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PubMed2004

Retirement, risky alcohol consumption and drinking problems among blue-collar workers.

OBJECTIVE: In this study, we assess the initial effects of employment status (not yet retired/continued employment, retirement with bridge employment and full retirement) on the alcohol consumption and drinking problems of retirement-eligible blue-collar workers. METHOD: Data were collected at two points from a random sample of members of nine unions within 6 months of retirement eligibility. Alcohol consumption and drinking problem data were collected from 1279 members 6 months prior to retirement-eligibility (T1) and from 1083 retained respondents 1 year later (T2). At T2 respondents were categorized as (1) not yet retired, (2) retired but engaging in bridge employment or (3) fully retired. RESULTS: Across all of the models tested, alcohol consumption and drinking behaviors at T1 were significant predictors of those same patterns of consumption or behavior at T2 and explained the greatest proportion of the variance in those same patterns at T2, suggesting that alcohol consumption and drinking behaviors remain largely stable over the period of time in which individuals become eligible to retire. Nevertheless, taking into account the effects of periodic heavy drinking prior to retirement and a variety of other factors, individuals opting to retire fully were twice as likely to engage in periodic heavy drinking (odds ratio = 2.01, p < .05) as those continuing to work. Bridge employment (as compared with continued employment) was also associated with significantly higher quantities of alcohol consumed on average drinking occasions (Beta = 0.14, p < .05). CONCLUSIONS: Retirement, at least in its early stages, is not associated with major shifts in alcohol consumption or problem drinking status. However, the particular retirement trajectory taken may have significant implications for individuals.

Adult↗
PubMed1997

Anticipation of job loss or job change and cardiovascular risk factors: a study of retiring self-defense officials in Japan.

Self-defense officials in Japan are to retire at the age of early 50s. This unique situation prompted the authors to investigate whether preexisting morbid conditions cause any difficulty in finding a post-retirement job and whether anticipation of job loss or job change, as measured by the status of post-retirement job and months remaining until retirement, was related to biological cardiovascular risk factors. The subjects were 2,228 male self-defense officials who received a preretirement health examination at three Self-Defense Forces Hospitals from 1991 to 1992; the period in time remaining until retirement ranged from 1-40 months (median 12 months), and 62% had one year or less until the retirement. The defined preexisting illnesses included a wide range of chronic, non-communicable diseases. Overall, the preexisting illness was unrelated to the determination of a post-retirement job. In men having 6 months or less until retirement, however, the security of post-retirement job was less frequent when they had the preexisting illness, especially cardiovascular diseases. In 1,839 men excluding those with the preexisting illness, the period until retirement was not adversely related to obesity, blood pressure, serum lipids, serum uric acid, or glucose intolerance whether the post-retirement job had been secured or not. The findings suggest that the preexisting illness decreases the chance of obtaining a post-retirement job, but do not provide any evidence that anticipation of job loss or job change due to early retirement exerts an adverse effect on biological cardiovascular risk factors.

Cardiovascular Diseases↗
PubMedDate not supplied

Early retirement in the United States.

Despite improvements in health and longevity, many workers in the United States retire young. By age 62, only 44 percent of men and 24 percent of women are still working full-time. The combination of younger retirement and increasing longevity means that Americans are spending more years in retirement than at any time in history. The widespread availability of post-retirement benefits is an important aspect of this national trend. Eligibility for employer-provided retirement benefits can begin as young as age 50 and occurs quite frequently at age 55. Eligibility for Social Security benefits begins at age 62. Eligibility for Medicare begins at age 65. As the population ages, the implementation of cost-saving reforms in retirement programs has become an increasing policy concern. To sustain the major public entitlement programs, proposals have been made to raise the age of eligibility for Social Security and Medicare, or to reduce benefit levels, or to target benefits to those most in need. Other cost-saving changes have been considered, and in many cases implemented, in employer-provided retirement benefits. These policy changes will have implications for the retirement decisions of working Americans in the future. This report, drawing on research sponsored by the National Institute on Aging, reviews the trend in the United States toward earlier retirement as well as some recent research findings on how retirement decisions relate to public and private retirement policies. With the changing age demographics of the population, the implementation of cost-saving reforms to retirement policies and other changes in the economic circumstances of individuals as they age, the work and retirement decisions of older workers will continue to evolve over the coming decades.

