Financial Priorities in Preparation for Retirement among Retiring Public School Teachers in Davao City Chapter 1
Background of the Study In an uncertain economy today, fiscal planning has become progressively significant. George H. Schofield, Ph.D (2013) said that it would take money to be able to afford a comfortable, no work, more leisure time when retiring. Being financially prepared is one of the goals of every worker to enjoy the so-called golden years with ease and comfort.
According to Annual Retirement Confidence Survey (RCS), Americans’ trust in their power to afford a comfortable retirement remains low despite of a brightening economy is because they alone work for what they need and do not…show more content… Review Related Literature
This section contains literature and studies conducted here and abroad pertinent to the study. The component is a discussion on Financial Priorities in Preparation for Retirement among Retiring Public School Teachers.
Financial Priorities in Preparation for Retirement.
The economic predicts in preceding years, many of the employees will go into retirement without a sufficient resource. The newest investigation was to design to evaluate the different elements that will bear on the individual’s financial preparedness. Structural equation model techniques were employed to judge the connection among individual’s personality characteristic, their financial knowledge and financial readiness. As an ordinary person, it is really important to us to preserve and invest for the hereafter( Hershey et al 2010).
An economist has provided a number of different explanations for why an individual might fail to lay aside for retirement: Some families may be short and fail to accumulate assets because they do not know the value of bringing home the bacon for their future.
More or less may be unlucky and experience lower profits or higher expenses than they required before reaching retirement Others may have high discount rates and hence prefer to take in a high fraction of income while playing at the expense of lower