Assessing the Impact of Retirement Experience on the Psychological and Social Well-Being of Retirees in the Techiman Municipality

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.