You are on page 1of 30

READINESS AND INTENTION TO EARLY RETIREMENT

AMONG GOVERNMENT EMPLOYEES IN BUTUAN CITY 1

PILAR M. BULAWIN 2

May 2013

1
Paper prepared for the World Conference on Public Administration, June 25-27, 2014, Daegu, South
Korea. A special thanks to the Korean Association on Public Administration and my mentors, Dr. Alfredo
Derecho, Dr. Roselle Ranario and all the research respondents from the government sectors of Butuan City.
2
Pilar M. Bulawin, a Real Estate Broker/ Appraiser and a DPA graduate from Southwestern University,
Cebu City. Currently employed as Human Resource Management Officer III of Pag-IBIG FUND, Butuan
Branch Office, Butuan City, Philippines.

1

Abstract

The main purpose of this study was to determined the readiness and intention to Early Retirement
Plan among government employees in Butuan City. The indicators identified were attitude,
professional fulfillment, career shift and advancement and financial independence. This study
endeavored to determine the extent of readiness and intention to early retirement plan. A
researcher-made tool was used to gather the quantitative data. Series of of focus group discussions
were conducted to elicit information for qualitative data. The extent of readiness to early retirement
of research respondents among the government sectors were influenced by the retirement intention
as well as the demographic and work profile of an employee. Early retirement decision can be of any
age, it is most dependent on the person’s context. In terms of attitude, some employee have been
thinking of retiring from the office ahead but the level of their maturity are not ready yet to handle
the retirement cycle they have to undertake during the actual retirement phase. One indicator is the
loss of one’s identity when one losses his job. Nevertheless, financial independence has been a
struggle for most of the government workers in Butuan City. Most of the government employees
were in-depth of debts such as GSIS loans, housing loan, salary loans leaving a low net take home pay
that supposedly intent for savings. Most likely, the government workers are less ready to avail of the
Early Retirement Plan. The implementation of the Rationalization Plan leads to the change of the
system of the organization with the integration of the new technology system. It requires speed in
the making of voluminous reports living an employee a short period of time to catch up with the
deadline of reports. Aside from that, displacement of personnel to other provinces leads to the
intention of the employee to Early Retirement Plan because he was less ready to leave his families
and start all over again the new assigned tasks. The Local Government (LGU) sector had a high
intention to early retirement while the Constitutional Commission sector was highly ready among
the government institutions in Butuan City. A proposed retirement plan was developed from the
findings of the study.

2

1 Introduction

Globalization, computerization, e-commerce and other new technologies

invented make the Information Age today´s wave of development. Changes in

organizations are widely observed in private corporations as well as in the public

agencies. Globalization is shifting more and more power from governments to

global organizations and businesses. Businesses are operating in a competitive

global environment. Today, many companies are undergoing reorganization, thus,

doing numerical and functional flexibility to cope with the competitiveness in the

global arena (Cabadonga, 2011).

In the Philippines, globalization resulted in privatization of public

enterprises, deregulation of markets and rapid liberalization of the economy. In the

midst of challenges facing the public sector, the government has to define its proper

role in society leading to the implementation of Executive Order No. 366 on October

4, 2004. It calls for a Rationalization Program to transform the Executive Branch

into a more effective and efficient government. Personnel affected by the

implementation of the Rationalization Program under EO No. 366 have the option to

remain in their mother agency where their positions can be accommodated; be

deployed to other agencies needing additional personnel, without reduction in

salary; or retire /separate with the applicable incentives.

It is for this reason that the researcher undertook the study to determine the

factors that influenced employees early retirement plan-be it voluntary or

involuntary. The findings of the study will be the basis in the creation of the

proposed retirement plan as to the extent of readiness and the degree of early

retirement intention among government employees in Butuan City.

This study was anchored on the theory of Guillemard (1982) who identifies

five types of retirement patterns or intentions. These are withdrawal, professional,

3

This can be done by saving money because small amounts add up over the years. They do not relax and do nothing. Snow. retirement theories. personal discussion and exposure to news media about retirement. These are transformers and maintainers. Workers need to be socialized into post-work roles just as they are socialized into other roles. is the mandatory defined benefit scheme which is provided by the Social Security System (SSS) for private sector workers and the Government Service Insurance System (GSIS) for public sector employees. factors in retirement decision making and the retirement plan. begin early to care for one’s health. these programs are particularly handled by the Department of Social Worker (DSWD). Favourable and positive attitudes toward retirement are associated with planning. Third. Second. They work part-time after formal retirement and supplement their work with leisure activities in order to occupy their time. having intentions to occupy one’s time. includes the mandatory 4 . rationalization plan. community affairs or politics. counselling.leisure. The transformers reduce their professional activity and create a new lifestyle after retirement. The maintainers. They choose a non- professional activity such as hobbies. travel. protest and acceptance retirement.al (1977) identified two contrasting retirement patterns or intentions related to successful adjustments. decide what one wants to do for oneself. the Department of Health (DOH) and the Department of Labor and Employment (DOLE). is the social assistance programs given for the benefit of the poor in the society. et. The literature gathered is based in the evolution of retirement laws. First. Cabadonga (2005) posited that the Philippines has an evolving four system of old-age protection scheme for its people. Workers need to anticipate and plan for retirement. the legal basis. hold on to professional activity. form relationships now that have depth and meaning with a sense of performance and expanding one’s interest now so that one’s work is not the primary focus and source of income. on the other hand.

Recently. deposits maintained at the Pag-IBIG FUND. At some point awareness of approaching retirement hopefully has some effect in providing for the most two essential elements of successful retirement. Flippo (1994) cited that sociologist have identified several phases through which an employee may go in experience the retirement event. however. The public sector workers receive a combination of first and second layer benefit.requirement of retirement pay through Republic Act. or employment in any branch. The first phase begins many years prior to the actual retirement date. Provided. that those reemployed in the government shall be treated as new entrants insofar as GSIS coverage is concerned. The second phase occurs just prior to the event and makes the fact of imminent retirement highly explicit. agency of the government within a period of five (5) years after separation unless they refund the benefits they received. awareness of the retirement phases should be undertaken to easily cope up and be able to adjust to the actual retirement cycle. Appointive officials and employees who are retired or separated under this Act shall not be eligible for appointment to. where companies devise their own retirement plan or individuals on their own. buy pension plans and other pre-need products to provide the many contingencies in life.financial security and leisure skills. as well as involuntary separation of civil service officers and employees pursuant to various executive orders authorizing government reorganization after the ratification of the 1987 constitution appropriating funds thereof and for other purposes. which become available upon retirement and the mandatory retirement pay. Fourth. This awareness should occur in the remote phase of pre-retirement in as much as neither of these two essentials can be developed overnight. When an employee intend to avail of this retirement package. is voluntary in nature. One begins to perceive that fellow employees view him or her in 5 . RA 6683 which is an act providing benefits for early retirement and voluntary separation for service in the government.

