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At least 19 recordsLinked to original sources
PubMed1990

Health status, retirement plans, and retirement. The Kaiser Permanente retirement study.

The purpose of this study was to assess the stability of short-term plans to retire and to evaluate the role of self-reported health status in predicting both plans to retire and actual retirement from a sample of 1,165 older members of a prepayment, group practice model, health maintenance organization. The study sample was derived from a random sample of members 60 to 66 years of age. Mailed questionnaires were completed that obtained data on the following variables: self-reported health status, work status, demographic variables, and plans to retire in the next year. Telephone interviews were conducted throughout the study period to determine dates of retirement from both those who planned to retire and those who had not. Results indicated that retirement plans were relatively stable for this population. Logistic regression analyses revealed that poorer health status was related to both retirement plans and actual retirement for women but not for men.

Data Collection↗
PubMed1992

Retirement reason versus retirement process: examining the reasons for retirement typology.

Studies have often used reason for retirement as an indicator of the pathway leading to retirement. We discuss the conceptual basis for the retirement-reason typology and evaluate the distinctiveness of various reasons for labor force exit by predicting them in a standard model-based analysis. Data are from the 1982 Social Security New Beneficiary Study, and the analysis is limited to men. A number of factors in the model-based analysis have distinctive effects on exit for particular retirement reasons, but health limits increase the likelihood of all types of retirement. We conclude that reasons for retirement only partially capture distinctive retirement processes.

Aged↗
PubMed1999

The evolution of retirement: results of the 1999 Retirement Confidence Survey.

The ninth annual Retirement Confidence Survey (RCS) shows continued evidence of progress in the drive for retirement income security for American workers. However, there are still hurdles to overcome. The RCS tracks Americans' retirement planning and saving behavior and their confidence regarding various aspects of their retirement. It also categorizes workers and retirees into distinct groups based on their individual views on retirement, retirement planning, and saving. The retirement envisioned by today's workers looks different in many respects from that now experienced by current retirees. Today's workers expect to work longer than current retirees actually worked before retiring--and many say they plan to work for pay after they retire. Twenty-four percent of workers reported that they are very confident they will have enough money to live comfortably in retirement, and 45 percent reported that they are somewhat confident. However, there are indications that many may be falsely confident. The good news is that 70 percent of Americans are saving for retirement, and a growing percentage (49 percent) are going further and determining how much they need to save to fund their retirement. The bad news is that 30 percent of Americans have not begun to save for their retirement, and 51 percent have never tried to determine how much they need to save. Employers play a major role in ensuring adequate retirement preparation. Forty percent of all workers said they expect that money provided by their employer will be a major source of retirement income. Forty-six percent expect the money they put into a retirement plan at work to be a major source of income. The availability of a retirement plan at work is credited by 48 percent of savers as motivation to save. While worker education is a point of emphasis among both employers and policymakers, more remains to be done. For example, 59 percent of workers expect to be eligible for full Social Security benefits sooner than they actually will be, and an additional 19 percent admit they do not know when they will be eligible. There is evidence that education can have an impact on individual behavior. Forty percent of workers receiving educational material at work in the last year said that information caused them to begin saving (19 percent) or resume saving (21 percent) for retirement, while 40 percent said they changed the amount they were contributing to a retirement savings plan and 41 percent changed the allocation of their money in a retirement savings plan.

Attitude↗
PubMed2000

Retirement outcomes in the Health and Retirement Study.

This article examines retirement outcomes in the first four waves of the 1992-1998 Health and Retirement Study (HRS). Measured retirement is seen to differ, sometimes substantially, with the definition of retirement used and among various groups analyzed. Moreover, those differences vary with the wave of the survey as respondents age. Retirement comprises a complex set of flows among states representing nonretirement, partial retirement, and complete retirement. Using the self-reported definition of retirement, 77 percent of transitions continue in the same or equivalent states between adjoining waves of the HRS, 17 percent involve a move from greater to lesser labor force participation, and 6 percent involve a move from lesser to greater labor force participation. Twenty-two percent of the sample report they were partially retired at some time in the first four waves, and by age 65, over a fifth of the population is partially retired. Altogether, 17 percent of the sample experienced a reversal in the course of the survey, moving from a state of less work to a state of more work. A comparison of retirement flows for men between the HRS and the 1969-1979 Retirement History Study (RHS) shows that the large spike in the population leaving nonretirement at age 65 observed in the 1969-1979 RHS has fallen from 18 to 11 percentage points in the HRS and that the share leaving nonretirement at 62 has increased from 13 to 20 percentage points over time. The results presented here should help researchers improve their understanding of the structure of the dependent variable in retirement studies. Incorrect or arbitrary measurement of the retirement variable may lead to a misunderstanding of how Social Security and related policies affect retirement outcomes. Thus, the improved understanding of retirement gained from this research will be helpful to those designing retirement policies as they attempt to understand the effects of those policies.

