Search PubMed⌕ Search

SEARCH · Search PubMed

Results for “Retirement”

Search indexed PubMed citations on genomics, clinical trials, systematic reviews and public health. Explore titles, authors and supplied subject terms, then open the PubMed record.

Quote a phrase for an exact phrase match. Source license links do not imply unrestricted reuse.

At least 127 records · Page 7Linked to original sources
PubMedDate not supplied

Retirement and wealth.

The decision to retire is related to the decision to save and to a number of other decisions, including decisions of when to claim Social Security benefits and what share of assets to hold as pensions, Social Security, and in other forms. This article explores the relationships among these various decisions and then explains why it is important to take them into account when attempting to understand the effects of changing Social Security and related policies on retirement outcomes. To understand how Social Security benefits affect retirement behavior, and the implications of changing such features as the Social Security early retirement age, the Social Security Administration and others have begun to estimate and use single-equation models of retirement. We explain why the kind of simple model they use is likely to provide a misleading guide for policy. Even if one's primary interest is in the relationship between Social Security policy and the decision to retire, it is important to incorporate other key decisions into the analysis. These simple models relate the probability of retiring to measures of changes in the value of Social Security benefits when retirement is postponed. The basic problem is that because the omitted factors are related systematically both to retirement outcomes and to the measured reward to postponing retirement, a simple retirement equation credits the effects of the omitted factors to the included measures of changes in Social Security benefits. New policies will change the relationship between retirement and the increase in the value of Social Security benefits with postponed retirement, resulting in incorrect predictions of the effects of new policies. When we fit single-equation retirement models, we find a variety of evidence that important behaviors have been omitted. These models include variables measuring the age of the respondent. These age variables suggest there is a sharp increase in the probability of retirement at age 62. This is a sign that even though the equations include measures of the increase in the value of Social Security with delayed retirement, the cause of the increased retirement behavior at age 62 has not been included in the model. In addition, the estimated effect of a variable measuring the future value of Social Security and pensions on retirement suggests that if the Social Security early retirement age were to be abolished, more people would retire earlier rather than later--a counter-intuitive prediction. There is even more direct evidence of the need for a more comprehensive model of behavior. We show that if individuals' preferences for leisure time were unrelated to their preferences for saving, then a simple retirement equation would yield an unbiased estimate of the effects of Social Security on retirement. An implication of such a model is that those who retire earlier for particular reasons would also save more for those same reasons. But when we estimate an equation with wealth accumulated through 1992 as a dependent variable, together with the simple retirement equation, we do not observe that the factors associated with earlier retirement are also associated with higher saving. These and related findings suggest that those who wish to retire earlier also have a weaker preference for saving, a relationship that is ignored in the simple model and can only be measured in a more complex model. Still other evidence also warns of internal inconsistencies in the simple retirement equations that are being estimated. Social Security incentives are often measured by the increment in the value of benefits associated with deferred retirement, but the incremental value depends on when benefits are claimed. Our findings show that those who retire completely are claiming their benefits too early to be maximizing the expected value of the benefits. Yet the measures of Social Security benefit accrual used in these retirement models often include the increase in the value of benefits from deferred claiming in their measure of the gain to deferring retirement. On the one hand, early retirees are seen not to defer benefit acceptance despite the actuarial advantage. On the other hand, later retirees are said to defer their retirement in order to gain the advantage of deferring benefit acceptance. Our empirical analysis is based on data from the first four waves of the Health and Retirement Study (HRS), a longitudinal survey of 12,652 respondents from 7,607 households with at least one respondent who was born from 1931 to 1941. Our analysis also uses linked pension and Social Security data together with respondents' records from the HRS. We also evaluate a number of specific features of retirement models and suggest improvements. We develop a measure of the future value of pensions and Social Security--the premium value--that is not subject to a problem plaguing other measures in that it handles the accrual of benefits under defined contribution plans very well. We also introduce a new definition of retirement status that blends information on objective hours worked with subjective self-reports of retirement status. Our findings also explore the effects of Social Security incentives on partial retirement and consider the importance of incorporating partial retirement in any study of the relation of Social Security to retirement behavior.

