Introduction Retirement, a long anticipated time when one can withdraw from the labor force and from the active working life. A time to relax, rest, and enjoy the latter years. It is that easy, isn"t it? Perhaps, it is not that easy to achieve financially comfortable retirement. In order for one to really enjoy the retirement, a successful pension plan should be in works for many years before the retirement. The transition to retirement is much more complex than anticipated and it requires

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... ate preparation and advanced planning. Not everyone is able to save for the future during their working years. According to the National Compensation Survey (NCS) in 2018, 69 percent of workers in the United States had access to a retirement program through their employers. Access to a defined benefit retirement plan was given to 27 percent of workers, yet only 23 percent of them participated in the defined benefit retirement plan. Similarly, 58 percent of the U.S. workers had access to a defined contribution retirement plan, but only 40 percent of these workers actually participated in the plan. In spite of numerous pension plans and retirement options available during the active working life, many retirees experience financial and economic difficulties during the retirement time. In order to improve the quality of life for seniors, the federal and state governments have created various services and programs that are available for aging adults. In conjunction with state resources, federal funds are allocated to provide seniors and their caregivers with much-needed assistance. Federal and state government have been vital in providing resources for many impoverished senior adults and allowing them to maintain an adequate living standard. Programs that ensure the quality of life for older Americans Proper planning for retirement can result in multiple positive effects for workers, employers, government, and the overall economy. The percentage of older Americans who prefer to age at home has been on constant increase. Currently, more than 57 million people in the United States do not have an employer-provided savings program. According to the statistics collected by American Association of Retired Persons (AARP), 94 percent of workers who do not have access to a retirement savings plan at work end up facing their retirement with less than $25,000 in total savings and investments. If left without assistance and mobility, elderly adult population can face isolation, malnutrition, and/or undiagnosed illnesses. The dilemma about the best way to take care of the large elderly population that does not necessary have adequate funding for the extended lives is very much present in our society and our economy today.