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PubMed1999

Social Security, retirement incentives, and retirement behavior: an international perspective.

Escalating rates of early retirement are imposing fiscal pressure on retirement systems around the world. In some developed countries, the labor-force participation rates of men ages 60-64 have fallen by 75 percent over the last three decades. One explanation for this striking decline is social security program provisions which create disincentives to continued labor-force participation by older workers. There are substantial differences among developed nations in the labor-force participation of older workers. While two-thirds of 60-year-old American males are working, only one-quarter of men that age are working in Belgium. Over the entire 55-65 age range, 63 percent of American males are working, compared with only 40 percent of French males and 33 percent of Belgians males. There is strong evidence that the early retirement provisions of social security systems in developed countries determine the modal age of retirement. There is a strong relationship between early retirement ages and labor-force withdrawal rates; for example, in France, 60 percent of those working at the early entitlement age of 60 leave the labor force at that age. The core of this analysis is the construction of "implicit tax/subsidy rates" on additional work at older ages through each nation's social security system. These rates measure the change in a worker's retirement wealth entitlement from delaying retirement for one year, relative to the amount that would have been earned over that year. The U.S. Social Security system has an actuarial adjustment for delayed benefits claiming and other features that avoid financial incentives to leave the labor force at age 62 for a married worker, there is a slight disincentive to work for single workers and high wage earners. However, at ages 65 and older there is a stronger incentive to leave the labor force, with implicit tax rates on work of 19 percent for married workers and 33 percent for single workers. By comparison, other nations do not have actuarially fair adjustments, and as a result impose substantial taxes on additional work at older ages. In several countries, implicit tax rates on work at older ages approach or exceed 100 percent. This is because by delaying retirement, workers forgo benefits which often replace close to their full wage, in addition to having to pay the high payroll taxes required to finance generous social security benefits. There is a striking correlation across nations between high implicit tax rates on additional work and low labor-force participation rates among older workers. This suggests that social security program incentives are an important determinant of retirement. These findings have important policy implications for reforming social security programs in the United States and abroad. Policymakers must consider how program reforms will affect incentives for continued work at older ages.

Actuarial Analysis↗

PubMed1990

Retirement self-efficacy: the effects of socioeconomic status, life satisfaction, health, and readiness for retirement.

The purpose of this study is to determine if educational level, occupation, socioeconomic status, life satisfaction, self-rated health, and readiness for retirement are correlated with retirement self-efficacy (RSE). Second, this study investigates whether the combination of these variables gives a better explanation of RSE than does any variable singly. Eight-three retired and 40 pre-retired subjects participated in this study. RSE was measured by the Retirement Self-Efficacy Scale. Higher education, occupational class, socioeconomic level, and readiness for retirement were all found to be positively related to RSE (p less than .05) for the total group. The strongest predictors of RSE were readiness for retirement for the retired group (p less than .05) and life satisfaction for the pre-retired group (p less than .01).

Aged↗

PubMed1998

Small employers and the challenge of sponsoring a retirement plan: results of the 1998 Small Employer Retirement Survey.

