Retirement planning: important factors influencing a service member's decision to prepare for retirement
Todd, Jimmie S.
Schuyler, Matthew R.
Rendon, Juanita M.
Landry, Steven P.
MetadataShow full item record
The purpose of this research study was to identify what financial and nonfinancial retirement planning factors are important to service members and to determine which factors have the most significant influence on a service member's decision to financially prepare for retirement. A voluntary and anonymous online survey was developed and deployed to resident U.S. military students at the Naval Postgraduate School to identify the circumstances that influence decisions to save or not save for retirement. The survey included questions regarding financial resources, resource constraints, and nonfinancial factors. After analyzing the literature and survey data, the findings indicate that saving for unexpected costs outside of retirement accounts, improving financial literacy, and establishing clear retirement goals were important to consider during retirement planning. This research also found that a service member's rank, savings outside of a dedicated retirement account, calculating necessary retirement savings, and conducting retirement planning activities were statistically significant at the 0.05% level. Finally, recommendations were made for the Department of Defense to increase retirement education for service members and provide retirement education on a continual basis, which may encourage service members to increase savings outside of a dedicated retirement account.
MBA Professional Report
RightsThis publication is a work of the U.S. Government as defined in Title 17, United States Code, Section 101. Copyright protection is not available for this work in the United States.
Showing items related by title, author, creator and subject.
The potential effects of the Defense Business Board military compensation task groups 2011 recommendations on active-duty service member retirement Schneider, Jason C.; Ebuen, Neil L. (Monterey, California. Naval Postgraduate School, 2012);In July 2011, the Defense Business Board (DBB) made recommendations to the Secretary of Defense for modernizing the military retirement system. If implemented, the plan would significantly modify military retirement as it ...
Turner, Robert (Monterey, California: Naval Postgraduate School, 2014-09);This study analyzes whether the retirement reform proposal of the Office of the Secretary of Defense (OSD) provides more or less value for service members than the current retirement system. With the increase of government ...
Cavanaugh, Christopher J. (Monterey, California: Naval Postgraduate School, 2018-03);The purpose of this research is to identify the service members’ general and Thrift Savings Plan-specific financial knowledge level regarding retirement and to determine important factors to consider for retirement. A ...