INTRODUCTION: Retirement is a comprehensive component of the normative life cycle stage, so it is very important to plan for the golden years of life. Deciding when to retire may be one of the most important decisions an individual makes during his or her lifetime. Although the retirement decision occurs late in time, it can signicantly affect an individual's well-being for many years. When individuals decide to stop working, they must have a way to support themselves nancially, as their income from work will no longer be available. Thus, the question of how to support oneself in retirement should be an important consideration in the retirement decision. In addition to the nancial and health aspects of the retirement decision, policymakers and those in the position to guide the choices of future retirees understand the possible behavioural and psychological features of the retirement decision. LITERATURE REVIEW: Ÿ Bahrami (2001), The paper examines the factors inuencing faculty members' retirement decisions for this the data from a random, national sample of faculty, ages 56 and older has been used. The impacts that nancial, personal, and institutional factors may have on faculty members' retirement decisions are explored. The paper suggests that the factors such as such as uncapping of the retirement age, current salary, eligibility for full retirement benets, other sources of income, early retirement incentives, social security income, preference for leisure, teaching effectiveness, type of institution, and the level of education of faculty have a signicant inuence on faculty members' decisions to retire. Ÿ Beh & Folk (2012), The paper analyses the inuence of nancial learning on retirees' retirement nancial planning preparation.750 questionnaires were distributed with the return rate of 53.9% return rate. Three hypotheses have been analysed using hierarchal regression analysis. In the results it was found that, some mediating effect existed between nancial learning and behavioural assessment of personal nance, and that the older age groups had mediating effect on the relationship between nancial learning and subjective perception of satisfaction with personal nance. Within this context the respondents were satised with their nancial situation from behavioural assessment of personal nance, subjective perception and perceived nancial well-being perspective. The study also suggested that the older age groups (above 50 years) had mediating effect on the relationship between nancial learning and subjective perception of satisfaction with personal nance. Ÿ Chalmers, Johnson, & Reuter (2008), The study focuses on the factors that affect the choice of retirement date for the purpose of which a large sample of retirement-eligible Oregon state employees were considered for the purpose of analyses between 1992 and 2003. As per the situation it was hypothesized that the individuals will infer their optimal retirement behaviour, in part, from the retirement behaviour of their co-workers. The ndings suggest that individuals are economically signicantly more likely to retire in months when more of their co-workers retire and it was also found that there is less effect of the peers in the case of employees whose salaries are in the bottom 25th percentile, where nancial literacy is likely to be the lowest. Ÿ Davey(2008), Ageing of the workforce is likely to lead to labour and skills shortages. The factors inuencing retirement decisions are thus important in personal as well as policy terms. The factors including health and nancial circumstances has been reviewed I this paper with special reference to the New Zealand sources, especially the Health, Work and Retirement Study. The ndings of the qualitative interviews suggest how the individuals interact and highlight the importance of life-course factors, both personal and contextual