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Book part
Publication date: 10 November 2014

Alan L. Gustman and Thomas L. Steinmeier

This paper advances the specification and estimation of econometric models of retirement and saving in two earner families. The complications introduced by the interaction…

Abstract

This paper advances the specification and estimation of econometric models of retirement and saving in two earner families. The complications introduced by the interaction of retirement decisions by husbands and wives have led researchers to adopt a number of simplifications. Our analysis relaxes these restrictions. The model includes three labor market states, full-time work, partial retirement, and full retirement; reverse flows from states of lesser to greater work; an extended choice set created when spouses make independent retirement decisions; heterogeneity in time preference; varying taste parameters for full-time and part-time work; and the possibility of changes in preferences after retirement.

Details

Factors Affecting Worker Well-being: The Impact of Change in the Labor Market
Type: Book
ISBN: 978-1-78441-150-3

Keywords

Book part
Publication date: 1 October 2008

Alan L. Gustman and Thomas L. Steinmeier

Using data from the Health and Retirement Study, we examine behavioral responses to a new generation of retirement policies that on average are actuarially neutral…

Abstract

Using data from the Health and Retirement Study, we examine behavioral responses to a new generation of retirement policies that on average are actuarially neutral. Although many conventional models predict that actuarially neutral policies will not affect retirement behavior, our model allows those with high-time preference rates to find that the promise of an actuarially fair increase in future rewards does not balance the loss from foregone current benefits. Thus together with liquidity constraints facing those with high-time preference, we find that actuarially neutral policies do affect retirement behavior. One such policy follows on the elimination of the Social Security earnings test for those over normal retirement age, and would eliminate the earnings test between early and normal retirement age. Another of these policies would increase the ages of benefit entitlement. Still another such policy emerges from a central focus of the past few years on the adoption of personal accounts. Although Social Security benefits are currently paid in the form of an annuity, benefits from either defined benefit plans or from personal accounts may be made available as an annuity or as a lump sum of equivalent actuarial value. A related policy choice between actuarially equivalent benefits emerges on the pension side. There has been discussion of relaxing the current IRS prohibition against paying a pension benefit when a person remains at work, instead allowing partial pension benefits to be paid to those who partially retire on a job.

Details

Work, Earnings and Other Aspects of the Employment Relation
Type: Book
ISBN: 978-1-84950-552-9

Book part
Publication date: 6 August 2018

Alan L. Gustman and Thomas L. Steinmeier

A dynamic model of the evolution of health for those over the age of 50 is embedded in a structural, econometric model of retirement and saving. Effects of smoking…

Abstract

A dynamic model of the evolution of health for those over the age of 50 is embedded in a structural, econometric model of retirement and saving. Effects of smoking, obesity, alcohol consumption, depression, and other proclivities on medical conditions are analyzed, including hypertension, diabetes, cancer, lung disease, heart problems, stroke, psychiatric problems, and arthritis. Compared to a population in good health, the current health of the population reduces retirement age by about one year. Including detailed health dynamics in a retirement model does not influence estimates of the marginal effects of economic incentives on retirement.

Article
Publication date: 6 August 2019

Khaled Lahlouh, Delphine Lacaze and Richard Huaman-Ramirez

The purpose of this paper is to explore the relationship between different categories of person–environment (P–E) fit and two types of retirement intentions (i.e. full

Abstract

Purpose

The purpose of this paper is to explore the relationship between different categories of person–environment (P–E) fit and two types of retirement intentions (i.e. full retirement and bridge employment).

Design/methodology/approach

Data were collected from a convenience sample of 357 executives aged 50 and over, employed in French private sector companies. Hypotheses were tested using structural equation modeling.

Findings

Perceptions of value congruence at vocational level and needs and supplies fit at organizational and job levels were positively related to the intention to hold bridge employment after retirement. The fit between older worker’s abilities and job demands was positively related to the two types of retirement intentions.

Originality/value

The complexity of retirement transition is taken into account with the introduction of two types of retirement intentions. P–E fit is shown to be an antecedent of career intentions after retirement.

Details

Personnel Review, vol. 48 no. 6
Type: Research Article
ISSN: 0048-3486

Keywords

Article
Publication date: 30 September 2014

Jan Pettersson

The purpose of this paper is to study the re-entry to the workforce of fully retired persons (unretirement) and whether the decision to resume work depends primarily on…

Abstract

Purpose

The purpose of this paper is to study the re-entry to the workforce of fully retired persons (unretirement) and whether the decision to resume work depends primarily on social or economic reasons.

