title: Patterns in income source expectations for retirement among preretirees.
abstract: Financial planning for retirement is a lifelong process constrained by financial literacy, resources, and competing demands for resources across the life course. Further, social structure shapes the availability of options for funding retirement. The social and economic frameworks surrounding retirement planning are changing, and policy makers and researchers question whether retirement expectations have adapted. To explore this question, this research used k-means cluster analysis of a 2010 survey data set to identify natural groupings of Michigan adult preretirees based on their expectations of income sources for retirement. The cluster analysis identified six distinct groups that hold very different expectations. Most had expectations that are not consistent with projected changes in social structure and resource availability and those that did were more likely to occupy traditionally privileged statuses including being White, male, and married.
authors: Central Michigan University, Mount Pleasant, MI, USA whita1ea@cmich.edu.
authors: Elizabeth A
authors: EA
authors: Whitaker
authors: Michigan State University, East Lansing, MI, USA.
authors: Janet
authors: J
authors: Bokemeier
mesh_terms: D016000:Cluster Analysis; D005260:Female; D005382:Financing, Personal / Q000706:statistics & numerical data*; D005544:Forecasting; D006304:Health Status; D006801:Humans; D007182:Income / Q000706:statistics & numerical data*; D008297:Male; D008824:Michigan; D008875:Middle Aged; D010549:Personal Satisfaction; D012179:Retirement / Q000191:economics*; D012959:Socioeconomic Factors
keywords: cluster analysis; retirement expectations; retirement planning; structural inequalities in retirement