A three-phase model of retirement decision making

Am Psychol. 2011 Apr;66(3):193-203. doi: 10.1037/a0022153.

Abstract

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.

MeSH terms

  • Aging / psychology*
  • Decision Making*
  • Employment / economics
  • Employment / psychology*
  • Humans
  • Models, Theoretical
  • Pensions
  • Retirement / economics
  • Retirement / psychology*