This research examined the gist of financial literacy on the medium entrepreneurs in Indonesia, impacting the retirement planning through some mediator and moderating variables. Implementing the prospect theory and theory of planned behavior to explore these interactions, a series of hypotheses were constructed, considering financial risk tolerance and saving behavior as mediator variables and herding behavior as moderator variables. The study examined partial least square-structural equation modelling (PLS-SEM) obtained by sampling data from 388 entrepreneurs of medium-scale in the Bekasi Regency, Indonesia. The study revealed (a) how financial literacy on retirement planning is serial mediated by financial risk tolerance and saving behavior, (b) herding behavior can strengthen financial literacy’s influence on retirement planning, and (c) saving behavior as a mediator does not influence the relationship between financial literacy and retirement planning. The study confirms how financial risk tolerance and herding behavior bridge a positive relationship between financial literacy and retirement planning.
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