The highly desired constant travel and visiting becomes boring. the retiree has developed a philosophy and pattern of decision making resulting in a reasonably busy.short –term perspectives. It required exploring new opportunities and making realistic choices in the light of personal interests and skills. Those who have not developed a variety of interests and skills in preparation for retirement are likely to experience this stage more severely. And in many instances. but when life finally slows down. certain rites of passage in the form of retirement ceremonies and receptions are held. golfing. It may be particularly difficult if one has moved to a different community after retirement. one could enter the termination phase. In the stability stage of the cycle. responsible and meaningful position in society. One may asked to train a replacement. Loss of able-bodies status or loss of financial support may mark the end of retirement as defined. seeing the grandchildren. predictable and satisfying life. One wallows in the new-found freedom and lives out fantasies that finances will permit. and thereby loses some of the dignity associated with the role of retirement. where the retiree is no longer self-sufficient. 6 . Involvement in major programs tends to lessen. The person ceases to be retired. visiting. the third phase of the cycle is termed the “honeymoon” stage. The retirement role has been mastered. The disenchantment phase will be followed by one of reorientation. The individual is able to cope and adapt to declines in physical capacity that inevitably come with advancing age. and so on. fishing. If life continues. becomes dependent upon others or societal institutions. He or she is self-sufficient adult who has translated the roleless role into a dignified. Not everyone goes through the fourth phase.travelling. One attempts to structure a lifestyle that can run for many years. the honeymoon is over and a certain amount of disenchantment sets in. For many people. Help can be obtained from many community agencies and churches that have various programs designed to help retirees determine their level and quality of involvement.

National Government Agency. civil status. health status. There were six (6 ) government sectors covered in this study. age. professional 7 . Part I consists of respondent´s personal profile. The quantitative method used the researcher-made questionnaire. The findings of the study will provide insights to accept that one can successfully live in dignity as a retiree with planned retirement program and an early retirement income strategy . type of government employee. The researcher used the purposive sampling in determining the sample. The primary purpose of the study is to ascertain the extent of Readiness and degree of intention to Early Retirement among the government employees in Butuan City. combined monthly income. The size of samples are primarily base on the readiness of the government workers which are evaluated by the respondents in various government agencies namely: Government-Owned and Controlled Corporation. Government Financing Institution. number of dependents. sex. Government Academic Institution and Local Government Unit. This was a researcher-made tool. Constitutional Commission. There were three (3) sets of questionnaires distributed to the employees in the six (6) government sectors in Butuan City which the Regional center of the Caraga Region in the Philippines. This includes the respondent´s name (optional). position and length of service. The sample is composed of 239 which selection was based on employees who have been employed one year or more. the focus group discussion were conducted to verify the validity of the study. occupation. highest educational attainment. 2 RESEARCH DESIGN The study use the descriptive correlational method of research because it seeks the description of the respondents personal profile and its readiness to early retirement. The population of the study is consisted of 478 employees. Part II consists of the extent of readiness to early retirement perception of the respondents in terms of attitude. To determine the qualitative component of the study.

During the distribution of questionnaires.00. the researcher immediately started tallying the 8 . The focus group discussion’s researcher – made tool were given after prayer and presentation made by the researcher. Said employees were excluded as respondents in this study. Copies of the permit were attached to the questionnaires.3.2 and 1 had a response category of SA (Strongly Agree).75. D (Disagree) and SD (Strongly Disagree). Less Ready/Less Intention with a weight range from 1. It took one month for the retrieval of the questionnaires for the six government institutions. Furthermore. While in the qualitative method. This statistical tool was used to test the internal consistency and reliability of the instrument. the instruments undergone a reliability test using Cronbach’s Alpha. The instruments undergone revisions and there were 8 employees involved in the dry –run before the questionnaires were finally printed.51- 3. She requested a person-in- charge in getting those questionnaires that were retrieved as scheduled. The respondents. As the questionnaires started pouring. will be given an orientation before giving the questionnaire. Part III consists of the degree of intention perception to early retirement of the respondents.25. career shift and advancement and financial independence. the researcher seek approval from the Manager of the various selected agencies.50. The participants one by one shared their understanding and gave some insights to the theories and further enhance the possible answers to the problems cited in the study.fulfillment. The rating of 4. A (Agree). Moderately Ready/Moderate Intention with a weight range from 2.26-4. The Likert Scale of 4 degrees was used in ascertaining the level of perception of research respondents. and not ready/no intention with a weight range from 1-1. the researcher conducted the focus group discussion to further verify in- depth the possible answers to the problems cited in this study. however. It was represented by the various employees among the six (6) government sectors. It was submitted to the panel of experts for review.76-2. The interpretation used was Highly Ready/High Intention with a weight range from 3.

they have to create a 9 . its corresponding analysis and interpretation.responses. Out of the 239 government employees surveyed. by sector.7 %) are in ages 45-49 years old. highly oriented and are subtle in their response to any demand of the job. being unoccupied or feeling lonely. The sequence of the discussion follows the order of the problem presented in the study. One Way Analysis of Variance (ANOVA) and Thematic Content Analysis. ANALYSIS AND INTERPRETATION OF DATA Chapter 3 discusses the major findings obtained in the study.9 %) are in ages 60 years old and above. Pearson Product Moment Correlation (Pearson-r). number of dependents (core/extended). health status and household income. The findings were related to Asis (1995) that cited the general observation of the respondent’s age pointing that all companies are most likely employed young employees because according to the generally accepted ideas that young people are highly ambitious. A local study of Lim (2003) on older workers’ attitudes toward retirement suggest that the respondents (aged 40 years and above) generally prefer to remain employed in some ways after they have officially retired from the workforce. The demographic profile of the government workers as to age. civil status. The researcher employed the following statistics in answering the problems posed in the study namely: Frequency and Percentage. giving importance to the variables involved in the study. sex. This implies that majority of the research respondents are 45-49 years of age. fourteen (14) or (5. They are also willing to undergo skill retraining and upgrading to work longer. 3 PRESENTATION. They are more worried about not working at all after retirement than being without friends. Since they have lost their identities associated with their jobs. Mean. It shows the distribution of the research respondent in terms of age in which 102 or (42. Chi-square Test of Independence. and eagerness to learn more that results to high standard performance. Spearman-rank Correlation.

