Utilizing Retirement Planning as Leverage for Age Reduction among Workers

Preparedness inadequacy for the retirement transition is one of the critical reasons for age reduction. This chapter examines retirement planning as a leveraging strategy and vibrant remedy for age reduction using quantitative data obtained from formal and informal sector workers. The findings show that retirement plans are categorized into short-term, medium, and long-term plans. Collectively, these yield income, health, housing, social networks, leisure, and paid work beyond pensions. Post-retirement income is a significant determinant of the retirement decision. Retirement planning can be used to leverage the lack of preparedness for retirement, which in turn reduces the activity of age reduction. This averts dependency in old age and creates the avenue for successful ageing, which is often heralded by the retirement transition. Further, not planning for retirement and the associated act of age reduction is an indication of the non-acknowledgment of the notion of active ageing. Noteworthy age reduction is a portrayal of old age as a shameful loss of youthfulness. This chapter argues that planning for retirement may be the best alternative strategy for combating age reduction from an economic outcome dimension. Retirement planning is leveraged without which labor cannot achieve old age oriented social protection at the individual level.