Looking Toward the Future: Predicting Retirement Satisfaction

Abstract

~Many retirees experience a decrease in life satisfaction after retirement. One explanation for the dissatisfaction is that retirement was not as one had expected (i.e., feelings about retirement were inaccurately predicted). Planning for retirement involves predicting aspects of retirement and making decisions accordingly. The present study used a between subjects design to examine the predicted feelings of workers regarding their retirement expectations compared to the actual feelings of retired workers. The major finding was that pre-retirees' predictions of retirement satisfaction were significantly different from retirees' actual retirement satisfaction, even though regression analyses revealed that similar variables predicted satisfaction (e.g., social support). This study lays the groundwork for future research which would determine the potential reasons for these findings. Humans make a variety of predictions on a daily basis. Will my feet hurt if I wear these shoes? Will I be happy if I order a new

What Happens to Retirement Plans, and Does This Affect Retirement Satisfaction?

“…Previous studies have identified a range of factors which contribute to retirement satisfaction including human capital (Fouquereau, Fernandez, Fonseca, Paul, & Uotinen, 2005; Heybroek, Haynes, & Baxter, 2015; Noone, Stephens, & Alpass, 2009; Potočnik et al., 2013), social resources (Price, 2003; Price & Nesteruk, 2015), environmental resources (Moffatt & Heaven, 2017), psychological factors (Barbosa, Monteiro, & Murta, 2016; Price & Balaswamy, 2009; Taylor, Goldberg, Shore, & Lipka, 2008; van Solinge &Henkens, 2005), and characteristics of former work or the circumstances of withdrawal from the labor market (De Vaus, Wells, Kendig, & Quine, 2007; Muratore & Earl, 2015; van Solinge & Henkens, 2008; Wang, 2007). Retirement planning and the setting of goals have also been identified as important contributors to retirement satisfaction, adjustment, and well-being (Adams & Rau, 2011; Barnes & Parry, 2004; Curl & Ingram, 2013; Davis, 2007; Hewitt et al., 2010; Reitzes & Mutran, 2004; Topa, Moriano, Depolo, Alcover, & Morales, 2009). In some cases, planning factors have been identified as the largest contributors to satisfaction and health in retirement (Moffatt & Heaven, 2017; Noone et al., 2009; Schellenberg, Turcotte, & Ram, 2005; Zhu-Sams, 2004).…”

“…In essence, underlying mechanisms are poorly understood (Muratore & Earl, 2015; Taylor & Doverspike, 2003). One reason for this gap may be that most studies about retirement adjustment have not been conducted through a prospective longitudinal approach but rather based on retrospective recall (Davis, 2007; Principi et al., 2016). To fill this gap in knowledge, this study aims to investigate longitudinally the impact of thwarted and fulfilled plans on retirement satisfaction, and the main barriers to plan fulfillment, to assess how people adapt to unexpected retirement circumstances.…”

“…Other studies have considered preparation as attending preretirement planning meetings or developing new interests or skills (Muratore & Earl, 2015; Noone et al., 2009). In some other cases, the operationalization is weakly explained, for example, defined as use of employer-sponsored retirement programs, pensions, and personal savings (Davis, 2007).…”