The life expectancy rate of individuals worldwide has risen, and China is not excluded. Combined with an aging population, increasing pressure on pension fund system, and a lack of savings, it poses a significant challenge to financial security unless  measures are taken to improve individuals’ planning and financial well-being in retirement. To that end, quality financial planning for retirement (FPR) is becoming one of the keys to successful aging, which warrants further research. Although much research is available on retirement planning, the advent of behavioural finance and the integration of psychological concepts into financial planning and saving behaviour has made the phenomenon more critical. It is necessary to examine which psychological factors lead to insufficient saving by individuals. This study aims to examine the psychological factors that influence individuals' FPR, thereby expanding the explanatory models for retirement savings decisions and behaviours. Using the CWO Model and supported by image Theory and 3M Model, this research focus on how the interaction between future time perspective, risk tolerance, retirement goal clarity,subjective financial literacy and objective financial literacy as psychological characteristics influence individuals' FPR. To obtain meaningful results, back translation was used to check the accuracy of the preliminary translation of research instruments. This translation method was also combined with the pretest method of expert reviews and cognitive interviews to increase the validity of the survey questionnaire. A purposive sampling technique will be applied to collect data from adults who are over 23 years old and have certain income stream in six cities in China. The Structural Equation Modelling software will be used to examine the hypotheses of direct and mediating effects. This study has implications for financial market regulators, policy makers, and consumers.