Retiring in the Informal Economy: Implications for Social Policy Intervention for Ageing Workers in Ghana.

Ghana's economy is predominantly informal with about 80% of workers in small enterprises run and managed by family members with no fixed retirement procedures. Although, retirement is basically an individual decision, it has social policy implications for the nation as a whole. The purpose of this study is to provide empirical evidence on what is likely to inform the decision to retire for the over 50s in Ghana's informal economy. This is to ensure the development of effective policies for the ageing informal work force. Using an exploratory sequential method, to examine the understanding and preferred type of retirement, family business owners aged 50 years and above participated in a study, (n = 35 qualitative; n = 383 quantitative), conducted in Kumasi, Ghana's second largest city. Findings, revealed that retirement for business owners, largely meant a gradual withdrawal from economic activities. Also, gender, family and work-related factors significantly predicted retirement decision-making of family business owners. Recommendations included tailored retirement planning education by both Social Workers and insurance providers, and a more flexible phased pension plan for those in the informal economy to ensure the wellbeing of aging self-employed who have poor health and are financially insecure. [ABSTRACT FROM AUTHOR]