Aged↗
PubMed1998

What is your savings personality? The 1998 Retirement Confidence Survey.

This Issue Brief presents the findings of the 1998 Retirement Confidence Survey (RCS). The survey tracks Americans' retirement planning and saving behavior and their confidence regarding various aspects of their retirement. It also categorizes workers and retirees into six distinct groups, based on their very different views on retirement, retirement planning, and saving. The six personality types identified in the RCS are Deniers (10 percent of the population), Strugglers (9 percent), Impulsives (20 percent), Cautious Savers (21 percent), Planners (23 percent), and Retiring Savers (17 percent). The survey shows that working Americans have become more focused on retirement; 45 percent have tried to determine how much they need to save before they retire, up from 32 percent in 1996. Americans' growing attention to their retirement has not increased their retirement income confidence. Since 1993, the portion of working Americans who are very confident that they will have enough money to live comfortably throughout retirement has consistently ranged from 20 percent to 25 percent. Sixty-three percent of Americans have begun to save for retirement. Fifty-five percent of those not saving for retirement say it is reasonably possible for them to save $20 per week (over $1,000 per year). In addition, 57 percent of workers who have begun to save say that it is reasonably possible for them to save an additional $20 per week. The findings demonstrate the continuing need for broad-based educational efforts designed to make retirement savings a priority for individuals. The good news is the evidence that education can have a real impact at the individual level. For the first time the 1998 RCS examined retirement planning, saving, and attitudes across ethnic groups (African-Americans, Hispanic-Americans, Asian-Americans, and whites). African-Americans are the least confident that they will have enough money to live comfortably in retirement. African-Americans and Hispanic-Americans are less likely than whites and Asian-Americans to have saved any money for retirement. Among those saving for retirement, individuals' confidence that they are investing their retirement savings wisely does not differ among ethnic groups. Hispanic-Americans are less likely than whites and Asian-Americans to have made an attempt to determine how much money they will need to have saved by the time they retire.

Attitude↗
PubMed2006

Leaving the land: an exploratory study of retirement for a small group of Australian men.

INTRODUCTION: Retirement from paid work is a major life change for men and women. It has been suggested that, for men, self-identity is more strongly associated with paid work than is generally the case for women. If this is so, then the retirement transition for men, in which not only the behaviours of a lifetime but also the sense of self must be substantially recast, is of particular interest for the challenges it can present to their wellbeing. Research into male retirement has concentrated on the experiences of urban dwellers. Little is known of the retirement experiences of rural men and particularly of those who, after a life of farming and of close affiliation with the land, have moved from their farms in retirement. Thus, this qualitative study aimed to explore the retirement experiences of a small group of rural men who, in retirement, have left the land. METHODS: Using a phenomenological approach, data were gathered via semi-structured interviews with seven men: all retired farmers from the New England area of New South Wales, Australia. All men had left their farms between 1.5 and 7.0 years prior to commencement of the study. All were married and living with their spouses, some of whom were present during the interviews. Data were analysed inductively to identify themes which characterise aspects of their retirement experiences. RESULTS: Three themes were identified addressing: (1) the meaning and significance of the land to these men, and the associated challenges in adjusting to retired life; (2) the significance of spouses, families and social contacts to the retirement experience; and (3) the role of hobbies or interests other than farming in making the transition to retirement. Farming and living on the land had been important to all of the men, some of whom found making a gradual transition from full-time farming aided their adjustment to retirement. Spouses played an important role in the decision to retire and most of the men reported that they accepted retirement for the sake of their spouses. Those men who developed alternative hobbies or interests prior to, or post-retirement, and who maintained or developed social networks, reported satisfaction with the retirement experience. CONCLUSIONS: The findings from this study reflect those from the literature regarding the importance for men of social interactions and having a sense of purpose in life after retirement. The results are similar to those for retired men in urban settings. However, the particular ramifications of retirement for rural men with a strong attachment to the land need to be considered for their potential health implications: an issue for further research.

