Financial Preparation for Retiring Educators in Davao City

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Financial Priorities in Preparation for Retirement among Retiring Public School Teachers in Davao City Chapter 1

INTRODUCTION

Background of the Study

In an uncertain economy today, fiscal planning has become progressively significant.

George H. Schofield, Ph.D (2013) said that it would take money to be able to afford a comfortable, no work, more leisure time when retiring. Being financially prepared is one of the goals of every worker to enjoy the so-called golden years with ease and comfort.

According to Annual Retirement Confidence Survey (RCS), Americans’ trust in their power to afford a comfortable retirement remains low despite of a brightening economy is because they alone work for what they need and do not plan or even conceive of their retirement years.

Some workers save yet do not cognize how much do they genuinely need to economize in order to reach a financially secured retirement.

In a global perspective, it is more secure to work with financial planners and professionals to secure one’s financial well-being. Workers often guess on how much do they need to accumulate to invest for retirement than consulting to a professional financial adviser.

More likely, retirement is a big issue in our society nowadays. There are big questions entail on their mind on what they will do and when will they start. Financial preparation for retirement requires a huge internalization to produce a concrete and correct decision on selecting the right way of putting or investing their excess funds. Some employees don’t have any knowledge on managing, selecting and preparing their self in terms of retirement. In the Philippine setting SSS (for private workers) or GSIS (for public workers) benefits are those funds...

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Data Gathering Procedure

In collecting the data, the following steps were undertaken.

1. Through the purposive sampling, the research sought the permission of retiring public school teachers in Davao City. After the grant of permission, the questionnaire was explained and administered.

Statistical Treatment of the Data

The data are analyzed using a scale system and appropriate statistical tools as follows:

Mean. It is used to determine the Financial Priorities in Preparation for Retirement of the respondents and their profile.

F-Test. It is used to determine the significant differences on the Financial Priorities in Preparation for Retirement of the respondents and their profile.

T-Test. It is used to determine the significant differences on the Financial Priorities in Preparation for Retirement of the respondents and their profile.

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