Abstract
The way individuals envision, formulate, and strive to meet their retirement goals is poorly understood. Research to date has focused mainly on goals associated with the pre-retirement phase, although arguably, goals during retirement are equally important. In this investigation, a conceptual replication and extension of the Retirement Goal Process Model (RGPM; Hershey & Jacobs-Lawson, 2009) is carried out. This extended theoretically-derived path model posits that individuals’ perceptions of the consequences of failing to achieve a particular goal will determine the perceived importance of the goal. Perceived goal importance, in turn, determines the thought and effort individuals are willing to allocate toward achieving the goal (goal striving). Goal striving, in turn, is driven by the perceived adequacy of available resources, which predicts the perceived likelihood the goal will be achieved (goal expectancy). This path model was tested across five retirement resource domains identified by Wang and Shultz Journal of Management, 36(1). 172-206, (2010): financial, emotional, cognitive, social, and physical. For analytic purposes, the sample (N = 698, age range 66–94) was divided into four different groups: younger and older males and females. Findings revealed that the theoretically-grounded RGPM accounted for substantial differences in variability in retirement goal expectancy, both across retirement domains and across groups. On a theoretical level, this investigation provides a synthesis of the RGPM with Wang and Shi’s Annual Review of Psychology, 65, 209-233, (2014) Dynamic Resource Theory. From an applied perspective, the results suggest ways in which retirement intervention specialists might profitably intercede with older adults in order to increase the likelihood of goal attainment.
Similar content being viewed by others
Notes
The interested reader is directed to the paper by Hershey and Jacobs-Lawson (2009) for further justification regarding the logical sequence of constructs in the path model.
Perceptions for one resource domain—motivation—were not solicited from participants due to the technical psychological nature of the domain. The concern that led to this decision was that respondents would not readily be able to identify what it meant to possess or strive toward accumulating “motivational resources.” Instead, the other five domains identified by Wang (2007; Wang & Schultz, 2010) were relied upon, for which the meaning of each domain name was unambiguous.
Results of pairwise slope comparisons from the models (across groups) are available from the authors upon request.
References
Ajzen, I., & Fishbein, M. (1980). Understanding attitudes and predicting social behavior. Englewood Cliffs, NJ: Prentice-Hall.
Ajzen, I., & Fishbein, M. (2005). The influence of attitudes on behavior. In D. Albarracín, B. T. Johnson, & M. P. Zanna (Eds.), The handbook of attitudes (pp. 173–221). Mahwah, NJ: Erlbaum Associates.
Arbuckle, J. L. (2014). Amos (version 23.0) [computer program]. IBM SPSS.
Askay, D. A. (2015). Silence in the crowd: The spiral of silence contributing to the positive bias of opinions in an online review system. New Media & Society, 17(11), 1811–1829. https://doi.org/10.1177/1461444814535190.
Atchley, R. C. (1999). Continuity and adaptation in aging: Creating positive experiences. John Hopkins University Press.
Austin, J. T., & Vancouver, J. B. (1996). Goal constructs in psychology: Structure, process, and content. Psychological Bulletin, 120(3), 338–375. https://doi.org/10.1037/0033-2909.120.3.338.
Bagozzi, R. P., & Dholakia, U. (1999). Goal setting and goal striving in consumer behavior. Journal of Marketing, 63(Special Issue), 19–32. https://doi.org/10.2307/1252098.
Bardach, L., Oczlon, S., Pietschnig, J., & Lüftenegger, M. (2019). Has achievement goal theory been right? A meta-analysis of the relation between goal structures and personal achievement goals. Journal of Educational Psychology. https://doi.org/10.1037/edu0000419.supp.
Beach, L. R. (1998). Image theory: Theoretical and empirical foundations. Lawrence Erlbaum Associates Publishers.
Beach, L. R., & Mitchell, T. R. (1987). Image theory: Principles, goals, and plans in decision making. Acta Psychologica, 66(3), 201–220. https://doi.org/10.1016/0001-6918(87)90034-5.
Beach, L. R., & Mitchell, T. R. (1990). Image theory: A behavioral theory of decisions in organizations. In B. M. Staw &. L. L. Cumming (Eds.), Research in organizational behavior (Vol. 12). Greenwich, CT: JAI Press.