Black or African American↗
PubMed2003

Social support, early retirement, and a retirement preference: a study of 10,489 Finnish adults.

The aim of the study was to examine associations of social support with early retirement and reported retirement preference. Logistic regression analyses of early retirement (retired before the age of 55) were based on a cohort of 10,489 respondents (5960 female, 4529 male) aged 40-55 years. Analyses of retirement preference (planning of early retirement) were based on a sub-cohort of 7759 full-time employees (4233 female, 3526 male). The measures for social support were the social network size (number of close personal relationships) and social network heterogeneity (number of different roles as sources of social support). Among women, early retirement was associated with small social networks (OR 5.1, 95% CI = 2.8-9.2) and low social network heterogeneity (OR 9.1, 95% CI = 3.2-25.9). Among men, the corresponding associations were somewhat smaller (1.5; 0.9-2.6 and 8.0; 1.8-35.7, respectively). Adjustments for age, occupational training, and spouse at home did not considerably affect these associations. Among men, the association between social network heterogeneity and early retirement was not statistically significant after additional adjustments had been made for marital status and perceived health status. The characteristics of the social network were not associated with a retirement preference among employed men. Among women, the lack of social relations was associated with low retirement preference. Our findings suggested that social support is not independently associated with a retirement preference among men. Socially isolated women prefer retirement less often than other women do. Being retired before the age of 55 years may be predicted by limited social support or it may restrain one's possibilities to establish and maintain social relationships.

Adult↗
PubMed2000

Retirement Confidence Survey 2000 including results from the RCS Minority Survey and the Small Employer Retirement Survey.

The year 2000 represents the 10th anniversary of the Retirement Confidence Survey (RCS), and the third year for the Minority RCS and Small Employer Retirement Survey (SERS). Key RCS findings over the past 10 years include: The fraction of workers saving for retirement has trended upward, and today 80 percent of households report that they have begun to save. The fraction of workers who have attempted to calculate how much they need to save for retirement has risen noticeably over the past several years. Today, 56 percent of households report that they have attempted the calculation. One-half of workers who have attempted such a calculation report that it has changed their behavior, such as saving more and/or changing where they invest their retirement savings. Workers who have done the calculation appear to be in better shape regarding their retirement finances. Worker confidence in the ability of Social Security to maintain benefit levels bottomed out in 1994 and 1995. Workers today are just as confident as they were in 1992, although the majority remain not confident in Social Security. Regarding overall retirement confidence, Hispanic-Americans tend to be the least confident among the surveyed minority groups that they will have enough money to live comfortably throughout their retirement years. Key SERS findings include: While cost and administrative issues do matter to small employers, they are not the primary reasons for low plan sponsorship rates. Employee-related reasons are most often cited as the most important factor for not offering a retirement plan. Business-related reasons, such as profitability, are also a main decision-driver. It is important to note what small employers without plans do not know about plan sponsorship. Small employers that do sponsor a retirement plan report that offering a plan has a positive impact on both their ability to attract and retain quality employees and the attitude and performance of their employees. The survey results indicate that many small company nonsponsors may not be aware of such potential business benefits from plan sponsorship. In addition, many nonsponsors are unaware of the plan options available to them, in particular the ones created specifically for small employers, such as SIMPLE and SEP retirement plans. Therefore, some small employers may be making a premature decision not to sponsor a plan based on incomplete information.

Aged↗
PubMed1990

Retirement differences among the respondents to the retirement history survey.

Recent studies have simulated the effect of changes in the Social Security system on the retirement age of married White men. The retirement decision for single people, Blacks, and women, however, may differ from those of married White men. This study used data for respondents to the Retirement History Survey and found that estimated retirement equations for married Black men and single White women are significantly different from the retirement equation estimated for married White men. Blacks and single White women have substantially lower retirement wealth than married White men, and their Social Security wealth makes up a larger portion of their total wealth. As a consequence, their retirement responses to the changes in the Social Security system are also likely to differ from those of married White men. We found that, relative to married White men, the wealth and substitution responses to the increase in the normal retirement age for Social Security benefit acceptance are larger for single White men, single Black men, and single White women. The results suggest that estimates of the retirement responses of married men to changes in Social Security or pensions are not necessarily representative of the retirement responses of the population as a whole.

Black or African American↗
PubMed1991

The effect of retirement on health services utilization: the Kaiser Permanente Retirement Study.

