Preparations for Independence and Financial Security in Later Life: A Conceptual Framework and Application to Canada
C. Rosenthal and
Independence and Economic Security of the Older Population Research Papers from McMaster University
In this paper, we develop a conceptual framework to describe an individual's preparations for later life. Situated in the life course perspective, this provides a framework that invites a more comprehensive and systematic study of preparations for later life. It describes a dynamic process that portrays the interplay between social structure and human agency. Through its consideration of collective preparations (the public protection programs offered by the state), individual preparations (financial and non- financial), and the interplay between the two, this framework provides fresh insight into the existing literature on retirement planning, the timing of retirement, savings, and consumption behaviour in later life. Moreover, the model may be used to structure research questions, to guide policy decision making and to point the direction for the design and content of future research studies. While the purpose of this paper is primarily the development of a conceptual model, we draw on empirical examples from the 1991 Survey of Aging and Independence (SAI) to illustrate some aspects of the model to Canada. We conclude by suggesting a number of research and questions that may be generated from the model.
Keywords: retirement planning; savings; SAI (search for similar items in EconPapers)
JEL-codes: J14 (search for similar items in EconPapers)
Pages: 31 pages
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:mcm:iesopp:31
Access Statistics for this paper
More papers in Independence and Economic Security of the Older Population Research Papers from McMaster University Contact information at EDIRC.
Bibliographic data for series maintained by ().