Abstract:
The study investigated the impact of retirement experience on the
psychological and social well-being of formal sector retirees in the Techiman
Municipality. As a quantitative study, the descriptive survey design was
adopted. Using purposive and convenient sampling techniques, a sample of
446 formal sector retirees were used for the study. The study used three (3)
adopted scales on retirement experience (SPANE, 12-items, CA=.89),
psychological well-being (Flourishing, 8-items, CA=.85) and social wellbeing
(MSPSS, 12-iems, CA=.87) to collect data. The data was analyzed using
frequencies, means, Simple Linear Regression and Independent Samples t-test.
The study revealed that retirees experienced positive retirement period,
possessed higher psychological well-being (mean score was between high
score range of 25-32 above criterion mean of 25.00) and moderate social wellbeing
(mean score was between moderate score range of 25-36 above criterion
mean of 34.65). The study also revealed that retirement experience positively
predicted retirees‟ psychological well-being (β =.164, p=006) and social wellbeing
(β =.242, p=008). Again, the study revealed that male retirees possessed
higher psychological well-being than female retirees but they never differed in
both retirement experience and social well-being. It was concluded that
positive retirement experience, high level of psychological well-being and
moderate social well-being could be attributed to the fact that most of the
retirees made proper choices and prepared adequately for their retirements.
Therefore, it was recommended that agencies/departments of the formal sector
should consider organising workshops for potential retirees in their set-ups so
that they can continue to be abreast with the retirement process and to know
what it takes to maintain and improve upon this good trend during retirement.
