual income at retirement is often referred to as
"future shock" because the typical bottom line shows a large gap between what
is needed and what is available (Rosenberg, 1993). In addition, many
individuals are unaware of the factors that should be considered when
determining how much money to save for retirement and how to invest

retirement money. These factors include: (1) the income replacement

95

standard; (2) number of years one plans to be in retirement, (3) current wealth
and expected benefits from all income sources; (4) rate of inflation; and

(5) unexpected costs such as health problems, economic, and personal changes
that might affect economic well-being (Clark, 1994; Schulz, 1995). Planning for
retirement is a challenging and sometimes complex task because of the many
factors that need to be considered. However, based on a careful consideration
of all the factors associated with planning for retirement, both men and women
can approximate the essential goal of retirement planning which is to balance
present resources against future needs.

In summary, these results suggest that there was not a wide disparity
between the number of income sources that were available to the men and
women of this study as they planned for retirement. The lack of gender
differences may be explained by the characteristics of the women who
comprised the sample. For example, the majority of the women were married,
highly educated, and employed full-time. These characteristics are associated
with a higher standard of living. And a higher standard of living provides
individuals with greater opportunities to plan for retirement. Therefore, the
results of this study might be interpreted as an improvement in the
socioeconomic status of women due to their increased investment in their

human capital.

96
;.~;, 1" .=~‘l°l .o' ’ =- I! i: ' = '=I:11=1 ' .IIII

Among those men and women who are planning to retire, what combination
of demographic variables (e.g., educational level, employment status, income,
type of current occupation, self-assessed physical health, and living
arrangement) best predict effective retirement planning for men and women,
respectively? Effective retirement planning has been defined as a diversified
income portfolio of four or more sources of retirement income.

Research number two addressed the second objective of this study which
was to identify factors that could be used to predict whether men and women are
likely to engage in effective retirement planning. Logistic regression analysis
was used to create three different models: model one included the total sample,
model two included men only, and the third model focused on women only.
Model one, the total sample, was examined to determine if gender has an
influence on planning for retirement while controlling for other factors. The
sample was disaggregated by gender because men and women are likely to
have very different life experiences that influence their ability to plan for
retirement. This should result in different factors associated with planning for
retirement for men and women. The results revealed that there were similarities
and differences in regard to factors associated with effective retirement planning.

Focusing first on the results for all sample members (model one), five of the
seven factors were significant. Gender was a significant determining factor of
planning for retirement with women more likely to plan for retirement than men.

Although this finding is somewhat surprising because of the widespread

97

expectation that men are more likely to plan for retirement than women
nonetheless, it is supported by previous research that has shown women are
more likely than men to plan for retirement if they have access to formal
retirement planning programs (Ferraro, 1990; Kroger, 1982). That is, ifthey do
not have access to such programs and must plan on their own, women are less
likely than men to plan for retirement (Ferraro, 1990; Kroger, 1982). Other
significant factors associated with planning for retirement included high levels of
income and education, positive health status, and working as a nonsupervisor
(e.g., in positions in which others supervise your activity). These factors were
consistent with previous research on retirement planning (Belgrave, 1988;
Cooper, 1994; Kominski 8 Adams, 1994; Kragie et al., 1989).

The separate logistic regression models for men (model 2) and women
(model 3) revealed two retirement planning factors, education and income, that
were common to both men and women. As expected, men and women with
higher incomes and higher levels of education were more likely to plan for
retirement than men and women with low incomes and low levels of education.
This finding is consistent with previous research that has found men and women
with higher incomes and higher levels of education are more likely to plan for
retirement (McKenna 8 Nickols, 1988; Maxwell, 1986).

In addition to education and income, women also had two other unique
factors that were associated with retirement -- living arrangement and type of
employment. Consistent with previous research, women who lived with others

were less likely than women who lived alone to plan for retirement. There are at

98

least two interpretations of this finding. First, previous research has reported
women who are part of the "sandwich generation" have more difficulty saving for
retirement because of increased demands on resources (Junk et al., 1993).
Women who are part of the sandwich generation are responsible for dependent
children and/or aging parents (Brody, 1981; 1990). Caring for children or
parents, whether they live in the home or independently, has a negative affect on
income (Kokrda 8 Cramer, 1996). Second, women who are part of a spousal
relationship may be abdicating their planning responsibilities to their spouses or
incorporating their planning with them. There are several possible reasons why
this might occur including: (1) retirement planning may be considered the
husband’s domain; (2) women may not feel comfortable actively participating in
financial planning and decision making; and (3) women may not know how to
plan for retirement (McKenna 8 Nickols, 1988; Prentis (1980). Other research
has reported that women tend to relinquish responsibility for household financial
matters, including retirement planning, to their spouses especially if the spouse
has previously taken responsibility for household financial matters and/or they do
not know how to plan for retirement (Hayes 8 Parker, 1993; Mauldin et al., 1990;
McKenna 8 Nickols, 1988; Onyx 8 Benton, 1996).

Concerning type of employment, women who were supervisors were less
likely than women who were supervised by others to plan for retirement. The
reasons for this finding are not clear. Perkins (1992) has offered a psychosocial
explanation for this: “the reason for women’s failure to prepare for retirement

may be related to women’s traditional roles in society, roles that emphasize

99
inferiority, dependence, and passivity” (p. 530). Supporting Perkin’s (1992)
position, Onyx and Benton ( 1996) found that married women abdicated the
responsibility for retirement planning to their husbands. In addition, the single
women in their study also did not engage in retirement planning. The reason
given for single women not planning was the single women reported high work
satisfaction and did not plan to retire. Other research has also found a
connection between professional women with stronger work identities, higher
work satisfaction, more negative attitudes toward retirement, and choosing not to
plan for retirement (Erdner 8 Guy, 1990; Feuerbach 8 Erdwins, 1994; Johnson 8
Price-Bonham, 1980; Kroeger, 1982).

The type of retirement savings plan could also influence whether women
(and men) participate in such plans. In a study that examined the relationship
between selected savings and thrift plan provisions and employee participation in
such plans, Foster (1996) found the employee participation rates were higher in
plans with an employer matching contribution than plans with no employer
matching contribution. For employer matching plans, the lowest participation
rate was for blue-collar workers (77%), the highest was for professional workers
(83%). Participation rates among clerical workers was 81 percent. For plans
with no employer matching contribution, the overall participation rate was 51
percent. The group with the highest participation was for clerical workers (59%).
Blue-collar workers had the lowest participation rate (44%) and the participation

rate for professional workers was 56 percent.

