Teaching Retirement Financial Literacy in an Undergraduate Gerontology Classroom: Broadening the Concept of the Tripod or Three-Legged Stool of Retirement Income Utilizing Active Learning

Abstract

The three-legged stool concept is widely used in gerontological and geriatric education as an explanation on how one should fiscally approach his or her retirement. Financial managers, planners, retirees, business owners, even the Social Security Administration uses this metaphor of fiscal soundness in retirement planning. Gerontologists are moving away from the “tripod of retirement income” and “three-legged stool” term, as more often market work is needed for financial security. This activity focuses on the tripod or three-legged stool concepts of retirement planning using active learning, allowing the students to work collaboratively in a group, reflect upon the activity, and most importantly have fun. The game also allows for an expansion of the tripod concepts into the four pillars of economic security, broaching the use of personal assets and the possible need for longer employment. Game scenarios also emphasize macro- and microlevel forces, such as race, gender, health status, education, or marital status, which can influence timing of retirement or the level of retirement income available. The authors include instructions on how to set up the learning experience including worksheets, as well as reflection questions posed throughout the process.

KEYWORDS:

• experiential learning
• three-legged stool
• tripod of retirement income
• four pillars of economic security

ACKNOWLEDGMENTS

The authors would like to thank their PhD colleagues at Miami University for suggestions during the initial phases of the classroom activity. The authors would also like to thank Dr. Elizabeth Elmore, Professor of Economics at The Richard Stockton College of New Jersey for her assistance in locating additional references.