Forty-two million individuals work for small employers; 9 million are participating in an employment-based retirement plan, while 33 million are not participating in a plan. This Issue Brief examines the barriers that prevent small employers from sponsoring a retirement plan, their level of knowledge about plans, and changes that might lead to plan sponsorship. It also examines the motivations of small employers that sponsor retirement plans. Small employers identify three main reasons for not offering a plan: employees' preferences for wages and/or other benefits, administrative costs, and uncertain revenue that makes it difficult to commit to a plan. Small employers without plans report being familiar with 401(k) and profit-sharing plans, but little else. Forty-seven percent report never having heard of the savings incentive match plan for employees (SIMPLE), and 55 percent report never having heard of simplified employee pensions (SEPs). There is apparent misunderstanding about retirement plans among small employers that do not sponsor one, especially with regard to costs. For example, 35 percent do not know that a plan can be set up for less than $2,000. What changes would lead to serious consideration of retirement plan sponsorship? In order of reported importance: increased company profits (66 percent), a business tax credit (64 percent), reduced administrative requirements (50 percent), demand from employees (49 percent), allowing key executives to save more in the plan (49 percent), and easing, i.e., lengthening, of vesting requirements (40 percent). Many small employers that sponsor a retirement plan cite business reasons among their motivations. Sixty-eight percent cite a "positive effect on employee attitude and performance" as a major reason for offering a plan. Fifty-six percent cite a "competitive advantage in employee recruitment and retention" as a major reason. Small employers with a retirement plan report direct benefits from sponsorship, but many of those without plans appear unaware of these potential benefits. The 1998 SERS indicates that effective public policy must educate workers regarding the need to make retirement planning and saving a priority, in addition to addressing employer concerns about offering plans. Furthermore, there is a need to educate small employers about the options available to them and what these options entail. Finally, it appears that many employers need to be informed of the potential benefits from plan sponsorship.

Data Collection↗

PubMed1980

Mandatory retirement and labor-force participation of respondents in the Retirement History Study.

The Age Discrimination in Employment Act (ADEA) was amended in 1978 to prohibit mandatory retirement before age 70 in most occupations. The impact of this legislation on the probability of older persons remaining in the labor force is the primary concern of this article. Specifically, questions concerning which older workers are affected by mandatory-retirement provisions and the extent to which they are forced to retire and leave the labor force are examined. Tabular analysis of data from the Retirement History Study on persons aged 62-63 in 1969 shows significant variation in mandatory-retirement coverage between the public and private sectors and across industries, occupations, and demographic groups. Until age 65, the labor-force participation rate of those facing compulsory retirement is higher than or equal to that of those not covered but it drops significantly below the noncovered rate after 65. Logit analysis of the labor-force participation of persons before and after age 65 indicates that mandatory retirement at that age reduces the probability of retirement by approximately 16.7 percentage points for white men wage earners. This results in a decline in the labor-force participation rate of all men aged 66-67 of approximately 4 percentage points.

Age Factors↗

PubMed2000

Organizations' environment and retirement: the relationship between women's retirement, environmental munificence, dynamism, and local unemployment rate.

OBJECTIVES: Low munificence and high dynamism of an industry's environment and high local area unemployment rates were assumed to indicate uncertainty and influence retirement. It was predicted that, while controlling for personal variables, rates of retirement would vary across industries, that munificence would have a negative relationship with retirement, and that dynamism and unemployment rate would have positive relationships with retirement. METHODS: The study relies on four waves (from 1986 to 1992) of data from the National Longitudinal Survey's Mature Women Cohort, and logistic regression was used to examine the extent of the proposed relationships. RESULTS: Retirement rate varied across industries and had a positive relationship with munificent environments, but retirement was not related to dynamism or unemployment rates. CONCLUSIONS: The results suggest that environmental factors may influence retirement timing. Additional theoretical and empirical work is suggested to help sort out direct environmental effects and possible moderating third variables.

Adult↗

PubMed1979

Pre-retirement life-style and the degree of planning for retirement.

The purpose of this study was to examine the relationship between the pre-retirement life-style of adult men, and both the degree of planning for the retirement years and the decision to retire early. Adult males (N = 360) between 55 and 64 years of age were interviewed about their present leisure life-style and the amount of retirement planning they were doing or had done. In order to determine which demographic, attitudinal and social participation variables predict retirement related behavior, Multiple Classification Analysis (MCA) was used. It was found that socioeconomic status, health, involvement in expressive type organizations, job satisfaction and degree of leisure orientation were associated with pre-retirement attitudes toward retirement.

Attitude↗

PubMed1998

A five year study comparing early retirements on medical grounds in ambulance personnel with those in other groups of health service staff. Part II: Causes of retirements.