100

Finally, it may be that women are choosing not to retire because they want to
continue working. Many women enter their careers later in their lives and work
fewer hours over their lifetimes than men (Ruhm, 1990). Therefore, their
earnings trajectories and pension savings (if available) are low which requires
them to postpone retirement and continue working past the traditional retirement
age (Burkhauser et al., 1996; O’Rand, 1996; Perkins, 1993).

In addition to education and income, men also had two additional and
distinctive factors associated with planning for retirement - positive self-
assessed physical health and working full-time. With every positive increase in
self-assessed health, men were more likely to plan for retirement. Consistent
with the findings of previous research, men in good health are more likely to
have consistent work histories and higher incomes which leads to higher
retirement benefits than men in poor health (Choi, 1994; Honig, 1996; Moon 8
Juster, 1995). And men who work full-time were more likely than men who work
part-time to plan for retirement. Again, these findings corroborate the findings of
other studies that have found full-time employment to be positively associated
with planning for retirement (Anderson 8 Weber, 1993; Choi, 1994; Honig, 1996;
Richardson 8 Kilty, 1989). It is interesting to note that these two factors, self-
assessed positive health status and full-time employment, were not associated
with planning for retirement for women. Previous research suggests that this
difference may be explained by the fact that health condition does not influence
the retirement decision of women (Honig, 1996; Hurd, 1990). This is because

married women in poor health tend to withdraw early from or do not enter the

101

labor force. In addition, married women are more likely than married men to
withdraw from the work force to care for an ailing spouse or aging parents
(Brody, 1990; Ruhm, 1996). Furthermore, women typically marry older men and
are likely to exit the labor force at younger ages than their husbands to
coordinate the timing of retirement (Ruhm, 1996). As a result, this makes
women more dependent on the pension and Social Security benefits of their
spouses (Honig, 1996; Hurd, 1990).

In summary, the findings of this study contribute to our understanding of the
characteristics associated with planning for retirement and can be used to
enhance our ability to prepare individuals for retirement. The comparisons
between men and women that were done in this study have shown that there are
important similarities and differences between these two groups. For example,
the logistic regression results for the total sample indicated gender was a
significant determinant of planning for retirement. Interestingly, women were
more likely to plan for retirement than men. These findings suggested that
factors such as income, health, education, and type of employment, as they
relate to both men and women, should be incorporated into preretirement
planning programs.

This study also found that men and women were not only similar with regard
to factors associated with planning for retirement but there were also factors that
were unique to each group. Factors that were similar to both men and women
included income and education. Factors that were unique to women included

living arrangement and working in a nonsupervisor position (working a in position

102

in which your activity is supervised by others). Unique factors that influenced
planning for retirement for males included self-assessed physical health status
and full-time employment status. These factors suggest the design of programs
must be flexible enough to address the differences and similarities of the men
and women who are participating in the programs. For example, because of the
increased participation of women in the labor force, retirement planning
programs should be cognizant of the factors that are associated with women and
retirement planning.

Creating better programs is essential because research has shown that
individuals who prepare for retirement adjust better to retirement. Furthermore,
impending changes to the US. Social Security system may require individuals to
take greater responsibility for how their retirement money is invested. This will
require individuals to be able to comprehend and implement retirement planning
strategies. One way to help individuals learn about retirement planning
strategies is through education. Education is the key to making sound financial
decisions. Financial education, through preretirement planning programs, can
help individuals understand investments and how to accumulate sufficient funds

for a financially secure retirement.

I' il I' [ll 5| |
MIIIIIIQ 'I Ii '3 I'
There are some important limitations of this study concerning the sample that

need to be addressed. First, the sample is comprised of predominantly White

103

men and women born from 1933 to 1944. The findings of this study would have
been enhanced if the sample included adequate sized samples of minority group
members who were of preretirement age. As a result, these findings may not
generalize to minorities or individuals in other age groups. Second, the sample
was highly educated and enjoyed a high standard of living. A more diverse
sample with regard to education and income would have provided much needed
research on subgroups of the population that need retirement planning
assistance the most such as individuals of lower economic status. Therefore,
these findings may not generalize to individuals of lower socioeconomic status
and educational levels. Third, data collection was conducted in four states:
Idaho, Michigan, Nevada, and Wyoming. Therefore, the findings may not be
representative of individuals living in other geographical areas. Finally, the data
used in this study was originally for a purpose other then to study gender
differences in retirement planning. Specifically, the original purpose of the
Western Regional Project (W-176) was to investigate the meaning of retirement
as it related to migration, aging-in-place, and other issues such as housing.
Some of the problems associated with the current research are delineated in the
following sections on the measuring instrument and level of measurement.
However, limitations such as the methodological issues related to this study are
to be expected and often associated with conducting secondary analyses of data

(McCall 8 Appelbaum, 1991).

 

One explanation for the results obtained is that the measuring instrument
may not have been sensitive enough to obtain the information requested. The
measuring instrument was newly designed and did not have previous reliability
and validity data. One problem that was identified concerned the wording of the
question that asked about the respondent's planned sources of retirement
income (see questions 40 through 42, Appendix A, page 117). The problem with
this question is it does not ask respondents to answer the question based only
on their employment history and not to include their spouse's sources of
retirement income in their answer. (The question asked: "Next, I would like to
ask a few questions about your financial planning for when you retire. People
vary in their planned sources of retirement income. As I read the following list of
possible income sources, please tell me if each will be a source for you in
retirement. The first one is Social Security. Do you expect Social Security to be
an income source in your retirement?" The respondent could choose from the
following response categories: 1 = yes; 2 = no; and 3 = no answer. In addition
to Social Security, there were eight other sources of income the respondent was
asked about which included individual retirement account (IRA), mutual funds,
stocks and bonds, a paid up life insurance policy, annuities, real estate, military
pension, and savings account).

The wording of a question is important because how the respondent answers
a question depends on how the question is asked (Mangen, 1995). This could

present a problem for respondents who were part of a marital dyad or in long-

105

term, committed relationships. Married respondents may have answered the
questions by including their spouse's retirement resources. If this did occur, the
number of resources could be inflated for individuals in marital relationships and
this would help explain the findings of this study of no gender differences
regarding the number of income sources. This would result in an inaccurate
picture of the number of retirement sources of married men and women. It is
only an assumption that respondents answered these questions by combining
their sources of income with their spouses. This assumption is based on the
research literature that suggests couples tend to engage in joint decision making
with respect to retirement (Hayward 8 Liu, 1992; Ruhm, 1996).