6 %) are separated/annulled. out of the 239 research respondents 114 or (47. As to the combined monthly income.00 and above.000.8 %) while around 4 or (1.3 %) are male. and vice versa. Fieldman (1994) observed that individual married to working spouses are more likely to accept early retirement. This implies that majority of the employees are married. Women tend to retire earlier than men. husbands are three years older than their wives in the United States and spouses often coordinate their retirement decisions.3%) that have an income of P 60.7 %) are having 2-3 children and 32 or (13.new lifestyle that is productive and emotionally rewarding. Mehbaliyev (2009) cited that most people are married when they reach retirement age. et. (1998) find that sex have a strong impact on the retirement decision. The distribution of the research respondents in terms of sex. With regards to the number of dependents (extended).2 %) are having 1-2 relatives/parents living with them while only 9 or (3.00 – P 40. almost 121 or (50. In terms of civil status.6 %) have a combined monthly income ranges from P 20. there are 41 or (17. As to the number of dependents (core).al (1985) found that 10 . a total of 184 or (77 %) are married.7 %) indicate that they are unhealthy.00 per month. Out of the 239 government employees surveyed.8 %) are having 4 or more relatives that are with them. There are 27 or (11. This implies that majority of the employees are healthy. Only 11 or (4.00 – P 40. civil status may affect one’s decision to retire. in which 169 or (70.7 %) are female.al. thus. men are more likely to retire if their wives are also retired than if they are still in the labor force. seventy or (29.000.000. Regarding the health status of the employees in Butuan City. This implies that majority of the research respondents are female.000.00 per month. most of them are healthy with a number of 131 or (54. Thus. Palmore. Antolin. This implies that majority of the employees have a household monthly income of P 20. et.4 %) are having 4 or more children. On average. This implies that some of the employees have 1-2 relatives /parents living with them.000. This implies that majority of the employees have 2-3 children.

there are 234 or (97.9 %) are permanent employees and only 2 or (.3 %) are Senior Manager.6 %) are Bachelor’s degree holder while only 12 or (5 %) are doctorate holder. Generally. by sector area. there are 82 or (34. for those from the National Longitudinal Survey (NLS). married.00 to P 40. such as age. female. This implies that majority of the employees are from the National Government Agency (NGA). The result implies that most of the government workers in Butuan City are Bachelor’s degree holder. the result indicates that the government employees in Butuan City are 45 – 49 years old. most of the employees are rank and file with a number of 124 or (51. Regarding the length of 11 . the number of children under the age of 18 was a significant predictor of the decision to retire whereas age was not. type of government area/sector employed.8 %) are casual employees. The result implies that the majority of the respondents are rank and file employees.3 %) are from the National Government Agency (NGA). The work profile of the government workers as to highest educational attainment. marital status and member of dependent children. Considering the position of the employees. position and length of service. Turner (1989) found that age is the only demographic predictor of retirement for those from the Retirement History Study (RHS). occupational status.0 %) are from the Government Financing Agency (GFI). Focusing the employee in Butuan City in terms of occupational status. having a dependent (core) of 2-3 children and with 1-2 relatives/parents living with them.000.000. healthy and with a household income ranges from P 20.the socio economic factors found to be more important predictors of the retirement decision than the demographic characteristics. there are 128 or (53. Considering the employees highest educational attainment. There are only 12 or (5. On the contrary.9 %) while only 3 or (1. The result implies that the rest of the employees having a permanent plantilla position. As to the type of government area/sector employed. among those older than retirement age (ages 65- 69) .00 per month.

holding rank and file positions and has been with the service for almost 26 years or more. Consequently.70 with the verbal description of not ready.59 and verbally described as moderately ready.”have thought of the type of lifestyle I would like to have in retirement. “have realistically prefer a standard of living that is higher than in my working years “and “value discipline in the way I spend my money” interpreted as less ready. permanent. occupation and income and job characteristics to be important predictors of the retirement decision. most of them have rendered their service for at least 21 to 25 years with a number of 59 or (24. (1985) found socio-economic factor such as education. that is. Meanwhile. Generally. working in the National Government Agency Sector .al. Palmore.al. “have spouse/parents/other person influence in my retirement decisions of when and/or where to retire. have decided this time when and where to retire”. “have very clear sense of who am I and why I wanted to retire”. This indicates that most of the government employees have a common perception on thinking the retirement five years ago. et.09 and verbally interpreted as less ready. the indicator “have sense of responsibility.The indicator “have been thinking about retirement 5 years ago” has the highest mean of 2.7 %) while around 21 or (8.service of the employees. the result indicates that most of the research respondents are government employees in Butuan City that are Bachelor’s degree holder. where I would like to live and the things I would like to do”. confidence and maturity to handle life’s situation when I retire“ has the lowest mean of 1. et. Table 1 presents the extent of readiness to early retirement which has an over-all mean of 2. The result implies that most of the employees have rendered their service for at least 21 to 25 years. have felt about retirement as something I look forward for”. Indicators such as “have done simple planning for my retirement”.8 %) have worked less than 10 years. (1985) cited that attitude 12 . Robinsons.

have realistically prefer a standard of living that is higher than 2. where I would like to live and the things I 1. During the focus group discussion.98 Less Ready 4. One indicator is the loss of one’s identity when one losses his job as mention in the focus group discussion. On the other hand.10 Less Ready 3.95 Less Ready 6. Professional fulfillment in terms of having a supportive environment has the lowest mean of 1. have been thinking about retirement 5 years ago 2. in one’s planning for retirement and in one’s satisfaction with retirement. have thought of the type of lifestyle I would like to have in retirement.41 Less Ready decisions of when and/or where to retire. have spouse/parents/other person influence in my retirement 2. he has been thinking of retiring from the office ahead but the level of his maturity is not ready yet to handle the retirement cycle he has to undertake during the actual retirement phase.09 Less Ready towards retirement has been found to be important in the decision to retire. have sense of responsibility. that is. one participant from the Local Government Unit (LGU) cited that the readiness of the research respondents is dependent on the person’s context.81 verbally interpreted as less ready.77 Less Ready would like to do 7.Table 1.16 Less Ready in my working years 10. The participant did mentioned about his significance in society was reflective upon the status of his employment in the government sector.16 Less Ready 5. confidence and maturity to handle 1.70 Not Ready life´s situation when I retire. have decided this time when and where to retire 2.05 Less Ready Over-all Mean 2. The completed post graduate studies has the highest mean of 2. value discipline in the way I spend my money 2. In terms of attitude. Mean and Over-all Mean of the Extent of Readiness of the Respondents to Early Retirement in terms of Attitude ATTITUDE INDICATORS Mean Verbal Interpretation 1. have felt about retirement as something I look forward to 1.59 Moderately Ready 2. have very clear sense of who am I and why I wanted to retire 1.28 interpreted as less ready. 9. 8. Super (1983) said that individual’s self-concept is his 13 .00 with a verbal interpretation as less ready. Table 2 presents the extent of readiness to early retirement in terms of professional fulfillment which has an over-all mean of 2. have done simple planning for my retirement 2.