Aged↗
PubMed2003

Predictors of life satisfaction in retired physicians and spouses.

BACKGROUND: With the current demographic changes, adjustment to retirement has become a major concern for physicians. Yet information on adjustment to retirement gathered from retired physicians is sparse. Information on physician spouses following retirement is currently not available. Therefore, we conducted a survey of a multi-disciplinary group of retired physicians and their spouses on adjustment to retirement. METHODS: A mail survey was sent to 1834 alumni who graduated from medical school prior to 1965. Responses were received from 795 (43 %) physicians and 455 spouses. Of the physicians, 678 indicated that they were retired or semi-retired. Life satisfaction was measured on a 9-point Likert scale. RESULTS: Levels of life satisfaction were high for both physicians and spouses. Approximately 88 % of both groups reported being mostly satisfied or better with their lives. Factors associated with better life satisfaction for physicians included better health, optimism, feelings of financial security, participation in activities and hobbies and a good sexual relationship. For spouses, good health, having a husband willing to help with chores, quality of relationships including sexual relationship and attending theatre or sporting events were associated with higher levels of life satisfaction. Spouses who had never worked reported higher levels of life satisfaction than spouses who had worked and were now retired. For changes in life satisfaction since physician retirement, predictors for both physicians and spouses were similar to those for life satisfaction. However, for physicians, both younger age and more years in retirement were independently associated with improved life satisfaction. Issues regarding loss of role and methods and reasons for retirement influenced satisfaction in the early retirees. For spouses, major challenges involved coping with changes in the marital relationship. CONCLUSIONS: Physicians and their spouses reported high levels of life satisfaction. The factors predicting life satisfaction and change in life satisfaction following retirement differed for physicians and spouses. For physicians, life satisfaction and change in life satisfaction were affected by time since retirement.

Adaptation, Psychological↗
PubMed1985

A survey of retired dentists in the United States. Council on Dental Practice.

This paper reports on the results of a national survey of retired dentists carried out in the winter and spring of 1984. More than eight in ten of the respondents were general practitioners. Most retirees are between the ages of 60 and 69, married, and report their overall health at retirement to be excellent or good. As do retired scientists, dentists find intrinsic gratification in the work role, but apparently accept retirement as part of the life cycle. Retired dentists have income substantially greater than retirees in general. As is the case for the greater majority of older Americans, Social Security provides an important income support for respondent dentists. However, the primary source of retirement income for dentists comes from savings and investments. One of three retired dentists reports net worth in 1984 as between $200-$499,999. Retired dentists are well adjusted to retirement. Overall, most dentists report high satisfaction with retirement to date. Additional leisure time for hobbies, flexibility in owning one's time, and social activities with family and friends seem the main contributors to this satisfaction. Investment planning, health assessment, enthusiasm for outside interests, and personal preparation for retirement with a spouse are reported as important in retirement planning. Retirement is not a satisfying experience for all dentists. Some do report experiencing uselessness and depression. A still smaller proportion report feelings of loneliness and inadequacy. As is the case for older people in general, solitary activities including reading, watching television, and gardening are important for retired dentists. Most older people attempt to retain activity patterns and preferences developed earlier in life.(ABSTRACT TRUNCATED AT 250 WORDS)

Activities of Daily Living↗
PubMed1998

A retrospective cohort study on retirement and mortality for male employees of a local government of Japan.

