A Three-Phase Model of Retirement Decision Making

The present article organizes prominent theories about retirement decision making around three different types of thinking about retirement: imagining the possibility of retirement, assessing when it is time to let go of long-held jobs, and putting concrete plans for retirement into action at presen...

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Bibliographic Details
Published in:The American psychologist 2011-04, Vol.66 (3), p.193-203
Main Authors: Feldman, Daniel C., Beehr, Terry A.
Format: Article
Language:English
Subjects:
Aging
Aging - psychology
Biological and medical sciences
Context Effect
Decision Making
Decision making models
Economic Factors
Employment
Employment - economics
Employment - psychology
Fundamental and applied biological sciences. Psychology
Human
Humans
Job Performance
Labour force
Miscellaneous
Models, Theoretical
Motivation
Occupational psychology
Occupations
Older people
Older Workers
Participative Decision Making
Pensions
Perceptions
Personality Theories
Personality Traits
Psychology
Psychology. Psychoanalysis. Psychiatry
Psychology. Psychophysiology
Retired persons
Retirement
Retirement - economics
Retirement - psychology
Role
Social Theories
Theories
Theory
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Summary:The present article organizes prominent theories about retirement decision making around three different types of thinking about retirement: imagining the possibility of retirement, assessing when it is time to let go of long-held jobs, and putting concrete plans for retirement into action at present. It also highlights important directions for future research on retirement decision making, including perceptions of declining person-environment fit, the role of personality traits, occupational norms regarding retirement, broader criteria for assessing older workers' job performance, couples' joint decision making about retirement, the impact of self-funded and self-guided pension plans on retirement decisions, bridge employment before total withdrawal from the work force, and retirement decisions that are neither entirely forced nor voluntary in nature.
ISSN:0003-066X
1935-990X
DOI:10.1037/a0022153