Bélanger, J. J., Schumpe, B. M., Lafrenière, M. A. K., Giacomantonio, M., Brizi, A., & Kruglanski, A. W. (2016). Beyond goal commitment: How expectancy shapes means evaluation. Motivation Science, 2(2), 67–84. https://doi.org/10.1037/mot0000031.supp.
Brougham, R. R., & Walsh, D. A. (2005). Goal expectations as predictors of retirement intentions. The International Journal of Aging & Human Development, 61(2), 141–160. https://doi.org/10.2190/5TEF-E52V-8JR4-U3Q4.
Brown, T. (2006). Confirmatory factor analysis for applied research. Guilford Press.
Chou, K. L., Yu, K. M., Chan, W. S., Wu, A. M., Zhu, A. Y. F., & Lou, V. W. Q. (2015). Perceived retirement savings adequacy in Hong Kong: An interdisciplinary financial planning model. Ageing & Society, 35(8), 1565–1586. https://doi.org/10.1017/S0144686X14000373.
Devezer, B., Sprott, D. E., Spangenberg, E. R., & Czellar, S. (2014). Consumer well-being: Effects of subgoal failures and goal importance. Journal of Marketing, 78(2), 118–134. https://doi-org.argo.library.okstate.edu/10.1509/jm.11.0599.
Donaldson, T., Earl, J. K., & Muratore, A. M. (2010). Extending the integrated model of retirement adjustment: Incorporating mastery and retirement planning. Journal of Vocational Behaviour, 77(2), 279–289. https://doi.org/10.1016/j.jvb.2010.03.003.
Duncan, H. H., Travis, S. S., & McAuley, W. J. (1994). The meaning of and motivation for mall walking among older adults. Activities, Adaptation & Aging, 19(1), 37–52. https://doi.org/10.1300/J016v19n01_03.
Fernandez-Lopez, S., Otero, L., Vivel, M., & Rodeiro, D. (2010). What are the driving forces of individuals’ retirement savings? Czech Journal of Economics and Finance, 60(3), 226–251.
Fishbein, M., & Ajzen, I. (1975). Belief, attitude, intention and behavior: An introduction to theory and research. Reading, MA: Addison-Wesley.
Forman, D. E., Berman, A. D., McCabe, C. H., Baim, D. S., & Wei, J. Y. (1992). PTCA in the elderly: The "young-old" versus the "old-old". Journal of the American Geriatrics Society, 40(1), 19–22. https://doi.org/10.1111/j.1532-5415.1992.tb01823.x.
França, L. H. F., & Hershey, D. A. (2018). Financial preparation for retirement in Brazil: A cross-cultural test of the interdisciplinary financial planning model. Journal of Cross-Cultural Gerontology, 33(1), 43–64. https://doi.org/10.1007/s10823-018-9343-y.
Glass Jr., J. C., & Kilpatrick, B. B. (1998). Gender comparisons of baby boomers and financial preparation for retirement. Educational Gerontology, 24(8), 719–745. https://doi.org/10.1080/0360127980240802.
Heaven, B., O’Brien, N., Evans, E. H., Martin, M., Meyer, T. D., Mathers, J. C., & Moffatt, S. (2016). Mobilizing resources for well-being: Implications for developing interventions in the retirement transition. The Gerontologist, 56(4), 615–629. https://doi.org/10.1093/geront/gnu159.
Hershey, D. A., & Jacobs-Lawson, J. M. (2009). Goals for retirement: Content, structure and process. In R. R. Brougham (Ed.), New directions in aging research (pp. 167–186). Hauppauge, NY: Nova Science Publishers.
Hershey, D. A., Jacobs-Lawson, J. M., & Neukam, K. A. (2002). Influences of age and gender on workers’ goals for retirement. International Journal of Aging & Human Development, 55, 163–179. https://doi.org/10.2190/AG.70.1.a.
Hershey, D. A., Henkens, K., & Van Dalen, H. P. (2007). Mapping the minds of retirement planners: A crosscultural perspective. Journal of Cross-Cultural Psychology, 38(3), 361–382. https://doi.org/10.1177/0022022107300280.
Hira, T. K., Rock, W. L., & Loibl, C. (2009). Determinants of retirement planning behaviour and differences by age. International Journal of Consumer Studies, 33(3), 293–301. https://doi.org/10.1111/j.1470-6431.2009.00742.x.
Hobfoll, S. E. (2002). Social and psychological resources and adaptation. Review of General Psychology, 6, 307–324. https://doi.org/10.1037//1089-2680.6.4.307.