This retrospective cohort study describes the mortality pattern after retirement and examines associations of the last job position and work status immediately after retirement with the mortality for male employees who retired from Kochi prefectural government. The subjects include 514 retirees over the 1977-1981 period, who were followed for 9.8 years after retirement, and 721 retirees over the 1982-1986 period, who were followed for 5.8-9.8 years. All subjects were hypothesized to have retired at a normal retirement age. Mortality risk was stable through the follow-up period subdivided into two-year intervals in both cohorts of retirees. In both cohorts, men who did not work immediately after retirement had increased mortality within the first two years of retirement compared with those who worked immediately after retirement. This finding is consistent with the mortality pattern explained by health related selection into working after retirement. The present study does not show a meaningful mortality fluctuation over the post-retirement period among male employees of the local government. Lack of information on ages and health status at retirement of individual subjects hampers discussion about causality of observed associations between two study variables concerning pre- and post-retirement characteristics and post-retirement mortality.

Aged↗
PubMed2000

Retirement plans, personal saving, and saving adequacy.

This Issue Brief addresses three questions raised by recent trends in personal saving: How are national savings measured and what is the meaning of the trends in measured personal saving rates, given what is included and what is not included in those measures? What is the effect of retirement saving programs--in particular, 401(k) plans and individual retirement accounts (IRAs)--on personal saving levels? What are the implications of existing saving behavior for the retirement income security of today's workers? The National Income and Product Accounts (NIPA), the most commonly referenced gauge of personal saving, is a widely misunderstood measure. One could argue that a complete measure of saving would include increases in wealth through capital gains, but NIPA does not factor accrued and realized capital gains on stocks and other assets into the saving rate. By one measure, accounting for capital gains results in an aggregate personal saving rate of 33 percent--more than double the rate of four decades ago. A major policy question is the impact of tax-qualified retirement saving plans (i.e., IRAs and 401(k) plans) on personal saving rates. Empirical analysis of this issue is extremely challenging and findings have been contradictory. These programs now represent an enormous store of retirement-earmarked wealth in tax-deferred vehicles: Combined, such tax-deferred retirement accounts currently have assets of about $4 trillion. Ninety percent of IRA contributions are now the result of "rollovers" as employees leave employer plans, like 401(k) plans. While leakage from the system remains a challenge, the majority of the assets in the system can be expected to be available to fund workers' retirements. One could argue that, from a retirement income security perspective, workers in general are better off because IRA and 401(k) programs exist. Surely, many of the dollars in these programs would have been saved even without the programs; but they would not necessarily have been earmarked for retirement and been available to fund retirement expenses. As rollovers become larger, this "partnership" of employment-based qualified plans and IRAs will grow even more important. The evidence indicates that many groups of American workers appear unlikely to be able to afford a retirement that maintains their current lifestyle (at least not without working more years than currently planned). Consensus does not exist on how many workers are at risk or the typical magnitude of their retirement saving shortfall. There is a consensus, however, that a substantial number of individuals are at risk. This is not surprising--despite the fact that the 70 percent of workers are saving for retirement--since relatively few workers know how much it is that they need to accumulate to fund their retirement.

Adult↗
PubMed2002

Mortality in relation to early retirement in Denmark: a population-based study.

AIMS: The aim of this study was to examine whether early retirement is gained by persons with poor health or whether retirement leads to negative changes in health. Mortality for persons in Denmark using one of two publicly financed retirement schemes was investigated. Disability benefit (førtidspension) was granted for health reasons mainly, while early retirement benefit (efterløn) was earned through long-term membership of an unemployment benefit scheme. METHODS: Data from Danish population-based registers were used for each year in the period 1986-96. The study setting was the population of Denmark, born between 1926 and 1936. RESULTS: the standardized mortality ratio in employed persons was low (0.59 and 0.51 for men and women, respectively) and high in disability benefit recipients (2.31 and 1.66). The mortality in the early retirement benefit recipients (0.88 and 0.72) was in between the mortality for the disability benefit recipients and the employed persons. Disability benefit recipients had a high relative risk of death immediately after retirement. In early retirement recipients the relative risk of death increased with time since retirement. CONCLUSIONS: Disability benefit was mainly gained by persons with poor health. In contrast, the increasing mortality of the early retirement recipients is consistent with an adverse effect on health of retirement itself, but may also be due to the cessation of health selection in the group of disability benefit recipients after retirement. It is difficult to disentangle the effects of a change in activity following retirement from the effects of an earlier health-associated selection into the two retirement schemes.

