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PubMed2001

The changing face of private retirement plans.

A rapidly growing public policy concern facing the United States is whether future generations of retired Americans, particularly those in the "baby boom" generation, will have adequate retirement incomes. One reason is that Social Security's projected long-term financial shortfall could result in a reduction in the current-law benefit promises made to future generations of retirees. Another reason is that many baby boomers will be retiring with employment-based defined contribution (DC) plans, as opposed to the "traditional" defined benefit (DB) plans that historically have been the predominant source of employer-provided retirement income. These factors are likely to reduce the amount of life annuity benefits that future retirees will receive relative to current retirees, raising questions as to whether other sources of retirement income--such as individual account plans (DC plans and individual retirement accounts, or IRAs)--will make up the difference. This Issue Brief highlights the changes in private pension plan participation for DB and DC plans and provides some possible explanations for these changes. Results are presented from the Employee Benefit Research Institute's (EBRI) Retirement Income Projection Model that quantify how much the importance of individual account plans is expected to increase because of these changes. This Issue Brief also discusses the risk of outliving one's assets, since a greater fraction of pension wealth is projected to come from "nonguaranteed" sources. Results of the model are compared by gender for cohorts born between 1936 and 1964 in order to estimate the percentage of retirees' retirement wealth that will be derived from DB plans versus DC plans and IRAs over the next three decades. Under the model's baseline assumptions, both males and females are found to have an appreciable drop in the percentage of private retirement income that is attributable to defined benefit plans (other than cash balance plans). In addition, results show a clear increase in the income retirees will receive that will have to be managed by the retiree. This makes the risk of longevity more central to retirees' expenditure decisions. The implications of these model results for retirees are significant. First, individuals--rather than the pension plan sponsor--increasingly will have to manage their retirement assets and bear the risk of investment losses. Second, since most retirees' non-Social Security retirement income will be distributed as a lump sum or in periodic payements (from a defined contribution plan or IRA) rather than as a regular paycheck for life (from a defined benefit plan), retirees will need either to purchase an annuity from an insurance company or carefully manage their individual rate of spending in order to avoid outliving their assets.

Employment↗
PubMed1984

Sex-specific equivalent retirement ages: 1940-2050.

This article presents four measures of equivalent retirement ages to be considered when analyzing retirement age issues. Insofar as previous research reveals significant sex differences in life expectancy at the older ages, the analysis here extends the question of equity when increased retirement age is considered by examining each measure separately for men and for women. The measures are applied to data from 1940 to 2050. In the first two measures, all improvements in life expectancy at retirement are assigned to the labor force ages; in the second two measures, increases in life expectancy are shared between expected time in the labor force and expected time in retirement. In each case, the increase in life expectancy at retirement was measured both as the expected years in retirement among those surviving to retirement and as the expected years in retirement among all persons entering the labor force. The findings have different implications in terms of equity when an increased retirement age is considered. The article concludes that although it may not be appropriate to establish separate retirement age schedules for men and women, an awareness of existing life expectancy differences between the sexes should help in selecting a middle-range choice.

Age Factors↗
PubMed2006

Income change at retirement, neighbourhood-based social support, and ischaemic heart disease: results from the prospective cohort study "Men born in 1914".

Retirement from active life often leads to decreased finances and reduced social contact, which may increase ischaemic heart disease (IHD) risk in individuals. We examined whether income evolution during the decade before retirement has an impact on subsequent IHD, and explored the mediating effect of common risk factors and social support from different sources (marriage/cohabitation, support from friends/relatives, and neighbourhood-based social support). We analyzed data from the 1982-1983 prospective cohort study, "Men born in 1914" (n=498, follow-up period=10 years) conducted in Malmö, Sweden, merged with yearly income data for 14 years preceding baseline. Low income 10 years before retirement predicted both higher prevalence of IHD risk factors at retirement, and weaker neighbourhood-based social support. Income 10 years before retirement was a strong predictor of IHD incidence and mortality after retirement, but a significant downward income mobility at retirement did not increase IHD risk. After adjustment, low neighbourhood-based social support increased the risk of IHD incidence and mortality, and mediated 7-8% of the income effect. In conclusion, income 10 years before retirement, but not the subsequent income evolution, was a strong predictor of IHD post-retirement. This socioeconomic gradient was partly mediated by the protective effect of neighbourhood-based social support, which may be particularly important among the elderly in compensating for social disruptions related to retirement.

Aged↗
PubMed2001

Influences of family obligations and relationships on retirement: variations by gender, race, and marital status.

