Psycho-Social, Financial and Health Predictors of a Quality Retirement Life: A Kenyan Case

Abstract

Research has established a positive correlation between pre-retirement life and quality of life (QoL) in retirement. Yet, many retirees in Kenya continue to experience endless challengesand a lowQoL. Hence, this study was conducted to assess the pre-retirement predictors of retirement satisfaction with a view to making appropriate recommendations. Amulti-dimensional approach was utilized to assess retirement preparation in the psychosocial, financial and health domains and its influence on the overall QoL of retirees. Ten percent of the target population was randomly sampled, giving 447 respondents. Quantitative data was collected using interview schedules and analyzed using SPSS. QoL was found to be positively related to retirement preparation in the psychosocial, financial and health domains. Most respondents were found to be inadequately prepared for retirement and consequently experienced a low quality retirementlife. The study recommendsa multi-faceted retirement preparation framework that ismore responsive to QoL needs.