88 Less Ready 8. am appropriately compensated for the work I do 1. As presented in Table 3. find it easy to balance the demands of work and family life 1. career. The indicator “have not experience mental and physical stress in my job has the highest mean of 2.28 Less Ready 4. the extent of readiness to early retirement in terms of career shift and advancement has an over-all mean of 2.98 Less Ready 5. have been assigned to various job positions 2. completed post graduate studies 2. Motivate to work with peers and supervisors has the lowest 14 . They further intended that quality of which the task is accomplished determines growth and adaptation and that failure to master this task may lead to distress in later life.95 Less Ready 10. Mean and Over-all Mean of the Extent of Readiness of the Respondents to Early Retirement in terms of Professional Fulfillment PROFESSIONAL FULFILLMENT INDICATORS Verbal Mean Interpretation 1.26 Less Ready in my decision making 3. not inferences made by outside others. have been able to do access to training and development 1.concept of himself.00 Less Ready During the focus group discussion.al. take ownership on the job that assigned to me 1. have supportive working environment 1. et. was a critical midlife task. creativity and achievement.81 Less Ready 2.65 verbally described as moderately ready.86 Less Ready 6. one of the participants from the Government Academic Institution shared that the readiness of the employees in terms of professional fulfillment was influenced by the highest educational attainment of the employee due to the fact that he has completed his doctorate studies but less ready to avail of early retirement plan because of his passion in doing his teaching profession. am mentored and coached by supervisors 2.19 with verbal interpretation as less ready. Cytrybaum.85 Less Ready 9. He further elaborated that having a supportive working environment tend to be less ready to avail of early retirement plan due to his willingness to be of service to the people until he reaches the retirement age of 65. attended retirement workshop or training for retirement that help me 2.10 Less Ready 7. (1980) proposed that reorientation to work. have provided with challenging work 1. Table 2.01 Less Ready Over-all Mean 2.

During the focus group discussion. it is often assumed that it may pose a great challenge to them (Blunt 1983). and changes in opportunities for social interaction and for workers who take work as a central life interest. He was ready to avail of the Early Retirement Plan but yet he is motivated to work with his peers and supervisors because of the harmonious working culture in his office. He further added that due to the implementation of the Rationalization Plan. comprehensive and detailed planning. Viewed as such it could become a threat to many workers who may not know what to do with their time and lives after retiring from active service. position. increased vocational information. Aside from that. they are said to suffer most when the time to retire comes. 15 . It required speed in the making voluminous reports living an employee a short period of time to catch up with the deadlines of reports. This is manifest in terms of stress relating to changes in routine .mean of 1. To those workers so attached to their work. the integrated technology system was being implemented and that change the system of the organization.87 verbally interpreted as less ready. crystallization of traits relevant to vocational choice and increasing wisdom of vocational preferences. Amadi (1991) stated that early retirement would mean leaving one’s regular routine or habitual career. This leads to mental stress in his job. Super’s five developmental task occurring within the exploratory stages are: concern with vocational choice. displacement of personnel to other provinces leads to the readiness of the employee to Early Retirement Plan because he was less ready to leave his families and start all over again the new assigned tasks. business or active life. the employee from the Government-Owned and Controlled Corporation shared that he had experienced mental and physical stress in his job. changes in personal habits. In corroboration with Super (1990) laid out measures of career maturity that provide a yardstick for determining an individual’s progress through life stages. increasing consistency of vocational choice.

Table 4 presents the extent of readiness to early retirement in terms of financial independence with an over-all mean of 2.55 with a verbal interpretation as moderately ready.03 Less Ready workplace 9. The indicator “have a financial adviser and mentor has the highest mean of 2. transfer location due to job rotation. The indicator “ have enough savings for retirement” has the second highest mean of 2. conceptual sustainable retirement model that entitled the Modern Retirement Theory (MRT). Brannin. Mean and Over-all Mean of the Extent of Readiness of the Respondents to Early Retirement in terms of Career Shift and Advancement CAREER SHIFT AND ADVANCEMENT INDICATORS Mean Verbal Interpretation 1.87 Less Ready 3. have not experience mental and physical stress in my job 2.49 Less Ready 4.01 Less Ready 8. complete reports on time 2.al (2009) introduces a new perspective that offers an individualized. Currie (2013) offers his quick assessment of financial readiness.90 Less Ready growth 10. MRT encompasses balance-sheet asset management.Table 3. 16 . On the other hand. have no conflict at work 2.57 with a verbal interpretation as moderately ready.19 Less Ready Moreover.07 Less Ready Over-all Mean 2.38 Less Ready 7. motivate to work with peers and supervisors 1. promotion and reorganization 2.24 Less Ready do according to my own time schedule 6.30 with verbal interpretation as less ready. am recognized and rewarded for my contributions and efforts in my 2. am satisfied with job and pay 2. preservation and utilization strategies at the individual client level. et. the indicator “discuss with my spouse our goals for retirement and the financing required to achieve them (for married workers only) has a lowest mean of 1.65 Moderately Ready 2.90 with a verbal interpretation as less ready. This theory focuses attention on the individualized nature of financial planning. have time to travel and work abroad 2. It proposes a perspective on retirement planning that seeks to meet the individual client’s retirement goals under a market condition or life event. attend seminars and trainings for my professional and personal 1.21 Less Ready 5. have time freedom where I have work responsibilities which I can 2.

