Analysis of Retirement Happiness in Nigeria

Abstract

The study examines the relationship between factors that influences happiness of retirees in Bayelsa state, using a sample of 338 public sector retirees. The factors examined which in this paper are considered wealth are freedom (time wealth) and health (physical wealth). The Logistic and the Probit regression were employed in analyzing the data. It was found that health (physical wealth) had a positive and significant impact on retiree happiness, while freedom (time wealth) had a positive and insignificant impact on retiree happiness. Also, health (physical wealth) and freedom (time wealth) had a significant complementary effect on retiree happiness. The result also showed that early or timely payment of retiree benefits, the age at which retirees retire from active service, and the level at retirement had a significant impact on retiree happiness. Based on the findings, the paper recommends that retirement at early age with a good health contributes to retirement happiness of retirees in Nigeria. In addition, government policy on early employment and retirement with good health is recommended. Government should also formulate policy towards checking of age declarations presented at entry stage of employment in order to control faulty ages to secure job.

Keywords: Retirees, Retirees happiness, Wealth, Bayelsa state.