OBJECTIVE: This study examined whether economic and care obligations for family and kin salience influence retirement decisions and whether such influences differ by race, gender, and marital status. DATA: Data from the first 2 waves of the National Survey of Families and Households were used. The sample consisted of individuals who were employed at baseline and aged 55-75 at follow-up (N = 897). Cox proportional hazard regressions were used. RESULTS: Economic kin obligations impeded the likelihood of retiring. Individuals who made financial contributions to children outside the household and White women with resident children in the household were less prone to retire. Among Blacks, household composition effects were more complex and seemed to depend on the mix of care obligations, financial obligations, and financial contributions by resident kin. Kin salience also impinged on retirement decisions. Some groups who lacked family ties (e.g., nonmarried childless men) were less inclined to retire, whereas other subgroups (e.g., nonmarried men with monthly pre-retirement contacts with children) were more likely to retire. CONCLUSIONS: Our data suggest the importance of family obligations and relationships in retirement decisions and demonstrate considerable diversity in these processes. Models of retirement should pay greater attention to the interdependence of work and family spheres and to the diversity of retirement processes among various population groups.

Aged↗
PubMed2004

Retirement transitions and spouse disability: effects on depressive symptoms.

OBJECTIVES: The purpose of this study was to investigate the effects of type of retirement (forced, early, abrupt) and spouse's disability on longitudinal change in depressive symptoms. METHODS: The analyses rely on Waves 1-4 of the Health and Retirement Survey (N = 2,649). Generalized estimating equations models with bootstrapped standard errors and adjustment for survey design and non-independence of dyad members estimate effects of retirement, type of retirement, and spouse's disability on depressive symptoms, controlling for relevant covariates. RESULTS: The results suggest that depressive symptoms increase when retirement is abrupt and perceived as too early or forced. Women retirees who stopped employment and were either forced into retirement or perceived their retirement as too early report significantly more depressive symptoms with increasing spouse activities of daily living (ADLs) limitations. There is no similar effect for men. In contrast, for working retirees who retired on time, depressive symptoms decrease with increasing spouse ADLs. DISCUSSION: These results highlight the importance of retirement context on postretirement well-being. They suggest that both type of retirement transition and marital contexts such as spouse's disability influence postretirement well-being, and these effects differ by gender.

Activities of Daily Living↗
PubMed2005

Couples' adjustment to retirement: a multi-actor panel study.

OBJECTIVE: This study examines adjustment to retirement by couples. For both older workers and their partners, we investigate the extent to which adjustment is influenced by the context in which the transition is made and psychological factors shaped by individual expectations and evaluations prior to retirement. Moreover, we examine the extent to which partners influence each other in the process of adjusting to retirement. METHODS: With use of multi-actor panel data from 559 older Dutch couples who experienced the transition into retirement of one of the partners, ordinary least squares, and three-stage least squares regression models are used to explain adjustment to retirement by both partners. RESULT: Adjustment to retirement is influenced by the context in which the transition is made as well as individual psychological factors. A strong "quantitative" attachment to work (full-time jobs, long work histories), a lack of control over the transition, retirement anxiety (negative preretirement expectations), and low scores on self-efficacy are predictors of difficult adjustment. The extent to which partners influence each other in the process of adjusting to retirement appears to be limited. DISCUSSION: Retirement affects both partners, albeit in a different way. Retirement preparation programs should pay attention to the fact that adjustment is an individualized process experienced differently by each partner.

Adaptation, Psychological↗
PubMed1985

Proximity to retirement and anticipatory involvement: findings from the Normative Aging Study.

This study investigated the level of workers' informal retirement-oriented behavior in the years preceding retirement. Two research questions were addressed: (a) What is the relationship between retirement proximity and preretirement involvement behaviors, and (b) How might retirement involvement levels be further affected by attitude toward retirement, job characteristics, and personal resources? Data were collected from 816 male workers participating in a long-term panel study of aging who anticipated retiring within the next 15 years. Results indicated that preretirement involvement increased with retirement proximity and that the association held even among men who dreaded retirement or were satisfied with their jobs. These findings suggest that a process of anticipating retirement is underway well in advance of withdrawal from work and that a gathering involvement in retirement is normative as the event approaches.

Aged↗
PubMed1989

Orderly endings: do men know when they will retire?

