Determinant of Employees' Retirement Planning: A Review of Malaysian Retirement Plans

Purpose: This study attempts to address the issue by reviewing existing literatures that dominates retirement planning research. Design/methodology/approach: This paper is a conceptual work that recognized a range of factors that impact retirement planning. Findings: The findings show evidence that results are mixed, and four categories of independent variables have been identified in retirement planning literature including demographic factors, psychological process, social influence and environmental influence. Practical implications: The combination of growing life expectancy and increased ageing population in Malaysia has important implications for retirement planning. Previous literature has shown that across nations around the world, individuals have practically not planned for their retirement. In Malaysia, independent studies demonstrate that most Malaysians are not ready for retirement. Employees who are not prepared early for retirement might not be able to achieve their retirement goals. Accordingly, findings in this review will be beneficial to employees in arranging a proper retirement planning. This research also assists the government, policy maker and human resource practices by introducing new approaches in supporting employees' retirement plan. Originality/value: This study adds to the literatures on retirement planning and recommend in enhancing human resources practitioner role in providing the platform for retirement planning.