Reports consistently indicate that baby boomers are unprepared for retirement,
a potentially long phase of life. Many studies have targeted financial
planning to the exclusion of other important aspects of retirement planning,
namely, the concomitant psychosocial factors. Accordingly, this study examined
retirement planning in the following five key areas: general, financial,
work, health, and lifestyle. Specifically, this study's primary purpose was to
examine the relationship between both role clarity and internal locus of
control and past, current, and future retirement planning. Secondary purposes
were to examine: a) the relationship between internal locus of control
and role clarity; b) the relationship between internal locus of control and past
retirement planning; c) the effect of past retirement planning on current and
future retirement planning; and d) the effect of past retirement planning on
role clarity. The study also examined the influence of personal background
factors on past, current, and future retirement planning and on internal locus
of control. Multivariate analyses highlight the role of past retirement planning
and indicate the importance of funding, implementing, and maintaining
retirement education programs to engage baby boomers in retirement planning.
The findings can be used by researchers, policy makers, practitioners,
and retirement planners.