g. the extent of readiness to early retirement reflects that financial education must address the awareness of government workers to be self-sufficient.29 Less Ready consultant. salary loans leaving a low net take home pay that supposedly intent for savings. have enough savings for retirement 2.al. have paid all my loans/mortgages 2. real estate broker. He further added that a secure livelihood or having a personal business that produces income generating assets must be done during his working years in the government in order to fast track at work. housing loan.33 Less Ready or grandchildren during retirement 7.25 Less Ready vehicles to help me prepare for my retirement Over-all Mean 2.57 Ready 10. have paid my health and life insurances 2. plan to work after I retire as a freelancer in one’s profession (e. have a financial adviser and a mentor Moderately 2. have been able to acquire real estate properties and other investment 2.90 Less Ready required to achieve them (for married workers only) 5. that is. career shift and advancement and financial independence. financial independence has been a struggle for most of the government workers in Butuan City. 2. have attended financial education. Generally. It is not only a normative life transition but also a complex social institution involving the interaction of the 17 . have started a personal income-generating business that provides 2. the government workers are less ready to avail of the Early Retirement Plan.42 Less Ready money management skills and investment skills 9.) that fits in a flexible schedule 3. Mean and Over-all Mean of the Extent of Readiness of the Respondents to Early Retirement in terms of Financial Independence FINANCIAL INDEPENDENCE INDICATORS Mean Verbal Interpretation 1. parents-in-law. The result implies that in terms of attitude. professional fulfillment.Table 4 . dependent children 2. Most likely.27 Less Ready 4.27 Less Ready monthly income to support my financial expenses when I retire 8. et. 2. Thompson (1986) said that retirement is an event that requires adaptation by the individual. discuss with my spouse our goals for retirement and the financing 1.13 Less Ready 6.55 Moderately Ready 2. seminar on business skills. the result indicates that most of the research respondents in the government sector in Butuan City should have adequate preparation where pre-retirement programs will be conducted to increase their awareness and understanding of retirement issues. have allocate funds to provide financial support for an extended family members such as parents.30 Less Ready Nevertheless. One participant of the focus group discussion elaborated that most of the government employees were in –depth of debts such as GSIS loans.

found that retirement is not one but many transitions that coping with these transitions depend on the role of work and family in the life of the individual and the timing of retirement. Being less ready in terms of this indicator. The result implies that the financial 18 .The indicator “have enough savings for retirement aside from GSIS pension plans and other pre-need pension plans” has the highest mean of 2. easy gliders.individual. adventurers. According to one of the participants in the focus group discussion from the Constitutional Commission cited that the readiness of an employee to early retirement plan can be influenced by her spouse’s employment status aside from the following indicators such as attitude. On the other hand.57 with a verbal interpretation as moderate intention. searchers. the indicator “intent to retire early whenever I reach the required age and required service years in the government” has a mean of 2. Qualls. professional fulfillment. and continuing education. The indicator “ spend quality time with family” has the lowest mean of 1. 1989). et. involved spectators and retreaters.al (2002) found that those people most happy in retirement enjoy a variety of activities. career shift and advancement and financial independence. She identified the following retirement intentions of people: continuers.45 verbally interpreted as less intention. Table 5 presents the degree of early retirement intention of the respondents with an over-all mean of 2. Furthermore.104 with a verbal interpretation as less intention.69 with a verbal description as no intention. exercise. ranging from volunteer work. As to Schlossberg (2004) in a study of 100 retirees. the family and the economy (Turner. but she was highly ready to avail of early retirement since her husband can provide their income aside from the various properties or investment they already acquired. Many on the road to retirement plan to spend a lot of time traveling but at times unexpected physical ailments may make extensive traveling difficult.

have paid my debts such as bank loans. drug addiction of kids and less family bonding. voluntarily do some charity work 1. house loan.36 Less Intention and other personal loans 3. most of them have no intention to retire early for the reason of spending quality time with their family. 19 . prefer to stay in my present home 2.92 Less Intention 5. More time in the family but have no generating income can lead to financial distress in the family.83 Less Intention field of my profession where I can be of help to others 12. Mean and Over-all Mean of the Degree of Early Retirement Intention of the Respondents RETIREMENT INTENTION INDICATORS Verbal Mean Interpretation 1. travel around the world with family 2. civil status. feel optimistic about the future 1. But he was not financially stable for early retirement plan. Having a lot of money with no time for the family influenced broken marriages. health status.69 No Intention 10.03 Less Intention retirement cycle 15. engage myself in the pursuit of knowledge to build my confidence and 1. expect to work full time on my personal business and create income 2.Table 5.07 Less Intention generating assets 13. This is in contrast to perception of one of the participants in the focus group discussion.88 Less Intention 7. expect to have a greater life satisfaction when I retire 1. intent to retire early whenever I reach the required age and required 2. The result also implies that among the government workers. spend quality time with family 1. credit card 2. have a spouse. still remain in the workforce after my expected retirement age if flexible 2. car loan.57 other pre-need pension plans Intention 2. undergo pre and post retirement counseling to be able to adjust the change of culture that a retiree faces during the different phases of 2.45 Less Intention service years in the government 6. do passionately the work that I love to do and enhance my skills in the 1.28 Less Intention 4. have enough savings for retirement aside from the GSIS pension plans or Moderate 2. relatives to support me emotionally and 1.44 Less Intention employment options were available 8.97 Less Intention become a person of significance when I retire 14. He further added that he intent to retire early when he had both the freedom of time and money. parents.92 Less Intention 11.104 Less Intention stability influence the retirement intention among the government workers. dependents. Focusing on the result of the test of significant relationship between the respondents’ age. sex.90 Less Intention spiritually when I retire Over-all Mean 2. monthly income. A government employee from the Local Government Unit (LGU) cited that he strongly intent to retire early to spend quality time for his family.26 Less Intention 9.

data shows significant relationship on the extent of readiness to early retirement of the respondent and his/her age (P=0.803 Do not reject Not Significant LENGTH OF SERVICE 255.823** 0.638** 0. The Spearman-rank correlation coefficients between the extent of readiness and age (r=0. occupational status.05).365** 1. position.05 level of significance.052* 0. This is also true for the household monthly income. respondents’ with higher age tend to be more ready for early retirement.028 Reject Significant EDUCATIONAL ATTAINMENT 0.028).420 Do not reject Not Significant HEALTH STATUS 202.458 Do not reject Not Significant DEPENDENTS (Core) 0.106* 0. Ho is rejected if P-value < 0.203** 0. type of government area/sector employed. Atchley (1988) 20 .035 Reject Significant MONTHLY INCOME 0. Therefore.142* 0.020).259** 0. ** . The Chi-square test of independence between the extent of readiness of the respondents and their health status and length of service reveal significant Chi-square values. respondents with higher household monthly income are more ready for early retirement. health status (P=0. This implies as the age of the respondents’ increases.035). highest educational attainment.004).Chi-square test of independence for nominal data.583 Do not reject Not Significant DEPENDENTS (Extended) 0.822 Do not reject Not Significant POSITION 152.004 Reject Significant SEX 55.142) indicates positive correlation. a persons’ readiness for early retirement is dependent with his/her health status and length of service.05. and length of service (P=0.185* 0.498 Do not reject Not Significant CIVIL STATUS 169.358** 0.000 Do not reject Not Significant AREA/SECTOR 258. That is.102 Do not reject Not Significant OCCUPATIONAL STATUS 111. P-value tested at 0.036* 0.Spearman Rank correlation coefficient for ordinal data. and length of service and their extent of readiness for early retirement as shown in Table 6.185) and monthly income (r=0. This implies that extent of readiness for early retirement is correlated with respondents’ health status and length of service. their extent of readiness also increases. * . Table 6.05 (P<0. Test of Significant Relationship between the Profile of the respondents and their Extent of Readiness for Early Retirement EXTENT OF READINESS PROFILE VARIABLES Decision on Ho Conclusion Correlation P-valuea AGE 0. older individuals reporting the highest life satisfaction have a future orientation.020 Reject Significant a.043** 0. According to Birren (1984). As indicated by their P-value less than the significance level of 0. monthly income (P=0.