Age Factors↗
PubMed2005

Predictors of perceptions of involuntary retirement.

PURPOSE: Retirement is often treated as a voluntary transition, yet selected circumstances can restrict choice in retirement decision processes. We investigated conditions under which retirees perceive their retirement as "forced" rather than "wanted." METHODS: Analyses relied on Waves 1-4 of the Health and Retirement Survey (N=1,160; 572 men and 588 women). Logistic regression models estimated the effects of background factors, choice and restricted choice conditions, and retirement contexts on perceptions of forced retirement. RESULTS: Nearly one third of older workers perceived their retirement as forced. Such forced retirement reflects restricted choice through health limitations, job displacement, and care obligations. Other predictors include marital status, race, assets, benefits, job tenure, and off-time retirement. IMPLICATIONS: Future research should establish personal and policy implications of forced retirement. Programs are needed to help older workers forced into retirement find alternative employment opportunities and to reduce the conditions leading to forced retirement.

Activities of Daily Living↗
PubMed2006

Increased wealth and income as correlates of self-assessed retirement.

This study examined whether retirement implies complete withdrawal from the labor force and the role that increased wealth and income play in regard to the nature of retirement. Data came from the Health & Retirement Study, Waves 1-5. Findings indicated that most study sample pre-retirees remained in the labor force as they moved into what are considered the normal retirement years. As they moved on average from 50+ years of age to 60+ years of age, increasing percentages of study sample pre-retirees reported themselves as completely retired. Those who viewed themselves as completely retired were far less likely to work than those who did not view themselves as completely retired. Of particular importance was the finding that increased income in 2000 decreased the likelihood of self-reported complete retirement. Equally important was the finding that increased assets had no effect on retirement status with the exception of survey year 1998 when increased assets decreased the likelihood of viewing oneself as completely retired. Findings suggested that pro-work retirement policies aimed at increasing labor force participation among pre-retirees and increasing the normal retirement age can be effective. Five pro-work policies were discussed.

Aged↗
PubMed1983

Leisure participation and the retirement process.

The influence of pre-retirement leisure activity patterns on retirement planning and attitudes toward retirement was investigated. Sixty male retirees answered a questionnaire designed to collect data regarding sociodemographic variables, the degree of preretirement planning, the type and extent of leisure participation before and after retirement, and attitudes about retirement. The results show that a high degree of pre-retirement leisure participation correlates with a high degree of pre-retirement planning. No statistically significant relationships were demonstrated between pre-retirement planning and retirement attitudes or between pre-retirement leisure participation and retirement attitudes. The influence of specific types of activities on the retirement process was also examined and results are presented.

Aged↗
PubMedDate not supplied

Comparing replacement rates under private and federal retirement systems.