The objective of this study was to compare morbidity between ambulance staff and other groups of health service workers, to facilitate planning of occupational health (OH) services. A retrospective study of employees of the Eastern Health and Social Services Board, Northern Ireland was conducted. Subject were 181 men and 353 women assessed at OH between 1988-92 and found eligible (on the basis of permanent incapacity) to apply for early retirement on medical grounds (EROMG). When causes of retirement were looked at it was found that musculoskeletal, circulatory and mental disorders were most common in all groups (overall making up three-quarters of retirements). Differences in causes of retirements between different groups of workers were not found to be statistically significant, but when male staff were compared ambulance staff showed the highest proportion of retirements due to circulatory disorders. Retirements due to musculoskeletal disorders occurred after shorter service than those due to mental disorders and those due to mental disorders occurred after shorter service than those due to circulatory disorders; these findings achieved statistical significance. In comparison with previous studies this study showed the highest proportion of ambulance retirements due to mental disorders, with an unexpectedly high proportion being related to alcohol problems. Occupational health services for ambulance staff would be best targeted towards facilitating the development of physical fitness and rehabilitation programmes, and health promotional activities such as training in stress management.

Alcohol-Related Disorders↗

PubMed1999

Who is "62 enough"? Identifying respondents eligible for Social Security early retirement benefits in the Health and Retirement Study.

Workers are not instantly eligible for Social Security retirement benefits on their 62nd birthdays, nor can they receive benefits in the month they turn 62. This note discusses how well researchers can do using data from the Health and Retirement Study (HRS) to identify respondents old enough to receive and report early Social Security retirement benefits. It shows that only some workers aged 62 at the time of an HRS interview will be "62 enough" to have received a Social Security benefit and reported it in the survey. In general, workers become eligible for a retirement benefit the month after they turn 62, and they may receive their first payment the month after that. Until recently, payments were received very early in the month, but in mid-1997 and later, the Social Security Administration (SSA) staggered benefit payments over the course of a month. Therefore, many beneficiaries will not be able to report the receipt of their first benefit payment until the third month after their birthday in more recent HRS interviews. This note describes the best approach for approximating the pool of HRS respondents who are old enough to have reported the receipt of their first retirement benefit. It then applies the procedure to an analysis by Burkhauser, Couch, and Phillips, who used the 1994 HRS data to distinguish between those who took early retirement benefits upon turning 62 and those who postponed the receipt of benefits. Because these authors did not provide for respondents who were not "62 enough" to receive a benefit at the time of the interview, they understated the proportion of respondents who took retirement benefits at age 62.

Age Factors↗

PubMed1989

[Early retirement among the 1914 population in Glostrup. Significance of social and health problems in choosing early retirement].

In the population investigation in Glostrup, the 1914 population was examined at the ages of 50, 60 and 67 years. A total of 141 participants at the 67 years examination (106 men and 35 women) stated that they had chosen early retirement prior to transition to old age pensions. The social and health circumstances of these early retirees at the ages of 50 and 60 years are compared with the circumstances in the 243 persons in the cohort (154 men and 89 women) who remained occupationally active until the age for old age pensioning. In the group of early retirees, unskilled men predominated. Out of those who found the occupational environment stressful at the ages of 50 or 60 years, a majority subsequently chose early retirement. Significantly more of the men with abnormal findings in the heart and lungs at the health examinations subsequently chose early retirement. Where the remaining health variables were concerned, no connection could be found with subsequent choice of early retirement. Where the health conditions at the age of 60 years were concerned, a tendency for more frequent choice of early retirement was observed in men with a series of abnormal conditions in the lungs and intestinal tract but no distinct tendency was observed in women. Where both sexes were concerned, an increasing tendency to subsequent choice of early retirement was observed with increasing incidense of cardiovascular risk factors at the age of 60 years. Data concerning low back pain at the age of 60 years did not reveal any connection with subsequent choice of early retirement but may suggest early elimination of persons with low back pain.

Age Factors↗

PubMed1992

Assessing retirement satisfaction and perceptions of retirement experiences.