592** 0.877** 0. and length of service and their degree of early retirement intention. Regarding the test of significant relationship between the respondents’ age.concluded that retirement planning and attitude have been related to health.326 Do not reject Not Significant CIVIL STATUS 73. Ho is rejected if P-value < 0.05).042 Reject Significant OCCUPATIONAL STATUS 80. This implies that the respondents’ readiness for early retirement has no significant correlation from these profile variables. highest educational attainment. sex.066* 0.Spearman Rank correlation coefficient for ordinal data. highest educational attainment. Table 7. civil status.498** 0. and type 21 . occupational status.015). occupational status. As indicated by their P-values all greater than the significance level 0. number of dependents. Test of Significant Relationship between the Profile of the respondents and their Degree of Intention for Early Retirement DEGREE OF INTENTION PROFILE VARIABLES Decision on Ho Conclusion Chi-square P-value AGE 0. the extent of readiness for early retirement is independent from the persons’ sex. As indicated by their P-value less than the significance level of 0.532** 0. Therefore.077 Do not reject Not Significant HEALTH STATUS 97.042).261 Do not reject Not Significant DEPENDENTS (Extended) -0.05.073* 0. Table 7 shows the computation to support these findings.347** 0.711 Do not reject Not Significant LENGTH OF SERVICE 109. educational attainment (P=0.05 (P>0.157* 0.05 (P<0.614** 0.588 Do not reject Not Significant AREA/SECTOR 163. type of government area/sector employed. civil status.312 Do not reject Not Significant EDUCATIONAL ATTAINMENT 107.05).548 Do not reject Not Significant a. dependents. ** . data could not provide sufficient evidence to reject the null hypothesis at the 0.05 level of significance.798 Do not reject Not Significant DEPENDENTS (Core) 0. civil status.015 Reject Significant SEX 30. * . data shows significant relationship on the degree of retirement intention of the respondent and his/her age (P=0. P-value tested at 0. monthly income. occupational status.797** 0. position.Chi-square test of independence for nominal data. highest educational attainment.114* 0. number of dependents. type of government area/sector employed and position. type of government area/sector employed and position. Data however shows no significant relationship between the extent of readiness of the respondent and his/her sex.025** 0. health status.143 Do not reject Not Significant MONTHLY INCOME -0.025 Reject Significant POSITION 76.05 level of significance.

As indicated by their P-values all greater than the significance level 0. Professional Fulfillment.of government institution/sector (P=0. The Spearman-rank correlation coefficients between the degree of retirement intention and age (r=0. monthly income. number of dependents. occupational status.05). their degree of retirement intention also increases. position and length of service. This implies that degree of retirement intention for early retirement is correlated with respondents’ educational attainment and the type of government institution/sector. a persons’ degree of retirement intention is dependent with his/her educational status and type of government institution/sector. civil status. The Chi-square test of independence between the degree of retirement intention of the respondents and their educational attainment and type of government institution/sector length of service reveal significant Chi-square values. occupational status. That is. Whereas. 22 . Career Shift and Advancement. This implies that the respondents’ degree of retirement intention has no significant correlation from these profile variables.05 (P>0. the result of the test of significant relationship between the extent of readiness on early retirement of the respondents in terms of Attitude.025). civil status. health status.187) indicates positive correlation. monthly income. the degree of intention for early retirement is independent from the persons’ sex. and Financial Independence and the degree of intention for early retirement. Therefore. With reference to Table 8. number of dependents.05 level of significance. health status. Therefore. it shows no significant relationship between the degree of retirement intention of the respondent and his/her sex. This implies as the age of the respondents’ increases. position and length of service. data could not provide sufficient evidence to reject the null hypothesis at the 0. respondents’ with higher age tend to have a more intention for early retirement.

05 level.05 As indicated by their P-value all less than the significance level of 0.050 Reject Significant (D) GOV’T.05. the result of the test of significant difference on the extent of readiness on early retirement among respondents when grouped according to the type of government institution they belong at the 0. As shown in Table 9. AGENCIES 2.05 level. Table 9 . c – Post-hoc analysis of significant mean differences using Dunnett’s C statistic.250 0. Ho is rejected if P-value < 0. This implies that the degree of intention of the respondents on early retirement increases with their readiness. Test of Significant Relationship between the Extent of Readiness of the Respondents and their Degree of Intention for Early Retirement DEGREE OF INTENTION Decision on EXTENT OF READINESS Conclusion Pearson-r P-valuea Ho ATTITUDE Highly 0.227a CORP. Further 23 .000 Reject Significant CAREER SHIFTand Highly 0.049. b – Mean difference is significant with type (A). close to 0.000 Reject Significant PROFESSIONAL FULFILLMENT Highly 0.108 2. The relationship is positive moderate as shown by their Pearson-r correlation coefficients (positive. Table 8.500 0.05 level.092 (F) NATIONAL GOV’T. (D) at the 0.239a COMMISSION (B) ACADEMIC INSTITUTION 2. This implies that there is a significant difference on the extent of readiness on early retirement among respondents of different government institution at the 0. OWNED/CONTROLLED 2.162 (C) FINANCIAL INSTITUTION 2.000 Reject Significant a.Test of Significant Difference on the Extent of Readiness of the Respondents for Early Retirement when Grouped according to the type of Government Institution TYPE OF GOVERNMENT EXTENT OF READINESSc Decision on Ho Conclusion INSTITUTION Mean F-value P-value (A) CONSTITUTIONAL 2.377 0. The One-way analysis of variance of the gathered data reveals a P-value of 0.05.442 0. which is less than the level of significance of 0.05 level of significance.50). (E) LOCAL GOVERNMENT UNIT 2. P-value tested at 0.490 0.05 significance level.000 Reject ADVANCEMENT Significant FINANCIAL INDEPENDENCE Highly 0. data shows a highly significant relationship between the extent of readiness and their degree of intention on early retirement.038b a – Mean difference is significant with type (F) at the 0.

