Do Retirement Dreams Come True? The Effect of Unanticipated Events on Retirement Plans

Anderson, Kathryn H.; Burkhauser, Richard V.; Quinn, Joseph F.

doi:10.2307/2523244

Cited by 63 publications

(51 citation statements)

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“…Health is reported to improve after retirement among those in poor work situations (30), although being "pushed" into retirement can also result in increased mental health problems (11). Although individuals need good health to be able to work and have a good work capacity (1,10,11,(15)(16)(17)(18)(19)(20)(21)(22)(23)(24)(25)(26)(27)(28)(29), economics seemed to be of more importance than health status among the respondents in our study.…”

Section: Discussionmentioning

confidence: 99%

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Factors influencing the decision to extend working life or retire

Nilsson¹,

Rignell-Hydbom²,

Rylander³

2011

Scand J Work Environ Health

123

170

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Objective The aim of this study was to evaluate factors within nine identified areas that influence why some older workers want to (or believe they can) work until age 65 years or beyond, whereas others leave the workforce earlier. MethodsThe questionnaire-based, cross-sectional study included 1792 respondents aged 55-64 years, employed in the healthcare sector in Sweden. Using logistic regression, we investigated the associations between statements within nine areas and two outcome measures: (i) whether the individual wanted to work until age 65 years or beyond and (ii) whether the individual believed they can work until age 65 years or beyond. ResultsOf the 1792 respondents, 54% stated that they "can" and 38% that they "want to" work until age 65 years or beyond. Three areas were significantly associated with both these outcomes: worker health, economic incentives, and retirement decisions by life partners or close friends. Mental and physical working environment, work pace and skills/competence were associated with the "can" outcome, whereas work as an important part of life, working time, and management attitude to older workers were associated with the "want to" outcome. ConclusionAlthough there were differences regarding the associations between six of the areas and the two outcomes (ie, "can" and "want to" go on working until age 65 years or beyond), three of the areas were important to both outcomes. Among those, it was interesting that life partner or close social environment gave higher odds ratios than for example health, physical work environment, or work satisfaction.Key terms employee; motivation; older worker; organization; retirement; work ability; work environment. In most of the industrial world, the fraction of older people is continuously increasing (1). A work session on demographic projections in Lisbon in 2010 stated that current demographic trends, characterized by low fertility and increasing longevity and leading to an ageing population, have economic and budgetary implications (2). A consequence analysis carried out by the Organization for Economic Cooperation and Development (OECD) compared the elderly boom to the social effect arising from natural disasters (3). In the OECD countries, it is estimated that 29% of men and 34% of women will be ≥60 years in 2050, compared with 15% of men and 20% of women in 2000 (4). In the EU25 (European Union of 25 members), more than 33% of men and 38% of women are estimated to be ≥60 years in 2050, up from 18% of men and 24% of women in 2000 (4). The demographic situation is similar in most of the Western world and in the Nordic countries, as illustrated by the following predicted figures for men and women, respectively, in 2050: USA 24% and 28%; Sweden 28% and 30%; Finland 31% and 35%; Germany 34% and 39% (4).The demographic change will result in an increased old age dependency ratio when fewer in the workforce have to provide for more elderly people. For the EU27, the old age dependency ratio is expected to rise from 25% in 2008 to 38% in 2030. In ...

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Section: Discussionmentioning

confidence: 99%

“…Good physique, mental health, and work ability are often reported to be very important factors for whether people are able to continue their working life or take sick leave or some form of retirement (10,11,(15)(16)(17)(18)(19)(20)(21)(22)(23)(24)(25)(26)(27)(28)(29). Health has been called a key determinant of early retirement (30).…”

mentioning

confidence: 99%

Factors influencing the decision to extend working life or retire

Nilsson¹,

Rignell-Hydbom²,

Rylander³

2011

Scand J Work Environ Health

123

170

View full text Add to dashboard Cite

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“…Dwyer and Hu (2000) and Dwyer (2001) study the effects of deterioration in individuals' health status on actual versus planned retirement outcomes. Anderson, Burkhauser and Quinn (1986) ask whether the unexpectedly large increases in Social Security benefits in the early 1970s led potential recipients to retire earlier than they had planned. Coronado and Perozek (2001) examine the effect of the stock market boom of the 1990s on actual as compared to planned age of retirement among older workers who began the decade with corporate equity holdings.…”

Section: Introductionmentioning

confidence: 99%

Work and Retirement Plans among Older Americans

Abraham

Houseman

2004

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in Work and Retirement Plans among Older Americans AbstractWe compare older workers' plans for work and retirement with their subsequent work and retirement outcomes using panel data from the Health and Retirement Study.Among those with retirement plans, about half indicate they would like to cut back on their work hours or otherwise change the type of work they do prior to, or instead of, fullyretiring. Yet, the fraction that follows through on these alternative plans is dramatically lower than the fraction that realizes plans to stop working. Our analysis shows that individuals who likely would need to change jobs in order to reduce their work hours are much less likely to have plans to reduce hours and, conditional on having such plans, are much less likely to follow through on them. Instead, a large fraction of these individuals stop working entirely. Our findings suggest that older workers may face substantial barriers to job change, and we conclude with a discussion of potential policy implications.Page 1As the baby boomers reach retirement age, labor force growth is projected to slow and the share of the adult population that has withdrawn from the labor force is expected to rise (Mulvey and Nyce, this volume; Board of Trustees of the OASDI Trust Funds 2004).These demographic factors have raised concerns about whether the supply of labor will be sufficient to meet employers' needs and whether the Social Security and Medicare trust funds will remain solvent, spurring policy interest in increasing employment at older ages. In this study, we focus on older individuals' plans for retirement and the realization of those plans. Using data from the Health and Retirement Study, we document the widespread interest among workers approaching retirement age in cutting back on their hours or changing the type of work they do, as a transition to, or in lieu of, full retirement.Next, we examine the extent to which these individuals are able to realize their plans.Whereas those who plan to stop working altogether generally do, those who plan to reduce Page 2 their hours or change the type of work they do most often do not realize these plans. After documenting these facts, we consider the factors that influence whether and how older individuals realize plans to reduce their hours and remain employed.

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“…Implicit in these assumptions is the notion that individuals develop well-informed opinions about the economic factors that will affect their well-being in the future. Despite the existence of a small body of work on the accuracy of expectations concerning social security benefits (Bernheim [1987a]), the timing of retirement (Hall and Johnson [1970], Fames and Nestel [1981], Anderson, Burkhauser, and Quinn [1986], Wolpin and Göniil [1987], and Bernheim [1987b]), and inflation (see Zarnowitz [1984] and the references contained therein), very little is actually known about the manner in which individuals incorporate new information into expectations.…”

Section: Introductionmentioning

confidence: 99%

How Do the Elderly Form Expectations? An Analysis of Responses to New Information

Bernheim

1988

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Do Retirement Dreams Come True? The Effect of Unanticipated Events on Retirement Plans

Cited by 63 publications

References 0 publications

Factors influencing the decision to extend working life or retire

Factors influencing the decision to extend working life or retire

Work and Retirement Plans among Older Americans

How Do the Elderly Form Expectations? An Analysis of Responses to New Information

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