In order to describe the subjective (as opposed to the statistical) predictability of the retirement event, this study examined the timing of men's retirement relative to their own expectations. On-time and off-time retirements were assessed in a panel of older workers, participants in the VA Normative Aging Study, who were surveyed about work and retirement in 1978, 1981, and 1984. Over spans of two years, 66 percent of workers accurately predicted their eventual date of retirement (+/- 1 year), and 40 percent were exact to within three months. However, approximately one-third of workers did not accurately foresee their date of retirement, having either unfulfilled plans or unanticipated retirements. From a life course perspective, we interpret retirement as an orderly event when two-thirds of a sample can retire as planned. From a practical perspective (e.g., an interest in program development or research design), retirement is not orderly enough when one-third of exits are unscheduled.

Aged↗
PubMedDate not supplied

A survey of retirement planning by Texas psychiatrists.

Forty-six percent (274 of 600) of the members of the Texas Society of Psychiatric Physicians responded to a mailed survey that addressed retirement issues. Forty-seven percent of respondents were 60 to 69 years of age. Only 12% were female. Ninety-one percent were white, with 86% of respondents married. Only 24% of the sample (66 of 274) were retired at the time of the survey. Although engaged in more than one area of professional activity, 71% were involved in private practice, with 51% practicing in a private office. The major reasons for retiring were "a full life and ready to change pace" (52%) and "retired to pursue other interests" (25%). Twenty percent retired because of physical illness. A mixed financial package formed their retirement package, which included social security (80%), personal savings (73%), Keogh (64%), and state/US government monies (39%). Retired psychiatrists were interested in receiving additional information on successful patterns of retirement (21%), maintaining emotional and physical health (17%), and material on the problems and trials of retirement (15%). Leisure-time activities were varied, and most psychiatrists reported two to four activities. According to 39% of the sample, retirement should be discussed during medical school, 46% indicated that it should be discussed during residency training, and 80% selected Continuing Medical Education courses.

Adaptation, Psychological↗
PubMed1987

Assessing retirement needs of women religious.

Religious institutes must plan to meet the financial needs of their retired members and must consider the environment, living arrangements, and quality of life after retirement. Recently ServantCor, a Catholic human services system based in Kankakee, IL, helped two institutes of religious women plan a more comprehensive retirement program by developing a model for them to assess their retirement needs. The model was based on information from eight sources: The institute's current practice. Projected demographic data on number of retired sisters and number of infirmary beds that would be needed over the next two decades. Questionnaires on all the sisters' perceptions of retirement. Interviews with selected sisters concerning issues covered in the questionnaires. Site visits to residences for retired sisters. Geriatric services available in the area where the largest number of retired sisters lived. Retirement programs for other religious institutes in the area. The adequacy of the institute's financial resources. At one institute, focus groups with older laypersons also were held to determine ministry possibilities in the area. Six months after the studies' completion, the provincials of the two institutes said that it helped them in planning to meet the sisters' future infirmary needs. They cited an increased awareness of the need for a holistic approach to retirement. The provincial at one institute said that members' attitude toward the infirmary had improved. At the other institute, they obtained a broader perspective on ministry possibilities to the elderly in the area.

Aged↗
PubMed2001

Emotional impact of retirement on physicians.

The current study sought to identify the factors underlying physicians' decision to retire, describe the emotional impact of retirement on physicians, measure quality of life in retirement, and identify coping strategies used by retired physicians. A questionnaire was sent to all 689 retired members of the Harris County Medical Society, and 323 (47%) responded. Data were analyzed using SPSS. Physicians overwhelmingly indicated positive reasons for retirement, although one third said that loss of autonomy and control in medical practice were factors. Participants were satisfied with retirement and enjoyed low levels of stress and depression. Spousal and personal health had the largest negative impact on retirement. Being prepared emotionally significantly affected physicians' attitudes. Longitudinal studies and research on the impact of managed care on the retirement experience are needed. Younger physicians need to be prepared for the emotional impact of retirement.

Adaptation, Psychological↗
PubMedDate not supplied

Does retirement education teach people to save pension distributions?