It could be argued that it does not matter if respondents combined their
income sources with their spouses because the resources acquired by each
member of the marital dyad will be pooled as "family money" to be used during
retirement. There are several reasons why it is important to obtain a separate
accounting of the number of retirement income sources of married men and
women. First, as mentioned previously, marriages do not always remain intact
due to divorce and widowhood. If a couple divorces, each member of the marital
dyad would have to rely on their own retirement resources acquired during their
employment years. The research literature indicates that termination of marriage
may reduce or eliminate sources of retirement income and assets (Fethke, 1989;
Hayes 8 Anderson, 1993; McKenna 8 Nickols, 1988). Therefore, it is important
to have an accurate understanding of how married men and women are similar

and how they differ in respect to planning for retirement.

106

Second, married men and women who work have separate work histories
and often have different patterns of money management. For example, married
men and women may have resources to which their spouses do not have access
(Cheal, 1996; Vogler 8 Pahl, 1994). Therefore, it may not be appropriate to
include sources of income that a spouse has no control over as a future
resource.

Finally, the findings of this study suggested there were similarities and
differences between men and women in terms of factors associated with
retirement planning. This finding confirms the findings of previous research that
also has shown the retirement needs of married men and women differ (DeViney
8 Soloman, 1995; Hanson 8 Wapner, 1994; Seccombe 8 Lee, 1986).
Furthermore, other research has emphasized the importance of collecting data
on both the husband and wife in a family thereby offering better quality data
(Gustman, Mitchell, 8 Steinmeier, 1995; Moon 8 Juster, 1995). Therefore, a
separate accounting of future retirement benefits would provide further insight
into the unique retirement needs of each member of the marital dyad. And this
additional information would enable educators and program planners to design

programs that more accurately reflect the changing needs of men and women.

 

One problem often associated with secondary data analysis is that the data
may imperfectly fit the needs of the secondary analyst (Liang 8 Lawrence, 1989).

That was the case with the current study. For example, an additional limitation

107

associated with the question on planned sources of retirement income is that it
only asks the respondents to identify sources of retirement income. Additional
information could have been gained if the question had gone beyond identifying
sources of retirement income and defined the value of those sources of future
income. As discussed previously, the reason this information is so important is
because having an adequate number of financial resources does not necessarily
translate into having a sufficient total amount of retirement money. And the
value of those sources of income would have provided a more precise indication
of future relative economic well-being of the respondents.

Another issue concerning level of measurement involves the question that
asked about type of employment (see question 36, Appendix A, page 117).
Because of the way the question was worded, it limited the amount of
information that could be obtained from the respondents regarding their
occupations. The question asked the respondents "Does your occupation
primarily involve...” The respondents were limited to four response categories
(1-working in a position in which others supervise your activity, 2-working
independently with little or no supervision, 3-supervising the work of others, and
4-no answer). An open-ended question or a question that provided a list of
occupational groupings would have provided valuable information on the
employment history of the respondents.

Finally, a question on labor force history that established the respondent’s
job tenure would have provided a wealth of information because job tenure has

been found to have a positive influence on retirement planning. If all of the

108

above information had been available, this information could have been used to
examine gender differences concerning how the following factors influence
planning for retirement: type of occupation, job tenure, the number of income
sources, and the value of each retirement income source. Unfortunately, future

research will have to address these issues.

i Ii n

The results of this study have some important implications for educators,
policymakers, and theory development. As discussed previously, the
demographic, economic, and social trends that are occurring have raised
concerns regarding the future solvency of the Social Security system. It has
become increasingly clear that our system of providing social insurance to the
elderly may no longer be the most appropriate method and structural changes to
Social Security are inevitable. The current research lends support to the
argument for re-examining the Social Security system as it exists today.
However, the observed similarities and differences in predictors of planning for
retirement for men and women found in the current study suggest that any
change to the Social Security system should take gender differences and
similarities into account.

The aged population is a heterogeneous group with some older individuals
who are wealthy, some who are poor, and most being in between. What each of
these groups have in common is the need for financial security during retirement.

But the paths they take throughout the life course to achieve financial security

109

differ immensely. Unfortunately, not all individuals reach the goal of financial
security in retirement. Therefore, the retirement needs of these groups vary
considerably. The observed differences found in the current research and the
fact that everyone's financial situation is unique, require that the retirement plans
and investment strategies of individuals must also be unique. Furthermore, just
as no one preretirement planning program can meet the needs of all individuals,
no one social insurance program can adequately address the increasingly
diverse needs of our population. One drawback of the present system is that it
deprives individuals the freedom of choice in retirement planning (Wheeler 8
Kearney, 1996). Freedom of choice would allow individuals to tailor their
preretirement planning to best meet their needs.

One proposed structural change to the Social Security system includes
shifting to a multilevel system that includes privatization (Diamond, 1996;
Quadagno, 1996; Wheeler 8 Kearney, 1996). Privatization would require
individuals to be responsible for a portion of their retirement fund and would also
allow them a degree of personal control over how it is invested. It would also
require individuals to become actively involved in retirement planning, something
not all individuals currently do. And, as past research has suggested, increased
knowledge of benefits often leads to increased planning and preparation for
retirement (Honig, 1996). This, in turn, would help individuals accomplish their
goal of financial security in retirement.

Changes to the US. Social Security system, such as privatization, would

allow individuals greater control over their retirement funds but also increase

110

their level of responsibility for their financial security in retirement. For
privatization to be successful, it is imperative that individuals become financially
literate so that they can develop the financial management skills to manage their
retirement assets prudently (Cutler 8 Gregg, 1991). Therefore, educational
courses and programs must be designed and made available that can educate
men and women about investments and the steps they need to take to assure
their own financial security.

There is no doubt that the debate to restructure the Social Security system
will continue for some time. Nevertheless, the movement away from defined
benefit to defined contribution pension systems has already begun. For these
reasons, educating individuals to essentially become investment managers will
be a necessary step in order to ensure their financial security during retirement.

Not all companies provide preretirement planning programs so some other
methods of educating individuals must be developed and implemented.
Educational programs are an important method of helping people develop the
skills that are necessary to meet their retirement goals. Institutions such as
community colleges and universities could be instrumental in educating men and
women about financial management. The design of preretirement planning
programs should take a preventive approach such as the life planning approach
advocated by Perkins (1995) or the wealth-span approach recommended by
Gregg (1992). They should also be holistic in nature and empower individuals to
take concrete steps in the retirement planning process. Ideally, such an

approach would be consistent with the philosophy and principles of the human

111

ecological perspective (Bubolz 8 Sontag, 1993). Topics of programs based
upon this philosophy might include the following: financial planning, lifestyle
planning, use of leisure time, health and wellness issues, roles and relationships,
housing and living arrangements, and legal issues (Anson et al., 1989; Cooper,
1994; Rix, 1993; Rowen 8 Wilks, 1987).