One measure of the adequacy of retirement income is replacement rate - the percentage of pre-retirement salary that is available to a worker in retirement. This article compares salary replacement rates for private-sector employees of medium and large private establishments with those for federal employees under the Civil Service Retirement System and the Federal Employees Retirement System. Because there is no standard benefit formula to represent the variety of formulas available in the private sector, a composite defined benefit formula was developed using the characteristics of plans summarized in the Bureau of Labor Statistics Medium and Large Employer Plan Survey. The resulting "typical" private-sector defined benefit plan, with an accompanying defined contribution plan, was then compared with the two federal systems. The Civil Service Retirement System (CSRS) is a stand-alone defined benefit plan whose participants are not covered by Social Security. Until passage of the 1983 Amendments to Social Security Act, it was the only retirement plan for most federal civilian employees. Provisions of the 1983 Amendments were designed to restore long-term financial stability to the Social Security trust funds. One provision created the Federal Employees Retirement System (FERS), which covers federal employees hired after 1983. It was one of the provisions designed to restore long-term financial stability to the Social Security trust funds. FERS employees contribute to and are covered by Social Security. FERS, which is a defined benefit plan, also includes a basic benefit and a 401(k)-type plan known as the Thrift Savings Plan (TSP). To compare how retirees would fare under the three different retirement systems, benefits of employees retiring at age 65 with 35 years of service were calculated using hypothetical workers with steady earnings. Workers were classified according to a percentage of the average wage in the economy: low earners (45 percent), average earners (100 percent) high earners (160 percent), and maximum earners (earnings at the taxable maximum amount). Overall, this analysis found that: Excluding Social Security benefits and TSP and defined contribution annuities, CSRS retirees have a higher pre-retirement salary replacement rate than either FERS or private-sector retirees. Private-sector retirees, however, have higher replacement rate than their FERS counterparts. Including Social Security benefits but not TSP and defined contribution plan annuities, CSRS retirees who are maximum earners have a higher pre-retirement salary replacement rate (despite receiving no Social Security benefits) than FERS retirees with the same earnings. Private-sector retirees in all earnings categories have a higher replacement rate than federal retirees with the same earnings. Including Social Security and TSP and defined contribution plan annuities, private-sector retirees in all earnings categories have a higher replacement rate than federal retirees, but their rate is close to that of FERS retirees. The rate is higher for FERS retirees than for CSRS retirees in all earnings categories. This analysis shows that replacement creates could exceed 100 percent for FERS employees who contribute who contribute 6 percent of earnings to the TSP over full working career. Private-sector replacement rates were quite similar for those with both a defined benefit and a defined contribution pension plan. Social Security replacement rates make up the highest proportion of benefits for th private sector's lowest income quartile group. The replacement rate for 401(k) plans and the TSP account for a higher proportion of benefits than does Social Security for all other income groups, assuming the absence of a defined benefit plan.

Actuarial Analysis↗
PubMed2001

State and local retirement plans: innovation and renovation.

This Special Report/Issue Brief examines the universe of state and local retirement plans. It describes how these plans have developed and continue to evolve in a number of areas, including plan features, regulatory framework, governance, and asset management. While these retirement programs differ in many respects from private-sector plans, the disparity in some areas has narrowed. This report also includes a discussion of trends and the underlying forces for change. Public-sector retirement programs provide an important source of pension coverage in the United States, and are a significant part of the total retirement market: Combined public-sector retirement assets (state, local, and federal governments) comprised 29 percent of the $11.2 trillion U.S. retirement market in 1998. State and local plans are dominant in the public-sector retirement market, holding $2.7 trillion in assets, compared with $696 billion held by federal plans (both military and civilian). More than 16 million individuals are employed by state and local jurisdictions in the United States. State and local retirement plans share certain common features because of the environment in which they operate. Legal statutes, governance, and tradition all play a role in defining what is sometimes referred to as a "public-sector culture." Despite common features, there is considerable diversity among public-sector retirement plans. To attract and retain a skilled work force, public-sector employers have increased their use of defined contribution (DC) plans to supplement defined benefit (DB) plans (or, to a lesser extent, replace or serve as an alternative to them) and improve cost-of-living adjustments. At the same time, a combined federal-state regulatory framework has encouraged certain plan design features, unavailable in the private sector, which include multiple tiers for successive generations of employees in a single plan and different strategies to increase portability. State and local retirement plans reflect an increasing role by the federal government in pension system design and operation, which has led to greater complexity in such areas as Social Security participation and deferred compensation arrangements. Complexity can be expected to increase with the recent passage of P.L. 107-16, the Economic Growth and Tax Relief Reconciliation Act of 2001. The latest full-year data included in this report are for 1999 and in some cases 2000. After this report went to press, the Federal Reserve issued significantly revised quarterly data for state, local, and federal retirement plan assets, which were not incorporated in this Issue Brief.

Employee Retirement Income Security Act↗
PubMed1995

Predictors of planned retirement age: an application of Beehr's model.