which serve as a key to the decisions about the workforce participation in mid and later life. OBJECTIVES OF THE STUDY: Ÿ To analyse the preferences of individuals towards Retirement Planning. Ÿ To analyse the level of Satisfaction of the individuals to different avenues that may be used for Retirement Planning. Ÿ To know the reasons behind not planning for retirement. RESEARCH DESIGN Descriptive Research Design and have been used in the project as it provides the opportunity to cover all the aspects that are required to conduct the research. SAMPLING PLAN Ÿ Population- Working Individuals from different age groups and occupations. Ÿ Sampling Unit- Divided on the basis of age groups under the following two categories: Ÿ 21-39 Years Ÿ 40-59 Years Ÿ Sample Size – The total sample size of the project is 137. Ÿ Sampling Method- Stratied Sampling Ÿ Sampling Frame – Ahmedabad City Ÿ Statistical Tools- SPSS v20 and Excel 2013 software have been used for data analysis. A STUDY ON INDIVIDUAL'S RETIREMENT PLANNING BEHAVIOR Original Research Paper Smruti Vakil Management KEYWORDS : Dr. Swati Modi* *Corresponding Author VOLUME-8, ISSUE-9, SEPTEMBER-2019 • PRINT ISSN No. 2277 - 8160 • DOI : 10.36106/gjra DATA ANALYSIS: ORDER OF PREFERENCES 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 TOTAL PUBLIC PROVIDENT FUND 26 5 6 4 2 - 1 1 1 - - - - - 2 48 POST OFFICE MONTHLY SCHEMES 6 13 8 6 1 4 1 1 1 - - - - - 1 42 134 X GJRA - GLOBAL JOURNAL FOR RESEARCH ANALYSIS CHI-SQUARE TEST AGE & AWARNESS TOWARDS RETIREMENT SAVINGS HYPOTHESIS STATEMENT: H : There is no signicant association between age & o awareness towards early retirement planning. H : There is signicant association between age & awareness 1 towards early retirement planning. Here from the table, if signicant value is less than 0.05, we reject Null Hypothesis. Otherwise we fail to reject the Null Hypothesis. In the table above, as Pearson Chi-Square value is 0.002 which is less than 0.05, we reject Null Hypothesis. Hence, there is signicant association between age & awareness towards early retirement planning. HYPOTHESIS STATEMENT H : There is no signicant association between x & y.o H : There is signicant association between x & y.1 FINDINGS: Ÿ The sources that most inuence people's decision about Retirement Planning Are-Family, Friends, Self-Research and Work. Ÿ Out of the total 137 respondents, according to majority of the respondents -i.e.77(i.e. 56.2%) respondents there is no adequate market awareness on early Retirement Planning and as per the 60 respondents i.e. (43.8%), there is an adequate market awareness on early Retirement Planning. Ÿ Out of the total 137 respondents, majority of the respondents i.e.-85 (i.e. 62%) respondents don't invest for their retirement savings and 52 (i.e. 38%) respondents invest for their Retirement Savings. Ÿ Out of the 52 respondents, who invest for their retirement savings, majority of the respondents i.e. 19 respondents think that they have an adequate quality of information about retirement, 18 respondents think that they have good quality of information about retirement, 10 respondents think that they have Very Good quality of information about retirement and 9 respondents think that they have Poor quality of information about retirement. Ÿ Out of the 52 respondents, who invest for their Retirement Savings, majority of the respondents i.e.33 respondents have estimated the savings they would need at retirement considering their desired retirement age and life expectancy and 19 respondents have not estimated the savings they would need at retirement considering their desired retirement age and life expectancy. Ÿ Majority of the respondents i.e. 50 respondents have prioritized the statements- “Lump sum amount available to the legal heir” and “Flexibility in terms of stable source of income or support to family in case of