The relationship of retirement and use of medical services was investigated among members of the Kaiser Permanente Medical Care Program in Northern California. A mailed survey of a 10 percent random sample of members 60-66 years old (N = 10,202) was followed by a telephone interview of (a) all respondents who had planned to retire in the next year, and (b) a random sample of respondents who had not planned to retire: 253 had retired (Retired group) and 238 were still working 20 hours a week or more (Not Retired group). Medical charts were reviewed for one year before and after the retirement date for the Retired group and for one year before and after a randomly assigned anchor date for the Not Retired group. With the exception of urgent care and emergency visits, no significant difference was found between the two groups in overall use of outpatient and inpatient services following retirement.

Aged↗
PubMedDate not supplied

Preferred retirement timing and retirement satisfaction in women.

Previous research on retirement relied heavily on samples of male retirees; it also emphasized objective predictors of retirement adjustment, such as occupational position, income, or age. Some recent studies, however, indicate that retirement signifies a major life event for women. Furthermore, as the literature on role transitions suggests, it is a combination of objective and subjective retirement circumstances that impinge on adaptation to this life event. This study explores retirement conditions affecting women's preferred retirement timing and retirement satisfaction. It is based on the assumption that sex differences in the retirement experience render retirement adjustment processes different for men and women, and it aims at identifying retirement conditions that are of primary importance to women.

Aged↗
PubMed2000

Health insurance and retirement behavior: evidence from the health and retirement survey.

This paper studies the role of health insurance in the retirement decisions of older workers. As policymakers consider mechanisms for how to increase access to affordable health insurance for the near elderly, considerations of the potential labor force implications of such policies will be important to consider--potentially inducing retirements just at a time when the labor force is shrinking. Using data from the 1992 and 1996 waves of the Health and Retirement Survey, this study demonstrates that access to post-retirement health insurance has a large effect on retirement. Among older male workers, those with retiree health benefit offers are 68% more likely to retire (and those with non-employment based insurance are 44% more likely to retire) than their counterparts who would lose employment-based health insurance upon retirement. In addition, the study demonstrated that in retirement models, when retiree health benefits are controlled for, the effects of pension coverage are reduced, suggesting that these effects may have been overestimated in the prior literature.

Aged↗
PubMed1995

The effect of retirement on mental health and health behaviors: the Kaiser Permanente Retirement Study.

To assess the short-term effect of retirement on mental health and health behaviors of members of a health maintenance organization aged 60-66, questionnaires were completed in 1985 and 1987 by employed members planning to retire during the study period and those not planning to retire. Mental health and health behaviors of members who actually retired (n = 320) were compared with those members who did not retire (n = 275). Using logistic regression controlling for age, gender, marital status, and education, we found that retired members were more likely to have lower stress levels and to engage in regular exercise more often as compared to those who did not retire during the study period. Retired women were more likely to report no alcohol problems as compared to nonretired women. There were no differences between the groups on self-reported mental health status, coping, depression, smoking, alcohol consumption, and frequency of drunkenness. These findings underscore the importance of assessing positive benefits associated with retirement and call for further evaluation of whether these benefits persist over time.

Aged↗
PubMed1978

Retirement choice and retirement satisfaction.

Retirees from major corporations who reported they retired voluntarily were compared with nonvoluntary retirees to determine the individual factors that led to a voluntary or nonvoluntary decision to retire and the impact of that voluntary/nonvoluntary decision on retirement attitudes and satisfaction. Seven firms provided mailing lists of recent retirees, and 1486 respondents completed questionnaires. Voluntary retirees tended to be persons with higher income, occupation, and health status, who had more positive feelings about retirement and more family support for their decision to retire, compared with nonvoluntary retirees. Voluntary retirees were significantly more likely to have positive attitudes and higher satisfaction in retirement than nonvoluntary retirees. However, health status and preretirement feelings about retirement were more significant predictors of retirement attitudes and satisfaction than the voluntary/nonvoluntary decision. Implications of these findings for preretirement counseling and retirement policies are discussed.

Aged↗
PubMed1981

Retirement style and retirement satisfaction: retirees aren't all alike.

Postretirement patterns of work--employment for pay, voluntary activities, or no work-like activities--were examined for 1511 recent retirees from major corporations. A related typology of retirement style--reorganizer, rocking chair, holding on, and dissatisfied patterns--was also used. These patterns were examined in terms of preretirement characteristics of the respondents, postretirement attitudes about retirement, and retirement satisfaction. Multivariate analyses comparing the salience of retirement style with health, income, occupation, and preretirement feelings about retiring for predicting retirement satisfaction indicated that retirement style was a significant predictor of overall retirement satisfaction, and the subscales of satisfaction with activities and satisfaction with finances. Implications of these findings for preretirement counseling and retirement policies are discussed.

Aged↗
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↗