Relationship between Career Satisfaction, Life Satisfaction and Retirement Preparedness of Near-Retirees of the Local Government Service of Ghana

Abstract

Retirement remains a transition that is inevitable to employees especially among public sector workers of Ghana since constitutionally, the period for retirement is fixed and mandatory at age 60. Factors that lead to successful retirement preparedness especially among near-retirees in the African context are worth researching as some of the factors have not been given adequate attention by researchers. This study was conducted to ascertain the association that exists between Career Satisfaction, and Life Satisfaction, and how they influence Retirement Preparedness among near-retirees. A sample of 100 near-retirees consisting of males and females were recruited to participate in the study. A purposive sampling technique was employed to reach the samples in this cross-sectional survey. The data obtained was analyzed using Hayes Macro Process to test the mediation and Statistical Product for Service Solution (SPSS) for the preliminary analysis as well as relational analysis. The result of the study revealed a significant positive relationship between Career Satisfaction and Life Satisfaction. In addition, there was a significant positive relationship between Life Satisfaction and Retirement Preparedness. The mediational analysis revealed that Life Satisfaction completely mediates the relationship between Career Satisfaction and Retirement Preparedness. This yielded a full mediation, hence there was no significant direct relationship between Career Satisfaction and Retirement Preparedness among near-retirees. Further discussion was done in relation to existing theories and literature. Recommendations to the policymakers and limitations as well as direction for future studies are discussed