Design/methodology/approach

Using Swedish register data for already retired individuals older than 55, the incidence of unretirement is studied. Determinant factors behind the decision to re-enter the labor force is analyzed in a binary response logit model.

Findings

Unretirement varies between 6 and 14 percent under two different definitions. We find support for higher pension income to decrease the probability to unretire. Other determinants, such as marital status, largely support an interpretation that unretirement is a life-style decision rather than a response to an experienced negative economic situation post retirement.

Research limitations/implications

Due to data limitations, the focus in this study is on the extensive margin (the event of returning to the labor force) and not on hours of work post re-entry.

Social implications

If older persons that are physically able to work also want to work and succeed in finding work when they demand so, unretirement is welfare enhancing. However, if unretirement is an effect of unexpected realizations post retirement, any increase in the number of persons facing such unexpected shocks implies an increase in the uncertainty of life as retired.

Originality/value

Research on unretirement is scarce and has previously been performed exclusively on US survey data. Knowing the determinants of unretirement is important to know if and how incentives to unretire should be designed.

Details

International Journal of Manpower, vol. 35 no. 7
Type: Research Article
ISSN: 0143-7720

Keywords

Article
Publication date: 15 June 2010

Sara Zaniboni, Guido Sarchielli and Franco Fraccaroli

This study aims to explore the psycho‐social factors (i.e. older worker identity, development opportunities on the job, anticipation of lost social integration upon…

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Abstract

Purpose

This study aims to explore the psycho‐social factors (i.e. older worker identity, development opportunities on the job, anticipation of lost social integration upon retirement) related to three types of retirement intention (i.e. full retirement, part‐time retirement, job mobility).

Design/methodology/approach

A representative sample of 196 workers aged 50 and over employed in an Italian public‐sector organization completed a research questionnaire. Hypotheses were tested by using structural equation models.

Findings

The results showed that: the older‐worker identity was related positively to full retirement intention and negatively to job mobility; development opportunity on the job was negatively related to the full retirement intention; the anticipation of lost social integration upon retirement was positively related to the intention to take part‐time retirement and job mobility.

Research limitations/implications

There are several limitations to the study: the cross‐sectional design; use of single items; the fact that the findings can be generalized only to the organization in which the study was conducted.

Practical implications

Retirement preparation programs should consider the various factors that affect the transition from work to retirement and which may facilitate prior planning by both the individual and the organization.

Originality/value

Expanding previous research studies, the study considers the complexity of preparation for retirement transition by exploring different types of retirement intentions and the psychosocial factors related to them.

Details

International Journal of Manpower, vol. 31 no. 3
Type: Research Article
ISSN: 0143-7720

Keywords

Article
Publication date: 10 August 2015

Gabriela Topa and Carlos-María Alcover

Retirement adjustment is the process by which aged workers become accustomed to the changed facts of life in the transition from work to retirement and develop…

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Abstract

Purpose

Retirement adjustment is the process by which aged workers become accustomed to the changed facts of life in the transition from work to retirement and develop psychological well-being in their post-working life. The purpose of this paper is to explore the psychosocial factors that significantly explain retirement intentions and retirement adjustment, using two separate empirical studies.

Design/methodology/approach

Retirement self-efficacy, low work involvement, older worker identity and relative deprivation significantly explained retirement intentions (bridge employment engagement, part-time retirement, late retirement and full retirement) of workers over 60 years (Study 1, n=157). Retirement adjustment indices (retirement satisfaction, feelings of anxiety and depression) were associated with psychosocial factors for retirees (Study 2, n=218).

Findings

The findings highlight that retirement self-efficacy and older worker identity positively and significantly explained both full retirement of aged workers and retirement satisfaction of retirees. Relative deprivation negatively significantly explained partial and late retirement intentions and retirement satisfaction of retirees.

Research limitations/implications

The implications of these studies are discussed for understanding retirement planning and counselling practice.

Practical implications

Retirement adjustment conceptualized as a process has important implications for retirement planning, and consequently can influence the project of the life course, as well as career’s decisions.

Social implications

Social contexts should consider all factors that can negatively affect self-efficacy, work involvement and identity of employees in the mid and late-career stages, and thus contribute to reinforce and strengthen personal and psychosocial resources involved in planning and adaptation to retirement, and to increase the insight into the planning and decisions older workers make to face retirement.