Additionally, because of the diversity of our population, programs should be
responsive to unique circumstances and individual differences. For example,
women of lower economic status are the most vulnerable to poverty and less
likely to plan for retirement (Hanson 8 Wapner, 1994; Schulz, 1996). One
explanation for this lack of planning is women (and men) experience anxiety
about math and taking financial risks (O'Neill, 1991). Therefore, programs must
be flexible enough too: (1) target women of lower economic status, (2) help
them develop the skills to aggressively plan for retirement, (3) help them to
understand the risk and return tradeoffs inherent in private investment holdings,
and (4) help to empower women to take control of their financial security.
Empowerment means “helping individuals and families take charge of their future
by encouraging their decision-making confidence as they weigh the alternatives
available to them” (Hildebrand, Phenice, Gray, 8 Hines, 1996, p. 39).
Empowering women would help to raise their consciousness to the fact that they
can no longer leave their future financial security to chance.

Finally, by developing and implementing preretirement planning programs
institutions, such as land-grant universities: (1) fulfill their mission of teaching,

research, and outreach in the community, (2) bring together the university and

112

community forming a collaborative partnership to promote outreach scholarship,
and (3) become part of the preventive network of individuals, institutions, and
organizations committed to improving the quality of later life for all individuals
(Votruba, 1992).

Turning now to policy issues, legislation might be considered that facilitates
the process of retirement planning. For example, because planning for
retirement should begin early in life, policies should be established that makes it
easier for families to save for retirement throughout the family life cycle. This
might include removing penalties associated with saving for retirement and
making pensions portable so that workers could transfer or accrue benefits from
one plan to another as the worker changes jobs. Another way of educating
people about planning for retirement involves the Social Security Administration.
The Social Security Administration could provide annual statements about
expected Social Security benefits to all covered workers age 25 and older
(Friedland, 1996). Not only would this educate individuals about the Social
Security system but it would also inform them about the role their Social Security
benefits will play in creating their future economic security.

Finally, the results of this study support the use of the ecological approach to
the study of preretirement planning. As stated previously, retirement is an
ecological transition that alters an individual’s position in his or her ecological
environment (Bronfenbrenner, 1979; 1993). The change in position is the result
of changes in activities, roles, and interpersonal relationships. Because the

developing individual and his or her family reciprocally influence one another,

113

these changes not only affect the retiring individual but they also influence his or
her family. The ecology of preretirement planning suggests that the planning
behavior of men and women may be different. This is because men and women
may share many encounters but experience them in similar as well as in different
ways. Thus, the factors associated with preretirement planning for men and
women may be different (and similar) due to the different life experiences of men
and women.

In this study, the factors associated with the ecology of planning existed at
multiple levels of the individual's life or social ecology. For example, factors may
be present within the individuals themselves or in settings that individuals interact
such as the family or work environment. Factors at the level of the individual
examined in this study included: gender, level of education, and physical health.
Factors at the family level included level of income and living arrangement.
Extra-familial level factors included work status and type of current employment.
The results of this study showed that there were similarities and differences
regarding the factors associated with planning for retirement for men and
women. Consequently, these findings support the ecological and socialist-
feminist position that the preretirement planning needs of men and women are
likely to be variegated. Therefore, it is imperative that the experiences of both

men and women be included in future research on preretirement planning.

114
Wren

The findings of this study suggest there are several areas of retirement
planning that need further investigation. First, comparative studies of men and
women should include more diverse samples that are representative of the larger
population. Specifically, minority group members and individuals of lower
economic status should be targeted because previous research has suggested
that they ned to plan for retirement the most but are the least likely to plan
(Ferraro, 1990). Research should help to determine why minorities and
individuals of lower economic status are less likely to plan, what factors are
associated with planning, and what can be done to increase retirement planning
behavior.

There is also a need for longitudinal research that examines financial
planning for retirement over the lifespan (Crystal 8 Waehrer, 1996). Longitudinal
research that considers the competing demands of family responsibilities across
the family life cycle for both men and women would help determine what helps
and prevents people from preparing for retirement. Research of this nature
might include examining the worklife experiences of men and women as they
relate to retirement planning. Other areas of study might include: (1) what is
needed to encourage people to begin planning at a relatively early age; (2) what
methods of delivery (of programs) best serve individuals of diverse backgrounds;
and (3) what can be done to increase the quality of and access to preretirement
programs. The need for further studies on gender differences (and similarities)

is imperative if we are to begin to understand how men and women can ensure

115

adequate retirement income to increase enjoyment of the retirement years.

Wen:

As we enter the 21" century, society is faced with the challenging task of
preparing individuals for “life after work.” How well individuals plan for retirement
will help to determine their quality of life during this stage of the life cycle. The
current research attempted to address the growing need for research on gender
differences and similarities in retirement planning. Research that focuses on
both men and women can help to enhance our understanding of the retirement
needs of men and women and improve the design and implementation of
preretirement planning programs. Our society has and will continue to evolve to
meet the growing needs of a diverse population. But, we must all make a
concerted effort to actively prepare one another for the financial challenges
associated with life and living during the retirement years. As Clinton (1996)
stated:

To many, this brave new world seems dehumanizing and inhospitable.

It is not surprising, then, that there is a yearning for the “good old days”

as a refuge from the problems of the present. But by turning away, we

blind ourselves to the continuing, evolving presence of the village in our

lives, and its critical importance for how we live together. The village

can no longer be defined as a place on a map, or a list of people or

organizations, but its essence remains the same: it is the network of

values and relationships that support and affect our lives. (p. 13)

116

As members of a global village, we all have a vested interest in seeing that all
members of society make planning for retirement their number-one financial
priority. Encouraging individuals to plan for this stage of the life cycle will

strengthen their capacity to maintain an independent lifestyle and enjoy life to the

fullest.

APPENDIX A

APPENDIX A

RETIREMENT SURVEY
MICHIGAN
WINTER 1993" 994

Enter INTERVIEW START TIME

This interview is voluntary and if we come to any question you would prefer not to
answer, just let me know and I'll skip over it. I'd like to assure you that your responses
will be kept confidential and used only in combination with reports from other Michigan
residents.

1 CONTINUE
0 START OVER

01 First, we would like to know IN GENERAL how satisfied you are with your
community. Would you say VERY SATISFIED, SOMEWHAT SATISFIED,
or NOT AT ALL SATISFIED?