Aged↗
PubMed1995

Satisfaction with early retirement: making choices in the auto industry.

In recent decades, the expanded availability of early retirement incentive plans has allowed an increasing number of workers to retire at an age younger than normally allowed by their pension plans. On the surface, these retirement incentives appear to offer older workers more flexibility in deciding when to retire. However, the offer of early retirement incentives frequently occurs when employers are attempting to reduce employment; therefore, the opportunity for early retirement may be counterbalanced by downsizing goals that place older workers' continued employment in jeopardy. Early retirement incentive programs are thereby characterized by an unusual combination of inducement and coercion. In this study, we examined how the structure of the early retirement program shapes the way older male auto workers evaluate their retirement transitions. We conclude that the structure of the early retirement program, the timing of the retirement decision, and job security are important in framing the retirement transition and in distinguishing levels of satisfaction with the retirement experience.

Automobiles↗
PubMed2004

Honeymoons and joint lunches: effects of retirement and spouse's employment on depressive symptoms.

With hypotheses derived from a life course perspective in conjunction with life event stress and role theories, we examine whether a spouse's employment and length of retirement affect a person's postretirement depressive symptoms and whether such effects differ by gender. Analyses use pooled data from Waves 1-4 of the Health and Retirement Survey, using a subsample of married individuals who either remained continuously employed over time or completely retired since the Wave 1 interviews (N = 2,695). Recently retired men seem to be negatively affected by their spouses' continuous employment when compared with men whose wives were continuously not employed. In contrast, spouses' joint retirement has a beneficial influence on both recently retired and longer-retired men. However, for recently retired men, the positive effect of wives' retirement seems to be contingent on spouses' enjoyment of joint activities. Among women, effects of spouses' employment occur only among very recently retired wives (0-6 months). These wives report more depressive symptoms if their spouses were already nonemployed prior to wives' retirement. These results demonstrate the complexity of retirement adaptation processes and suggest that marital context plays an important role in retirement well-being.

Adaptation, Psychological↗
PubMed2001

Retirement intentions of doctors who qualified in the United Kingdom in 1974: postal questionnaire survey.

BACKGROUND: Medical workforce planning needs to be informed by knowledge about doctors' retirement intentions. Systematic information about retirement intentions, and factors that influence them, is sparse. METHODS: Postal questionnaires were sent to members of a cohort of medical qualifiers surveyed regularly since they qualified in 1974, with quantitative analysis of intentions about early retirement and qualitative analysis of reasons for wanting early retirement. RESULTS: A total of 1717 replies were received from 2217 traceable doctors (77.4 per cent). Of these, 1427 doctors worked in the NHS and answered the question about retirement: 14.8 per cent (211) said that they would definitely continue to normal retirement age and 20.1 per cent (287) probably would. Of those not definitely continuing to normal retirement age, 45.1 per cent had made financial provision to support early retirement, Seventy per cent cited reasons for considering early retirement: the main reasons were to reduce work-related pressure, increase leisure time, job dissatisfaction, disillusionment with the NHS, and wanting a healthy retirement. Doctors might be encouraged to stay by more flexible working patterns, a reduction in workload with increasing age, improved staffing levels, preservation of pension rights for part-time working, fewer NHS administrative changes, and greater professional freedom. CONCLUSION: The impact of early retirement on medical workforce supply may be considerable. Approaches to retirement policy need to shift away from the extremes of either full-time employment or total retirement.

Attitude of Health Personnel↗