Given the aging workforce, understanding the retirement process is an area of increasing interest to organizations. T. A. Beehr's (1986) model of retirement behavior was used in this study as a basis for selecting personal, psychological, and organizational predictors of subsequent planned retirement age. In addition, potential differences in predictors of the planned retirement age of retirement-eligible and retirement-ineligible respondents were explored. Two hundred sixty-four respondents working for a large multinational firm completed 2 surveys on their attitudes toward work and retirement. Results showed that chronological age, employee health, and self-perceptions of the ability to adjust to retirement predicted subsequent planned retirement age. Interactions of the predictors with retirement eligibility are reported along with implications for retirement-planning programs.

Adaptation, Psychological↗
PubMed1996

Profiling plans for retirement.

Actual decision making for retirement is largely inaccessible to investigation, yet research can focus on plans as a window into the preretirement process. This article proposes a construct that profiles five generic types of retirement plans, including plans to retire completely, change jobs, never retire, and uncertainty about retirement. The heuristic value of the construct lies in its recognition of the heterogeneity of retirement intentions. The five plan types were operationalized among workers aged 51-61 in the 1992 Health and Retirement Study. Convergent validity was demonstrated by comparisons to analogous survey questions. Construct validity was shown by predictable relationships between intentions and elements of workers' opportunity structure. The retirement-plans construct can serve as the foundation for a taxonomy of specific retirement plans (e.g., about timing, employment), to organize research on stability and change in retirement intentions, and characterize the path dependence of eventual retirement behavior.

Age Factors↗
PubMed1999

Retirement intentions and spousal support: a multi-actor approach.

OBJECTIVES: This study investigates the role of the partner in the retirement decision-making process. It determines the extent to which the support and intentions of partners regarding early retirement influence each other, and which partner dominates. METHODS: Data have been collected directly from 1,052 older employees working in Dutch industry and trade, and from their spouses. Because it is conceptualized that husbands' and wives' retirement intentions/support are related in a reciprocal way, a two-stage least squares regression analysis (2SLS) is used to establish the specified mutual relationships. RESULTS: Intentions and support of both partners concerning retirement are strongly related. The results of the 2SLS suggest that early retirement of one of the spouses is the result of influence processes within the household, and that early retirement can be considered, to a certain extent, a household decision. This holds for married men's early retirement in particular. There seems to be no direct causal relationship between a couple's own decision making with respect to early retirement and the retirement behavior of a couple's social network. DISCUSSION: Future research on the retirement decision-making process should focus on the family unit rather than simply on the individual worker, and be extended to different types of retirement behavior.

Age Factors↗
PubMed2002

Who expects to continue working after age 62? The retirement plans of couples.

OBJECTIVES: This study examines the individual, spousal, and household characteristics associated with the retirement expectations of husbands and wives. METHODS: Using data from the 1992 Health and Retirement Study, subjective probabilities of working full-time after reaching age 62 and age 65 are used to measure retirement expectations. The retirement expectations of husbands and wives are modeled simultaneously using a joint-generalized least-squares approach. RESULTS: Within a marriage, retirement expectations are shaped by individual, spousal, and household characteristics. We observe some gender differences in cross-spousal influence with wives' retirement expectations being more influenced by husbands' resources and constraints than vice versa. Nonetheless, individual and household factors associated with retirement expectations are widely shared by husbands and wives. DISCUSSION: Husbands and wives both respond to individual and joint constraints and opportunities when planning for retirement. Findings support that there is considerable overlap in retirement planning of husbands and wives during early parts of the retirement decision-making process. However, inequity in cross-spousal influences is a defining characteristic of retirement decision making. Implications for both policy makers and practitioners are briefly discussed.

Aged↗
PubMed2002

Otolaryngology retirement profile in the southeastern United States.