1 VERY SATISFIED

2 SOMEWHAT SATISFIED
3 NOT AT ALL SATISFIED
4 don't know or no answer

Q2 Thinking of your community overall, how satisfied are you with the...
SENSE OF COMMUNITY PRIDE
Would you say...
1 VERY SATISFIED
2 SOMEWHAT SATISFIED

3 NOT AT ALL SATISFIED
4 don't know or no answer

117

Q3

Q4

05

118
APPENDIX A

How satisfied are you with the...

LOCAL GOVERNMENT

COMMUNITY SERVICE GROUPS

RACE RELATIONS

ACCESS TO SHOPPING

HANDLING OF THE ILLEGAL DRUG PROBLEM
COST OF LIVING

COST OF HOUSING

Would you say...

1 VERY SATISFIED

2 SOMEWHAT SATISFIED
3 NOT AT ALL SATISFIED
4 don't know or no answer

Now, thinking of environmental issues, how satisfied are you with your
community's...

AIR QUALITY
Would you say...

1 VERY SATISFIED

2 SOMEWHAT SATISFIED
3 NOT AT ALL SATISFIED
4 don't know or no answer

How satisfied are you with the...

WATER QUALITY
WATER AVAILABILITY
WASTE MANAGEMENT
RECYCLING PROGRAMS
NOISE LEVEL

Would you say...

1 VERY SATISFIED

2 SOMEWHAT SATISFIED
3 NOT AT ALL SATISFIED
4 don't know or no answer

119
APPENDIX A

Next, we would like to know how satisfied you are with your community's public
services. How satisfied are you with...

PUBLIC TRANSPORTATION
Would you say...

1 VERY SATISFIED

2 SOMEWHAT SATISFIED
3 NOT AT ALL SATISFIED
4 don't know or no answer

How satisfied are you with the...

AIR TRANSPORTATION
MEDICAL FACILITIES
PUBLIC EDUCATION
FIRE PROTECTION
POLICE SERVICES
OUTDOOR RECREATION
INDOOR RECREATION

Would you say...

1 VERY SATISFIED

2 SOMEWHAT SATISFIED
3 NOT AT ALL SATISFIED
4 don't know or no answer

Thinking of the opportunities for personal enrichment offered in your
community, how satisfied are you with the...

ADULT EDUCATION OFFERINGS
Would you say...

1 VERY SATISFIED

2 SOMEWHAT SATISFIED
3 NOT AT ALL SATISFIED
4 don't know or no answer

Q9

Q10

Q11
Q12

Q13

Q14

120
APPENDIX A

How satisfied are you with the...

EMPLOYMENT OPPORTUNITIES
LIBRARY FACILITIES

PLACES OF WORSHIP
VOLUNTEER OPPORTUNITIES
CULTURAL CHOICE OR EVENTS

Would you say...

1 VERY SATISFIED

2 SOMEWHAT SATISFIED
3 NOT AT ALL SATISFIED
4 don't know or no answer

If all important life factors stay the same, where would you PREFER to live
TEN YEARS FROM NOW? Would you prefer to live...

1 WHERE YOU NOW LIVE (GO TO Q12)

2 or, SOMEWHERE ELSE WITHIN THE SAME COMMUNITY (Q12)
3 or, IN ANOTHER PART OF THE STATE (GO TO Q12)

4 or, IN A DIFFERENT STATE (GO TO Q11)

5 other or no answer (GO TO Q12)

Which state would you MOST PREFER?

About how many residences have you lived in for one full year or more
SINCE 1980?

(IF ONLY ONE GO TO Q20)

Were these previous residences all in the UNITED STATES?
1 Yes (GO TO Q15)

2 Other country (outside USA)

3 no answer (GO TO Q15)

Since 1980, about how many DIFFERENT COUNTRIES have you lived
in for one full year or more?

Q15

016

Q17

Q18

Q19
Q20

Q21
Q22

121
APPENDIX A

Were these previous residences all in the SAME STATE within the US?

1 Yes (GO TO Q17)
2 No
3 no answer (GO TO 017)

Since 1980, about how many DIFFERENT STATES have you lived in for
one full year or more?

Were these previous residences all in the same COUNTY?

1 Yes (GO TO Q19)
2 No
3 no answer (GO TO Q19)

Since 1980, about how many DIFFERENT COUNTIES have you lived in for
one full year or more?

What were the PRIMARY reasons you moved?
Do you have a particular vacation area you return to often?

1 Yes
2 No (GO TO 022)
3 no answer (GO TO 022)

What is the vacation area you return to often?

Next, I would like to ask you to IMAGINE it were necessary for you to MOVE
AWAY from the COUNTY in which you now live. I will read SHORT
descriptions of four different county sizes and ask which of these four sizes you
would most prefer.

Would you prefer... [read highlighted then definition of choice]
We define...

1 A LARGE METROPOLITAN COUNTY...as one in which there is a city of
about five hundred thousand or more people, many suburbs, and very little
open area.

2 A SMALL METROPOLITAN COUNTY...as one in which there is a city of
between fifty and five hundred thousand people, several suburbs, and some
open area.

Q23

Q24

Q25

122
APPENDIX A

3 A SMALL URBAN COUNTY...as one in which there is a city of between ten
and fifty thousand people, smaller towns, and much open area.
(GO TO Q24).

4 A SEMI-RURAL COUNTY...as one in which there is a city of less than ten
thousand people, a few small towns, and mostly open area.
(GO TO 024).
...Is this still your choice?

Considering the type of COUNTY you have just specified, which of these three
choices best describes where you would like to have your home located?
Would you prefer...

1 THE COUNTY'S LARGEST CITY (GO TO Q25)

2 ONE OF THE SUBURBS (GO TO Q25)

3 THE OPEN AREA WHICH IS AVAILABLE (GO TO Q25)
4 unsure (GO TO Q25)

Considering the type of COUNTY you have just specified, which of these three
choices best describes where you would like to have your home located?
Would you prefer...

1 THE COUNTY'S LARGEST CITY

2 ONE OF THE SMALL TOWNS

3 THE OPEN AREA WITHIN 15 MINUTES OF THE LARGEST CITY

4 THE OPEN AREA MORE THAN 15 MINUTES FROM THE LARGEST CITY
5 unsure

Now if you had a choice sometime in the next few years between MOVING to
the kind of county you just selected or STAYING in the county where you NOW
LIVE, what would you prefer? Would you prefer to...

1 STAY WHERE YOU ARE (GO TO Q25A)
2 or, MOVE TO ANOTHER COUNTY (GO TO Q258)
3 unsure (GO TO Q26)

Q25a

Q25aa

123
APPENDIX A

Next, I will read a short list of reasons people may have for staying in their
current community. Please indicate how important each of the following would
be in your decision to STAY in your current COMMUNITY during your
retirement.

