Prepare Me: The Four Dimensional Approach

Abstract

This study describes the degree of retirement preparation among the faculty of state universities and colleges in the Philippines. The researcher adopted along the four dimensions such as engagement, health, wealth and contingency planning. Utilizing the sequential mixed method design, this study was conducted from October 2018 to January 2019 from among the regular faculty whose age bracket belong to 50 to 64 years old which generated a 49% response rate (n=189). The data on retirement preparedness along the four dimension were gathered from the respondents using a validated and reliable survey questionnaire and supplemented by a researcher-guided interview to a selected group of individuals. Results of the study show the mean scores for engagement, health, wealth and contingency planning were 3.04, 2.71, 3.06 and 2.53 respectively which indicates that the retirement preparation of the respondents was exhibited to a great extent. This further means that Faculty respondents are highly prepared for their retirement in all of the measured dimensions. The implication of this findings suggests that while the SUC’s faculty are still active in the service, they are already aware as to how they would shape their own retirement. Continuous interaction among colleagues at work and in the community in general as well as explanation of other opportunities are some of the indications that the ageing population have prepared for the retirement. Acquiring health and care insurances for future medical expenses is evident which suggest that they are preparing for health-related cost. Evidences have shown that ageing population have started their savings as contingency plan through calculated retirement budget and emergency fund alike.
Keywords: Employee, Retirement Planning, Engagement, Health, Wealth, Contingency Planning, Congruency Theory