OBJECTIVE: To document retirement-related issues and trends among otolaryngologists. STUDY DESIGN: Survey of 438 retired members in the Southern geographical region of the American Laryngological, Rhinological and Otological Society, Inc. METHODS: A questionnaire was mailed to retired members, completed anonymously, and returned to the author. RESULTS: A total of 138 (31.5%) surveys were received. Respondents' average age at retirement was 63.2 years; approximately half had retired in the last 5 years. Since 1995, most had left either a group practice (45%) or a solo practice (41%). The majority of respondents (40%) retired for previously planned or personal reasons. Two thirds of respondents reported that they were more satisfied with retirement than expected. This greater satisfaction was seen in those with a higher average income after retirement. The most common advice for colleagues still practicing was to save more money and invest more money. CONCLUSIONS: Although these results are biased because of a self-selected group of respondents, they illustrate that for this group of retired otolaryngologists, although retirement is being planned for, it is not occurring earlier than in previous years. The experience of retirement was largely positive for these respondents.

Age Distribution↗
PubMed2005

Age at retirement and long term survival of an industrial population: prospective cohort study.

OBJECTIVE: To assess whether early retirement is associated with better survival. DESIGN: Long term prospective cohort study. SETTING: Petroleum and petrochemical industry, United States. SUBJECTS: Past employees of Shell Oil who retired at ages 55, 60, and 65 between 1 January 1973 and 31 December 2003. MAIN OUTCOME MEASURE: Hazard ratio of death adjusted for sex, year of entry to study, and socioeconomic status. RESULTS: Subjects who retired early at 55 and who were still alive at 65 had a significantly higher mortality than those who retired at 65 (hazard ratio 1.37, 95% confidence interval 1.09 to 1.73). Mortality was also significantly higher for subjects in the first 10 years after retirement at 55 compared with those who continued working (1.89, 1.58 to 2.27). After adjustment, mortality was similar between those who retired at 60 and those who retired at 65 (1.06, 0.92 to 1.22). Mortality did not differ for the first five years after retirement at 60 compared with continuing work at 60 (1.04, 0.82 to 1.31). CONCLUSIONS: Retiring early at 55 or 60 was not associated with better survival than retiring at 65 in a cohort of past employees of the petrochemical industry. Mortality was higher in employees who retired at 55 than in those who continued working.

Age Factors↗
PubMed1999

Retirement savings of dentists in private practice.

BACKGROUND: Retirement planning is an issue that concerns all working people. In this article, the authors present their analysis of the results of a 1995 American Dental Association survey that asked dentists questions about their plans to finance their retirement. METHODS: The ADA's Survey Center conducts a periodic "Survey of Current Issues in Dentistry," which gauges dentists' opinions about a variety of topics of interest to dentistry. The authors analyzed the results of the 1995 survey in which retirement savings was one of the topics. RESULTS: The majority of responding owner/dentists whose primary occupation was private practice (40.7 percent) indicated that they were relying only "a little" on the sales of their practices to finance their retirements. Overall, dentists whose primary occupation was private practice reported saving an average of 10.5 percent of their income specifically for retirement. The average total amount of money dentists invested in various retirement plans increased with age and was highest for the 55 to 59 and the 60 to 64 years of age cohorts. The only exception was the 401(k) plan, in which the peak occurred in the 65 years of age and older cohort. CONCLUSIONS: Fifteen years ago most dentists retired between the ages of 60 and 69 years. Recent trends show that dentists are retiring at younger ages. This means that while in practice, dentists must save enough to support themselves for 20 or more years of retirement. PRACTICE IMPLICATIONS: The transition from private practice to retirement can be difficult. Therefore, planning for the future is important. Dentists can benefit from making appropriate decisions based on age, investment goals, risk tolerance, monetary constraints and time until retirement.

Adult↗
PubMed2006

Retirement patterns and plans of radiologists.