How important would...

YOUR DESIRE TO LIVE NEAR FAMILY MEMBERS
...be in your decision to stay?

Would you say...

1 VERY IMPORTANT

2 SOMEWHAT IMPORTANT
3 or NOT AT ALL IMPORTANT
4 no answer/unsure

How important would...

YOUR DESIRE TO LIVE NEAR FRIENDS

YOUR CURRENT COMMUNITY'S CLIMATE

A MAJOR CHANGE IN YOUR FINANCIAL CIRCUMSTANCES
YOUR NEED FOR SPECIALIZED MEDICAL CARE

YOUR SPOUSE'S NEED FOR SPECIALIZED MEDICAL CARE
YOUR COMMUNITY SUPPORT SERVICES

...be in your decision to stay?
Would you say...

1 VERY IMPORTANT

2 SOMEWHAT IMPORTANT

3 or NOT AT ALL IMPORTANT
4 no answer/unsure (GO TO Q26)

025b

QZSbb

Q26

124
APPENDIX A

Next, I will read a short list of reasons people may have for moving from their
current community. Please indicate how important each of the following would
be in your decision to MOVE FROM your current COMMUNITY during your
retirement.

How important would...

YOUR DESIRE TO LIVE NEAR FAMILY MEMBERS
...be in your decision to move?

Would you say...

1 VERY IMPORTANT

2 SOMEWHAT IMPORTANT
3 or NOT AT ALL IMPORTANT
4 no answer/unsure

How important would...

YOUR DESIRE TO LIVE NEAR FRIENDS

YOUR PREFERENCE FOR A DIFFERENT CLIMATE

A MAJOR CHANGE IN YOUR FINANCIAL CIRCUMSTANCES
YOUR NEED FOR SPECIALIZED MEDICAL CARE

YOUR SPOUSE'S NEED FOR SPECIALIZED MEDICAL CARE
A DECLINE IN COMMUNITY SUPPORT SERVICES

...be in your decision to move?

Would you say...

1 VERY IMPORTANT

2 SOMEWHAT IMPORTANT

3 or NOT AT ALL IMPORTANT
4 no answer/unsure

What is the amount of time you are willing to travel for ROUTINE health care,
such as a doctor's appointment, x-ray, or lab work for a non life threatening
illness?

1 LESS THAN THIRTY MINUTES
2 30 - 45 MINUTES

3 ONE HOUR

4 BETWEEN 1 AND 2 HOURS

5 MORE THAN TWO HOURS

6 no answer

027

Q28

Q29

125
APPENDIX A

We are interested in the major activities in your life, other than paid
employment. I will read a list of activities, for each one please indicate HOW
FREQUENTLY you are involved in each one. The first one is...

VISITING WITH FRIENDS

Is this something you do...

1 DAILY

2 AT LEAST ONCE A WEEK

3 AT LEAST ONCE A MONTH

4 AT LEAST SIX TIMES A YEAR
5 AT LEAST ONCE A YEAR

6 not at all

7 no answer

The next one is...

WORK AROUND THE HOUSE (e.g., cleaning, gardening, repair)
WATCH TV

TRAVEL (e.g., away from community, vacations, visiting)

PLAY GAMES (e.g., card games, sports)

CHURCH OR RELIGIOUS ACTIVITIES

A HOBBY OR CREATIVE ACTIVITY

OUTDOOR ACTIVITIES (e.g., bike riding, hunting)

Is this something you do...

1 DAILY

2 AT LEAST ONCE A WEEK

3 AT LEAST ONCE A MONTH

4 AT LEAST SIX TIMES A YEAR
5 AT LEAST ONCE A YEAR

6 not at all

7 no answer

Are you ever involved in political activities such as campaigning for a candidate
or work to promote a specific issue?

1 Yes
2 No
3 no answer

Q30

Q31

Q32

Q33

Q34

Q35

126
APPENDIX A

If you could "bank" (or save up) the hours you spent in volunteer work to use
as a source of help when YOU need it, to what degree would that influence
you to do volunteer work NOW? Would you say...

1 A GREAT DEAL

2 SOME

3 A LITTLE

4 or, NOT AT ALL

5 Already doing maximum

6 Cannot do (handicap/health)
7 no answer

Have you ever had an injury or illness that prevented you from carrying out
your usual work or activities?

1 Yes
2 No (GO TO 033)
3 no answer (GO TO Q33)

Was your injury or illness work related?

1 Yes
2 No
3 no answer

Are you currently employed?

1 Yes

2 No (GO TO 037)

3 never employed (housewife) (GO TO Q33A)

4 never employed (disabled/other) (GO TO 0338)
5 no answer (GO TO 047)

About how man hours do you work per week? Would you say...

1 20 HOURS OR LESS PER WEEK
2 21 TO 39 HOURS PER WEEK

3 40 HOURS OR MORE PER WEEK
4 other - varies

5 no answer

What is your current occupation?

Q36

Q33a

Q34a

0353
036a

Q33b

127
APPENDIX A

Does your occupation PRIMARILY involve...

1 WORKING IN A POSITION IN WHICH OTHERS SUPERVISE YOUR
ACTIVITY
2 WORKING INDEPENDENTLY WITH LITTLE OR NO SUPERVISION
3 or, SUPERVISING THE WORK OF OTHERS
4 no answer
(GO TO 040)

Is your spouse still EMPLOYED or are they RETIRED?

1 Employed (GO TO 034A)
2 Retired (GO TO Q44A)

3 Deceased (GO TO 047)
4 no answer (GO TO 047)

About home many hours does your spouse work per week? Would you say...

1 20 HOURS OR LESS PER WEEK
2 21 TO 39 HOURS PER WEEK

3 40 HOURS OR MORE PER WEEK
4 other - varies

5 no answer

What is your spouse's current occupation?
Does your spouse's occupation PRIMARILY involve...

1 WORKING IN A POSITION IN WHICH OTHERS SUPERVISE YOUR
ACTIVITY
2 WORKING INDEPENDENTLY WITH LITTLE OR NO SUPERVISION
3 or, SUPERVISING THE WORK OF OTHERS
4 no answer
(GO TO 040)

Is your household wage earner still EMPLOYED or are they RETIRED?
1 Employed (GO TO 034B)

2 Retired (GO TO 0MB)
3 no answer (GO TO 047)

128
APPENDIX A

Q34b About how many hours does your household earner work per week?

Q35b
036b

Q37

Q38

Q39
Q40

Would you say...