death” and from that too-25 respondents have rated- “Flexibility in terms of stable source of income or support to family in case of death” as most important in terms of planning for retirement. Ÿ Majority of the Respondents i.e. 48 respondents have chosen Public Provident Fund (PPF) as their preference for investment for Retirement Planning and amongst all the Retirement Planning that have been considered for analysis- majority of the respondents have ranked PPF as sttheir 1 preference for investment for retirement. VOLUME-8, ISSUE-9, SEPTEMBER-2019 • PRINT ISSN No. 2277 - 8160 • DOI : 10.36106/gjra ANNUITIES 6 8 8 5 1 - 2 - 1 - - - 1 1 1 34 BANK FD 19 12 7 1 3 1 - - - - - - 1 - 2 46 GOLD 10 13 9 5 1 1 1 - - 1 - - - - 1 42 REAL ESTATE 9 7 7 9 4 - 2 - 1 - 1 1 1 - 1 43 NATIONAL PENSION SCHEMES 8 8 10 3 2 4 1 1 - 1 - - - 1 - 39 ORDER OF PREFERENCES 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 TOTAL SOVEREIGN GOLD BONDS 4 13 7 3 - - 2 1 3 1 - - - 1 1 36 LIFE INSURANCE (ENDOWMENT PLANS) 12 12 8 3 4 2 1 - 1 - - 1 - - 1 45 TERM PLAN INSURANCE 8 14 5 5 - 4 1 - - 1 1 1 1 - - 41 EMPLOYEE PROVIDENT FUND 10 8 7 5 3 2 1 1 2 - - - - - - 39 NATIONAL SAVINGS CERTIFICATES 11 7 8 4 1 1 - 1 1 1 - 1 - 1 1 38 SHARES 7 5 10 6 2 3 1 4 1 - 1 1 - 2 - 43 GRATUITY 7 9 8 5 - 2 - 1 - 2 - - 1 1 - 36 MUTUAL FUNDS 11 7 10 6 - - 3 2 2 - 1 - - 2 - 44 PARTICULARS VALUE DF ASYMP. SIG. (2- SIDED) EXACT SIG. (2- SIDED) EXACT SIG. (1- SIDED) Pearson Chi-Square 9.238a 1 .002 Continuity bCorrection 8.178 1 .004 Likelihood Ratio 9.527 1 .002 Fisher's Exact Test .004 .002 Linear-by-Linear Association 9.170 1 .002 N of Valid Cases 137 DEMOGRAPHIC VARIABLES(x) INVESTMENT-RETIREMENT SAVINGS(y) AGE INVESTMENT FOR RETIREMENT SAVINGS GENDER INVESTMENT FOR RETIREMENT SAVINGS MARITAL STATUS INVESTMENT FOR RETIREMENT SAVINGS EDUCATION LEVEL INVESTMENT FOR RETIREMENT SAVINGS INCOME LEVEL INVESTMENT FOR RETIREMENT SAVINGS OCCUPATION INVESTMENT FOR RETIREMENT SAVINGS PARTICULARS SIGNIFI CANCE ACCEPT/ REJECT H0 AGE & DO YOU INVEST 0.883 Accept H0 GENDER & DO YOU INVEST 0.008 Reject H0 MARITAL STATUS & DO YOU INVEST 0.062 Accept H0 EDUCATION LEVEL & DO YOU INVEST 0.435 Accept H0 INCOME LEVEL & DO YOU INVEST 0.290 Accept H0 OCCUPATION & DO YOU INVEST 0.011 Reject H0 X 135GJRA - GLOBAL JOURNAL FOR RESEARCH ANALYSIS Ÿ 46 Respondents have provided their preferences for investment in Bank Fixed Deposits (FD's) for Retirement stPlanning and 19 respondents have ranked it as their 1 preference for investment for Retirement Planning. Ÿ 45 Respondents have provided their preferences for Life Insurance (Endowment Plans) as an avenue to investment in for Retirement Planning and 12 respondents have stranked it as their 1 preference for investment for Retirement Planning. Ÿ 44 Respondents have provided their preferences for Mutual Funds as an avenue to investment in for Retirement stPlanning and 11 respondents have ranked it as their 1 preference for investment for Retirement Planning. Ÿ 43 Respondents have provided their preferences for Real estate and Shares as the avenues to invest in for the purpose of Retirement Planning and 9 respondents have stranked Real Estate as their 1 preference and 7 strespondents have ranked Shares as their 1 preference to invest in for the purpose of Retirement Planning. Ÿ 42 Respondents have provided their preferences for Gold and Post Ofce Monthly Schemes as the avenues to invest in for the purpose of Retirement Planning and 10 strespondents have ranked Gold as their 1 preference and 6 respondents have ranked Post Ofce Monthly Schemes stas their 1 preference to invest in for the purpose of Retirement Planning. Ÿ 33 Respondents have Ranked their Satisfaction for the Bank Fixed Deposits and 12 respondents each are Highly Satised and Satised, 6 respondents are neutral, 2 respondents are Dissatised and 1 respondent is Highly Dissatised with the