Impact of Retirement Preparation on Post Retirement Living Conditions of Older Persons in Lagos State, Nigeria

Abstract

Post service living conditions of the elderly has received increased attention in recent years and the retirement preparation has generated several public policy and academic concerns. There is a correlation between both, as a lot of problems arose out of inadequate preparation. Quantitative data was collected through individual-based questionnaire. Multi-stage sampling procedure was employed to select 300 respondents from selected LGAs in Lagos State. In all, 300 respondents were interviewed. Simple statistical tools like percentile and chi-square were used to determine the net effects of the explanatory factors on the post retirement living conditions. The study found that post retirement living conditions is largely a product of retirement preparation. Furthermore, the results from the test shows that there is a significant relationship between post retirement living conditions of retirees and their preparations toward retirement. The study concludes that there are both sex and educational differences in the perception of retirement stress by retired civil servants.