Examining the Factors That Affect the Preparation of Life after Retirement and Quality of Life of South Korean Adults across Different Age Groups

Abstract

The aim of the current study is twofold. First, a preliminary analysis was conducted to discover the important factors in terms of preparing for life after retirement across different South Korean age groups (i.e., the 30s, 40s, and 50s). In this process, the level of importance and the statistical significance of the group difference were confirmed based on the ANOVA results. Second, a stepwise regression technique was utilized, as the main analysis, to explore the association between the preparation for life after retirement factors and perceived quality of life. One-way ANOVA analysis results indicated that there were significant differences between age groups in terms of leisure activities, psychological health, physical health, and emotional health factors (p < 0.001). No difference in factors pertaining to family relationships, finances, and social relationships was observed. Furthermore, the stepwise regression analysis results entail that financial stability and psychological health proved to be the most dominant factors associated with quality of life regardless of age. While the family relationship was an important factor for the 40s group, the 50s group perceived emotional health as an important factor that relates to their quality of life. In essence, it is important to provide educational programs and materials that are readily accessible to individuals preparing for retirement to promote successful preparation toward retirement and improving quality of life.