OBJECTIVE: The objectives of our study were to describe radiologists' recent retirement plans and patterns and to assess whether changes in radiologists' retirement patterns over the period of 1995-2003 explain the recent easing of the radiologist shortage. MATERIALS AND METHODS: We present detailed information from 2003 about the planned retirement age of radiologists, their labor force participation late in their careers, and their actual retirement pattern based on data from the American College of Radiology's (ACR) 2003 Survey of Radiologists. To analyze changes over time, we compare these data with information from the ACR's 1995 and 2000 Surveys of Radiologists. Multivariate regression analysis was also used to identify the effects of radiologist and practice characteristics on radiologists' retirement plans. RESULTS: The percentage of radiologists fully retired and the average retirement age were the same in 1995 and 2003. Overall, labor force participation rates were decreasing over the period 1995-2003 for both women and men. Standardized labor force participation rates for radiologists age 55-74 years appeared to decrease from 1995 to 2000 and remained at a lower level in 2003, but the changes were not statistically significant. As of 2003, radiologists retired at 64, approximately 2 years older than the average U.S. worker. CONCLUSION: Radiologists remain active in their profession longer than the typical U.S. worker. There was no change in radiologists' pattern of gradually moving into retirement. If anything, radiologists were retiring earlier in 2003 than in the past. A delay in retirement is not an explanation of the recent easing of the radiologist shortage.

Aged↗
PubMed1997

Employee benefits, retirement patterns, and implications for increased work life.

This Issue Brief examines why policymakers are concerned about the trend toward early retirement and how it relates to Social Security, Medicare, and employee health and retirement benefits. It reviews the rationale for the effects of economic incentives on early retirement decisions and includes a summary of empirical literature on the retirement process. It presents data on how employee benefits influence workers' expected retirement patterns. Finally, it examines the implications of public policies to reverse early-retirement trends and raise the eligibility age for Social Security and Medicare. An employee Benefit Research Institute/Gallup survey indicates that there is a direct link between a worker's decision to retire early and the availability of retiree health benefits. In 1993, 61 percent of workers reported that they would not retire before becoming eligible for Medicare if their employer did not provide retiree health benefits. Participation in a pension plan can be an important determinant of retirement. Twenty-one percent of pension plan participants planned to stop working before age 65, compared with 12 percent among nonparticipants. Workers whose primary pension plan was a defined benefit plan were more likely to expect to stop working before age 65 (23 percent) than workers whose primary plan was a defined contribution plan (18 percent). Expected income replacement rates effect retirement patterns, indicating that as the expected replacement increases, the probability of expecting to stop working before age 65 increases. Twenty-two percent of workers with an expected income replacement rate below 60 percent expected to stop working before age 65, compared with 29 percent for those in the 60-69 percent replacement range, and 30 percent for those in the 70-79 percent replacement range. Workers expecting to receive retiree health insurance are more likely to expect to stop working before age 65 than workers who do not expect to have retiree health insurance. Twenty-one percent of workers with retiree health insurance expected to stop working before age 65, compared with 12 percent of workers not expecting to receive retiree health insurance. The Social Security Old-Age and Survivors Insurance (OASI) program depends on obtaining sufficient revenue from active workers' payroll taxes to fund the benefits received by retired beneficiaries. Funding the program in the past was in large part effortless because of the relatively large number of workers per retiree. Today, funding the program is a greater challenge because the ratio of workers to retirees has fallen. Policymakers have been able to agree that reform of the program is necessary for its survival; however, the debate over options to reform the program is just beginning, and it is likely to be a long time before a consensus emerges.

Age Factors↗
PubMed1998

A prospective study of changes on nutritional patterns 6 months before and 18 months after retirement.

To present results from a two year prospective study on diet, 6 months before and 18 months after retirement. The studied population exhibited an increase in social and physical activities over time after retirement. A significant decrease in weight was found in men 18 months after retirement. Retired individuals reported taking more time for breakfast. 45.5% of retired individuals, compared to 25.5% before retirement, took more than 30 minutes for lunch than before retirement. The amount of dietary nutrients consumed remained the same before and after retirement. However, retired individuals ate out more often, and had guests more frequently. Nutrients' distribution is similar before and after retirement. Given a life expectancy of more than 20 years after retirement, it is necessary to initiate nutritional intervention.

Aging↗