Retirement planning – a systematic review of literature and future research directions

Kavita Karan Ingale () and Ratna Achuta Paluri ()
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Kavita Karan Ingale: Symbiosis International (Deemed University)
Ratna Achuta Paluri: Symbiosis Institute of Operations Management, Symbiosis International (Deemed) University

Management Review Quarterly, 2025, vol. 75, issue 1, No 5, 43 pages

Abstract: Abstract Rising life expectancy and an aging population across nations are leading to an increased need for long-term financial savings and a focus on the financial well-being of retired individuals amidst changing policy framework. This study is a systematic review based on a scientific way of producing high-quality evidence based on 191 articles from the Scopus and Web of Science databases. It adopts the Theory, Context, Characteristics, and Method (TCCM) framework to analyze literature. This study provides collective insights into financial decision-making for retirement savings and identifies constructs for operationalizing and measuring financial behavior for retirement planning. Further, it indicates the need for an interdisciplinary approach. Though cognitive areas were studied extensively, the non-cognitive areas received little attention. Qualitative research design is gaining prominence in research over other methods, with the sparse application of mixed methods design. The study’s TCCM framework explicates several areas for further research. Furthermore, it guides the practice and policy by integrating empirical evidence and concomitant findings. Coherent synthesis of the extant literature reconciles the highly fragmented field of retirement planning. No research reports prospective areas for further analysis based on the TCCM framework on retirement planning, which highlights the uniqueness of the study.

Keywords: Retirement planning; Systematic literature review; Financial behavior; Household finance; Long-term savings; Pension plan; Financial literacy; TCCM framework; M1; G2; G5; G41 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s11301-023-00377-x

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