Retirees wellbeing and satisfaction: a case study in the ministry of health in Chililabombwe district, Copperbelt province, Zambia.

Abstract

The aim of the study is to explore the state of satisfaction with wellness among retirees. An exploratory cross sectional case study design was used. Thirty retiree were enlisted using snowball sampling. A survey questionnaire was used to collect data. Data was analyzed using SPSS. Univariate and multivariate analysis were used to analyze data. This study has shown that the measures of economic well-being are pension, income and the wealth the retiree had before and after retirement. Social Security retirement, and earned income, as well as all other household income increases satisfaction during retirement. The other variables capture the type of pension a retiree has. Having any pension which will give some resources in retirement should increase well-being over those with no pension. The interesting factor is, even after controlling for pension income and wealth, retirees still have preferences on the type of pension they have. The relative importance of these well-being determinants indicate areas of importance for public policy makers and areas of further research for economists. The conclusion that could be drawn from this study is that this research on subjective well-being, relative income does play a significant role in satisfaction. These show the critical importance of such forms of income to the overall well-being of this demographic group.