RETIREMENT PREDICTION MODELLING: A SYSTEMATIC LITERATURE REVIEW

Abstract

The topic of retirement has been the subject of much debate in previous literature. However, there has been limited exploration within the specific context of retirement funds modelling. Therefore, this paper aims to offer insights into the relevance of consumption in retirement modelling through a systematic literature review. The study utilized the Preferred Reporting Items for Systematic Reviews (PRISMA) method for collecting journal articles, focusing on publications from January 2000 to January 2023. From a pool of 1,822 articles sourced from Scopus and WoS, only ten were selected for an in-depth review. This paper emphasizes the methodologies employed in the selected articles and the preditor of retirement planning. The analysis revealed that three articles incorporate consumption in their retirement modelling. However, only one article within the reviewed literature has implicitly suggest the possible effect of consumption as an indirect antecedent for retirement modelling. Considering the significance of consumption, especially its potential drastic changes post-retirement, this aspect proves essential in influencing the overall amount required for retirement planning.