A 2-part investigation developed a measure of retirement as a life transition. Study 1 generated items from interviews with retirees (n = 40) and service providers. Item analysis with recent retirees (n = 86) produced a 51-item Retirement Satisfaction Inventory assessing 6 areas: preretirement work functioning, adjustment and change, reasons for retirement, satisfaction with life in retirement, current sources of enjoyment, and leisure and physical activities. Study 2 examined a heterogeneous sample of men (n = 159) and women (n = 243) retires. Factor analyses produced internally consistent subscales. Moderate, but acceptable, test-retest reliability was demonstrated. Satisfaction scores correlated with concurrent measures and, together with pre- and postretirement experiences, discriminated 4 groups of voluntary and involuntary retirees. Few effects related to gender, socioeconomic status, length of retirement, and part-time employment were found.

Adaptation, Psychological↗

PubMed2002

Perceptions of retired professional soccer players about the provision of support services before and after retirement.

OBJECTIVE: To determine the views of retired players about the provision of support services in English professional soccer before and after retirement and to assess the impact of career ending injury on these views. METHOD: An anonymous self administered questionnaire was distributed to 500 former players registered with the English Professional Footballers' Association. The questions asked about personal details, current medical status, reasons for retirement, perceptions of the provision and quality of support services, and use of prophylactic treatments while injured. RESULTS: Of the 500 questionnaires distributed, 185 (37%) were returned. The Professional Footballers' Association provided significantly (p<0.001) more help and advice to retired players on medical, financial, career, and educational matters than any other organisation. Although respondents showed some satisfaction with the provision of medical support, they were significantly (p<0.001) less satisfied with the provision of sports science (23%) and education/welfare (19%) support. Respondents who had retired through injury, however, were more dissatisfied with the provision of all services. Significantly (p<0.001) more respondents agreed with the view that injuries would reduce income earning potential, contribute to medical problems, and restrict the duration of their playing career. Respondents who had been medically diagnosed with osteoarthritis were significantly more likely, at some time, to have regularly received steroid injections while injured. CONCLUSION: The results presented are consistent with other evidence that the provision of injury prevention and socioeconomic services at professional soccer clubs is inadequate. The soccer industry should therefore develop a long term strategy for managing the needs of players who are forced to retire through injury.

Adrenal Cortex Hormones↗

PubMed1990

Leisure activities of retired persons in the United States: comparisons with retired persons in the People's Republic of China.

This study was undertaken in view of the large and growing numbers of retired persons in the People's Republic of China; the dearth of information about how they spend their time; and the importance of such knowledge in guiding city reform and accomplishing the Four Modernizations and the future cause. The discretionary-activity patterns and rates, the importance of these activities, and their perceived impact upon the health of 551 retired persons and 100 employed workers in Shanghai were compared in order to investigate the role of retirement in China. To assess similarities and differences between retired persons in China and in the West, the activity patterns and rates of retired Chinese adults were compared with retired adults in two samples from the United States (352 from San Antonio and 899 from San Francisco).

Aged↗

PubMed1988

Early retirement and work after retirement. Implications for the structure of the work society.

Early exit from the formal work force and the lengthening of life in retirement pose new questions, both on the level of social structure and on that of emerging life-styles. Based on two empirical studies - one of workers who choose the new pre-retirement scheme, and one of retirees who engage themselves in organized work-like activities - we examine some of the consequences of this process. The studies combine qualitative and quantitative research methods and pay special attention to the biographical dimension. Our results show that under the pressure of the labor market, new forms of "flexible" or "gradual" transition to retirement empirically turn out to be retirement at the earliest possible moment. For the workers, early retirement is ambivalent: it threatens their concept of a "full work life", which is based on the time-table of the socially institutionalized normal biography; but this is offset by their desire to leave stressful work situations at least where the schemes for early retirement are financially and morally acceptable.