is not significant with that of the NGA. 24 .026a (D) GOV’T.114 (C) FINANCIAL INSTITUTION 2. The second most ready group is the GOCC (mean=2. 2.05 level.189 with NGA is also significant at the 0.227). However.224b 2.05 level. extent of readiness of the respondents from these institutions is statistically the same.d AGENCIES a – Mean difference is significant with type (E) at the 0. Table 10. and Local Government Units. although higher. 2.239) on early retirement among all groups.05 level. the differences of their extent of readiness were found out to be not significant to other groups except from those coming from the NGA (mean=2. However. Table 10 summarizes the mean responses of each group and the test of significant differences among groups using analysis of variance. e – Post-hoc analysis of significant mean differences using Dunnett’sC statistic. investigation of the group means using Dunnett’s C Post-hoc analysis reveals that the significant differences exists between respondents from the National Government Agencies (NGA) and those coming from the Constitutional Commission and Government Owned and Controlled Corporation (GOCC). d – Mean difference is significant with type (D) at the 0.012a. (E) LOCAL GOVERNMENT UNIT 2. Test of Significant Difference on the Degree of Intention of the Respondents for Early Retirement when Grouped according to the type of Government Institution TYPE OF GOVERNMENT DEGREE OF INTENTIONe Decision Conclusion INSTITUTION Mean F-value P-value on Ho (A) CONSTITUTIONAL 2. Data shows that respondents from the Constitutional Commission have the highest extent of readiness (mean=2.042 Reject Significant OWNED/CONTROLLED CORP. extent of readiness from those working on Academic Institutions. As to their degree of intention on early retirement. whose mean difference of 0.05 level.350 0.c (F) NATIONAL GOV’T. c – Mean difference is significant with type (C) at the 0.183 COMMISSION (B) ACADEMIC INSTITUTION 2.05 level. the least ready among the groups.233b. b – Mean difference is significant with type (F) at the 0. The mean difference of 0.038). Therefore.05 level. Financial Institutions.201 is significant at the 0.

Academic Institutions.05 level. professional fulfillment. product. However. and Government Owned/Controlled Corporations (GOCC). The F-test statistic of 2.350 has a P-value of 0.012 and 2. Being an employee and a self-employed individual is having an active income while business and investor generate passive income. implies that the degree of intention on early retirement differs among groups. The degree of intention among other groups has no significant difference at the 0. he lacks financial integrity. legal. Kiyosaki (2009) gives the plan for building for the future especially retirement. Attitude. Every person’s life is made up of and affected by the eight (8) integrities of the B-I Triangle namely: mission. the degree of intention of LGU does not differ statistically with the Constitutional Commission. communications.026.The significant differences were determined using the Dunnett’s C post hoc analysis. team.33. This is significantly higher only to those from the NGA with a mean difference of 0. and cashflows. If one or more of the eight integrities is missing from a person’s life. career shift and advancement and financial independence affects the retirement plan of the government employees in Butuan City. systems. less than the level of significance of 0. The proposed Retirement plan was presented in Table 11 that an employee starts his/her plan with a dream that one will retire as self-sufficient individual who will mentor other people when one reaches his/her goal to be financially free of both time and money. This is significantly higher compared to those from the National Government Agencies (NGA) and Government Financial Institutions (GFI) with group means of 2.224).05 level. leader.042. . 25 . respectively. These groups have the same degree of intention on early retirement.05. The group with the second highest degree of intention is the GOCC (mean=2.212 at the 0. Data revealed that the respondents from the Local Government Unit (LGU) have the highest degree of intention with a group mean of 2.

occupational status. The degree of intention for early retirement is independent from the persons’ sex. civil status. health status. highest educational attainment. Attend pre-retirement counselling Attitude Find a dream 2. Respondents’ with higher age tend to have a more intention for early retirement. The number of children under the age of 18 and the number of extended families living with the employees were a significant predictor of the decision to retire. Therefore. . monthly income. Awareness to retirement issues and financial planning are factors that affect the decision of employees to early retirement. Be a mentor to other prospective Retire on Mentor retirees Equity 4 Conclusions The findings paved the way for the drawing out of the following conclusions . civil status. position and length of service. number of dependents. A persons’ readiness for early retirement is dependent with his/her health status and length of service. A persons’ degree of retirement intention is dependent with his/her educational status and type of government institution/sector. number of dependents. occupational status. The findings of the study manifest that the variables such as respondents’ with higher age tend to be more ready for early retirement. the extent of readiness for early retirement is independent from the persons’ sex. The degree of intention of the respondents on early retirement increases with their readiness. type of government area/sector employed and position.Table 11. There is a need to conduct a Seminar on Retirement 26 .. Financial Generating paper assets and stocks/bonds Independence Assets 5. Enroll in TESDA courses and other investment seminars or trainings in Professional Work but get off order to become aware of the latest Fulfillment to the Fast Track trend of entrepreneurial skills 3. Investment in real estate assets . MATRIX ON PROPOSED RETIREMENT PLAN Timeline Indicators Retirement Plan Financial Plan 1. Respondents with higher household monthly income are more ready for early retirement. Attend seminars or trainings to put Career Shift and Own a Personal up a personal business Advancement Business Generate Income 4. This is also true for the household monthly income.

Employees do not have the analytical skills necessary to interpret and analyze information related to their particular circumstances. pursing further studies. Gleaned from the findings of the study. Secured Livelihood. employed in private sector. dependents capacity. The extent of readiness to early retirement reflects that financial education must address the awareness of government workers to be self-sufficient. retired in mandatory age of 65 were among the retirement intention to early retirement. they can retire. For the Administrators and Managers of the different government agencies that they will come up with an applicable pre-retirement programs for employees to increase their awareness and understanding of retirement issues. Identity. the following recommendations are offered. Financial stability. Employees do not have the necessary basic information as to what benefits they can expect at the time of retirement. the government employees are still unprepared to the effect of globalization. The government institutions need to come up with retirement interventions for softening the shock from a company- managed work life to self-managed retirement life by providing agency to help place 27 . Freedom of Time. health status and spouse’s employment status are some of the other factors that influence their readiness to early retirement. There must be a pre-retirement and post-retirement counseling as well as seminars to be conducted in the early stage of young adult so that whatever age they choose. In the light of the findings and conclusions in this study.Planning to the different types of government sectors for the employees to have strategic planning to be self-sufficient. For the government employees that they are expected to avail of the programs of TESDA and encouraged to further enhance their competence and educational qualifications to be aware of the latest trend of manpower movement and job opportunities. Employees may have unrealistic expectation of both their ability to generate significant income through work after retirement and the over-all amount of money they will have saved by the time retirement occurs.