Originality/value

This work had two goals, pursued by two empirical studies with two samples: workers over 60 years, and retirees. The authors contend that the availability of two different sets of data increases the generalizability of the findings.

Details

Career Development International, vol. 20 no. 4
Type: Research Article
ISSN: 1362-0436

Keywords

Book part
Publication date: 7 November 2017

Hafiz T. A. Khan

Financing retirement is an important aspect of later life that is related to overall healthy living and wellbeing. Very little is known about the attitudes of people…

Abstract

Financing retirement is an important aspect of later life that is related to overall healthy living and wellbeing. Very little is known about the attitudes of people towards their individual future retirement plans, accrued savings or even finances once they are into old age. There are no comparative studies across geographical regions that may help with understanding the complex behaviour of individuals and social norms. This chapter examines how life in retirement in the United Kingdom and Hong Kong is financed while also capturing regional disparities. This study uses data collected from primary sources in both territories. Quantitative analysis was carried out in order to answer key research questions. The findings suggest that employees plan to work longer than their actual retirement age and are not prepared for retirement whereas educated and higher income groups generally have savings plans in place to finance their later lives. These findings have significant implications for organisations and policy makers.

Details

Managing the Ageing Workforce in the East and the West
Type: Book
ISBN: 978-1-78714-639-6

Keywords

Article
Publication date: 18 May 2012

Francine Schlosser, Deborah Zinni and Marjorie Armstrong‐Stassen

The purpose of this study is to identify antecedents of intentions to unretire among a group of retirees that included both those who had not returned to the workforce…

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Abstract

Purpose

The purpose of this study is to identify antecedents of intentions to unretire among a group of retirees that included both those who had not returned to the workforce since their retirement and those who had previously unretired.

Design/methodology/approach

A cross‐sectional survey collected data from 460 recent retirees between the ages of 50 and 70.

Findings

Results of hierarchical regression indicated that retirees are more likely to remain retired if they feel financially secure and have a positive retirement experience. Conversely, they are more likely to intend to return to the workforce if they experience financial worries, wish to upgrade their skills or miss aspects of their former jobs.

Practical implications

Aging boomers who anticipate early retirement have created a dwindling labor pool. Simultaneously, the global pension crisis has impacted on the financial decisions of retirees. A trend to abolish mandatory retirement and/or increase mandatory age in various countries provides individuals with more freedom in their retirement decisions. Accordingly, managers must be creative in their HR planning strategies to retain or recruit skilled retirees.

Originality/value

Previous research has addressed retirement as a final stage, however, given simultaneous global demographic changes and economic concerns, this study provides new knowledge regarding the factors that push and pull retirees to participate in the labor market.

Details

Career Development International, vol. 17 no. 2
Type: Research Article
ISSN: 1362-0436

Keywords

Open Access
Article
Publication date: 17 August 2020

Dieuwke Zwier, Marleen Damman and Swenne G. Van den Heuvel

Previous research has shown that self-employed workers are more likely than employees to retire late or to be uncertain about retirement timing. However, little is known…

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Abstract

Purpose

Previous research has shown that self-employed workers are more likely than employees to retire late or to be uncertain about retirement timing. However, little is known about the underlying mechanisms. This study aims to fill this gap, by focusing on the explanatory role of various job characteristics – flexibility, autonomy, skills-job match and job security – for explaining differences in retirement preferences between the solo self-employed and employees.

Design/methodology/approach

Data were used of 8,325 employees and 663 solo self-employed respondents (age 45–64) in the Netherlands, who participated in 2016 in the Study on Transitions in Employment, Ability, and Motivation (STREAM). The outcome variable distinguished between early, on-time, late and uncertain retirement preferences. Multinomial logistic regression models were estimated, and mediation was tested using the Karlson-Holm-Breen (KHB) method.

Findings

The solo self-employed are more likely than employees to prefer late retirement (vs “on-time”) and to be uncertain about their preferred retirement age. Job characteristics mediate 21% of the relationship between solo self-employment and late retirement preferences: the self-employed experience more possibilities than employees to work from home and to choose their own working times, which partly explains why they prefer to retire late.

Originality/value

In discussions about retirement, often reference is made to differences in retirement savings and retirement regulations between the solo self-employed and employees. The current study shows that differences in job characteristics also partly explain the relatively late preferred retirement timing of solo self-employed workers.

Details

International Journal of Manpower, vol. 42 no. 2
Type: Research Article
ISSN: 0143-7720

Keywords

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