“…In the U.S. both positive (Charles, 2004) and negative (Dave, Rashad, & Spasojevic, 2008;Szinovacz & Davey, 2004) retirement effects have been found. In contrast, consistently positive effects are found in England (Johnston & Lee, 2009;Mein et al, 2004) and Finland (Okasanen et al, 2011;Salokangas & Joukamaa, 1991), while no effect is found in the Republic of Korea or continental Europe for depression measures (Lee & Smith, 2009;Coe & Zamarro, 2011), suggesting potential cross-country variations in retirement effects on subjective well-being. 1 Continued improvements in life expectancy and fiscal insolvency of public pensions have led to an increase in pension entitlement ages in several countries, but its consequences for subjective well-being are largely unknown.…”