USA:John Wiley and Sons. Such study distinguise the individuals on their own capabilities and potentials and understanding such differences. Jan (2012).. Health. This may serve as basis for advance training and programs. Conn. Charles Paul (1982). The Single Woman´s Guide to Retirement. An Uncommon Freedom. Charles (2000). Philadelphia: University of Pennsylvania Press Burkhauser.. Richard V. Courtney and Jonathan Gruber (2001). The researcher’s awareness of the retirement plan and its retirement cycle. in Themes in the Economics of Aging. and IsoldeWoittiez (1999). To enable the retirees to be self- sufficient in financial planning can do much to reduce the burden of society for taking care of its aged citizens. Jules Theeuwes. The researcher recommends for future studies the following titles for research: Retirement Indicator of the Government Sector and Modern Retirement Theory: An application to Public and Private Sector in Butuan City REFERENCES Brown. This can help ascertain the readiness and intention of the employees from the various government programs. Debra Dwyer. or training for small businesses. Coile. Maarten Lindeboom. Ann Arbor: University of Michigan Press. meaningful volunteer roles. and Economic Well-Being of Older Workers. Early Retirement Windows in Forecasting Retirement Needs and Retirement Wealth. Social Security Incentives for Retire- ment. Cullinane. Chicago: University of Chicago 28 . Work. Aged Fifty-One to Sixty-One. Programs that inform prospective retirees of places where they can continue to serve in voluntary organizations enhance society’s wealth. The various sectors in the government can provide assistance to the employees affected by the Rationalization plan.retirees in part-time jobs. New Jersey: Flemming Revell Company. A follow-up study on the indicators that influence the early retirement decision of the government employees to provide them with ideas and information which are essential for further studies among the various government as well as the private sectors in terms of retirement plan.

Dwyer. in Wealth. Washington.” in Forecasting Retirement Needs and Retirement Wealth. Quinn. (1999). Philadelphia: University of Pennsylvania. Edwin B. Osborne Jr. and Thomas L. Labor Market Transitions in the HRS: Effects of the SubjectiveProbability of Retirement and of Pension Eligibility. Florida: Wales Publishing Company.. USA: Hachette Book Group. and Jianting Hu (2000). Pension and Social Security Wealth in the Health and Retirement Study. Ziglar. (2005). Flippo. Manila: National Book Store. USA: Baush & Lomb Inc. and Thomas L. John Michael (2005). Date Accessed: 4/3/2013 from htpp://www. D. and Labor Supply: Evidence from the Health and Retirement Study in Frontiers in the Economics of Aging. Proven Practices for Recruiting Women to Stem Career in ATE Programs. Three Theories of Career Development and Choice.C: Brookings Institution Press. (2000). Over The Top. Work. D. and Health: Innovations in Measurement in the Social Sciences. Health Insurance. Rich Dad´s Conspiracy of the Rich. Health Events.C. Mel (2007). Ann Arbor: University of Michigan Press. Bill (2005). Joseph F. Alan L. Gustman. in Wealth. Lusardi. Pilot Vision.google.com/#htl=psy-ab&q. and Health: Innovations in Measurement in the Social Sciences. Retirement Expectations and Realizations: The Role of Health Shocks and Economic Factors in Forecasting Retirement Needs and Retirement Wealth. Kiyosaki.: Brookings Institution. Washington. Electronic Sources Allison. Cabadonga. Retirement under RA 7641: Issues and Prospects for Social 29 . Alfred E. What People Don’t Know About Their Pensions and Social Security: An Analysis Using Linked Data from the Health and Retirement Study in Public Policies and Private Pensions. Debra. Personnel Management. Ann Arbor: University of Michigan Press. “New Paths to Retirement.(1984). Zig (1997) . Steinmeier (1999). Robert T. Celia (2011). Inc. Work. Mark (1998). Hurd. Expectations. Magness. Harvard Business Essentials Entrepreneur’s Toolkit USA: Harvard Business School Publishing Corporation. Alan L. Information. Steinmeier (2001a). Michael D. McClellan. Gustman. Philadelphia: University of Pennsylvania Press. Chicago: University of Chicago Press. (2009). and Savings for Retirement In Behavioral Dimensions of Retirement Economics. Overcoming Time Poverty: How to Achieve More by Working Less. Annamaria (1999). USA: Thomas Nelson. Charlene and Cossette. Quian.

Date Accessed:4/15/2013fromhtttp://www. March 2013. Top Retirement Mistakes to Avoid.foxbusiness. Date Accessed: 4/13/2013 from http://www. Date Accessed: 4/23/2013 from http://www. (2003).isldole. M. Matos.ph. 2013-12/04/13/16/where-to-start Government System Insurance System.org. DBM Says No More Extension for Rationalization. Date Accessed: 12/25/2012 from http://www. Pilar M. No. Date Accessed: 12/12/2012 for http://www.orgindex.gov.com/knowledge-center/top-retirement- mistakes-to –avoid Journal Adams. Learning Factors Influencing Academic Performance. March 1997. Data Accessed: 4/22/2013 from http://wwww. Passed Over for Promotion Because of Age: An Empirical Analysis of the Consequences. Early Retirement: A Financial Nightmare. Unpublished Materials Jamili.DateAccessed: 3/26/2013from http://www. International Conference .gov. Butuan City. 30 . Father Saturnino Urios University.com/ to-have-your-dreamjob-in- retirement Lima. Date Accessed: April 3. Robles. Butuan City. Butuan City. Bern Switzerland .brighterlife. Research Publication of Urios College Graduate School. A Data Research related to a follow-up Study with Higher Education Students.php/business/item/90188/rationalization Wu. Angela (June 2012). Ed (Jan 2013).sub-assp.ch/kongress/data/docs. 2013 from http: //www. Cary (2009). Quality Development in Vocational Counseling and Training.R.learnvest. 3 January 2001-Dec 2002.online.FPAnet. Kane.htm Schulako. Dave (2012). Edmund D. Unpublished Thesis. Velasco. Date Accessed: 4/15/2013 from http://www. Republic Act 6683. and Guillermo.pdf Dineen.ph/wpcontent/uploaded/2012/07/cabadonga-new retirement law. Scott (2002).Unpublished Dissertation. Urios College. Dialogue. RA 8291. Evangeline P. Planning for Retirement: Where to Start. Chan (2012). M. Date Accessed: 4/13/2013fromhttp:tribune. Emily (April 2013). Retirement Distribution Planning. Libby (April 2013). Driscoll. V. Work Perfomance Among Pag-IBIG FUND Division Chiefs in Region 10 and Caraga: An Appraisal. Mendoza.gsis. Journal of Labor Research 23(3): 447-461. How to Have your Dream Job in Retirement.com/republicact 6683.chanrobles. H.com. Vol.