Rate of Interest Provided by the FD's. Ÿ 31 Respondents have Ranked their Satisfaction from investment in Mutual Funds: - Ÿ 7 respondents are Highly Satised, 11 respondents are Satised, 10 respondents are neutral, 3 respondents are Dissatised with the factor- “higher rate of returns than other avenues” for Mutual Funds. Ÿ 8 respondents are Highly Satised, 12 respondents are Satised, 9 respondents are neutral, 1 respondent is Dissatised and 1 respondent is Highly Dissatised with the factor- “More tax Benets” of investment in Mutual Funds. Ÿ 29 Respondents have Ranked their Satisfaction from Investment in Gold: - Ÿ 9 respondents are Highly Satised, 11 respondents are Satised, 6 respondents are neutral, 2 respondents are Dissatised and 1 respondent is Highly Dissatised with the factor- “The expected rate of Returns” from investment in Gold. Ÿ 2 respondents are Highly Satised, 9 respondents are Satised, 13 respondents are neutral and 4 respondents are Highly Dissatised with the factor - “A safe mode of investment” - Gold. Ÿ 29 Respondents have Ranked their Satisfaction from Investment in Post Ofce Monthly Schemes and 6 respondents are Highly Satised, 13 respondents are Satised, 9 respondents are neutral and 1 respondent is Dissatised with the factor- “Requirement of Minimum Investment” for making investment in Post Ofce Monthly Schemes. Ÿ 29 Respondents have Ranked their Satisfaction from Investment in Term Plan Insurance: - Ÿ 10 respondents are Highly Satised, 11 respondents are Satised, 6 respondents are neutral and 2 respondents are Dissatised with the factor- “Providing Security at nominal cost” from making investment in Term Plan Insurance. Ÿ 5 respondents are Highly Satised, 17 respondents are Satised, 5 respondents are neutral, 1 respondent is Dissatised and 1 respondent is Highly Dissatised with the factor - “Flexibility to receive payout as monthly income or amount in lumpsum” by making investment in Term Plan Insurance. Ÿ 28 Respondents have Ranked their Satisfaction from Investment in Public Provident Fund (PPF): - Ÿ 16 respondents are Highly Satised, 8 respondents are Satised, 4 respondents are neutral and no respondents are Dissatised with the factor- “High tax benets” that an individual may get by making investment in PPF. Ÿ 8 respondents are Highly Satised, 11 respondents are Satised, 7 respondents are neutral and 2 respondents are Dissatised with the factor - “Serves as a mode of Collateral” for PPF. Ÿ 13 respondents are Highly Satised, 6 respondents are Satised, 8 respondents are neutral and 1 respondent is Dissatised with the factor - “Easy withdrawal facility” for PPF. CONCLUSION: One big reality of life is retirement, and planning for retirement is still a nascent concept in India. Although it is thought about and talked about all over, but the actions for retirement planning are still not focused by individuals. Retirement planning is very dynamic process and is affected by numerous factors. Individuals need to keep an eye of the social, economic and political factors along with his requirements while planning for retirement. Retirement is a comprehensive component of the normative life cycle stage, so it is very important to plan for the golden years of life. Deciding when to retire may be one of the most important decisions an individual makes during his or her lifetime. REFERENCES: 1. Bahrami, B. (2001). Factors affecting faculty retirement decisions. The Social Science Journal, 38(2), 297-297Chalmers, J. M., Johnson, W. T., & Reuter, J. (2008). Who determines when you retire? Peer effects and retirement (No. onb08-13). National Bureau of Economic Research. 2. Davey, J. (2008). What inuences retirement decisions?. Social Policy Journal of New Zealand, 33, 110. VOLUME-8, ISSUE-9, SEPTEMBER-2019 • PRINT ISSN No. 2277 - 8160 • DOI : 10.36106/gjra 136 X GJRA - GLOBAL JOURNAL FOR RESEARCH ANALYSIS