Aged↗

PubMed1993

[Who wants to go in early retirement? A multivariate analysis of civil servants' intention to retire early or not].

Despite the popularity of early retirement schemes in the Netherlands, little attention has been paid to the factors underlying this phenomenon. In this article an initial step is taken towards a multivariate modelling of plans for taking voluntary early retirement of older employees. Data for this have been obtained from a survey conducted among civil servants eligible for early retirement. This analysis includes various aspects which could be related to retirement. It appears that the attitude towards work, health, expectations regarding the consequences of retirement with respect to the loss of income, self-esteem, the perceived (positive or negative) attitude of the partner are the main reasons for civil servants to retire early or not. In the last model, containing all independent variables, 25 percent of the variance can be explained.

Age Factors↗

PubMed1992

Reported reasons for retirement: a study of recently retired workers.

The normal retirement age in the United States is gradually increasing from 65 to 67 (by the year 2027) as provided by the 1983 Amendments to the Social Security Act. One can raise the question, "Who will be the most affected by this change?" This article presents the findings from a study that investigated the relationship between the primary reason given by recently retired workers for their retirement and their economic and demographic backgrounds. A logistic regression analysis was performed using data from the 1982 New Beneficiary Survey concerning involuntary reasons. A major finding was that economically disadvantaged workers tended to retire for involuntary reasons. Therefore, policymakers need to consider the establishment of policies that would protect such workers from the adverse financial impact of the increase in the normal retirement age.

Age Distribution↗

PubMed2006

When will faculty retire?: Factors influencing retirement decisions of nurse educators.

This cross-sectional study surveyed a random sample of 129 nurse educators teaching in 61 U.S. schools of nursing. After the educators indicated their desire to participate, the survey instrument was e-mailed to them for completion; a 37.6% response rate was obtained. Demographically, the typical respondent was a healthy, 52-year-old, Caucasian female with a PhD in nursing. Outcomes reflected that respondents' mean anticipated age of retirement was 64.4; however, the optimal age of retirement desired by respondents was younger (62.4). The most influential factor affecting the timing of retirement was financial status. Workplace issues, personal and family health, and attitudes about retirement were other factors that affected participants' retirement decisions. The study findings indicate that nurse educators, as a group, do not plan to work beyond age 65.

Age Factors↗

PubMed1992

Retirement from work. The recent lowering of retirement age--causes and consequences.

The recent change in early retirement is described and related to the development in social policy, labour market and individual attitudes towards work and retirement. Particular attention is given to the orientation toward life after work in relation to retirement. The development in retirement pattern is seen as an institutionalisation of early retirement.

Age Factors↗

PubMed1985

[Who's afraid of retirement? Social factors influencing the attitude toward retirement].

The four dimensions of the attitudes towards retirement (see Bela A. van Gelder in this journal) of 553 male older employees from the northern Netherlands were analyzed in relation to over 250 predictor-variables by means of stepwise regressions and other techniques of multivariate analysis. A simple recursive model of Palmore, George and Fillenbaum served as a theoretical guideline. It was tested by means of a path-analysis as applied to 20 variables (see figure I). Many of over 100 hypotheses derived from the model and from the literature pertaining to the matter were upheld by the findings: Single persons, widowers, or persons not happily married, appeared more afraid of retirement. If married, the spouse's judgment (as perceived by the interviewee) was another factor of importance. Age also affected the attitude: the closer one approaches retirement, the less positive the attitude (though age showed little variation in our sample). Social status affected the attitude indirectly: manual workers performing physically exacting (dirty, irregular, etc.) jobs, who have been working for the same firm (or: service) over a long period of time, who started earning money early in life--these were positive in their attitude towards retirement (needless to say that all these findings concern the attribute of lower status jobs). Finally, the pattern of and the attitude towards leisure played a decisive role: employees with strong work-involvement, with less intensive and rich leisure time, with intensive ties with people from their work-scene--these showed more negative attitudes towards retirement than their counterparts.

Aged↗