Abstract:
The research examined the effect of life course on retirement planning of healthcare workers in public hospitals in the Accra metropolis, Ghana. The rational choice, life cycle and life course theories were used in explaining the study, which also employed the mixed method research. The study design was cross-sectional survey. A sample size of 660 healthcare workers were selected using stratified and simple random sampling. Quantitative primary data were collected from the workers using questionnaire. Frequencies, means, chi-square tests, and structural equation modelling were employed to analyse the quantitative data. Qualitative primary data were also collected from purposively sampled key informants in the pension industry using interview guides. Thematic analysis was performed by identifying patterns and themes in the qualitative data gathered. The study found that less than half of healthcare workers have individual retirement accounts (IRAs). Among those with IRAs, frequent withdrawals were made on their accounts. Healthcare workers who have higher level of education and earn high incomes planned their retirement. Healthcare workers have made adequate retirement plans over the life course, but these plans are not linked to their statutory retirement ages. The more pension schemes are transparent, the more healthcare workers are willing to plan their retirement. It is recommended that healthcare workers should collaborate with their associations to engage with pension fund administrators to design retirement educational programmes that link their retirement plans to the statutory retirement age. The NPRA should also implement strategies that enhance transparency through the disclosure of investment information to healthcare workers.
