A major challenge for governments and policy makers around the world, including Ghana, is how to provide retirement incomes that are able to ensure wellbeing in retirement. Without adequate pensions, poverty rates, which are already high among retirees, will be much higher. In the context of a developing country like Ghana where informal social support for the elderly is declining due to the processes of urbanization and migration, formal social security intervention is an indispensable tool for ensuring equitable development and economic growth. The 2014 UN Development Report, for instance, calls for access to basic services, including pensions, in order to improve the capacities of vulnerable population groups, including the elderly, to withstand livelihood shocks. The notions of capability/functionings and conversion factors in Amartya Sen's capability approach have been used in this thesis as a conceptual framework to analyse the effect of incomes, socio-demographic characteristics and conversion factors on health, housing, food, social, financial and overall wellbeing of Ghanaian retirees receiving a social security pension under the Social Security and National Insurance Trust (SSNIT) pension scheme (Act 766, 2008). The study employs a mixed methods research design in a two-phased data collection process. Phase I is a survey of 330 SSNIT retirees. Phase II involved in-depth face-to-face interviews with 12 purposively selected respondents from the sample in phase 1. Quantitative and qualitative data were analysed to address three research questions: (1) What is the effect of financial and non-financial factors (retirement income and personal characteristics) on the different dimensions of wellbeing in retirement ?; (2) Is overall wellbeing of retirees better predicted by financial factors than non-financial factors?; and (3) In what ways do personal and environmental characteristics enable retirees to translate their retirement income into achieved functionings in overall wellbeing? It was found that both pension income and total individual income have statistical associations with all dimensions of wellbeing (health, housing, food and social), with the exception of financial wellbeing. The qualitative data points to the key role of money in meeting the desired wellbeing of the respondents. Access to health care, house ownership and non-payment of house rent, family support in cash and kind, healthy food choices, continuous family and community engagements, and financial independence are some additional key drivers that enable the achievement of desired health, housing, food, social and financial wellbeing. iii The analysis shows that while both financial and non-financial factors influence overall wellbeing, the effect of financial factors, measured by their regression coefficients, is bigger than that of any non-financial factor. In effect, income better predicts the overall wellbeing of respondents than non-financial factors. Qualitative interviews with respondents confirm that without sufficient income, ...