As defined contribution pension plans have become increasingly common over the past two decades, so have lump sum distributions from those plans. Employees who elect such a distribution take the balance of their pension account with them when they leave a job. They can then choose to maintain the funds in accounts designated for retirement, invest them in other saving vehicles, or spend them. If spent pension distributions are not replaced by other savings, however, the future elderly are unlikely to be able to maintain a desirable standard of living. With employee-funded pensions expected to play an increasingly important role in financing Americans' retirement, saving these funds in essential. This article is the first to examine the relationship between retirement education--specifically, meetings sponsored by employers or by public and private institutions--and the saving of lump sum distributions. Two definitions of saving are used: one that includes reinvestment only in tax-deferred saving vehicles, and a broader one that includes tax-deferred vehicles, general saving vehicles (stocks, bonds, savings accounts, and so on), and paying off debt. The analysis also evaluates the effects of retirement education on specific groups identified in previous research as being less likely to keep their pension distributions in tax-deferred accounts: namely, women, younger persons, and persons with less than a college education. The same groups tend to be less financially secure in retirement, making the effects of retirement education on them particularly relevant. With an econometric model using ordinary least squares and data from the 1992 Health and Retirement Study, the analysis finds that retirement education does not affect the overall likelihood that employees will save their distributions, whether in tax-deferred or non-tax-deferred vehicles. The picture is more complicated for subgroups of employees. Attending a retirement meeting is associated with an increased likelihood of saving among persons age 40 and under but a decreased probability of saving among college graduates and women. No effect was found for men, individuals over age 40, or persons who did not graduate from college. The finding that retirement education increases the likelihood of younger persons' saving a distribution is reassuring, for these workers are America's future retirees. However, the finding that attending a meeting does not increase saving among some of the most financially vulnerable groups is a matter of concern to policymakers. Further study of the long-term effects of spending pension distributions is needed.

Adult↗
PubMed1979

Subjective retirement.

An individual's identification of his retirement situation does not necessarily coincide with the retirement concept as defined by objective measures. Self-evaluation of retirement status by respondents to the Retirement History Study has been analyzed to discover to what extent their subjective assessment of retirement matched the situation predicted by objective measures. For those completely retired or not retired, the self-evaluation was closely related to the number of hours worked. A "partly retired" response was not as well-predicted, to some extent because of definitional problems. Pension receipt and, to a lesser degree, aging had some significance as predictors, but other demographic and attitudinal factors were not significant. Analysis of the partly retired suggests the relative importance of gradual retirement during the period 1969--75.

Employment↗
PubMedDate not supplied

Evaluating the initial impact of eliminating the retirement earnings test.

Under the retirement earnings test, Social Security benefits are reduced if earnings exceed specified amounts, although the benefit reduction is partly offset by future benefit increases. By imposing a tax on the earnings of beneficiaries, the earnings test provided a disincentive for them to supplement retirement income by working. The Senior Citizens Freedom to Work Act of 2000 eliminated the earnings test for Social Security beneficiaries who have reached the full retirement age. This article presents the first study of labor force activity (earnings and employment) among individuals aged 65-69 before and immediately after this sudden rule change. Drawing on Social Security administrative data, the author examines three widely expected reactions: increased return to work, increased hours worked, and accelerated applications for old-age benefits. The analysis finds that removing the retirement earnings test: Encouraged some workers to increase their earnings. The increases in earnings are large and significant among higher earners but are not statistically significant among lower earners. Had little effect on employment. Removing the earnings test appears to have had no immediate, significant effect on the employment rate of older workers. Employment of older people may be affected in the longer run, however. Slightly increased the pace of applications for benefits. Applications rose about 2 percent in the 65-69 age group in 2000. The overall acceleration will probably be small, however, because most individuals in this age group apply for benefits before reaching the full retirement age. Although the current analysis captures the effects of retaining older workers in the labor force, these initial results may not capture all the effects of eliminating the retirement earnings test, however, for two reasons. First, the analysis covers only a single year--the year the earnings test was eliminated. Since eliminating the earnings test may have had little effect on people who had already retired, its full effect may not be apparent for several years. Second, the analysis applies only to workers aged 65-69. Eliminating the earnings test for people above the full retirement age may also encourage younger workers to delay retirement and therefore increase their labor supply. Further analysis will therefore be required to determine the longer-run impact of eliminating the retirement earnings test.

Actuarial Analysis↗
PubMed1997

The older psychiatrist and retirement.