1 20 HOURS OR LESS PER WEEK
2 21 TO 39 HOURS PER WEEK

3 40 HOURS OR MORE PER WEEK
4 other - varies

5 no answer

What is your household earner's current occupation?
Does your household earner's occupation PRIMARILY involve...

1 WORKING IN A POSITION IN WHICH OTHERS SUPERVISE YOUR
ACTIVITY
2 WORKING INDEPENDENTLY WITH LITTLE OR NO SUPERVISION
3 or, SUPERVISING THE WORK OF OTHERS
4 no answer
(GO TO 040)

Do you consider yourself to be retire?

1 Yes (GO TO 044)
2 No (GO TO 038)
3 no answer (GO TO 038)

Are you currently looking for a job or work?

1 Yes (GO TO 039)
2 No (GO TO 040)
3 no answer (GO T0 040)

What type of job or work are you looking for?

Next, I would like to ask A FEW questions about your financial planning for
when you retire.

People vary in their planned sources of retirement income. As I read the
following list of possible income sources, please tell me if each WILL BE

a source for YOU IN RETIREMENT. The first one is SOCIAL SECURITY.

Do you expect SOCIAL SECURITY to be an income source in your retirement?

1 Yes
2 No
3 no answer

Q41

Q42

Q43

Q44
Q45
Q46

Q44a

129
APPENDIX A

The next source is...

AN INDIVIDUAL RETIREMENT ACCOUNT (IRA)
MUTUAL FUNDS

STOCKS AND BONDS

A PAID UP LIFE INSURANCE POLICY
ANNUITIES

REAL ESTATE

A MILITARY PENSION

REGULAR SAVINGS ACCOUNT

Do you expect this to be an income source?

1 Yes
2 No
3 no answer

And finally, do you expect...A PENSION PLAN...to be an income source?

1 Yes (GO TO Q43)
2 No (GO TO Q51)
3 no answer (GO TO 051)

Is the pension plan a DEFINED BENEFIT plan or a DEFINED CONTRIBUTION
plan?

1 Defined benefit (GO TO Q51)
2 Defined contribution (GO TO 051)
3 don't know (GO TO Q51)

What year did you retire?
What was your occupation prior to retirement?
Before you retired did your occupation PRIMARILY involve...

1 WORKING IN A POSITION IN WHICH OTHERS SUPERVISE YOUR
ACTIVITY
2 WORKING INDEPENDENTLY WITH LITTLE OR NO SUPERVISION
3 or, SUPERVISING THE WORK OF OTHERS
4 no answer
(GO TO Q47)

What year did your spouse retire?

Q45a

Q46a

Q44b
Q45b

Q46b

Q47

130
APPENDIX A

What was your spouse's occupation prior to retirement?
Before retirement did your spouse's occupation PRIMARILY involve...

1 WORKING IN A POSITION IN WHICH OTHERS SUPERVISE YOUR
ACTIVITY
2 WORKING INDEPENDENTLY WITH LITTLE OR NO SUPERVISION
3 or, SUPERVISING THE WORK OF OTHERS
4 no answer
(GO TO Q47)

What year did your household earner retire?
What was your household earner's occupation prior to retirement?

Before retirement did your household earner's occupation PRIMARILY
involve...

1 WORKING IN A POSITION IN WHICH OTHERS SUPERVISE YOUR
ACTIVITY
2 WORKING INDEPENDENTLY WITH LITTLE OR NO SUPERVISION
3 or, SUPERVISING THE WORK OF OTHERS
4 no answer
(GO TO Q47)

Thinking of community services for older persons, how satisfied are you with
the...

LOCAL SENIOR CENTER
Would you say...

1 VERY SATISFIED

2 SOMEWHAT SATISFIED
3 NOT AT ALL SATISFIED
4 don't know or no answer

Q48

Q49

050

131
APPENDIX A

How satisfied are you with the...

SENIOR TRANSPORTATION
HOME DELIVERED MEALS
HOMEMAKER SERVICES
HEALTH CARE SERVICES

Would you say...

1 VERY SATISFIED

2 SOMEWHAT SATISFIED
3 NOT AT ALL SATISFIED
4 don't know or no answer

Next, I'd like to ask you some questions about your sources of RETIREMENT
INCOME. People may have income from a variety of sources in retirement.
As I read the following list of sources, please indicate if you currently receive
any income from each source. The first one is SOCIAL SECURITY. Is
SOCIAL SECURITY an income source for you?

1 Yes
2 No
3 no answer

The next income source is...

A RETIREMENT PENSION (non military)

A MILITARY PENSION

AN INDIVIDUAL RETIREMENT ACCOUNT (IRA, KOEGH)

ANNUITIES

INTEREST or DIVIDENDS FROM INVESTMENTS

RENTAL INCOME or INCOME FROM INVESTMENTS

WAGES, SALARY, COMMISSION, BONUSES, or TIPS FROM JOBS
SELF-EMPLOYMENT INCOME FROM NONFARM BUSINESS

FARM SELF-EMPLOYMENT INCOME

SUPPLEMENTAL SECURITY INCOME (SSI, or PUBLIC ASSISTANCE)

Is this an income source for you now?
1 Yes

2 No
3 no answer

Q51

Q52
Q53

(:54
055
056

057

132
APPENDIX A

Next, I'd like to ask a few background questions for statistical purposes.
What community do you currently live in or closest to?

About how many years have you lived in or near your current community?
What is your current marital status?

[READ ONLY IF NEEDED: Are you currently...]

1 Married

2 Separated (GO TO 055)

3 Divorced (GO TO 055)

4 Widowed (GO TO 055)

5 Never married(GO TO 055)
6 no answer

What year was your spouse born?
What year were you born?
What is your HIGHEST level of education?

Less than 12 years of school

High school graduate or equivalent
Technical or trade school

Some college - no degree
Community college degree - 2 year
College graduate - 4 year
Graduate degree - Masters
Graduate degree - Doctorate

no answer

COGNOJUI-hOON-I

Compared to others your age, how would you describe your health? Would
you say...

1 EXCELLENT
2 VERY GOOD
3 GOOD

4 FAIR

5 POOR

6 no answer

Q58

Q59
Q60

Q61

Q62

Q63
Q64

133
APPENDIX A

How many people, including yourself, live in your residence?
(IF ONLY ONE GO TO 060)

What are the ages of the others who reside with you?

What is your ethnic group identification?

1 White - Caucasian

2 Black - African American
3 American Indian

4 Asian, Pacific Islander

5 Hispanic or Latino

6 Other

7 no answer

Which of the following categories BEST describes your TOTAL FAMILY
INCOME before taxes in 1993?

