Determinants of Early Retirement Intentions: A Psychological, Social, and Workplace Perspective

Early retirement planning among elder employees in developing nations is influenced by a combination of psychological, social, and occupational factors. This study examines key determinants, including work pressure, family pressure, attitudes, subjective norms, and perceived behavioral controller, using the Theory of Planned Behavior (TPB) as a conceptual outline. The study employed a quantitative research design, utilizing a structured online survey distributed via Google Forms from October to December 2023. An experimental study with 30 participants was conducted to refine the questionnaire before full-scale data collection. The final sample comprised 760 respondents, recruited through a snowball sampling technique across social media platforms and professional networks. Partial Least Squares Structural Equation Modeling (PLS-SEM) was used to check the relationships between variables. The results indicate that family pressure, subjective norms, and perceived behavioral control significantly predict early retirement behavior, whereas work pressure and attitude had weaker or non-significant effects. The study highlights the moderating role of discrete characteristics, such as financial literacy, job satisfaction, and health status, in shaping retirement planning decisions. These insights contribute to retirement planning literature and have practical implications for policymakers and organizations. Employers should implement workplace well-being initiatives and flexible retirement options, while governments should focus on financial education programs to promote informed retirement planning.