Happiness and Retirement Readiness among Pre-Retiring Employees: a Cross-Sectional Study

This study is a report examining the relationship between perceptions of happiness and retirement readiness among pre-retiring employees in the Philippines. This study utilized a descriptive, cross sectional approach. Eighty (n = 80) pre-retiring employees participated in the study or 73% response rate. Two self-report questionnaires were used to collect the data and were analyzed using descriptive and inferential statistics. The mean scores for the Happiness Measure and Retirement Readiness Scale were 7.23 and 48.93 respectively. Happiness in their financial situation (beta = .888, p = 0.008), employees gender [(being female) beta = 1.992, p = 0.041], marital status [(being married) beta = 5.869, p = 0.011)], and education [master degree, (beta = 4.841, p = 0.027) and doctorate degree (beta = 3.248, p = 0.044)] strongly predicted retirement readiness. Pre-retiring Filipino employees perceived moderate to high levels of happiness and were moderately prepared for retirement. As happiness in their financial situation predicts retirement readiness, financial literacy and holistic planning is essential to prepare employees for the retirement transition.