Johnson, J. T. (2009). The once and future self: Beliefs about temporal change in goal importance and goal achievement. Self and Identity, 8(1), 94–112. https://doi-org.argo.library.okstate.edu/10.1080/15298860802288874.
Kornadt, A. E., & Rothermund, K. (2014). Preparation for old age in different life domains: Dimensions an age differences. International Journal of Behavioral Development, 38, 228–238. https://doi.org/10.1177/0165025413512065.
Kubicek, B., Korunka, C., Raymo, J. M., & Hoonakker, P. (2011). Psychological well-being in retirement: The effects of personal and gendered contextual resources. Journal of Occupational Health Psychology, 16(2), 230–246.
Lapierre, S., Bouffard, L., & Bastin, E. (1997). Personal goals and subjective well-being in later life. The International Journal of Aging & Human Development, 45(4), 287–303. https://doi.org/10.2190/HU3J-QDHE-LT1J-WUBN.
Lapierre, S., Dubé, M., Bouffard, L., & Alain, M. (2007). Addressing suicidal ideations through the realization of meaningful personal goals. Crisis: The Journal of Crisis Intervention and Suicide Prevention, 28(1), 16–25. https://doi.org/10.1027/0227-5910.28.1.16.
Leung, C. S. Y., & Earl, J. K. (2012). Retirement resources inventory: Construction, factor structure and psychometric properties. Journal of Vocational Behavior, 81(2), 171–182. https://doi.org/10.1016/j.jvb.2012.06.005.
Locke, E. A., & Latham, G. P. (2002). Building a practically useful theory of goal setting and task motivation: A 35-year odyssey. American Psychologist, 57(9), 705–717. https://doi.org/10.1037/0003-066X.57.9.705.
Locke, E. A., & Latham, G. P. (2019). The development of goal setting theory: A half century retrospective. Motivation Science, 5(2), 93–105. https://doi.org/10.1037/mot0000127.
Mann, T., De Riddler, D., & Fujita, K. (2013). Self-regulation of health behavior: Social psychological approaches to goal setting and goal striving. Health Psychology, 32(5), 487–498.
Milyavskaya, M., & Werner, K. M. (2018). Goal pursuit: Current state of affairs and directions for future research. Canadian Psychology, 59(2), 163–175. https://doi.org/10.1037/cap0000147.
Moberly, N. J., & Dickson, J. M. (2016). Rumination on personal goals: Unique contributions of organismic and cybernetic factors. Personality and Individual Differences, 99, 352–357. https://doi.org/10.1016/j.paid.2016.05.041.
Moeller, S. K., Troop-Gordon, W., & Robinson, M. D. (2015). When the going gets tough, the differentiated keep going: Cybernetic self-determination, daily obstacles, and persistent goal pursuit. The Journal of Psychology: Interdisciplinary and Applied, 149(5), 427–442. https://doi.org/10.1080/00223980.2013.837022.
Olsaretti, S. (2007). The limits of hedonism: Feldman on the value of attitudinal pleasure. Philosophical Studies: An International Journal for Philosophy in the Analytic Tradition, 136(3), 409–415.
Orbell, S., Johnston, M., Rowley, D., Davey, P., & Espley, A. (2010). Self-efficacy and goal Importance in the prediction of physical disability in people following hospitalization: A prospective study. British Journal of Health Psychology, 6(1), 25–40.
Park, J., Fung, H. H., Rothermund, K., & Hess, T. M. (2020). The impact of perceived control and future-self views on preparing for the old age: Moderating influences of age, culture, and context. The Journals of Gerontology: Series B, 75(5), e18–e28.
Pundt, L. M., Wöhrmann, A. M., Deller, J., & Shultz, K. S. (2015). Differential predictors of post-retirement life and work satisfaction. Journal of Managerial Psychology, 30(2), 216–231. https://doi.org/10.1108/JMP-08-2012-0250.
Rapkin, B. D., & Fischer, K. (1992). Framing the construct of life satisfaction in terms of older adults’ personal goals. Psychology and Aging, 7(1), 138–149. https://doi.org/10.1037/0882-7974.7.1.138.
Robbins, S. B., Lee, R. M., & Wan, T. T. H. (1994). Goal continuity as a mediator of early retirement adjustment: Testing a multidimensional model. Journal of Counseling Psychology, 41(1), 18–26. https://doi.org/10.1037/0022-0167.41.1.18.