LESS THAN $10,000
$10,000 to $15,000
$15,000 to $20,000
$20,000 to $25,000
$25,000 to $35,000
$35,000 to $50,000
$50,000 to $65,000
$65,000 to $80,000
$80,000 to $95,000
10 $95,000 OR MORE
0 no answer

COQNOJU'l-hQN-t

May we contact you again in the future concerning this study?
1 Yes (GO TO 063)

2 No (GO TO 064)

3 no answer (GO TO 064)

I would like to verify your mailing address. Is it...?

These are all the questions I have. If you would like a copy of the results, we
would be happy to send one to you.

1 Wants results
2 Do no send results (GO TO END)

Q65

Q66

134
APPENDIX A

To which address would you like the results sent?
Thank you for taking the time to participate in this study.
Was the respondent...

1 FEMALE
2 MALE

Enter INTERVIEW END TIME

APPENDIX B

APPENDIX B

DISCUSSION OF SURVEY QUESTIONS

The retirement survey was designed by the Western Regional research team
to assess the participants on their satisfaction with their community. The survey
instrument was entitled "Retirement Survey" and was constructed according to
Dillman's Total Design Method (Dillman, 1978). Sixty-six questions comprised
the survey which focused on the following five areas: satisfaction with the
community, activities of daily living, employment, sources of retirement income,
and demographic information.

The survey was primarily made up of closed ended questions with a fixed
response coding scheme. The coding schemes varied from a three point to a
seven point scale. Although the survey instrument consisted of primarily closed-
ended questions, open-ended questions were also included to allow respondents
to give answers in their own words. Questions 11, 19, 21, 35, 35a, 39, 45, 45a,
51, and 59 were all open-ended questions. Examples of open-ended questions
included: question 21, "What is the vacation area you return to often?," question
35, "What is your current occupation?," and question 45, "What was your

occupation prior to retirement?"

135

136
APPENDIX B

Questions concerning satisfaction with the community included questions
1-10, 12-26, 47, and 48. For example, question one asked, "First, we would like
to know in general how satisfied you are with your community. Would you say
very satisfied, somewhat satisfied, or not at all satisfied?" This question utilized
a response category of four alternatives: 1-very satisfied, 2-somewhat satisfied,
3-not at all satisfied, and 4-don‘t know or no answer. Question 24 concerned the
type of county the respondent would like to live. Question 24 asked,
"Considering the type of county you have just specified, which of these three
choices best describes where you would like to have your home located? Would
you prefer..." The five response categories were as follows: 1-the county's
largest city, 2-one of the small towns, 3-the open area within 15 minutes of the
largest city, 4-the open area more than 15 minutes from the largest city, and 5-
unsure. A final example from this section of the survey is question 47 which
asked, "Thinking of community services for older persons, how satisfied are you
with the local senior center?" The four response categories include: 1-very
satisfied, 2-somewhat satisfied, 3-not at all satisfied, and 4-don't know or no
answer.

Questions 27 through 32 asked about activities of daily living. Question 27
asked how frequently the respondent visits with friends. The question was as
follows: "We are interested in the major activities in your life, other than paid

employment. I will read a list of activities (see question 28 for additional

137
APPENDIX B

activities), for each one please indicate how frequently you are involved in each
one. The first one is visiting with friends. Is this something you do...." Seven
response categories include: 1-daily, 2-at least once a week, 3-at least once a
month, 4-at least six times a year, 5-at least once a year, 6-not at all, and 7-no
answer. Question 28 continued to ask about major activities which included:
work around the house (e.g., cleaning, gardening, repair), watching TV, travel
(e.g., away from community, vacations, visiting), playing games (e.g., card
games, sports), church or religious activities, a hobby or creative activity, and
outdoor activities (e.g., bike riding, hunting). This question used the same seven
response categories that was used in question 27. A final example from this
section is question 29 which asked "Are you ever involved in political activities
such as campaigning for a candidate or doing work to promote a specific issue?"
Three response categories included: 1-yes, 2-no, and 3-no answer.

Questions on employment and retirement status were as follows: 33 through
39, 44 through 46b. Question 33 asked, "Are you currently employed?" The five
response alternatives included: 1-yes, 2-no, 3-never employed (housewife) (GO
TO 033A), 4-never employed (disabled/other) (GO TO Q33B), and 5-no answer
(GO TO 047). Questions regarding retirement status included question 37
which asked, "Do you consider yourself to be retired?" Three response
categories included: 1-yes (GO TO 044), 2-no (GO TO 038), and 3-no answer

(GO TO 038). Question 46 asked the respondent the type of occupation he or

138
APPENDIX B

she had before retiring. "Before you retired did your occupation PRIMARILY
involve..." The response category included four alternatives: 1-working in a
position in which others supervised your activity, 2-working independently with
little or no supervision, 3-supervising the work of other, and 4-no answer (GO TO
047).

Questions 40-44 and 49-50 asked the respondent about sources of
retirement income. Examples of questions from this section include questions
40 and 41. Question 40 was as follows: "Next, I would like to ask a few
questions about your financial planning for when your retire. People vary in their
planned sources of retirement income. As I read the following list of possible
income sources, please tell me if each will be a source for you in retirement.

The first one is Social Security. Do you expect Social Security to be an income
source in your retirement?" The response category was: 1-yes, 2-no, and 3-no
answer. Using the same response category as question 40, question 41 asked
the respondent about additional retirement income sources including the
following: an individual retirement account (IRA), mutual funds, stocks and
bonds, a paid up life insurance policy, annuities, real estate, a military pension,
and a regular savings account.

Questions numbered 52 through 66 made up the final section of the interview
on demographic information. This section included questions on marital status,

highest level of education, physical health, ethnic group identification, gender,

139
APPENDIX B

and total family income. For example, question 53 was: "What is your current
marital status?" The response category included: 1-married, 2-separated (GO
TO 055), 3-divorced (GO TO 055), 4-widowed (GO TO 055), 5-never married
(GO TO 055), and 6-no answer. Question 57 asked about physical health:
"Compared with others your age, how would you describe your health? Would
you say it is...." The six alternative response category included: 1-excellent,
2-very good, 3-good, 4-fair, 5-poor, and 6-no answer. A final example of a
question from this section included a question on income. Question 61 asked:
"Which of the following categories best describes your total family income before
taxes in 1993?" The response categories were as follows: 0-no answer, 1-less
than $10,000, 2-$10,000 to $15,000, 3-$15,000 to $20,000, 4-$20,000 to
$25,000, 5-$25,000 to $35,000, 6-$35,000 to $50,000, 7-$50,000 to $65,000,
8-$65,000 to $80,000, 9-$80,000 to $95,000, and 10-$95,000 or more.

 

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