OBJECTIVE: To determine the clinical practices, retirement plans and post-retirement professional activities of older psychiatrists, comparing retirees with working psychiatrists. DESIGN: Postal survey. PARTICIPANTS: All Fellows of the Royal Australian and New Zealand College of Psychiatrists aged 55 years and over, resident in Australia or New Zealand. Of 468 eligible subjects, 281 (60%) participated. MAIN OUTCOME MEASURES: Location and type of psychiatric practice; hours of work; retirement plans; anticipated and actual retirement criteria; anticipated and actual post-retirement professional activities; self-rated health. RESULTS: Working psychiatrists comprised 79% of the sample, being significantly younger (mean 63.8 years) than retirees (mean 72.3 years, p < 0.001). Over 62% of respondents worked principally in general psychiatry. Working psychiatrists were mainly in private practice (61%) and retirees had been in public psychiatry (53%, p < 0.001). Working psychiatrists worked about 41 hours/week, 98 (49%) having reduced their hours in the previous 5 years. Retirement plans had been commenced by 124 (61%). Fatigue (27%) and memory impairment (10%) were reported as age-related changes adversely affecting work capacity, raising concerns of competence. Working psychiatrists more often anticipated deteriorating health (p < 0.001) and family/personal reasons (p < 0.01) as retirement criteria and anticipated involvement in a significantly higher number of post-retirement professional activities than retirees reported (p < 0.001). Retirees rated themselves in significantly poorer health than working psychiatrists (p < 0.001), even when age was partialed out (p < 0.001). CONCLUSIONS: Most older psychiatrists gradually retire by reducing work hours and developing new interests. The majority of retirees retain involvement in professional activities, but substantially less than anticipated by those still working.

Aged↗
PubMed2006

Mental health and the timing of men's retirement.

BACKGROUND: Analysis of the Psychiatric Morbidity Survey of Great Britain showed that the prevalence of common mental disorders was lower amongst men at or above Britain's state pension age of 65, relative to younger men. Retirees below this age had consistently higher rates of mental disorders than working men. In contrast, the low prevalence of mental disorders amongst retirees aged 65 and older was similar to that of their working peers. The aim of this analysis was to investigate this pattern of results in a national sample of Australian men, and the mediating role of socio-demographic factors. METHOD: Data were from the Household, Income and Labour Dynamics (HILDA) in Australia survey (2003). The analyses included men aged 45-74 years who were active in the labour force (n = 1309), or retired (n = 635). Mental health was assessed using the mental health scale from the Short-Form 36 Health Questionnaire. RESULTS: Retirees were more likely to have mental health problems than their working peers, however this difference was progressively smaller across age groups. For retirees above, though not below, the age of 55 this difference was explained by poorer physical functioning. When age at retirement was considered it was found that early retirees who were now at or approaching the conventional retirement age did not display the substantially elevated rates of mental health problems seen in their younger counterparts. Further, men who had retired at age 60 or older did not display an initially elevated rate of mental health problems. CONCLUSIONS: The association between retirement and mental health varies across older adulthood. Retired British and Australian men below the conventional retirement age of 65 are more likely to have mental health problems relative to their working peers, and retirees above this age. However, poor mental health appears to be linked to being retired below this age rather than an enduring characteristic of those who retire early.

Age Factors↗
PubMed1998

Psychosocial changes following retirement.

This study was designed to: (a) identify the perceptions of retirees about changes in their life patterns during retirement; (b) investigate the kinds of adjustment problems occurring in retirement as a basis for developing prevention oriented pre-retirement programs; and (c) identify extant factors which could demonstrate underlying themes relating to retirement adjustment. A 72-item, multiple response questionnaire was used to gather demographic data, information on use of time, pre-retirement planning, health problems, changing life patterns, and adjustment to retirement. It is the latter which is reported in these findings. The population included 1565 retirees from a designated company living in the south-eastern United States of America, with a response of 764 subjects (48.82%). Findings suggest the respondents were generally healthy and well adjusted; however, numerous adjustment problem areas were identified within the six life patterns. Additional factor analysis (principal components) demonstrated four factors of particular importance: satisfaction with retirement, retirement concerns, spousal relationships, and pre-retirement preparation outcomes.

Adaptation, Psychological↗
PubMed2001

Eddies in the stream: the prevalence of uncertain plans for retirement.

OBJECTIVE: This study examined an assumption of retirement theory that typifies older workers as preretirees who are planfully engaged in paths toward retirement. METHODS: Using survey responses among workers in the 1992 and 1994 waves of the Health and Retirement Study, we described the prevalence of nonsubstantive answers to questions about the expected form and timing of retirement (e.g., "don't know," "haven't thought about it"). We tested explanations for this uncertainty as an artifact of the survey process, but also as an outcome of the opportunity structure for retirement planning. RESULTS: Survey procedure did generate some of these noncommittal responses. Depending on question type, approximately 10% to 40% of workers did not state when or how they would retire, and such responses were less prevalent across age and time. In addition, categorical uncertainty about form and timing was theoretically predictable in a framework that supposed that workers less subject to a socially attended life--at work or away--would be more undecided about the future. DISCUSSION: Uncertainty is an authentic, meaningful stance toward retirement that theory and research design should not ignore. Just as actual transitions to retirement can be ambiguous or blurred, the expectation of retirement, as well, can be untidy.

Age Factors↗