Savina, E. (2013). Perceived control over personal goals in Russian and American college students. International Journal of Psychology, 48(4), 551–562. https://doi.org/10.1080/00207594.2012.690522.
Seidl, J., Neiva, E. R., Noone, J. H., & Topa, G. (2020). Process of retirement planning scale: Psychometric properties of the complete and short Spanish versions. Work, Aging and Retirement, 1–12. https://doi.org/10.1093/workar/waaa015
Smith, A., Ntoumanis, N., & Duda, J. (2007). Goal striving, goal attainment, and well-being: adapting and testing the self-concordance model in sport. Journal of Sport Exercise Psychology, 29(6), 763–782. https://doi.org/10.1123/jsep.29.6.763.
Thurnher, M. (1974). Goals, values, and life evaluations at the preretirement stages. Journal of Gerontology, 29(1), 85–96. https://doi.org/10.1093/geronj/29.1.85.
Wang, M. (2007). Profiling retirees in the retirement transition and adjustment process: Examining the longitudinal change patterns of retirees’ psychological well-being. Journal of Applied Psychology, 92(2), 455–474.
Wang, M., Henkens, K., & Van Solinge, H. (2011). Retirement adjustment: A review of theoretical and empirical advancements. American Psychologist, 66, 204–213. https://doi.org/10.1037/a0022414.
Wang, M., & Shi, J. (2014). Psychological research on retirement. Annual Review of Psychology, 65, 209–233. https://doi.org/10.1146/annurev-psych-010213-115131.
Wang, M., & Shultz, K. S. (2010). Employee retirement: A review and recommendations for future investigation. Journal of Management, 36(1), 172–206. https://doi.org/10.1177/0149206309347957.
Winell, M. (1987). Personal goals: The key to self-direction in adulthood. In M. E. Ford & D. H. Ford (Eds.), Humans as self-constructing living systems: Putting the framework to work (pp. 261–287). Erlbaum Associates.
Zizza, C. A., Ellison, K. J., & Wernette, C. M. (2009). Total water intakes of community-living middle-old and oldest-old adults. The Journals of Gerontology Series A: Biological Sciences and Medical Sciences, 64A(4), 481–486. https://doi.org/10.1093/gerona/gln045.
Acknowledgements
The authors are indebted to William Tamulonis and the Acts Retirement-Life Communities for assistance with the data collection.
Author information
Authors and Affiliations
Contributions
All authors contributed to the study conception and design. Material preparation, data collection and analysis were performed by Cindy E. Tsotsoros and Douglas A. Hershey, as was the first draft of the manuscript. All authors commented on previous versions of the manuscript, and approved the final manuscript.
Corresponding author
Ethics declarations
Ethics Review
This research was reviewed and approved by the ethics committee at Mcquarie University, Sydney, Australia. The authors certify that this study was performed in accordance with the ethical standards as laid down in the 1964 Declaration of Helsinki and its later amendments or comparable ethical standards.
Consent to Participate
Informed consent was obtained from all individual participants included in the study.
Conflict of Interest
The authors declare that they have no conflict of interest.
Additional information
Publisher’s Note
Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
Supplementary Information
ESM 1
(DOCX 129 kb)
Appendix
Appendix
-
1.
I possess _______ income to support me (my family’s) living expenses. (1 = very little or no; 3 = a moderate amount of; 5 = plenty of or excess). Financial domain.
-
2.
I have _______ friends or family members who I interact with regularly. (1 = very few or no; 3 = a moderate number of; 5 = many). Social domain.
-
3.
I experience _______ positive emotions (e.g., being interested, excited, strong, enthusiastic, proud, determined, alert, inspired, attentive, active). (1 = very few; 3 = a moderate amount of; 5 = plenty of/excess). Emotion domain.
-
4.
I would consider my general health condition to be _______. (1 = extremely poor; 3 = average; 5 = extremely good). Health domain.
-
5.
I have ______ ability to acquire new knowledge or skills. (1 = very little or no; 3 = a moderate; 5 = plenty of or excess). Cognitive domain.
Rights and permissions
About this article
Cite this article
Tsotsoros, C.E., Mooney, A., Earl, J.K. et al. Retirees’ perceptions of goal expectancy in five resource domains. Curr Psychol 42, 5819–5833 (2023). https://doi.org/10.1007/s12144-021-01771-y
Accepted:
Published:
Issue Date:
DOI: https://doi.org/10.1007/s12144-021-01771-y